<SEC-DOCUMENT>0001144204-13-040046.txt : 20130718
<SEC-HEADER>0001144204-13-040046.hdr.sgml : 20130718
<ACCEPTANCE-DATETIME>20130718083123
ACCESSION NUMBER:		0001144204-13-040046
CONFORMED SUBMISSION TYPE:	10-Q/A
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20130718
DATE AS OF CHANGE:		20130718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA RECYCLING ENERGY CORP
		CENTRAL INDEX KEY:			0000721693
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				900093373
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34625
		FILM NUMBER:		13973954

	BUSINESS ADDRESS:	
		STREET 1:		12TH FLOOR, TOWER A, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068
		BUSINESS PHONE:		86-29-8765-1097

	MAIL ADDRESS:	
		STREET 1:		12TH FLOOR, TOWER A, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA DIGITAL WIRELESS INC
		DATE OF NAME CHANGE:	20040810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER ACQUISITIONS  INC
		DATE OF NAME CHANGE:	20020430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER BREWING CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q/A
<SEQUENCE>1
<FILENAME>v349694_10qa.htm
<DESCRIPTION>10-Q/A
<TEXT>
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<P STYLE="font: bold 10pt Symbol; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Symbol; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 12pt">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">WASHINGTON,
D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 12pt">FORM
10-Q/A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 12pt">Amendment
No. 1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings"><B>x</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the quarterly period ended <FONT STYLE="color: black">September
30, 2011</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Wingdings"><B>&uml;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File No.&nbsp;000-12536</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">China Recycling Energy Corporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified
in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-size: 10pt; text-align: center"><B>Nevada</B></TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><B>90-0093373</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
<TR>
    <TD NOWRAP COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12/F, Tower A</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chang An International Building</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. 88 Nan Guan Zheng Jie</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Xi&rsquo;an City, Shaanxi Province</B>,
        <B>China</B></P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices, Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s Telephone Number,
Including Area Code: + 86-29-8769-1097</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant: (1)&nbsp;has
filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to
such filing requirements for the past 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Large accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;Accelerated
filer&nbsp; &nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp; &nbsp;Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>
Smaller reporting company <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of shares outstanding of the registrant&rsquo;s Common
Stock, as of November 7, 2011 was <FONT STYLE="color: black">43,533,174</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Page No.</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Explanatory Note&nbsp; </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>PART I - FINANCIAL INFORMATION</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 73%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 1.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Financial Statements</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consolidated Balance Sheets as of September 30, 2011 (Unaudited) and December 31, 2010</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consolidated Statements of Income (Unaudited) &ndash; Three and Nine Months Ended September 30, 2011 and September 30, 2010</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consolidated Statements of Cash Flows (Unaudited) &ndash; Nine Months Ended September 30, 2011 and September 30, 2010</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Notes to Consolidated Financial Statements (Unaudited)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Item 2.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt">Item 3.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font-size: 10pt">Item 4.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Controls and Procedures</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>PART II - OTHER INFORMATION</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 1.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Legal Proceedings</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 1A.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 2.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Unregistered Sales of Equity Securities and Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 3.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Defaults Upon Senior Securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 4.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">[Removed and Reserved]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 5.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Other Information</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Item 6.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to a comment
letter received from the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), dated <FONT STYLE="color: black">December
14, 2012, </FONT>China Recycling Energy Corporation (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;)
is filing this Amendment No.&nbsp;1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011,
originally filed with the SEC on November 14, 2011 (the &ldquo;Original Form 10-Q&rdquo;) for the following purposes: (i) revise
disclosures relating to the treatment of settlement shares issued to <FONT STYLE="color: black">Xueyi Dong pursuant to that certain
Biomass Power Generation Asset Transfer Agreement, dated June 29, 2010 between Mr. Dong and the Company; (ii) </FONT>revise tables
(three and ninr months) comparing our results of operations as a percentage of net sales and revise our discussions relating to
non-operating income (expenses), income tax expense and net income in the Results of Operations section of our MD&amp;A; (iii)
revise our disclosures relating to basic and diluted earnings per share in <U>Note 2</U> (to our consolidated financial statements);
(iv) revise <U>Note 12</U> (to our consolidated financial statements); (v) restate the fair value of certain settlement shares
issued to Xueyi Dong in <U>Note 16</U> (to our consolidated financial statements); and (vi) include a new <U>Note 20</U> (to our
consolidated financial statements) to describe the purpose and underlying reasons of this restatement and present the effect of
this restatement on our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#9;This Form 10-Q/A
should be read in conjunction with the Company&rsquo;s periodic filings made with the SEC subsequent to the filing date of the
Original Form 10-Q, including any amendments to those filings, as well as any Current Reports, filed on Form 8-K subsequent to
the date of the Original Form 10-Q. In addition, in accordance with applicable rules and regulations promulgated by the SEC, the
Company&rsquo;s Chief Executive Officer and Chief Financial Officer are providing currently dated certifications in connection
with this Form 10-Q/A. The certifications are filed as Exhibits 31.1, 31.2 and 32.1. Because this Form 10-Q/A sets forth the Original
Form 10-Q in its entirety, it includes both items that have been changed as a result of the amended disclosures and items that
are unchanged from the Original Form 10-Q. Other than the revision of the disclosures as discussed above, this Form 10-Q/A speaks
as of the original filing date of the Original Form 10-Q and has not been updated to reflect other events occurring subsequent
to the original filing date. This includes forward-looking statements and all other sections of this Form 10-Q/A that were not
directly impacted by this amendment, which should be read in their historical context. The following items have been amended as
a result of the amended disclosures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Part&nbsp;II, Item&nbsp;7. Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Part IV Financial Statements and Accompanying
Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PART I &ndash; FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;1. <U>Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION AND
SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS OF SEPTEMBER 30, 2011 AND DECEMBER
31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011 Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010 Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">(UNAUDITED)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">CURRENT ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; padding-left: 9pt">Cash &amp; equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">19,696,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">11,072,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,151,690</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Current portion of investment in sales type leases, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,365,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,624,637</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest receivable on sales type leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,906,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">393,015</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Prepaid loan fees - current</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">78,492</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,453,097</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,829,796</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>NON-CURRENT ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">807,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">774,609</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid loan fees - noncurrent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Investment in sales type leases, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,318,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,586,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Long term deposit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,265</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Construction in progress</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,179,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,377,983</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">180,118,095</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">143,898,691</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">211,571,192</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">165,728,487</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES AND STOCKHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CURRENT LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,053,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,012,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Notes payable - bank acceptances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,868,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,145,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,631,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest payable on Trust loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,990,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380,524</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued liabilities and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,631,243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,874,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Advance from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,245,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,365,877</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Convertible notes - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,403,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued interest on convertible notes - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,828</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Deferred tax liability - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,563,843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,188,504</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Bank loans payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,776,613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,811,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Trust loans payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,295,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,081,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Current portion of long term payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,149,448</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,959,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,810,290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NONCURRENT LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Shares to be issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,529,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,970,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Deferred tax liability, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,435,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,429,139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Long term liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">286,892</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Long term payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,265,491</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Convertible notes, net of discount due to beneficial conversion feature</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,565,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,095,356</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Conversion liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,920,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,438,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued interest on long term convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Bank loans payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,776,613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,264,937</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Trust loans payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,382,917</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,992,586</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total noncurrent liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,516,669</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61,897,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,475,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,707,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">CONTINGENCIES AND COMMITMENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">STOCKHOLDERS' EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 18pt">Common stock, $0.001 par value; 100,000,000 shares authorized, 43,533,174 and 39,198,982 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,533</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,045,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,666,824</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Statutory reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,756,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,203,605</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,488,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,083,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,424,418</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,622,514</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total Company stockholders' equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,758,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,615,983</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,336,817</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,404,760</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">112,095,236</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">77,020,743</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">211,571,192</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">165,728,487</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NINE MONTHS ENDED <BR>SEPTEMBER 30,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">THREE MONTHS<BR>
ENDED SEPTEMBER 30,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011<BR> Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010<BR> Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011<BR> Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010<BR> Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; padding-left: 9pt">Sales of systems</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">29,927,036</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">42,477,423</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18,583,238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,556,114</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Contingent rental income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">846,579</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,305,836</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">261,556</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">563,198</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Total revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,773,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,783,259</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,844,794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,119,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt">Cost of systems</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,850,068</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,763,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,325,396</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,162,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total cost of sales</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,850,068</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,763,130</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,325,396</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,162,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,923,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,020,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,519,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,956,342</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest income on sales-type leases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,093,099</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,371,093</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,466,295</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,952,830</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Total operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,016,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,391,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,985,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,909,172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">General and administrative</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,834,242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,542,859</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">387,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,796,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,182,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,848,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,597,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,112,486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Non-operating income (expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,146,088</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,826,547</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,534,629</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(638,098</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Changes in conversion liability fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,978,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,845,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Changes in fair value of the liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,441,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,574,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,411,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,823,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Other income (expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,597</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,846</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,091</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Financial expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,530</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(592</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Total non-operating income (expenses), net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,312,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">794,010</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,746,688</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,213,532</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,494,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,642,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,344,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,326,018</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,369,257</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,250,562</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,189,626</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,352,519</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,125,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,391,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,154,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,973,499</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: Income attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">771,271</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">589,819</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">87,973</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">103,246</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to China Recycling Energy Corp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,354,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,801,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,066,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,870,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other comprehensive items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Foreign currency translation gain <BR>attributable to China Recycling Energy Corp</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,405,097</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,220,304</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,045,695</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">876,356</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Foreign currency translation gain <BR>attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">160,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,934</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73,953</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,384</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Comprehensive income attributable to China Recycling Energy Corp</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,759,473</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,022,296</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,112,691</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,746,609</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Comprehensive income attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">932,057</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">627,753</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">161,926</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">130,630</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Basic weighted average shares outstanding</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">41,659,787</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,778,035</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">43,533,174</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38,778,035</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Diluted weighted average shares outstanding *</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">58,019,313</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">50,384,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">57,891,937</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">52,187,441</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Basic earnings per share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.54</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.33</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.25</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Diluted earnings per share *</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.26</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.09</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Interest expense on convertible notes is added back to net income for the computation of diluted EPS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION AND
SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NINE MONTHS ENDED <BR>SEPTEMBER 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011<BR> Restated</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010<BR> Restated</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 27pt">Income including noncontrolling interest</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,125,647</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,391,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Adjustments to reconcile income including noncontrolling interest to net
    cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Changes in sales type leases receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,927,036</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,724,470</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Changes in fair value of the liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,441,176</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,574,590</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,298</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Amortization of prepaid loan fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,623</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Amortization of discount related to conversion feature of convertible note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,420,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,326,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Interest expense from changes in conversion liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,978,574</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Stock compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Stock options and warrants expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,610,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,919,102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Changes in deferred tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,015,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,495,828</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 45pt">(Increase) decrease in current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 63pt">Interest receivable on sales type lease</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,299,323</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(315,675</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 63pt">Collection of principal on sales type leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,283,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,267,917</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 63pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">294,464</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 63pt">Other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,163,901</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 63pt">Construction in progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,605,957</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,226,469</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 63pt">Long term deposit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(375,832</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt">Increase (decrease) in current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 63pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,701,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,004,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 63pt">Taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(543,434</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">996,753</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 63pt">Interest payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,515,463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,470,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 63pt">Long term liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 63pt">Accrued liabilities and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(632,332</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,574</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 63pt">Accrued interest on convertible notes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(154,021</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">121,583</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,890,971</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,992,307</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,193,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(752,116</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Acquisition of property &amp; equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,676</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(81,526</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Net cash provided by (used in) investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,188,475</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(833,642</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Issuance of convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,583,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Cash contribution from noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">908,279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Notes payable - bank acceptances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,924,202</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Proceeds from loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,155,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,800,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 27pt">Repayment of loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(923,432</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Long term payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,274,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid loan fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(392,459</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Advance to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(466,141</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Advance from related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">300,839</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,504,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,608,001</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,213,268</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">EFFECT OF EXCHANGE RATE CHANGE ON CASH &amp; EQUIVALENTS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">718,956</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">NET INCREASE IN CASH &amp; EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,624,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,376,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">CASH &amp; EQUIVALENTS, BEGINNING OF PERIOD</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,072,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,111,943</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">CASH &amp; EQUIVALENTS, END OF PERIOD</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,696,711</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,488,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplemental Cash flow data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Income tax paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,825,975</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,307,901</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Interest paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,726,085</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">269,083</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION AND
SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER
31, 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.&nbsp;ORGANIZATION AND DESCRIPTION
OF BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">China Recycling Energy
Corporation (the &ldquo;Company&rdquo; or &ldquo;CREG&rdquo;) (formerly China Digital Wireless, Inc.) was incorporated on May 8,
1980, under the laws of the State of Colorado. On September 6, 2001, the Company re-domiciled its state of incorporation from Colorado
to Nevada. The Company, through its subsidiary, Shanghai TCH Energy Technology Co., Ltd (&ldquo;Shanghai TCH&rdquo;), sells and
leases energy saving systems and equipment.&nbsp; On March 8, 2007, the Company changed its name to &ldquo;China Recycling Energy
Corporation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 1, 2007,
the Company&rsquo;s subsidiary, Shanghai TCH, conditionally entered into two top gas recovery turbine systems (&ldquo;TRT&rdquo;)
projects, each evidenced by a joint-operation agreement, with Xi&rsquo;an Yingfeng Science and Technology Co., Ltd. (&ldquo;Yingfeng&rdquo;)
which were approved and made effective by our Board of Directors on April 8, 2007. TRT is an electricity generating system that
utilizes the exhaust pressure and heat produced in the blast furnace of a steel mill to generate electricity. Yingfeng is a joint
stock company registered in Xi&rsquo;an, Shaanxi Province, Peoples Republic of China (the &ldquo;PRC&rdquo;), and engages in designing,
installing, and operating TRT systems and sales of other renewable energy products.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Joint-Operation
Agreement, Shanghai TCH and Yingfeng jointly pursued a top gas recovery turbine project (&quot;TRT Project&quot;) which was to
design, construct, install and operate a TRT Project for Zhangzhi Iron and Steel Holdings Ltd. (&quot;Zhangzhi&quot;). This TRT
Project was initiated by a Contract to Design and Construct TRT System (&ldquo;Project Contract&rdquo;) which Yingfeng and Zhangzhi
entered in 2006. Due to Yingfeng&rsquo;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&rsquo;s cooperation.
Shanghai TCH provided various investments and properties towards the TRT Project including cash, hardware, software, equipment,
major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally
had under this Project Contract, including but not limited to the regular cash payments made by Zhangzhi and other property rights
and interests. This project was completed and put into operation in February 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under another Joint-Operation
Agreement, Shanghai TCH and Yingfeng jointly pursued another TRT project&nbsp;to design, construct, install and operate a TRT Project
for Xingtai Iron and Steel Company, Ltd. (&ldquo;Xingtai&rdquo;). This Project was initiated by a Contract to Design and Construct
TRT Project (&ldquo;Project Contract&rdquo;) which Yingfeng and Xingtai entered on September 26, 2006. Due to Yingfeng&rsquo;s
lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&rsquo;s cooperation. Shanghai TCH agreed to pursue
this project with Yingfeng as a joint venture. Under the terms of the Joint-Operation Agreement, Shanghai TCH provided various
investments and properties towards the Project including cash, hardware, software, equipment, major components and devices. In
return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract,
including but not limited to the regular cash payments made by Xingtai and other property rights and interests. This project was
completed and put into operation in August 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 31, 2007,
Shanghai TCH entered an asset-transfer agreement with Yingfeng. This agreement requires the transfer of all electricity-generating
related assets owned by Yingfeng to Shanghai TCH. As a result, the contractual relationships between Shanghai TCH and Yingfeng
under the TRT Project Joint-Operation Agreement on April 8, 2007 were terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2007, Shanghai
TCH signed a cooperative agreement with Shengwei Group to build two sets of 12MW pure low temperature cement waste heat powered
generator systems (&ldquo;CHPG&rdquo;) for Shengwei&rsquo;s two 2,500-tons-per-day cement manufacturing lines in Jin Yang and for
a 5,000-tons-per-day cement manufacturing line in Tong Chuan.&nbsp; Total investment in these projects was $12,593,000 (RMB 93,000,000).&nbsp;
At the end of 2008, construction of the CHPG in Tong Chuan was completed at a cost of $6,191,000 (RMB 43,000,000) and put into
operation.&nbsp; Under the original agreement, the ownership of the power generator system would belong to Shengwei from the date
the system was put into service.&nbsp; Shanghai TCH is responsible for the daily maintenance and repair of the system, and charges
Shengwei a monthly electricity fee based on the actual power generated by the system at 0.4116 RMB per KWH for an operating period
of five years with the assurance from Shengwei of a properly functioning 5,000-tons-per-day cement manufacturing line and not less
than 7,440 heat hours per year for the electricity generator system.&nbsp; Shengwei Group collateralized the cement manufacturing
line in Tong Chuan to guarantee its obligations to provide the minimum electricity income from the power generator system under
the agreement during the operating period. At the end of the five year operating period, Shanghai TCH will have no further obligations
under the cooperative agreement.&nbsp; On May 20, 2009, Shanghai TCH entered into a supplementary agreement with Shengwei Group
to amend the timing for title transfer to the end of the lease term. In addition, the supplementary agreement provided that Shanghai
TCH will charge Shengwei based on actual power usage subject to a minimum of&nbsp; $0.31 million&nbsp;(RMB 2.1 million) per month
during the operating period.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 29, 2009, construction
of the CHPG in Jin Yang was completed at a cost of $7,318,000 (RMB 50,000,000) and put into operation. Shanghai TCH charges Shengwei
a technical service fee of $336,600 (RMB 2,300,000) monthly for the sixty months of the lease term. Shengwei has the right to purchase
the CHPG systems for $29,000 (RMB 200,000) at the end of the lease term. Shengwei is required to provide assurance of properly
functioning 5,000-tons-per-day cement manufacturing lines and not less than 7,440 heat hours per year for the CHPG. Shengwei Group
collateralized the cement manufacturing lines in Jin Yang to guarantee its obligations to provide the minimum electricity income
from the power generator system under the agreement during the operating period. Effective July 1, 2009, Shanghai TCH outsourced
the operation and maintenance of the CHPG systems in Tong Chuan and JinYang to a third party for $732,000 (RMB 5,000,000) per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 14, 2009,
the Company incorporated a joint venture (&ldquo;JV&rdquo;) with Erdos Metallurgy Co., Ltd. (&ldquo;Erdos&rdquo;) to recycle waste
heat from Erdos&rsquo; metal refining plants to generate power and steam, which will then be sold back to Erdos. The name of the
JV is Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd (&ldquo;Erdos TCH&rdquo;) with a term of 20 years, and registered
capital of $2,635,000 (RMB 18,000,000). On September 30, 2009, Xi&rsquo;an TCH Energy Technology Co., Ltd. (&ldquo;Xi&rsquo;an
TCH&rdquo;) injected additional capital of $4.03 million (RMB 27,500,000). In November 2009, Xi&rsquo;an TCH injected further capital
of $5.05 million (RMB 34,500,000). As of September 30, 2011, total registered capital was raised to $17.55 million (RMB 120 million),
of which, $16.37 million (RMB112 million) was contributed by Xi&rsquo;an TCH&nbsp;and $1.18 million (RMB 8 million) was from Erdos.&nbsp;
Total investment for the project is estimated at approximately $74 million (RMB 500 million) with an initial investment of $17.55
million (RMB 120,000,000). As of September 30, 2011, Erdos contributed 7% of the total investment of the project, and Xi&rsquo;an
TCH contributed 93%. According to Xi&rsquo;an TCH and Erdos&rsquo; agreement on profit distribution, Xi&rsquo;an TCH and Erdos
will receive 80% and 20% of the profit from the JV, respectively, until Xi&rsquo;an TCH receives complete return on its investment.
Xi&rsquo;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively. The profits to be distributed
will be computed based on Chinese generally accepted accounting principles. The main difference between US GAAP (Generally Accepted
Accounting Principles) and Chinese GAAP with regards to Erdos is that Erdos is treated as a sales-type lease under US GAAP and
as an operating lease under Chinese GAAP. When the term of the JV expires, Xi&rsquo;an TCH will transfer its equity in the JV to
Erdos at no additional cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 18, 2009,
Erdos TCH signed a Cooperation Agreement with Erdos to recycle heat from groups of furnaces of Erdos Metallurgy&rsquo;s metal refining
plants to generate power and steam, which will then be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will
install a group of power generation projects with a total of 70MW power capacity, which may expand up to 120MW, and 30-ton steam
per hour, with an estimated total investment in excess of $75 million (RMB 500 million).&nbsp; The construction of the projects
was split into three phases, two power generation systems in Phase I with a total of 18MW power capacity, three power generation
systems in Phase II with a total of 27MW power capacity and one power generation system in Phase III with 25MW power capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the end of 2009,
Erdos TCH completed the first 9MW power station of Phase I of the project and put it into operation.&nbsp; Phase I includes two
9MW units for a combined 18MW power capacity. In March of 2010, the Company completed the second 9MW capacity power station and
put it into operation. Pursuant to the Co-operation Agreement and the&nbsp;supplement agreements signed between Erdos and Erdos
TCH, Erdos shall purchase all the electricity and steam to be generated from the JV&rsquo;s power generation projects. Erdos TCH
leased the two 9 MW units to Erdos and will be responsible for the operation and maintenance of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For each phase of the
project, the lease term is 20 years starting from the date of completion of the phase. Erdos agreed to pay a fixed minimum of $0.22
million&nbsp;(RMB 1.5 million) per month for each 9MW capacity power generation unit. In addition Erdos will pay the actual amount
if the sale of the electricity generated by each unit is more than $0.22 million (RMB 1.5 million) monthly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 10, 2010,
Erdos TCH entered into a supplementary agreement with Xi&rsquo;an Huaxin Energy Tech Co., Ltd (the contractor for construction)
for changing Erdos Phase II project of four 9MW waste heat generation systems to three 9MW systems, and moved the fourth 9MW waste
heat generation system into Phase III of the project; and accordingly, the construction cost decreased from $37.4 million (RMB248
million) to $28.1 million (RMB186 million) for the Phase II.&nbsp;&nbsp;In the first quarter of 2011, the Company completed all
three 9MW power stations of Phase II and put them into operation. Erdos TCH also outsourced the operation and maintenance of these
three 9 MW power generation systems to an independent third party for an annual charge $947,000 (RMB 6.27 million) for each system.
After 20 years, the systems will be transferred to Erdos without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 30, 2009,
Xi&rsquo;an TCH delivered three 6 MW capacity Waste Gas Power Generation (&ldquo;WGPG&rdquo;) power generating systems to Shenmu
County Jiujiang Trading Co., Ltd. (&ldquo;Shenmu&rdquo;) pursuant to a Cooperative Contract on Coke-oven Gas Power Generation Project
(including its Supplementary Agreement) and a Gas Supply Contract for Coke-oven Gas Power Generation Project.&nbsp; The terms of
these contracts are for 10 years, and they provide that Xi&rsquo;an TCH will recycle coke furnace gas from the coke-oven plant
of Shenmu to generate power, which will be supplied back to Shenmu.&nbsp; Shenmu agrees to supply Xi&rsquo;an TCH the coke-oven
gas free of charge.&nbsp; Shenmu will pay the Company an annual &ldquo;energy-saving service fee&rdquo; of approximately $5.6 million
in equal monthly installments for the life of the contracts, as well as such additional amount that may result from the supply
of power to Shenmu in excess of 10.8 million kilowatt hours per month.&nbsp; The Company is responsible for operating the systems
and will do so through an unrelated third party. Shenmu guarantees that the monthly gas supply will not be less than 21.6 million
standard cubic meters. If gas supply is less, Shenmu agrees to pay Xi&rsquo;an TCH an energy-saving service fee described above
or up to 10.8 million kilowatt-hours per month. Xi&rsquo;an TCH maintains the ownership of the project for the term of the contracts,
including the already completed investment, design, equipment, construction and installation as well as the operation and maintenance
of the project.&nbsp; At the end of the 10-year term, ownership of the systems transfers to Shenmu at no charge.&nbsp; Shenmu gave
a lien on its production line to guarantee its performance under the contracts.&nbsp; Shenmu&rsquo;s three major shareholders provide
an unlimited joint liability guarantee to Xi&rsquo;an TCH for Shenmu&rsquo;s performance under the contracts and the Yulin Huiyuan
Group, an independent third party, provides a guarantee to Xi&rsquo;an TCH for Shenmu&rsquo;s performance under the contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">On
January 20, 2010, Xi&rsquo;an TCH entered into a Technical Reconstruction Letter of Intent&nbsp;with Xueyi Dong (&ldquo;Dong&rdquo;)
a natural person with Chinese citizenship for Xi&rsquo;an TCH reconstructing and transforming a Thermal Power Generation System
owned by Dong into a 12MW Biomass Power Generation Systems (&ldquo;Biomass Systems&rdquo; or &ldquo;BMPG&rdquo;) for approximately
RMB 15 million ($2.2 million), of which, RMB 7 million ($1.03 million) was payable to Dong, and RMB 8 million ($1.18 million) was
payable to one of the Company&rsquo;s shareholders, who had previously paid that amount to Dong on behalf of the Company.&nbsp;
&nbsp;After the successful transformation of the system,&nbsp;Xi&rsquo;an TCH entered into a Biomass Power Generation Asset Transfer
Agreement (the &ldquo;Transfer Agreement&rdquo;) with Dong on June 29, 2010.&nbsp; Under the Transfer Agreement, Dong transferred
the Biomass Systems to Xi&rsquo;an TCH, and Xi&rsquo;an TCH will pay&nbsp;Dong RMB 100,000,000 ($14,705,900) for the systems, including
RMB 20,000,000 in cash and RMB 80,000,000 in shares of the Company&rsquo;s common stock. The stock price will be the same as the
Company&rsquo;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than
$4 per share.&nbsp; The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8.&nbsp;
As of September 30, 2011, the Company had paid the cash portion in full and had shares to be issued of $3.53 million (the fair
value at September 30, 2011) in connection with this transaction</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 29, 2010,&nbsp;Xi&rsquo;an
TCH entered into a Biomass Power Generation Project Lease Agreement with PuCheng XinHengYuan Biomass Power Generation Co., Ltd.,
(&ldquo;XHY&rdquo;).&nbsp; Under this lease agreement, Xi&rsquo;an TCH leased this same set of 12MW biomass power generation systems
to XHY at minimum RMB 1,900,000 per month ($279,400) for 15 years.&nbsp; The leasing fee will increase proportionately with the
biomass generated electricity fee in China during the term of this lease agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 30, 2010,
Xi&rsquo;an TCH delivered to Zhongbao Binhai Nickel Co., Ltd. (&ldquo;Zhongbao&rdquo;) a 7 MW capacity Waste Heat Power Generation
(&ldquo;WHPG&rdquo;) system, an integral part of the facilities designed to produce 80,000 tons of nickel-alloy per year according
to the recovery and power generation of waste heat agreement with Zhongbao, a nickel-alloy manufacturing joint venture between
Zhonggang and Shanghai Baoshan Steel Group&nbsp;established in June 2009.&nbsp; Total investment in this project was approximately
$7.8 million (RMB 55 million). The waste heat agreement with Zhongbao has a term of nine years and provides that Xi&rsquo;an TCH
will recycle waste heat from the nickel-alloy rotary kilns of Zhongbao to generate power and steam, which will be supplied back
to Zhongbao, and help reduce over 20,000 tons of carbon dioxide emissions every year.&nbsp;At the end of&nbsp;the term, the WHPG
system will be&nbsp;transferred to&nbsp;Zhongbao&nbsp;for RMB 1. Pursuant to the agreement, Zhongbao will pay Xi&rsquo;an TCH a
monthly &ldquo;energy-saving service fee&rdquo; based on the volume of electricity and steam generated the previous month at a
pre-agreed price, but no less than a minimum monthly payment of $224,000 (RMB 1.5 million). Zhongbao will supply Xi&rsquo;an TCH
certain gas, water and compressed air from the nickel-alloy rotary kilns free of charge. Zhongbao also guarantees to continuously
supply not less than 6800 heat hours per year for the WHPG, or the operating term will be extended accordingly. Xi&rsquo;an TCH
outsourced the operation and maintenance of the WHPG for the whole operation period to a third party for an annual fee of RMB 2.4
million ($366,000).&nbsp; In addition, Xi&rsquo;an TCH is responsible for applying for the Clean Development Mechanism (&ldquo;CDM&rdquo;)
under the Kyoto Protocol.&nbsp; Net proceeds from any CDM credit will be distributed between Zhongbao and Xi&rsquo;an TCH at 60%
and 40%, respectively. &nbsp;Xi&rsquo;an TCH had not commenced the CDM application process as of September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 15, 2011,
the Company incorporated a new wholly owned subsidiary Pingshan County Shengda Energy Technology Co., Ltd (&ldquo;Shengda&rdquo;).
Xi&rsquo;an TCH contributed cash of $4,559,271 (RMB 30,000,000) into Shengda as initial capital. Shengda was set up in order to
undertake waste energy recycling projects from a steel and chemical company in Pingshan county&nbsp;in accordance with and pursuant
to a Recycling Economy Projects Cooperative Framework Agreement entered into by the parties. The final terms for the projects have
not been reached and entered, and Shengda is not currently operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2011, Xi&rsquo;an
TCH entered into a Letter of Intent&nbsp;with Shenqiu Yuneng Thermal Power Ltd Co., (&ldquo;Shenqiu&rdquo;) for Xi&rsquo;an TCH
reconstructing and transforming a Thermal Power Generation System owned by Shenqiu into a 75T/H Biomass Power Generation Systems
for RMB 22.5 million ($3.5 million). The project commenced in June 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 28, 2011,
Xi&rsquo;an TCH entered into a Biomass Power Generation Asset Transfer Agreement with Shenqiu (the &ldquo;Seller&rdquo;). The Transfer
Agreement provided for the sale of a set of 12MW biomass power generation systems to Xi&rsquo;an TCH after Xi&rsquo;an TCH completed
the conversion of the system for biomass power generation purpose.&nbsp;&nbsp;As consideration for the biomass power generation
system, Xi&rsquo;an TCH will pay the Seller RMB 70,000,000 in cash ($10,937,500) in three installments in 6 months upon the transfer
of ownership of the system. As of September 30, 2011, $3,147,178 (RMB 20,000,000) was paid. On September 28, 2011,&nbsp;Xi&rsquo;an
TCH also entered into a Biomass Power Generation Project Lease Agreement with the Seller.&nbsp;&nbsp;Under the Lease Agreement,
Xi&rsquo;an TCH&nbsp;&nbsp;leased this set of 12,000 KW biomass power generation systems to&nbsp;the Seller at RMB 1,800,000 per
month ($281,250) for 11 years.&nbsp;&nbsp;Seller&nbsp;&nbsp;provided one month leasing fee as security deposit to Xi&rsquo;an TCH
as well as personal guarantees from its legal representative. The ownership of this system will be transferred to Shenqiu with
no cost at the end of the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited&nbsp;financial
statements included herein were prepared by&nbsp;the Company, pursuant to the rules and regulations of the Securities and Exchange
Commission (&ldquo;SEC&rdquo;).&nbsp; The information furnished herein reflects all adjustments (consisting of normal recurring
accruals and adjustments) that are, in the opinion of management, necessary to fairly present the operating results for the respective
periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with
accounting principles generally accepted in the United States of America (&ldquo;US GAAP&rdquo;) have been omitted pursuant to
such rules and regulations. These&nbsp;financial statements should be read in conjunction with the audited&nbsp;financial statements
and footnotes included in the Company&rsquo;s 2010&nbsp;audited financial statements included in the Company&rsquo;s Annual Report
on Form 10-K.&nbsp; The results for the nine and three months ended September 30, 2011 are not necessarily indicative of the results
to be expected for the full year ending December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These accompanying consolidated financial
statements have been prepared in accordance with US GAAP and pursuant to the rules and regulations of the SEC for annual financial
statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of Consolidation</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements include the accounts of CREG and, its subsidiary, Sifang Holdings, its wholly owned subsidiaries, Huahong New Energy
Technology Co., Ltd. (&quot;Huahong&quot;) and Shanghai TCH, Shanghai TCH&rsquo;s subsidiaries Xi&rsquo;an TCH Energy Tech Co.,
Ltd. (&ldquo;Xi&rsquo;an TCH&rdquo;) and Xingtai Huaxin Energy Tech Co., Ltd. (&ldquo;Huaxin&rdquo;), and Xi&rsquo;an TCH&rsquo;s
subsidiary, Pingshan Xian Shengda Energy Technology Ltd Co. (&ldquo;Shengda&rdquo;) and Erdos TCH Energy Saving Development Co.,
Ltd (&ldquo;Erdos TCH&rdquo;), in which 93% of the investment is from Xi&rsquo;an TCH.&nbsp; Substantially all of the Company&rsquo;s
revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all of the Company&rsquo;s
consolidated assets and liabilities as of September 30, 2011 and December 31, 2010, respectively. All significant inter-company
accounts and transactions were eliminated in consolidation.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing these
consolidated financial statements in accordance with US GAAP, management makes estimates and assumptions that affect the reported
amounts of assets and liabilities in the balance sheets and revenues and expenses during the period reported. Actual results may
differ from these estimates.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I><U>Sales-type Leasing
and Related Revenue Recognition</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We construct and lease
waste energy recycling power generating projects to our customers. We usually transfer ownership of the waste energy recycling
power generating projects to our customers at the end of the lease term.&nbsp; Our investment in these projects is recorded as
investment in sales-type leases in accordance with Statement of Financial Accounting Standards (&ldquo;SFAS&rdquo;) No. 13, &ldquo;Accounting
for Leases&rdquo; (codified in Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards Codification (&ldquo;ASC&rdquo;)
Topic 840) and its various amendments and interpretations. We finance construction of waste energy recycling power generating projects
and our customers for the price of the projects.&nbsp; The sales and cost of sales are recognized at the inception of lease. The
investment in sales-type leases consists of the sum of the total minimum lease payments receivable less unearned interest income
and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (lessor) and the customer
(lessee).&nbsp; The discount rate implicit in the sales type lease is used to calculate the present value of minimum lease payments.&nbsp;
The minimum lease payment consists of the gross lease payments net of executory costs and contingent rentals, if any. Unearned
interest income is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the
lease.&nbsp; While revenue is recognized at the inception of the lease, the cash flow from the sales-type lease occurs over the
course of the lease which results in interest income and reduction of receivables. Revenue is recognized net of Sales Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Contingent Rental Income</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company records
income from actual electricity usage in addition to minimum lease payments of each project as contingent rental income in the period
contingent rental income is earned.&nbsp; Contingent rent is not part of minimum lease payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash and Equivalents</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash and equivalents
includes cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with
an original maturity of three months or less as of the purchase date of such investments.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Concentration of Credit Risk</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash includes cash
on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered
by insurance. The Company has not experienced any losses in such accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain other financial
instruments, which&nbsp;subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company
does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers&rsquo;
financial condition and customer payment practices to minimize collection risk on accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The operations of the
Company are located in the PRC. Accordingly, the Company&rsquo;s business, financial condition and results of operations may be
influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Property and Equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Property and equipment
are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions,
renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and
accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation
of property and equipment is provided using the straight-line method over the estimated lives as follows:&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 87%; text-align: justify"><FONT STYLE="font-size: 10pt">Building</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify"><FONT STYLE="font-size: 10pt">20 years</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Vehicle</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">2 - 5 years</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Office and Other Equipment</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">2 - 5 years</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Software</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">2 - 3 years</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impairment of Long-life Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
SFAS 144 (codified in FASB ASC Topic 360),&nbsp;the Company reviews its long-lived assets, including property, plant and equipment,
for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable.
If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized
for the difference between the fair value and carrying amount of the asset. There was no impairment as of September 30, 2011 and
December 31, 2010.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost of Sales</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales consists
primarily of the direct material of the power generating system and expenses incurred directly for project construction for sales-type
leasing, and rental expenses for two pieces of power generation equipment for the operating lease.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income Taxes</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company utilizes
SFAS No. 109, &ldquo;Accounting for Income Taxes,&rdquo; (codified in FASB ASC Topic 740), which requires recognition of deferred
tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements
or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences
between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws
and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company follows
the provisions of FASB Interpretation No.&nbsp;48, Accounting for Uncertainty in Income Taxes, (&ldquo;FIN 48&rdquo;), codified
in FASB ASC Topic 740. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by
the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position
that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during
which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon
examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated
with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount
of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The
portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as
a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that
would be payable to the taxing authorities upon examination.&nbsp; Interest associated with unrecognized tax benefits are classified
as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. As
of September 30, 2011 and December 31, 2010, the Company had&nbsp;not taken any uncertain positions that would necessitate recording
of tax related liability.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Controlling Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company follows
FASB ASC Topic 810, &ldquo;Consolidation,&rdquo; which established new standards governing the accounting for and reporting of
non-controlling interests (NCIs) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain
provisions of this standard indicate, among other things, that NCIs (previously referred to as minority interests) be treated as
a separate component of equity, not as a liability (as was previously the case), that increases and decreases in the parent&rsquo;s
ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains
or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might
result in a deficit balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net income (loss)
attributed to the NCI was separately designated in the accompanying statements of income and other comprehensive income. Losses
attributable to the NCI in a subsidiary may exceed the NCI&rsquo;s interests in the subsidiary&rsquo;s equity. The excess attributable
to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution
results in a deficit NCI balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Statement of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
SFAS No. 95, &ldquo;Statement of Cash Flows&rdquo; (codified in FASB ASC Topic 230), cash flows from the Company&rsquo;s operations
are calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement
of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair Value of Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For certain of the
Company&rsquo;s financial instruments, including cash and equivalents, restricted cash, accounts receivable, other receivables,
accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short
maturities. Receivables on sales-type leases are based on interest rates implicit in the lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ASC Topic 820, &ldquo;Fair
Value Measurements and Disclosures,&rdquo; requires disclosure of the fair value of financial instruments held by the Company.
ASC Topic 825, &ldquo;Financial Instruments,&rdquo; defines fair value, and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures.&nbsp; The carrying amounts reported in
the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable
estimate of their fair values because of the short period of time between the origination of such instruments and their expected
realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company analyzes
all financial instruments with features of both liabilities and equity under ASC 480, &ldquo;Distinguishing Liabilities from Equity,&rdquo;
and ASC 815.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2011 and December 31, 2010, the Company did not identify any assets and liabilities that are required to be presented on the balance
sheet at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stock Based Compensation</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company accounts
for its stock-based compensation in accordance with SFAS No. 123R, &ldquo;Share-Based Payment, an Amendment of FASB Statement No.
123&rdquo;&nbsp;(codified in FASB ASC Topic 718 and 505).&nbsp; The Company recognizes in its statement of operations the grant-date
fair value of stock options and other equity-based compensation issued to employees and non-employees.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basic and Diluted Earnings per Share</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company presents
net income (loss) per share (&ldquo;EPS&rdquo;) in accordance with SFAS No. 128, &ldquo;Earnings per Share&rdquo; (codified in
FASB ASC Topic 740).&nbsp; Accordingly, basic income (loss) per share is computed by dividing income (loss) available to common
shareholders by the weighted average number of shares outstanding, without consideration for common stock equivalents.&nbsp; Diluted
net income per share is computed by dividing the net income by the weighted-average number of common shares outstanding as well
as common share equivalents outstanding for the period determined using the treasury-stock method for stock options and warrants
and the if-converted method for convertible notes.&nbsp; The Company made an accounting policy election to use the if-converted
method for convertible securities that are eligible to receive common stock dividends, if declared.&nbsp; Diluted earnings per
share reflect the potential dilution that could occur based on the exercise of stock options or warrants or conversion of convertible
securities using the if-converted method. The following table presents a reconciliation of basic and diluted earnings per share:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents a reconciliation
of basic and diluted earnings per share for nine and three months ended:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Nine&nbsp;Months&nbsp;Ended</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Months&nbsp;Ended</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Net income for common shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">22,354,376</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">12,801,992</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,066,996</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,870,253</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expense on convertible notes*</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,062,785</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">371,583</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">368,784</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">125,222</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income&nbsp;for diluted shares</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,417,161</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,173,575</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,435,780</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,995,475</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Weighted average shares&nbsp;outstanding &ndash; basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,659,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,778,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,533,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,778,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Effect of dilutive securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,596,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,170,530</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,041,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,098,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Options granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,747,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,316,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,315,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,203,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Warrants granted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">15,977</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">120,000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,750</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">107,121</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Weighted average shares outstanding &ndash; diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">58,019,313</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">50,384,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">57,891,937</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">52,187,441</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Earnings (loss) per share &ndash; basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Earnings (loss) per share &ndash; diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Interest expense on convertible notes was added back to net income for the computation of diluted earnings per share.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign Currency Translation and Comprehensive
Income (Loss)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
functional currency is the Renminbi (&ldquo;RMB&rdquo;). For financial reporting purposes, RMB were translated into United States
Dollars (&ldquo;USD&rdquo;) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at
the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period.
Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders&rsquo;
equity as &ldquo;Accumulated other comprehensive income.&rdquo; Gains and losses resulting from foreign currency transactions are
included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance
sheet date.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company uses SFAS
130 &ldquo;Reporting Comprehensive Income&rdquo; (codified in FASB ASC Topic 220). Comprehensive income is comprised of net income
and all changes to the statements of stockholders&rsquo; equity, except those due to investments by stockholders, changes in paid-in
capital and distributions to stockholders.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Segment Reporting</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SFAS No. 131, &ldquo;Disclosures
about Segments of an Enterprise and Related Information&rdquo; (codified in FASB ASC Topic 280) requires use of the &ldquo;management
approach&rdquo; model for segment reporting. The management approach model is based on the way a company&rsquo;s management organizes
segments within the company for making operating decisions and assessing performance. Reportable segments are based on products
and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.
SFAS 131 has no effect on the Company&rsquo;s financial statements as substantially all of the Company&rsquo;s operations are conducted
in one industry segment. All of the Company&rsquo;s assets are located in the PRC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Rights Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company accounts
for payment arrangements under a registration rights agreement in accordance with ASC Topic 825, &ldquo;Financial Instruments,&rdquo;
which requires the contingent obligation to make future payments or otherwise transfer consideration under a registration payment
arrangement, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement, be
separately recognized and measured in accordance with ASC Topic 450, &ldquo;Contingencies,&rdquo; (see Note 14, Registration Rights
Agreement for Convertible Note).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reclassifications</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain prior year
amounts were reclassified to conform to the manner of presentation in the current period.&nbsp;The Company reclassified rental
deposit of $286,892 to long term liability from accrued liabilities and other payables for the period ended December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New Accounting Pronouncements</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2011, FASB issued
ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial
Reporting Standards (ASC Topic 820), to provide a consistent definition of fair value and ensure that the fair value measurement
and disclosure requirements are similar between GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain
fair value measurement principles and enhances the disclosure requirements. The provisions of this new guidance are effective for
fiscal years, and interim periods within those years, beginning after December&nbsp;15, 2011. The guidance is not expected to have
a material impact on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2011, FASB
issued ASU 2011-05, Comprehensive Income&nbsp;(ASC Topic 220):&nbsp;&nbsp;Presentation of Comprehensive Income.&nbsp; Under the
amendments in this update, an entity has the option to present the total of comprehensive income, the components of net income
and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate
but consecutive statements. Under both options, an entity is required to present each component of net income along with total
net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for
comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total
net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive
income in that statement. In the two-statement approach, an entity is required to present components of net income and total net
income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net
income and include the components of other comprehensive income and a total for other comprehensive income, along with a total
for comprehensive income. In addition, the entity is required to present on the face of the financial statements reclassification
adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components
of net income and the components of other comprehensive income are presented.&nbsp; The amendments in this update should be applied
retrospectively and&nbsp;are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.
The Company is currently assessing the&nbsp;effect that the adoption of this pronouncement will have on its financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2011,
FASB has issued ASU 2011-08, <I>Intangibles&mdash;Goodwill and Other (Topic 350): Testing Goodwill for Impairment.</I> ASU 2011-08
is intended to simplify how entities, both public and nonpublic, test goodwill for impairment. ASU 2011-08 permits an entity to
first assess qualitative factors to determine whether it is &quot;more likely than not&quot; that the fair value of a reporting
unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment
test described in Topic 350, <I>Intangibles-Goodwill and Other.</I> The more-likely-than-not threshold is defined as having a likelihood
of more than 50%. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning
after December 15, 2011. The Company is currently assessing the&nbsp;effect that the adoption of this pronouncement will have on
its financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.&nbsp;NET INVESTMENT IN SALES-TYPE LEASES</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under sales-type leases,
Shanghai TCH leased TRT systems to Xingtai and Zhangzhi with terms of five and thirteen years, respectively and leased CHPG systems
to Tong Chuan Shengwei and Jin Yang Shengwei respectively for five years, WGPG systems to Shenmu for ten years, BMPG systems to
Pucheng for fifteen years, BMPG systems to Shenqiu for eleven years, and a power and steam generating system from waste heat from
metal refining to Erdos for twenty years. The components of the net investment in sales-type leases as of September 30, 2011 and
December 31, 2010 are as follows:&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Total future minimum lease payments receivable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">452,765,015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">379,641,671</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Less: executory cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(114,018,386</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99,866,170</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Less: unearned interest income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(183,062,575</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(154,564,733</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net investment in sales - type leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,684,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,210,768</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Current portion</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,365,951</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,624,637</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Noncurrent portion</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">146,318,103</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">117,586,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of September 30, 2011, the future minimum
rentals to be received on non-cancelable sales-type leases by years are as follows:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left">2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">40,834,910</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,734,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,858,665</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,423,265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,423,265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">273,490,604</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">452,765,015</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4. RESTRICTED CASH, NOTES PAYABLE &ndash;
BANK ACCEPTANCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Restricted cash as
of September 30, 2011 and December 31, 2010 was $0 and $2,151,690, respectively, held by the bank as collateral to&nbsp;issue bank
acceptances.&nbsp;The Company endorses bank acceptances to vendors as payment of their own obligations.&nbsp; Most of the bank
acceptances have maturities of less than six months.&nbsp;As of September 30, 2011 and December 31, 2010, the Company had bank
acceptances of $0 and $2,868,921, respectively.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.&nbsp;PREPAID EXPENSES</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prepaid expenses mainly
consisted of prepayment for supplies, office rental, parking space, insurance and legal fees.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.&nbsp;CONSTRUCTION IN PROGRESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Construction
in progress&rdquo; is the amount paid for constructing power generation systems.&nbsp;During the first quarter of 2011, Erdos power
generation system Phase II, the third 9MW Capacity Electricity power generation system was completed and put into operation. At
September 30, 2011, the Company had paid approximately $19.71 million for Phase III of the Erdos TCH power generation system projects,
and $12.58 million for Shannxi Datong Coal Group Power Generation project (See Note 19). The Company was committed to pay an additional
$8.7 million for Phase III projects excluding quality deposits of $120,000 in 2011, and $15.74 million for Shannxi Datong Coal
Group Power Generation project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.&nbsp;TAXES PAYABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Taxes payable&rdquo; consisted of
the following at September 30, 2011 and December 31, 2010:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%">Income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">807,076</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,237,823</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347,654</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,926</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,423</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,145,042</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,631,900</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>8.&nbsp;ACCRUED LIABILITIES AND OTHER PAYABLES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Accrued liabilities and other payables&rdquo;
consisted of the following&nbsp;as of September 30, 2011 and December 31, 2010:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Employee training, labor union expenditure and social insurance payable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">255,344</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">245,019</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Consulting, auditing, and legal expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">541,638</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Payable to Yingfeng</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,688,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,730,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrued payroll and welfare</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accrued system maintenance expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,461</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,421</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,631,243</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,874,058</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Payable to Yingfeng&rdquo;
is the cost of obtaining the ownership of two TRT projects (Zhangzhi and Xingtai) that were previously owned by Yingfeng. This
amount is non-interest bearing and is payable on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.&nbsp;&nbsp;RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2011, advances from related parties totaled $1,245,913, including $1,384,758 from Erdos (the minority shareholder of Erdos TCH),
as an advance for the capital needs of Erdos TCH, but net with receivable from Erdos of $476,601 for maintenance fees and taxes
in September, and $37,756 and $300,000 advance from management and CEO of the Company, respectively, which bore no interest, payable
on demand. As of December 31, 2010, advances from related parties totaled $1,365,877, including $1,328,763 from Erdos (the minority
shareholder of Erdos TCH) as an advance for the capital needs of Erdos TCH and a $37,114 payment by the Company&rsquo;s management
for paying certain operating expenses on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH sold all
power generation stations through sales type leases to Erdos Metallurgy Co., Ltd., the non-controlling interest.&nbsp;&nbsp;Total
sales and interest income for this non-controlling interest was $11.66 million and $5.09 million for the nine months ended September
30, 2011, and $10.33 million and $1.52 million for the same period of 2010; $0.2 million and $1.84 million for three months ended
September 30, 2011, and&nbsp;&nbsp;$0.23 million and&nbsp;&nbsp;$0.62 million for the same period of 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.&nbsp;NONCONTROLLING INTEREST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Non-controlling
interest&rdquo; was a 7% equity interest of Erdos JV owned by Erdos Metallurgy Co., Ltd.&nbsp; According to Xi&rsquo;an TCH and
Erdos&rsquo; agreement on profit distribution, Xi&rsquo;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively,
until Xi&rsquo;an TCH has received a complete return on its investment. Xi&rsquo;an TCH and Erdos will then receive 60% and 40%
of the profit from the JV, respectively.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2011, the total registered capital of Erdos JV is RMB 120,000,000 ($17.55 million), of which, $16.37 million (RMB112 million) was
contributed by Xi&rsquo;an TCH&nbsp;and $1.18 million (RMB 8 million) was from Erdos.&nbsp;Erdos TCH engages in a business similar
to that of Xi&rsquo;an TCH.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH allocates
its income to Xi&rsquo;an TCH and Erdos at a proportion of 80% and 20% based on net income calculated under Chinese GAAP.&nbsp;
The main difference between US GAAP and Chinese GAAP with respect to Erdos is that the Erdos agreement is treated as a sales-type
lease under US GAAP and as an operating lease under Chinese GAAP.&nbsp; The following is the profit and loss statement of Erdos
TCH, prepared under Chinese GAAP for the nine months ended September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left">Net Revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">9,978,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost of Revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,726,613</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,251,395</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,859</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,235,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Non-operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,060,537</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net Income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,181,611</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a reconciliation of net
income per Chinese GAAP to net income per US GAAP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left">Net income per Chinese GAAP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,181,611</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments under US GAAP:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Revenue per sales-type lease</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,684,857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of revenue</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,072,599</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income from operation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,793,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,758,928</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,552,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(696,444</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income per US GAAP</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,856,353</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is the balance sheet of Erdos
TCH, prepared under Chinese GAAP at September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left">Cash and equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,390,779</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,364,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,303,067</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Construction in process</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,989,258</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">79,047,511</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,324,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,757,271</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Long term loan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,207,667</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">55,289,916</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,573,578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Statutory reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,147</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,480,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,550,761</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,757,595</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">79,047,511</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11.&nbsp;DEFERRED TAX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deferred tax asset
was a result of the accrued maintenance cost on power generation systems that can be deducted for tax purposes in the future; and
difference between tax and accounting basis of cost of fixed assets which was capitalized for tax purposes and expensed as part
of cost of systems in the book. &nbsp; Deferred tax liability arose from the difference between tax and accounting basis of net
investment in sales-type leases.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of September 30, 2011 and December 31,
2010, deferred tax asset (liability) consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-align: left">Deferred tax asset &mdash; noncurrent (accrual of system maintenance cost)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">594,674</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,161</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Deferred tax asset &mdash; noncurrent (depreciation of fixed assets)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,551,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,571,649</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Deferred tax liability &mdash; noncurrent (net investment in sales-type leases)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(36,581,966</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(29,023,949</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred tax liability, net of deferred tax asset &ndash; noncurrent</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,435,634</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,429,139</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Deferred tax liability &mdash; current (net investment in sales-type leases)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,563,843</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,188,504</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12.&nbsp;INCOME TAX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective January 1,
2008, the PRC government implemented a new corporate income tax law with a maximum rate of 25%. The Company is governed by the
Income Tax Law of the PRC concerning privately-run enterprises, which are generally subject to tax at 25% (33% prior to 2008) on
income reported in the statutory financial statements after appropriate tax adjustments.&nbsp; Under the 2008 Chinese tax law,
the tax treatment of finance and sales-type leases is similar to US GAAP.&nbsp; However, the local tax bureau continues to treat
CREG sales-type leases as operating leases.&nbsp; Accordingly, the Company recorded deferred income taxes.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
subsidiaries generate all of their net income from their PRC operations. Shanghai TCH&rsquo;s effective income tax rates for 2011
and 2010 are 24% and 22%, respectively. Xi&rsquo;an TCH&rsquo;s effective income tax rate for 2011 and 2010 is 15% as a result
of its high tech enterprise status that was approved by the taxing authority. Xingtai Huaxin&rsquo;s effective income tax rate
for 2011 and 2010 is 25%.&nbsp; Huahong and Erdos TCH&rsquo;s effective income tax rate for 2011 and 2010 is 25%.&nbsp; Pingshan
Shengda&rsquo;s effective income tax rate for 2011 is 25%. Shanghai TCH, Xi&rsquo;an TCH, Xingtai Huaxin, Huahong, Pingshan Shengda
and Erdos TCH file separate income tax returns.&nbsp;If&nbsp;Xi&rsquo;an TCH had not been granted high tech enterprise status,
income tax expense for the nine months ended September 30, 2011, would have been increased by $1,428,064 and earnings per share
would have been reduced by $0.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shanghai TCH, as a
business in a Development Zone, was subject to a 15% income tax rate. According to the new income tax law that became effective
January 1, 2008, for those enterprises to which the 15% tax rate was previously applicable, the applicable rates shall increase
as follows:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Tax&nbsp;Rate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 89%"><FONT STYLE="font-size: 10pt">2011</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no income
tax for companies domiciled in the Cayman Islands. Accordingly, the Company&rsquo;s consolidated financial statements do not present
any income tax provisions related to Cayman Islands tax jurisdiction where Sifang Holding is domiciled.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parent company,
China Recycling Energy Corporation, is taxed in the U.S. and has net operating loss carry forwards for income taxes of $6.75 million
at September 30, 2011, which may be available to&nbsp;reduce future years&rsquo; taxable income as NOLs can be carried forward
up to 20 years from the year the loss is incurred. Management believes the realization of benefits from these losses appears uncertain
due to the Company&rsquo;s limited operating history and continuing losses. Accordingly, a 100% deferred tax&nbsp;asset valuation
allowance was provided.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
reconciles the U.S. statutory rates to the Company&rsquo;s effective tax rate for the nine and three months ended September 30,
2011 and 2010, respectively:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Nine&nbsp;Months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Three&nbsp;Months</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">U.S. statutory rates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax rate difference &ndash; current provision</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.5</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.3</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.6</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.3</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Effective tax holiday</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.2</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.3</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.5</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.2</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non tax-deductible expenses (non-taxable income), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.2</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.2</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.1</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Valuation allowance on NOL (utilization of NOL)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Tax per financial statements</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15.9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24.1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16.4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21.4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provision for income tax expenses for
the nine and three months ended September 30, 2011 and 2010 consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Nine&nbsp;Months</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;Three&nbsp;Months</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; text-align: left">Income tax expense - current</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,353,664</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,754,734</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">781,613</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">688,913</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax benefit - deferred</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,015,593</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,495,828</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,408,013</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">663,606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total income tax expenses</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,369,257</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,250,562</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,189,626</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,352,519</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13. LOANS PAYABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Collective Capital Trust Plan</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 3, 2009,
the Company and Beijing International Trust Co., Ltd. (&ldquo;Beijing Trust&rdquo;) formed a Low Carbon Fortune-Energy Recycling
No. 1 Collective Capital Trust Plan (&ldquo;Plan&rdquo;). Under the Plan, Beijing Trust raised RMB 181,880,000 ($26.75 million)
through sale of 181,880,000 trust units at RMB 1 per unit. All amounts raised under the Plan were loaned to Erdos TCH in connection
with its waste heat power generation projects Phase II and Phase III construction and operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan included 145,500,000
category A preferred trust units ($21.4 million), consisting of category A1 preferred trust 12,450,000 units ($1.8 million), category
A2 preferred trust 15,000,000 units ($2.2 million), category A3 preferred trust 118,050,000 units ($17.4 million); and 36,380,000
category B secondary trust units ($5.35 million), consisting of category B1 secondary trust 9,100,000 units ($1.34 million) and
category B2 secondary trust 27,280,000 units ($4.01 million). The B1 units were purchased by members of management of Erdos TCH
and the B2 units were purchased by Xi&rsquo;an TCH. Under the Agreement, the annual base interest rate is 9.94% for A1 preferred
trust fund units with a term of two years, 11% for A2 preferred trust fund units with a term of three years, 12.05% for A3 preferred
trust fund units and 8.35% for the category B secondary trust fund units, each with a term of four years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH provided
a lien on its equipment, assets and accounts receivable to guarantee the loans under the Agreement. Xi&rsquo;an TCH and Mr. Guohua
Ku (the Company&rsquo;s CEO) also provided unconditional and irrevocable joint liability guarantees to Beijing Trust for Erdos
TCH&rsquo;s performance under the Agreement. Erdos (the minority shareholder and customer of Erdos TCH) provided a commitment letter
on minimum power purchase from Erdos TCH.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 18, 2009,
an additional RMB 25,000,000 ($3.7 million) was raised to support the Company&rsquo;s Erdos Power Generation Projects. The&nbsp;Company
sold 25,000,000 trust units at RMB 1 per unit which included 20,000,000 category A1 preferred trust units ($ 2.9 million) and 5,000,000
category B2 secondary trust units ($ 0.7 million). The B2 units were purchased by Xi&rsquo;an TCH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During December 2009,
the Plan sold&nbsp;&nbsp;206,880,000 units for RMB 206,880,000 ($30.3 million), of which, 9,100,000 units ($1.3 million) were purchased
by the management of Erdos TCH; the 32,280,000 units purchased by Xi&rsquo;an TCH, the amount of $4.7 million was considered as
investment by Xi&rsquo;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net
long term loan payable under this trust plan was $25.6 million at December 31, 2009.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2010,
Beijing Trust completed the second expansion of the Plan. The second expansion raised RMB 93,120,000 ($13.7 million) through the
sale of 93,120,000 trust units at RMB 1 per unit.&nbsp; All amounts raised under the Second Expansion were loaned to Erdos TCH.&nbsp;
The second expansion&nbsp;included 2,800,000 category A1 preferred trust units ($0.4 million), 5,000,000 category A2 preferred
trust units ($0.7 million), 66,700,000 category A3 preferred trust units ($9.8 million), 4,650,000 category B1 preferred trust
units ($0.7 million), and 13,970,000 category B2 secondary trust units ($2.1 million).&nbsp; The B1 units were purchased by members
of management of Erdos TCH and the B2 units were purchased by Xi&rsquo;an TCH.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the completion
of the second expansion, the Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan reached RMB 300,000,000 ($44.1
million) and completed all its trust plan raising work, of which, 13,750,000 units ($2.0 million) were purchased by the management
of Erdos TCH; 47,850,000 units were purchased by Xi&rsquo;an TCH, of which, 46,250,000 ($6.8 million) was B2 units and 1,600,000
($235,600) units was A1 units, the amount was considered as investment by Xi&rsquo;an TCH into Erdos TCH and, accordingly, was
eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was RMB 252,150,000 ($39.68
million) at September 30, 2011.&nbsp; Interest expense accrued on this trust loan was $4.0 million and $4.5 million at September
30, 2011 and December 31, 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
above, under the Loan Agreement, Erdos TCH must pay a management incentive benefit to Beijing Trust upon maturity of the category
A3 and category B trust units in December 2013 if the ratio of Erdos TCH&rsquo;s profit to its registered capital exceeds a base
amount. If this criterion is met, the amount of the management incentive benefit is calculated based on a formula tied to Erdos
TCH&rsquo;s net profit and the average registered capital for the 2012 fiscal year. Under this formula the management incentive
benefit could range between 0% and 100% of the net profit of Erdos TCH in the 2012 fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The management incentive
benefit was structured to provide an incentive to management to make the joint venture profitable. Under the Plan, Beijing Trust
will distribute the entire amount of the management incentive benefit it receives to the holders of the category B trust units.
As previously disclosed, the holders of the category B trust units are the management of Erdos TCH and Xi&rsquo;an TCH. Category
B trust units receive a lower base interest rate than the category A trust units but the economic return to the holders of category
B trust units will be enhanced by any management incentive benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH also will
share the benefits from Clean Development Mechanism (&quot;CDM&quot;) under the Kyoto Protocol equally with Beijing Trust during
the term of the loan.&nbsp;Any benefit received from CDM will be paid to Erdos Metallurgy first.&nbsp; Under the agreement with
Xi&rsquo;an TCH, Erdos Metallurgy agrees to deliver to Xi&rsquo;an TCH 50% of the benefit Erdos Metallurgy receives. Xi&rsquo;an
TCH agrees to share 50% of the benefit it receives from Erdos Metallurgy with Erdos TCH. Under the Capital Trust Loan Agreement
between Erdos TCH and Beijing Trust, Erdos TCH agrees that 50% of any benefit it receives will be delivered to Beijing Trust. Pursuant
to the Plan, Beijing Trust will distribute 70% of the CDM benefit it receives to the holders of the category B trust units. The
receipt of any CDM benefit is subject to a process of evaluation and certification of the project by the CDM Executive Board and
is under the guidance of the Conference of the Parties of the United Nations Framework Convention on Climate Change. The first
stages of the certification process have been completed successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Bank Long Term Loans - Industrial
Bank</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company entered
a loan agreement with Industrial Bank Co., Ltd., Xi&rsquo;an Branch (the &ldquo;Lender&rdquo;) for a loan designed for energy saving
and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&rsquo;an TCH for three years
from April 6, 2010 to April 6, 2013. The proceeds of the loan are required to be used in payment for equipment for Xi&rsquo;an
TCH&rsquo;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning
of each quarter at 110% of the national base interest rate for the same term and same level loan (currently 7.015%).&nbsp; Under
the loan, Xi&rsquo;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release
of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains
standard representations, warranties and covenants, and the loan is guaranteed by Xi&rsquo;an TCH, Shaanxi Shengwei Construction
Material Group and Mr. Guohua Ku. At September 30, 2011, $1,888,308 of the principal was repaid and $2,832,462 will be repaid within
one year which was classified as current liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The loan has the following
covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500million ($78 million); (ii)
assets to liability ratio not less than 80%; and (iii) the current ratio not less than 2.5. The borrower was Xi&rsquo;an TCH. As
of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company entered
another loan agreement with the same Industrial Bank for energy saving and emission reduction projects, whereby the Lender agreed
to loan RMB 30,000,000 ($4,720,767) to Xi&rsquo;an TCH for three years&nbsp;&nbsp;to March 30, 2014. As of September 30, 2011,
the Company received RMB 30,000,000 ($4,720,767) of the loan. The proceeds of the loan are required to be used in payment for construction
and equipment purchase for Xi&rsquo;an TCH&rsquo;s energy saving and emission reduction projects. The Loan Agreement has a floating
interest rate that resets at the beginning of each quarter at 115% of the national base interest rate for the same term and same
level loan (currently 7.015%).&nbsp; Under the loan, Xi&rsquo;an TCH is required to make quarterly interest payments and, beginning
six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077)
each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&rsquo;an
TCH, Mr. Guohua Ku and Ms. Chaoying Zhang. The Company will commence to repay the loan in the fourth quarter of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The loan was originally
pledged with the system and revenue of the project ZhongBao. In June 2011, the system of the project ZhongBao was sold to and leased
back from Cinda Financial Leasing Co., Ltd. (the &ldquo;Cinda Financial&rdquo;) , the Company engaged a third party bonding company
as the guarantor for the loan, which was approved by the Industrial Bank in July 1, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The loan has the following
covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500 million ($78 million); (ii)
assets to liability ratio not less than 80%; and (iii) the current ratio not less than 1. The borrower was Xi&rsquo;an TCH. As
of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font-size: 10pt">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Financing Agreement- - Sale Lease-back
transaction</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 28, 2011, Xi&rsquo;an
TCH&rdquo; entered into a Financing Agreement (the &ldquo;Agreement&rdquo;) with Cinda Financial Leasing Co., Ltd. (the &ldquo;Cinda
Financial&rdquo;), an affiliate of China Cinda (HK) Asset Management Co., Ltd. (the &ldquo;Cinda HK&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the&nbsp;Agreement,
Xi&rsquo;an TCH transferred its ownership of a set of 7MW steam turbine waste heat power generation system (the &ldquo;WHPG system
currently used by Zhonngbao&rdquo;) and four furnaces and&nbsp;&nbsp;ancillary apparatus (the &ldquo;Assets&rdquo;) to Cinda Financial
for&nbsp;&nbsp;RMB 42.50 million ($6.69 million), and Cinda Financial in turn leased the Assets to Xi&rsquo;an TCH for&nbsp;&nbsp;5
years with an overall leasing fee of RMB 51.54 million ($8.11 million) based upon the transfer cost and the benchmark interest
rate for five year loans by People&rsquo;s Bank of China (&ldquo;PBOC&rdquo;) (presently 6.65%) plus 15% of that rate (which at
present is 7.6475%).&nbsp;&nbsp;The interest rate will increase if the five year benchmark interest rate of PBOC increases but
will remain the same if the benchmark rate decreases in the future.&nbsp;&nbsp;Xi&rsquo;an TCH shall make pro rata quarterly payments
to Cinda Financial for the leasing fees. Upon the completion of the leasing term and full payment of all leasing fees and other
fees, Xi&rsquo;an TCH can pay RMB 4,250 ($669) to reacquire the ownership of the Assets. The quarterly minimum payment is RMB 2,577,109
($396,875).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
leasing fees, Xi&rsquo;an TCH prepaid a one-time non-refundable leasing service charge of RMB 2,550,000 ($401,265) and a refundable
security deposit of RMB 2,125,000 ($334,388) to Cinda Financial as of September 30, 2011. The prepaid leasing service fee was amortized
over 5 years. For the three months ended September 30, 2011, RMB 127,500 ($19,623) was amortized. The unamortized portion was recorded
as prepaid loan fees of $78,492 and&nbsp;&nbsp;$302,710 into current and non current portions respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
ASC 840-10-25-4, since CREG retains substantially all of the benefits and risks relating to the property, this transaction is a
financing and will be recorded as such. The proceeds of this financing were not received prior to June&nbsp;&nbsp;30, 2011; therefore,
this transaction was recorded in the third quarter of 2011. For the nine and three months ended September 30, 2011, the Company
made repayment of $399,094 to Cinda Financial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of September 30, 2011, the future minimum
payment to be made by years is as follows:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left">2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,622,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,622,124</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,622,124</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,622,124</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,216,669</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,705,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Unamortized interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,290,226</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total long term payable</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,414,939</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Current portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(78,492</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Non current portion</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,265,491</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>14.&nbsp;CONVERTIBLE NOTES PAYABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Convertible Notes from Carlyle</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 16, 2007,
the Company entered into a Stock and Notes Purchase Agreement (&ldquo;Purchase Agreement&rdquo;) with Carlyle Asia Growth Partners
III, L.P. (&ldquo;CAGP&rdquo;) and CAGP III Co. Investment, L.P. (together with CAGP, the &ldquo;Investors&rdquo;). Under the terms
of the Purchase Agreement, the Company sold the Investors a 10% Secured Convertible Promissory Note of $5,000,000 (the &ldquo;First
Note&rdquo;). Additionally, the Purchase Agreement provides for two subsequent transactions to be effected by the Company and the
Investors, which include (i) the issuance by the Company of and subscription by the Investors for 4,066,706 shares of common stock
of Company, at $1.23 per share for $5,000,000, and (ii) the issuance and sale by the Company to the Investors of a 5% Secured Convertible
Promissory Note of $15,000,000 (the foregoing transactions, together with sale and purchase of the First Note, are hereinafter
referred to as the &ldquo;Offering&rdquo;). The subsequent transactions are contingent upon the satisfaction of certain conditions
specified in the Purchase Agreement, including entry into specified energy and recycling project contracts and the purchase of
certain energy recycling systems.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The First Note bore
interest at 10% and&nbsp;was due&nbsp;November 16, 2009. The principal amount of the First Note, together with any interest thereon,
converted, at the option of the holders at any time on or prior to maturity, into shares of the Company&rsquo;s common stock at
an initial conversion price of $1.23 per share (subject to anti-dilution adjustments). The First Note was subject to mandatory
conversion upon the consummation of the aforementioned issuance and subscription of shares of the Company&rsquo;s common stock
under the Purchase Agreement. The obligations of the Company under the First Note ranked senior to all other debt of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As collateral for the
First Note, the President and a major shareholder of the Company pledged 9,653,471 shares of the Company&rsquo;s common stock held
by him to secure the First Note.&nbsp;This pledge was released during the fiscal quarter ended September 30, 2011 and is of no
further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The First Note was
considered to have a beneficial conversion feature (&ldquo;BCF&rdquo;) because the conversion price was less than the quoted market
price at the time of issuance. Accordingly, the beneficial conversion feature of $5,000,000 was recorded separately as unamortized
beneficial conversion feature based on the intrinsic value method. As the BCF was greater than the face value of the note, all
of the proceeds were allocated to the BCF. No value was assigned to the note option or the equity option (two subsequent transactions
discussed above). The First Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature.
The terms for the First Note were amended on April 29, 2008 and the First Note was repaid in full on June 25, 2008, as described
below.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2008,
the Company entered into an Amendment to the Purchase Agreement with the Investors. Under the terms of the Amendment, (i) the Company
issued and the Investors subscribed for 4,066,706 shares of common stock of the Company, at $1.23 per share for $5,002,048, as
originally contemplated under the Agreement; (ii) the Investors converted the principal&nbsp;under the First Note (and waived any
accrued interest thereon) into 4,065,040 shares of common stock of the Company at $1.23, pursuant to the terms and conditions of
the First Note issued under the Agreement; (iii) the Company issued and sold to the Investors a new 5% Secured Convertible Promissory
Note of $5,000,000 (the &ldquo;Second Note&rdquo; and collectively with the First Note, the &ldquo;Notes&rdquo;); and (iv) the
Company granted to the Investors an option to purchase a 5% Secured Convertible Promissory Note of $10,000,000, exercisable by
the Investors at any time within nine (9) months following the date of the closing of the transactions contemplated by the Amendment
(the &ldquo;Option Note&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Second Note bore
interest at 5% and matured on April 29, 2011. The principal face amount of the Second Note, together with any interest thereon,
was convertible, at the option of the holders at any time on or after March 30, 2010 (or such earlier date if the audited consolidated
financial statements of the Company for the fiscal year ending December 31, 2009 are available prior to March 30, 2010) and prior
to maturity, into shares of the Company&rsquo;s common stock at an initial conversion price that is tied to the after-tax net profits
of the Company for the year ending December 31, 2009, as described in the Second Note. As more fully described in the Second Note,
the obligations of the Company under the Second Note are senior to all other debt of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Second Note and
the 8% Note described below are both secured by a security interest granted to the Investors pursuant to the Share Pledge Agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 25, 2008, the
Company and investors entered into a Rescission and Subscription Agreement to rescind the conversion of the First Note and the
issuance of conversion shares of Common Stock at the Second Closing pursuant to Amendment to Stock and Notes Purchase Agreement
dated April 29, 2008. The Company and the Investors rescinded the conversion of the principal amount ($5,000,000) under the First
Note into 4,065,040 shares of Common Stock, and the Investors waived accrued interest on the First Note. Accordingly, the interest
expense which had accrued on the note was recorded as a decrease in interest expense for the period. At the Rescission and Subscription
Closing, the Company repaid the First Note in full and issued, 4,065,040 shares of Common Stock to the investor at $1.23 per share
for $5,000,000.&nbsp; This was done through a cross receipt arrangement; the BCF was reversed to additional paid in stock.&nbsp;
The Company has now concluded that in substance the transaction resulted in the conversion of the first $5,000,000 note into common
stock, and based on substance over form, the remaining BCF of $3,472,603 at the date of conversion was expensed.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2009,
CREG issued an 8% Secured Convertible Promissory Note of $3 million to CAGP with a maturity of April 29, 2012. The note holder
has the right to convert all or any part of the outstanding principal amount of this note, together with interest, if any, into
shares of the Company&rsquo;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated
financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010)
and prior to the maturity date (or such later date on which this note is paid in full), at a conversion price per share of common
stock equal to US $0.80.&nbsp; The conversion feature of this note is not beneficial to the holder as the stock price on April
29, 2009 was $0.47.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2009,
CREG amended and restated the 5% secured convertible promissory note (the &ldquo;Second Note&rdquo;), which was issued as part
of the amendment of the First Note on April 28, 2008. Accordingly, the Conversion Rights and Conversion Price were amended so that
the holder of the Second Note has the right, but not the obligation, to convert all or any part of the aggregate outstanding principal
amount of the Second Note, together with interest, into shares of the Company&rsquo;s common stock, at any time on or after March
30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December
31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this Note
is paid in full), at the following conversion price: (a) an amount equal to (i) the Company&rsquo;s net profit, adjusted in accordance
with the Second Note, multiplied by (ii) 5.5, and less (iii) the principal amount of the Second Note, together with accrued interest,
divided by (b) the then total shares of the Company&rsquo;s common stock outstanding on a fully-diluted basis.&nbsp;This note is
considered to have a beneficial conversion feature starting from January 1, 2010 because the conversion price for this note was
$1.154 as of April 29, 2011. Accordingly, the beneficial conversion feature of $3.15 million was recorded separately as unamortized
beneficial conversion feature based on the intrinsic value method and the Second Note was recorded in the balance sheet at face
value less the unamortized beneficial conversion feature.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest on the
convertible debts is payable annually, in arrears, provided the holder gives 30-day notice before each April 29 that it requires
the interest payment.&nbsp; Unpaid interest is due and payable at maturity.&nbsp; At the holder&rsquo;s election, at the time the
holder elects to convert the debt into shares, shares can be issued as paid-in-kind interest to the extent that there is unpaid
interest at the time of conversion.&nbsp; To date, the Company has timely paid all interest payable, in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2011, Carlyle
converted the note into 4,334,192 shares of the Company&rsquo;s common stock at a conversion price of $1.154 per share. The effective
date of the conversion was April 29, 2011. As of September 30, 2011, the interest accrued on the second note was fully paid. The
Company issued 4,334,192 shares of common stock to the Investors on July 21, 2011 (4,149,599 shares of common stock to CAGP; 184,593
shares of common stock to CAGP III Co. Investment, L.P.).&nbsp;&nbsp;The unamortized portion BCF of $745,547 was fully amortized
as of the conversion date. During the nine months ended September 30, 2011, the Company amortized $1,368,988 BCF for the note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Registration Rights Agreement</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2009,
the Company also agreed with Carlyle to amend and restate the Registration Rights Agreement for the convertible notes to amend
the rights for demand registration by the Investors and the applicable liquidated damages for the Company if it fails to timely
comply with the demand for registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the registration
rights agreement, the Company must file the registration statement within 90 days of receipt of a demand notice to convert (the
&ldquo;Filing Date&rdquo;), and the registration statement must have become effective within 120 days after filing (the &ldquo;Effective
Date&rdquo;) or the Company must pay damages to the holders of the shares to be registered.&nbsp;The Company must also pay damages
if the registration statement ceases for any reason to remain continuously effective as to all Registrable Shares for which it
is required to be effective, or the holders are not permitted to utilize the prospectus to resell shares for thirty (30) consecutive
calendar days during any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The damages for failure
to meet any of these requirements are equal to 1% of the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">the purchase price of the unconverted notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">the purchase price of shares of Company Common Stock purchased under a related agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">the conversion price of shares of Common Stock received on conversion of notes, for each 30 days,
or a pro rata portion of such 1% for a period less than 30 days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The&nbsp;liquidated
damages&nbsp;must be paid in cash; the registration rights agreement does not provide for any alternative payment arrangement.&nbsp;
The maximum potential amount of consideration, undiscounted, that the Company could be required to transfer under the registration
payment arrangement cannot exceed 1% of the sum described above in any thirty (30) calendar day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Convertible Note Agreement with China
Cinda</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 18, 2010,
the &ldquo;Company and its wholly-owned subsidiaries Sifang, Shanghai TCH and Xi&rsquo;an TCH entered into a Notes Purchase Agreement
(the &ldquo;Note Agreement&rdquo;) with China Cinda (HK) Asset Management Co., Ltd, a company organized under the laws of the Hong
Kong Special Administrative Region of China (&ldquo;Cinda&rdquo;).&nbsp; Under the terms of the Note Agreement, the Company will
issue&nbsp;&nbsp;Cinda two tranches of convertible notes (the &ldquo;Notes&rdquo;), each having a principal amount equal to the
US Dollar equivalent of RMB 50 million.&nbsp; Also on August 18, 2010, Xi&rsquo;an TCH and China Jingu International Trust Co.
Ltd. (&ldquo;Jingu&rdquo;), an affiliate of Cinda also entered into a Capital Trust Loan Agreement (&ldquo;Trust Loan Agreement&rdquo;),
in which Jingu will raise 100 million RMB under a Jingu CREG Recycling Economy No. 1 Collective Fund Trust Plan (&ldquo;Trust Plan&rdquo;)
and lend such amount under the Trust Plan to Xi&rsquo;an TCH (the &ldquo;Loans&rdquo;).&nbsp; If the Loans under the Trust Loan
Agreement do not occur, then under the Note Agreement the principal amount of the Notes to be issued in each tranche will be the
US dollar equivalent of RMB 100 million.&nbsp; All proceeds from the Notes and the Loans will be used to complete the Phases IV
and V of the Erdos TCH Energy Saving Development Co., Ltd. (&ldquo;Erdos TCH&rdquo;) project, a joint venture between Xi&rsquo;an
TCH and Erdos Metallurgy Co., Ltd. to recycle waste heat from Erdos Metallurgy&rsquo;s refining plants to generate power and steam
and sell them back to Erdos Metallurgy, as well as other working capital needs.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Trust Loan
Agreement and separate agreements entered by Jingu, Erdos TCH, Shanghai TCH, Xi&rsquo;an TCH and Mr. Guohua Ku on August 18, 2010,
Erdos TCH shall pledge the accounts receivable, equipment and assets of&nbsp;&nbsp;its Phases IV and V projects to Jingu as a guarantee
to the Loans, Xi&rsquo;an TCH shall pledge its 80% equity in Erdos TCH to Jingu as a guarantee to the Loans, Shanghai TCH shall
provide a joint liability guarantee to Jingu for the Loans, and Mr. Guohua Ku shall provide his personal joint liability to Jingu
for the Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Note Agreement
the Notes shall be issued before August 18, 2011.&nbsp; The Notes have a three year maturity date from the date of the issuance
of the first tranche.&nbsp; The exchange rate between RMB and US Dollar for each issue of Notes is the middle rate published by
the PBOC for the second business day prior to each issuance.&nbsp; Each Note bears interest at a rate equal to that of PBOC base
interest rate for the relevant interest period (the period commencing on and including January 1 of each year and ending on and
including December 31 of such year) plus two percent (2%).&nbsp; If Cinda does not convert or fully convert the Notes to shares
prior to maturity, the Company will pay the difference between the interest rate described above and 18% on the outstanding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Loans have the
following covenants: (i) maintain at all time a fixed charge coverage ratio of not less than 2.0:1.0; (ii) obtain consent from
the lender prior to pay or declare any cash dividends or distributions on outstanding common stock; and (iii) maintain at all time
a consolidated leverage ratio of not less than 65%.&nbsp;Pursuant to the terms and conditions of the Trust Loan Agreement, the
Company is required to comply with these covenants annually on its consolidated financial statements audited under US GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Note has a conversion
price at the lower of (i) US$2.46 per share or (ii) an amount equal to the Company&rsquo;s earnings per share based upon the consolidated
earnings of the Company for 2010 on a weighted average fully diluted basis, multiplied by 7.&nbsp; In connection with the Trust
Loan Agreement, the Company also entered into an Exchange Rights Agreement pursuant to which the Loans can be exchanged (on the
same terms as the Notes can be converted) for shares of the Company&rsquo;s common stock which can in turn be registered under
the Registration Rights Agreement. The Notes will have a contingent beneficial conversion feature which will be recorded when the
contingency is resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As collateral for the
Notes, Mr. Guohua Ku, the CEO and a major shareholder of the Company entered into a Share Pledge Agreement with Cinda, on August
18, 2010, to pledge 4,500,000 shares of the Company&rsquo;s common stock held by him to secure the first Note.&nbsp; The Agreement
also calls for an additional 4,500,000 shares of the Company&rsquo;s common stock held by Mr. Ku to secure the second Note before
its issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31,
2010, the Company received proceeds of RMB 50,000,000 ($7,533,391) from the first tranche of the Loans. As of January 30, 2011,
the Company received proceeds of another RMB 50,000,000 ($7,533,391) from the first tranche convertible Note. Under ASC 815 &ndash;
Derivatives and Hedging, the fair value of the conversion option is a derivative that has been bifurcated and treated as liability
at the date of inception. Based on AU 560 - subsequent events, the conversion feature has been accounted for at September 30, 2011
and December 31, 2010 using the conversion price of $2.46. The conversion feature is akin to a call option, therefore, the Black-Scholes
option pricing model was used by using the maximum conversion price of $2.46 as a the strike price. Since the conversion option
is an embedded derivative and is bifurcated from the host contact, BCF analysis is not required. The fair value of the conversion
feature was recorded as a liability and will be marked to market until the conversion rate is set. As the loan has a reset clause
in the event the Company issues shares below the conversion price, it will be treated as a liability as long as the loan is outstanding.
The unamortized discount due to conversion feature will continue to be amortized over the term of the loan; during the nine and
three months ended September 30, 2011, the Company amortized $3,051,366 and $1,074,956 from unamortized discount due to beneficial
conversion feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the first tranche
of the Loans, the Company recorded the derivative liability of $1.46 million for conversion option at September 30, 2011, based
on the Black-Scholes model by using the following assumptions: estimated life of three years, volatility of 100%, risk free interest
rate of 1.07%, and dividend yield of 0%.&nbsp;&nbsp;For the second tranche, the Company recorded the derivative liability of $1.46
million for conversion option at September 30, 2011 based on the Black-Scholes model by using the following assumptions: estimated
life of three years, volatility of 100%, risk free interest rate of 0.96%, and dividend yield of 0%.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>15.&nbsp;STOCK-BASED COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Options to Employees</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 13, 2007,
the Company approved the 2007 Non-statutory Stock Option Plan, which was later amended and restated in August 2008&nbsp;(the &ldquo;2007
Plan&rdquo;), and granted 3,000,000 options to acquire the Company&rsquo;s common stock at $1.23 per share to twenty (20) managerial
and non-managerial employees under the 2007 Plan.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The vesting terms of
options granted under the 2007 Plan are subject to the Non-Statutory Stock Option Agreements for managerial and non-managerial
employees. For managerial employees, no more than 15% of the total stock options shall vest and become exercisable on the six month
anniversary of the grant date. An additional 15% and 50% of the total stock options shall vest and become exercisable on the first
and second year anniversary of the grant date, respectively. The remaining 20% of the total stock options shall vest and become
exercisable on the third year anniversary of the grant date. For non-managerial employees, no more than 30% of the total stock
options shall vest and become exercisable on the first year anniversary of the grant date. An additional 50% of the total stock
options shall vest and become exercisable on the second year anniversary of the grant date. The remaining 20% of the total stock
options shall vest and become exercisable on the third year anniversary of the grant date. Each stock option shall become vested
and exercisable over a period of no longer than five years from the grant date.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the fair value
method under SFAS No. 123 (Revised) &ldquo;Share Based Payment&rdquo; (&ldquo;SFAS 123(R)&rdquo;), codified in FASB ASC Topic 718,
the fair value of each stock option granted is estimated on the date of the grant using the Black-Scholes option pricing model.
The Black-Scholes option pricing model has assumptions for risk free interest rates, dividends, stock volatility and expected life
of an option grant. The risk free interest rate is based upon market yields for United States Treasury debt securities at a maturity
near the term remaining on the option. Dividend rates are based on the Company&rsquo;s dividend history. The stock volatility factor
is based on the historical volatility of the Company&rsquo;s stock price. The expected life of an option grant is based on management&rsquo;s
estimate as no options have been exercised in the Plan to date. The fair value of each option grant to employees is calculated
by the Black-Scholes method and is recognized as compensation expense over the vesting period of each stock option award. For stock
options issued, the fair value was estimated at the date of grant using the following range of assumptions:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The options vest over
three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated
life of five years, volatility of 100%, risk free interest rate of 3.76%, and dividend yield of 0%. No estimate of forfeitures
was made as the Company has a short history of granting options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective June 25,
2008, the Company cancelled all vested shares and accepted option holders&rsquo; forfeiture of any unvested shares underlying the
currently outstanding options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 4, 2008,
the Company granted stock options to acquire 3,000,000 shares of the Company&rsquo;s common stock, par value $0.001, at $0.80 per
share to 17 employees under the 2007 Plan. The options vest over a period of three years and have a life of 5 years. The fair value
of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest
rate of 2.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options.&nbsp;The
options were accounted for as a modification to the options that were cancelled on June 25, 2008.&nbsp;The grant date fair value
of options was $5.04 million.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;9
and 11, 2009, the Company and three option holders agreed to cancel vested but unexercised options for 87,000 vested but unexercised
shares and forfeit unvested options for 203,0000 unvested shares.&nbsp; On November 11, 2009, the Company granted options to two
other employees for 290,000 shares of the Company&rsquo;s common stock at $2.35 per share. The options vest over three years and
have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years,
volatility of 100%, risk free interest rate of 3.84%, and dividend yield of 0%. The grant date fair value of options was $518,513.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 13, 2010,
the Company granted 2,200,000 options to acquire the Company&rsquo;s common stock at $3.05 per share to thirty six (36) managerial
and non-managerial employees as new equity awards pursuant to the Corporation&rsquo;s Amended and Restated 2007 plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the vesting
terms, the options granted were divided into three tranches, (i) 1/3 (one third) of the total number of shares subject to the options
shall vest and become exercisable if the Corporation meets its minimum revenue and earnings goals in the Corporation&rsquo;s guidance
for 2010 as delivered in its earnings releases and/or conference calls in the first quarter of 2010, such vesting to occur immediately
upon completion of the annual audit confirming the financial results for 2010;&nbsp;&nbsp;and (ii) an additional 1/3 (one third)
of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial
goals of 2011 which will be set out and decided by the Compensation Committee, such vesting to occur immediately upon Compensation
Committee&rsquo;s determination that the Corporation has met such goals for 2011; and (iii) the remaining 1/3 (one third) of the
total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals
of 2012 which will be set out and decided by the Compensation Committee, such vesting is to occur immediately upon Compensation
Committee&rsquo;s determination that the Corporation has met such goals for 2012.&nbsp; The Option may only be exercised to the
extent that the Option has become vested and exercisable. The management used its estimates for determining the probability of
achieving each year&rsquo;s financial goals; these goals were 100%, 50% and 50% for 2010, 2011 and 2012, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The options have a
life of 5 years. The fair value of the options was calculated using the following assumptions; estimated life of five years, volatility
of 92%, risk free interest rate of 3.54%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short
history of granting options. Each tranche of the options was deemed independent of the others; therefore, the fair value of each
tranche of the options will be fully expensed within each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes activity
for employees in the Company&rsquo;s Plan:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of <BR>Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average <BR>Exercise <BR>Price&nbsp;per&nbsp;Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighed <BR>Average <BR>Remaining <BR>Contractual <BR>Term&nbsp;in&nbsp;Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%">Outstanding at December 31, 2010</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,200,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1.84</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3.52</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Exercisable at December 31, 2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,255,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.86</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.59</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Granted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Outstanding at September 30, 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,200,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.84</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.77</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Exercisable at September 30, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,988,333</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.37</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2011, the Compensation
Committee of the Board of Directors of the Company approved and provided the employees cashless exercise elections to the stock
Options granted by the Board on August 4, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded
$1,566,922 and $1,542,371 compensation expense for stock options to employees during the nine months ended September 30, 2011 and
2010, respectively.&nbsp;For three months ended September 30, 2011, the Company recorded $165,570 and $564,313, respectively. There
were no options exercised during the nine months ended September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Options to Independent Directors</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 30, 2009,
the Company granted stock options for 130,000 shares of the Company&rsquo;s common stock, at $1.85 per share to three independent
directors. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The
fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk
free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $183,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 20, 2010,
the Company granted stock options for 40,000 shares of the Company&rsquo;s common stock, at $4.68 per share to another independent
director. The options vest and become exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair
value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free
interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $142,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 7, 2010,
the Board of Directors (&ldquo;BOD&rdquo;) of the Company approved the increase in its size from seven to nine members as a result
of entering the Loan and Note agreements with Cinda on August 18, 2010 as described in Note 16 above. At the same time, the BOD
appointed Mr. Yilin Ma and Mr. Chungui Shi as new members of the Board to fill the vacancies on the BOD until their successors
have been duly elected and qualified. Mr. Shi is also appointed as a member of the Compensation Committee of the BOD.&nbsp;In connection
with the appointment, the BOD of the Company has authorized the Company to provide Mr. Shi with (i) compensation of $2,000 per
month and (ii) the grant of an option to purchase 40,000 shares of the Company's Common Stock, at an exercise price equal to the
closing price per share of the Company's Common Stock on October 7, 2010. The options vested and became exercisable on the six-month
anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions:
estimated life of five years, volatility of 87%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair
value of options was $83,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes option activity
with respect to the&nbsp;independent directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of <BR>Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average <BR>Exercise <BR>Price&nbsp;per&nbsp;Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighed <BR>Average <BR>Remaining <BR>Contractual <BR>Term&nbsp;in&nbsp;Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%">Outstanding at December 31, 2010</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">210,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2.60</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4.05</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Exercisable at December 31, 2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">170,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.52</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.89</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Granted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Outstanding at September 30, 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">210,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.60</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Exercisable at September 30, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">210,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.60</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.30</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded
$43,975 and $263,778 compensation expense for stock options to independent directors during the nine months ended September 30,
2011 and 2010, respectively.&nbsp;The Company recorded $0 and $15,787 during three months ended September 30, 2011 and 2010, respectively.
No options were exercised during the nine months ended September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Warrants to Investor Relation Firms</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2009,
the Company granted warrants to acquire 200,000 shares of the Company&rsquo;s common stock, at $1.50 per share to certain investor
relations firms. The warrants are exercisable, in whole or in part, at any time from July 1, 2010 (the &ldquo;Vesting Date&rdquo;)
to October 1, 2014 (the &ldquo;Expiration Date&rdquo;). The Company accounted for warrants issued to investor relations firms based
on ASC 505-50 at each balance sheet and expense recorded based on the period elapsed at each&nbsp;&nbsp;balance sheet date, which
is the date at which the counterparty&rsquo;s performance is deemed to be completed for the period. The fair value of each warrant
granted is estimated on the date of the grant using the Black-Scholes option pricing model under ASC 505-30-11 and is recognized
as compensation expense over the service term of the investor relations agreement as it is a better matching of cost with services
received. Under that Agreement, the issuance of the warrants was irrevocable and the Company agreed to take no action to cause
the warrants to be void or revoked or their issuance to be otherwise terminated. The warrants are classified as equity instruments
and are exercisable into a fixed number of common shares. There is no commitment or requirement to change the quantity or terms
based on conditions to the counterparty&rsquo;s performance or market conditions.&nbsp;&nbsp;The fair value of the warrants was
calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%,
and dividend yield of 0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes activity
for the warrants to certain investor relations IR firms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of <BR>Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average <BR>Exercise <BR>Price&nbsp;per&nbsp;Share</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighed <BR>Average <BR>Remaining <BR>Contractual <BR>Term&nbsp;in&nbsp;Years</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%">Outstanding at December 31, 2010</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.75</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Exercisable at December 31, 2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.50</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.75</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Granted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">Forfeited</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Outstanding at September 30, 2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.50</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Exercisable at September 30, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">50,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.50</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded
$0 and $181,498 compensation expense for warrants to the IR firms during the nine months ended September 30, 2011 and 2010, respectively.&nbsp;The
Company recorded $0 and $0 during three months ended September 30, 2011 and 2010, respectively. There were no warrants exercised
during the six months ended September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>16.&nbsp;SHAREHOLDERS&rsquo; EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June 29, 2010, Xi&rsquo;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &ldquo;Transfer Agreement&rdquo;)
with Dong, a natural person with Chinese citizenship.&nbsp; Under the Transfer Agreement, Dong transferred the Biomass Systems
to Xi&rsquo;an TCH, and Xi&rsquo;an TCH will pay&nbsp;Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000
in cash and RMB 80,000,000 with equivalent shares of the Company&rsquo;s common stock. The stock price will be the same price as
the Company&rsquo;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less
than $4 per share.&nbsp; The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8.&nbsp;
At September 30, 2011, the Company recorded shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection
with this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;During
the nine months ended September 30, 2011 and 2010, the Company recorded a&nbsp;gain of $5.44 million and $2.57 million, respectively,
which is the change of the fair value of 2,941,176 maximum numbers of shares to be issued to Dong. During the three months ended
September 30, 2011 and 2010, the Company recorded a&nbsp;gain of $2.41 million and $1.82 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>ARC Settlement</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and investment
relationship company ARC China, Inc. (&ldquo;ARC&rdquo;) entered into a Share Purchase Binding Letter of Intent dated as of July
17, 2009 regarding ARC&rsquo;s purchase of certain Preferred Stock Units of the Company (the &ldquo;LOI&rdquo;). Disputes arose
between the Parties regarding the LOI, and a lawsuit was pending in federal court. On September 27, 2010, the Company approved
the settlement of the lawsuit and the related disputes, claims or disagreements regarding the LOI and the Preferred Stock Units.
Pursuant to the settlement, the Company will issue to ARC up to 520,000 shares of the Company's Common Stock at $1.23 per share.
The Company issued 350,000 of these shares upon the execution of the settlement agreement. Upon satisfaction of certain conditions
of the settlement agreement, the Company may issue to ARC or its affiliates up to an additional 170,000 shares at&nbsp;&nbsp;$1.23
per share. ARC has agreed to provide consulting and investor relations services from November 1, 2010 to February 28, 2011. The
Company received $430,500 from issuance of 350,000 shares in October 2010, which was recorded as subscription receivable as of
September 30, 2010. The difference between the stock price at the settlement date and the issuance price for the 350,000 settlement
shares was recorded as stock compensation expense for investor relations services in the amount of $602,000. A copy of the dismissal
of the lawsuit with prejudice was filed by ARC China in Nevada federal court on November 10, 2010. The conditions for the issuance
of the additional 170,000 shares were not met; consequently, 150,000 of those shares, which had been issued and delivered to an
escrow agent,&nbsp;were returned to the Company and cancelled on March 29, 2011,&nbsp;and the other 20,000 shares were never issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>17.&nbsp;STATUTORY RESERVES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the corporate
law of the PRC effective January 1, 2006, the Company is only required to maintain one statutory reserve by appropriating from
its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Surplus Reserve Fund</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company&rsquo;s
Chinese subsidiaries are now only required to transfer 10% of its net income, as determined under PRC accounting rules and regulations,
to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company&rsquo;s registered capital. The Company&rsquo;s
Chinese subsidiaries are not required to make appropriation to other reserve funds and do not have any intentions to make appropriations
to any other reserve funds. There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted
accounts, and the Company&rsquo;s Chinese subsidiaries do not intend to do&nbsp;so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The surplus reserve
fund is non-distributable other than during liquidation and can be used to fund previous years&rsquo; losses, if any, and may be
utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to
their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance
after such issue is not less than 25% of the registered capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Common Welfare Fund</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common welfare
fund is a voluntary fund to which the Company can elect to transfer 5% to 10% of its net income. This fund can only be utilized
on capital items for the collective benefit of the Company&rsquo;s employees, such as construction of dormitories, cafeteria facilities,
and other staff welfare facilities. This fund is non-distributable other than upon liquidation. The Company does not participate
in this voluntary fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>18.&nbsp;CONTINGENCIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North
America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and
foreign currency exchange. The Company&rsquo;s results may be adversely affected by changes in governmental policies with respect
to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation,
among other things.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
sales, purchases and expense transactions are denominated in RMB and all of the Company&rsquo;s assets and liabilities are also
denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange
transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than
RMB may require certain supporting documentation in order to make the remittance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>19.&nbsp;COMMITMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Erdos Phase III of Power Generation
Projects</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2009, Erdos
TCH signed a contract with Erdos Metallurgy to recycle heat from groups of furnaces of Erdos Metallurgy&rsquo;s metal refining
plants to generate power and steam, to be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group
of power generation projects with a total of 70MW power capacity, which may grow up to 120MW, and 30-ton steam per hour, with an
estimated total investment in excess of $75 million (RMB 500 million). The Company split the construction of the projects into
three phases, two units of power generation in Phase I with a total of 18MW power capacity, three units in Phase II with a total
of 27MW power capacity and one unit in Phase III with 25MW power capacity.&nbsp; For each phase of the project, the lease term
is 20 years starting from the date of completion of the phase.&nbsp; During the lease term, Erdos TCH will be responsible for operating
the projects and charge Erdos Metallurgy for supply of electricity and steam.&nbsp; Erdos Metallurgy agreed to pay a fixed minimum
of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the first quarter
of 2010, Erdos power generation system Phase I project was completed and put into operation.&nbsp;&nbsp;During the fourth quarter
of 2010 and first quarter of 2011, three 9MW power generation systems of Phase II were completed and put into operation. Erdos
TCH outsourced to an independent third party the operation and maintenance of the power generation system for $922,000 (RMB 6.27
million) per year for each system.&nbsp; After 20 years, the systems will be transferred to Erdos without any charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2011 the projects of Erdos Phase III are under construction. At September 30, 2011, the Company has paid&nbsp;&nbsp;$19.71 million
for Phase III.&nbsp;The Company was committed to pay additional $8.7 million for Phase III projects excluding quality deposits
of $120,000 in 2011. The Company expects the completion of Phase III projects no later than the end of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Shannxi Datong Coal Group Power Generation
Projects</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2011, Xi'an
TCH signed a contract with Shannxi Datong Coal Group Steel Ltd Co (Shannxi Datong) to recycle gas and steam from groups of blast-furnaces
and converter of Shannxi Datong's metal refining plants to generate power. According to the contract, the Company will install
two 3MW TRT and one 15MW WGPG and two 1MW steam power generation systems, with a total of 23MW power capacity for an estimated
total investment of $27.45 million (RMB 180 million). The lease term is 30 years. During the lease term, Shannxi Datong will be
responsible for operating the projects and pay a service fee to the Company.&nbsp;The service fee is based on an average of 8,000
electricity-generating hours per year and RMB 0.33 per kilowatt hour (&quot;Kwh&quot;) for the first 5 years from the completion
of each power generation station. For each of the leases, at the 6th year, 11th year and 21st year thereafter, the rate will be
RMB 0.3 Kwh, 0.27 Kwh and 0.25 Kwh, respectively. After 30 years, the units will be transferred to Shannxi Datong without any charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 28,2011,
Xi&rsquo;an TCH entered into an agreement with Xi&rsquo;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for Shannxi
Datong Coal projects of two 3MW TRT and one 15 MW WGPG systems described above. The project is scheduled to complete in 12 months
from construction commencement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At September 30, 2011,
the Company had paid $12.58 million for Shannxi Datong Coal Group Power Generation project. The Company is committed to pay an
additional $15.74 million for the Shannxi Datong Coal Group Power Generation project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>20. RESTATEMENT OF FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
for the  periods ended September 30, 2011 and 2010 were restated to reflect the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to FASB ASC
480-10-35-5, all other financial instruments recognized under the guidance in Section&nbsp;480-10-25&nbsp;shall be measured subsequently
at&nbsp;fair value&nbsp;with changes in fair value recognized in earnings, unless either this subtopic or another subtopic specifies
another measurement attribute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, the shares
to be issued to Dong (with fixed obligation of RMB 80 million (US $11.78 million)) pursuant to Biomass Power Generation Asset Transfer
Agreement entered on June 29, 2010 (&ldquo;Note 16 - Shareholders&rsquo; Equity&rdquo;) should be classified as a liability on
the balance sheet and adjusted to fair value at each reporting period. Previously, the Company did not measure the changes in fair
value of the liability at each reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">The
following table presents the effects of the restatement adjustment on the accompanying consolidated balance sheet at September
30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated Balance Sheet</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As <BR>Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Shares to be issued</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,780,471</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,529,411</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(8,251,060</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,173,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">38,424,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,251,060</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">The following table
presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income
for the nine months ended September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated Statement of Income and Comprehensive Income</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Changes in fair value of the liability</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,441,176</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,441,176</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total non-operating income (expense), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,871,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,312,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,441,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22,053,728</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,494,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,441,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,684,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,125,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,441,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,913,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22,354,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,441,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comprehensive income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,318,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,759,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,441,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">The following table
presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months
ended September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As <BR>Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,684,471</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,125,647</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,441,176</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Changes in fair value of the liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,441,176</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,441,176</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">The following table
presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income
for the three months ended September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated Statement of Income and Comprehensive Income</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Changes in fair value of the liability</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,411,764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,411,764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total non-operating income (expense), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,334,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,746,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,411,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,932,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,344,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,411,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,743,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,154,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,411,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,655,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,066,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,411,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comprehensive income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,700,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,112,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,411,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.04</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">The following table
presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income
for the nine months ended September 30, 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated Statement of Income and Comprehensive Income</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Changes in fair value of the liability</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,574,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,574,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total non-operating income (expense), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,780,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">794,010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,574,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,067,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,642,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,574,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,817,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,391,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,574,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,227,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,801,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,574,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comprehensive income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,447,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,022,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,574,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">The following table
presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months
ended September 30, 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As <BR>Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,817,221</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,391,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,574,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Changes in fair value of the liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,574,590</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,574,590</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">The following table
presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income
for the three months ended September 30, 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated Statement of Income and Comprehensive Income</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Previously <BR>Reported</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restated</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net <BR>Adjustment</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 61%; text-align: left">Changes in fair value of the liability</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,823,529</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,823,529</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total non-operating income (expense), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(609,997</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,213,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,823,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,502,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,326,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,823,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,149,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,973,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,823,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Net income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,046,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,870,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,823,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Comprehensive income attributable to CREG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,923,080</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,746,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,823,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;2. <U>Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Note Regarding Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This quarterly report
on Form 10-Q and other reports filed by the Company from time to time with the SEC (collectively the &ldquo;Filings&rdquo;) contain
or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to,
Company&rsquo;s management as well as estimates and assumptions made by Company&rsquo;s management. Readers are cautioned not to
place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When
used in the filings, the words &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;future&rdquo;,
&ldquo;intend&rdquo;, &ldquo;plan&rdquo;, or the negative of these terms and similar expressions as they relate to Company or Company&rsquo;s
management identify forward-looking statements. Such statements reflect the current view of Company with respect to future events
and are subject to risks, uncertainties, assumptions, and other factors (including the statements in the section &ldquo;results
of operations&rdquo; below),&nbsp;and any businesses that Company may acquire. Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated,
believed, estimated, expected, intended, or planned.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Although the Company
believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, the Company cannot guarantee
future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities
laws of the United States, the&nbsp;Company does not intend to update any of the forward-looking statements to conform these statements
to actual results. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this
report, which attempts to advise interested parties of the risks and factors that may affect our business, financial condition,
results of operations, and prospects.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Our financial statements
are prepared in US Dollars and in accordance with accounting principles generally accepted in the United States. See &ldquo;Foreign
Currency Translation and Comprehensive Income (Loss)&rdquo; below for information concerning the exchange rates at which Renminbi
(&ldquo;RMB&rdquo;) were translated into US Dollars (&ldquo;USD&rdquo;) at various pertinent dates and for pertinent periods.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>OVERVIEW OF BUSINESS
BACKGROUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">China Recycling Energy
Corporation (the &ldquo;Company&rdquo; or &ldquo;CREG&rdquo;) (formerly China Digital Wireless, Inc.) was incorporated on May 8,
1980, under the laws of the State of Colorado. On September 6, 2001, the Company re-domiciled its state of incorporation from Colorado
to Nevada. The Company, through its subsidiary Shanghai TCH Energy Technology Co., Ltd. (&ldquo;Shanghai TCH&rdquo;), sells and
leases energy saving systems and equipment. On March 8, 2007, the Company changed its name to &ldquo;China Recycling Energy Corporation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2001,
Boulder Brewing changed its state of incorporation from Colorado to Nevada and its name to Boulder Acquisitions, Inc., or Boulder
Acquisitions. From the date of reincorporation until June&nbsp;23, 2004, Boulder Acquisitions had no material operations or assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 23, 2004, we
completed a stock exchange transaction with the stockholders of Sifang Holdings Co., Ltd. (&ldquo;Sifang Holdings&rdquo;). The
exchange was consummated under Nevada and Cayman Islands law pursuant to the terms of a Securities Exchange Agreement, dated June
23, 2004 by and among Boulder Acquisitions, Sifang Holdings and the stockholders of Sifang Holdings. Pursuant to the Securities
Exchange Agreement, we issued 13,782,636 shares of our common stock to the stockholders of Sifang Holdings, approximately 89.7%
of our post-exchange issued and outstanding common stock, for 100% of the outstanding capital stock of Sifang Holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective August 6,
2004, we changed our name from Boulder Acquisitions, Inc. to China Digital Wireless, Inc.&nbsp; From August 2004 to December 2006,
we primarily engaged in pager and mobile phone distribution and provided value added information services to the customers in the
People&rsquo;s Republic of China (&ldquo;PRC&rdquo;).&nbsp; We phased out and scaled down most of the business of mobile phone
distribution and provision of pager and mobile phone value-added information services, and on May 10, 2007, the Company approved
and announced it discontinued these businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2006, we
began to conduct business in the energy saving and recycling industry, including purchasing equipment, devices, hardware and software
for the construction and installation of TRT systems and other renewable energy products. TRT is an electricity generating system
that utilizes the exhaust pressure and heat produced in the blast furnace of steel mills to generate electricity. It has commercial
value for the steel mills by using waste heat and steam to produce electricity for the operation of the mills.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current business
is primarily conducted through our wholly-owned subsidiary, Sifang Holdings, its wholly-owned subsidiaries, Huahong New Energy
Technology Co., Ltd. (&ldquo;Huahong&rdquo;) and Shanghai TCH, Shanghai TCH&rsquo;s wholly-owned subsidiaries, Xi&rsquo;an TCH
Energy Technology Company, Ltd (&ldquo;Xi&rsquo;an TCH&rdquo;) and Xingtai Huaxin Energy Tech Co., Ltd. (&ldquo;Huaxin&rdquo;),
and Xi&rsquo;an TCH&rsquo;s subsidiary Erdos TCH Energy Saving Development Co., Ltd (&ldquo;Erdos TCH&rdquo;), in which 93% of
the investment is from Xi&rsquo;an TCH, a joint venture between Xi&rsquo;an TCH and Erdos Metallurgy Co., Ltd.&nbsp; Shanghai TCH
was established as a foreign investment enterprise in Shanghai under the laws of the PRC on May 25, 2004, currently with registered
capital of $29.80 million.&nbsp; Xi&rsquo;an TCH&nbsp;was&nbsp;incorporated in Xi&rsquo;an, Shannxi Province under the laws of
the PRC on November 8, 2007. Huaxin was incorporated in Xingtai, PRC in November 2007.&nbsp; Erdos TCH was incorporated in April
2009.&nbsp; Huahong was incorporated in February 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Hebei Xingtai Steel Group Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 8, 2007, our
Board of Directors approved and made effective a TRT Project Joint-Operation Agreement (&ldquo;Joint-Operation Agreement&rdquo;)
which was conditionally entered into on February 1, 2007 between Shanghai TCH and Xi&rsquo;an Yingfeng Science and Technology Co.,
Ltd. (&ldquo;Yingfeng&rdquo;). Under the Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued a project to design,
construct, install and operate two TRT systems for Xingtai Iron and Steel Company, Ltd. (&ldquo;Xingtai&rdquo;). Shanghai TCH provided
various forms of investments and properties into the project including cash, hardware, software, equipment, major components and
devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under the
Project Contract, including but not limited to the regular cash payments made by Xingtai and other property rights and interests.
On October 31, 2007, Shanghai TCH entered an asset-transfer agreement with Yingfeng to transfer from Yingfeng to Shanghai TCH all
electricity-generating related assets owned by Yingfeng. According to the transferred contracts, Shanghai TCH installed and owns
two TRT systems and leases them to Xingtai for five years, from January 25, 2007 to January 25, 2012.&nbsp; During the lease, Xingtai
will pay Shanghai TCH monthly rent of RMB 0.9 million ($0.13 million) to use the systems. Assuming all amounts due under the lease
have been paid, Shanghai TCH will transfer the title of the systems to Xingtai free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shanxi Zhangzhi Steel Group Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Joint-Operation
Agreement discussed above, Shanghai TCH and Yingfeng also jointly pursued a project contract, which was entered into between Yingfeng
and Zhangzhi Iron and Steel Company, Ltd. (&ldquo;Zhangzhi&rdquo;) on June 22, 2006,<B>&nbsp;</B>to design, construct, install
and operate a TRT system for Zhangzhi Iron. Shanghai TCH provided various forms of investments and properties into the project
including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles,
benefits and interests that Yingfeng originally had under the Project Contract, including but not limited to the regular cash payments
made by Xingtai and other property rights and interests. On October 31, 2007, Shanghai TCH acquired this contract as part of its
asset-transfer agreement with Yingfeng as discussed above. According to the transferred contracts, Shanghai TCH installed and owns
a TRT system and leases it to Zhangzhi for 13 years, from July 25, 2007 to July 25, 2020. During the lease term, Zhangzhi will
pay Shanghai TCH a monthly rent of RMB 1.1 million ($0.16 million). After the term is over and all due rents are paid, Shanghai
TCH will transfer the title of the system to Zhangzhi free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shengwei Group &ndash; Tongchuan Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2007, Shanghai
TCH signed a cooperative agreement with Shengwei Group to build two sets of 12MW cement low temperature heat power generation systems
for Shengwei&rsquo;s two 2,500-tons-per-day cement manufacturing lines in Jin Yang and for a 5,000-tons-per-day cement manufacturing
line in Tong Chuan.&nbsp; At the end of 2008, construction of the cement low temperature heat power generation in Tong Chuan was
completed at a cost of $6,191,000 (RMB 43,000,000) and put into operation.&nbsp; Under the original agreement, the ownership of
the cement low temperature heat power generation systems would belong to Shengwei from the date the projects were put into service.&nbsp;
Shanghai TCH is responsible for the daily maintenance and repair of the projects, and charges Shengwei a monthly electricity fee
based on the actual power generated by the projects at 0.4116 RMB per KWH for an operating period of five years with the assurance
from Shengwei of a properly functioning 5,000-tons-per-day cement manufacturing line and not less than 7,440 heat hours per year
for the electricity generator system.&nbsp; Shengwei Group collateralized the cement manufacturing line in Tong Chuan to guarantee
its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating
period. At the end of the five-year operating period, Shanghai TCH will have no further obligations under the cooperative agreement.&nbsp;
On May 20, 2009, Shanghai TCH entered into a supplementary agreement with Shengwei Group to amend the timing for title transfer
to the end of the lease term. In addition, the supplementary agreement provided that Shanghai TCH will charge Shengwei based on
actual power usage subject to a minimum of&nbsp;&nbsp;$0.31 million (RMB 2.1 million) per month during the operating period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shengwei Group &ndash; Jinyang Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 29, 2009, construction
of the cement low temperature heat power generation system in Jin Yang was completed at a cost of $7,318,000 (RMB 50,000,000) and
put into operation.&nbsp; Shanghai TCH charges Shengwei a technical service fee of $336,600 (RMB 2,300,000) monthly for the sixty
months of the lease term.&nbsp; Shengwei has the right to purchase the&nbsp;ownership of the cement low temperature heat power
generation system for $29,000 (RMB 200,000) at the end of lease term. Shengwei is required to provide assurance of properly functioning
5,000-tons-per-day cement manufacturing lines and not less than 7,440 heat hours per year for the cement low temperature heat power
generation.&nbsp; Shengwei Group collateralized the cement manufacturing lines in Jin Yang to guarantee its obligations to provide
the minimum electricity income from the waste energy power generator system under the agreement during the operating period.&nbsp;
Effective July 1, 2009, Shanghai TCH outsourced the operation and maintenance of the cement low temperature heat power generation
systems in Tong Chuan and JinYang to a third party for $732,000 (RMB 5,000,000) per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I>Shenmu Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 30, 2009,
Xi&rsquo;an TCH delivered to Shenmu County Jiujiang Trading Co., Ltd. (&ldquo;Shenmu&rdquo;) a set of three 6 MW capacity waste
gas power generation systems pursuant to a Cooperative Contract on Coke-oven Gas Power Generation Project (including its Supplementary
Agreement) and a Gas Supply Contract for Coke-oven Gas Power Generation Project.&nbsp; These contracts are for 10 years and provide&nbsp;Xi&rsquo;an
TCH will recycle coke furnace gas from the coke-oven plant of Shenmu to generate power, which will be supplied back to Shenmu.&nbsp;
Shenmu agreed to supply Xi&rsquo;an TCH the coke-oven gas free of charge.&nbsp; Under the contracts, Shenmu will pay us an annual
&ldquo;energy-saving service fee&rdquo; of approximately $5.6 million in equal monthly installments for the life of the contracts,
as well as such additional amount as may result from the supply of power to Shenmu in excess of 10.8 million kilowatt hours per
month. We are responsible for operating the projects and will do so through an unrelated third party. Shenmu guarantees that monthly
gas supply will not be less than 21.6 million standard cubic meters. If gas supply is less, Shenmu agrees to pay Xi&rsquo;an TCH
the energy-saving service fee described above for up to 10.8 million kilowatt-hours per month. Xi&rsquo;an TCH maintains the ownership
of the project throughout the term of the contracts, including the already completed investment, design, equipment, construction
and installation as well as the operation and maintenance of the project.&nbsp; At the end of the 10-year term, ownership of the
projects transfers to Shenmu at no charge.&nbsp; Shenmu gave a lien on its production line to guarantee its performance under the
Contracts. Shenmu&rsquo;s three major stockholders provided an unlimited joint liability guarantee to Xi&rsquo;an TCH for Shenmu&rsquo;s
performance under the Contracts and the Yulin Huiyuan Group, an independent third party, provides a guarantee to Xi&rsquo;an TCH
for Shenmu&rsquo;s performance under the Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Erdos Projects</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 14, 2009,
the Company incorporated a joint venture (&ldquo;JV&rdquo;) with Erdos Metallurgy Co., Ltd. (&ldquo;Erdos&rdquo;) to recycle waste
heat from Erdos&rsquo; metal refining plants to generate power and steam, which will then be sold back to Erdos. The name of the
JV is Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd (&ldquo;Erdos TCH&rdquo;) with a term of 20 years, and registered
capital of $2,635,000 (RMB 18,000,000). On September 30, 2009, Xi&rsquo;an TCH Energy Technology Co., Ltd. (&ldquo;Xi&rsquo;an
TCH&rdquo;) injected additional capital of $4.03 million (RMB 27,500,000). In November 2009, Xi&rsquo;an TCH injected further capital
of $5.05 million (RMB 34,500,000). As of September 30, 2011, total registered capital was raised to $17.55 million (RMB 120 million),
of which, $16.37 million (RMB112 million) was contributed by Xi&rsquo;an TCH&nbsp;and $1.18 million (RMB 8 million) was from Erdos.&nbsp;
Total investment for the project is estimated at approximately $74 million (RMB 500 million) with an initial investment of $17.55
million (RMB 120,000,000). As of September 30, 2011, Erdos contributed 7% of the total investment of the project, and Xi&rsquo;an
TCH contributed 93%. According to Xi&rsquo;an TCH and Erdos&rsquo; agreement on profit distribution, Xi&rsquo;an TCH and Erdos
will receive 80% and 20% of the profit from the JV, respectively, until Xi&rsquo;an TCH receives complete return on its investment.
Xi&rsquo;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively. The profits to be distributed
will be computed based on Chinese generally accepted accounting principles. The main difference between US GAAP (Generally Accepted
Accounting Principles) and Chinese GAAP with regards to Erdos is that Erdos is treated as a sales-type lease under US GAAP and
as an operating lease under Chinese GAAP. When the term of the JV expires, Xi&rsquo;an TCH will transfer its equity in the JV to
Erdos at no additional cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the end of 2009,
Erdos TCH completed the first 9MW power station of Phase I of the project and put it into operation. At the end of March 2010,
Erdos TCH completed the construction of Phase I through completion of the second 9MW power station and delivery of it for operation.&nbsp;
Phase I includes two 9MW systems for a combined 18MW power capacity. Pursuant to the Co-operation Agreement and the supplement
agreements signed between Erdos and Erdos TCH, Erdos shall purchase all the electricity and steam to be generated from the JV&rsquo;s
power generation systems. Erdos TCH leased the two 9 MW systems to Erdos and is responsible for their operation and maintenance.
For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. Erdos agreed to pay
a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation system. In addition Erdos will
pay the actual amount if the actual sale of the electricity generated is more than $0.22 million (RMB 1.5 million) monthly per
unit. Effective January 1, 2010 and April 2010 respectively, Erdos TCH outsourced to an independent third party the operation and
maintenance of the two 9MW power generation projects for $922,000 (RMB 6.27 million) each per year. After 20 years, the units will
be transferred to Erdos without any charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the fourth quarter
of 2010, Erdos power generation system Phase II two 9MW capacity electricity power generation systems were completed and put into
operation. During the first quarter of 2011, Erdos power generation system Phase II the 3rd 9MW capacity electricity power generation
system was completed and put into operation through sales type lease with terms similar to the Phase I project. At September 30,
2011, the Company paid approximately $19.71 million for Phase III of the Erdos TCH power generation system projects. The Company
currently expects to complete Phase III by the end of fiscal year 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Biomass Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 20, 2010,
Xi&rsquo;an TCH entered into a Technical Reconstruction Letter of Intent&nbsp;with Xueyi Dong (&ldquo;Dong&rdquo;) a natural person
with Chinese citizenship for Xi&rsquo;an TCH reconstructing and transforming a Thermal Power Generation Systems owned by Dong into
a 12MW Biomass Power Generation Systems (&ldquo;Biomass Systems&rdquo; or &ldquo;BMPG&rdquo;) for&nbsp;RMB 15 million ($2.2 million),
of which, RMB 7 million ($1.03 million) was payable to Dong, and RMB 8 million ($1.18 million) was payable to one of the Company&rsquo;s
shareholders, who had previously paid that amount to Dong on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">After
the successful transformation of the systems, Xi&rsquo;an TCH entered into a Biomass Power Generation Asset Transfer Agreement
(the &ldquo;Transfer Agreement&rdquo;) with Dong on June 29, 2010.&nbsp; Under the Transfer Agreement, Dong transferred the Biomass
Systems to Xi&rsquo;an TCH, and Xi&rsquo;an TCH will pay&nbsp;Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB
20,000,000 in cash and RMB 80,000,000 in shares of the Company&rsquo;s common stock. The stock price will be the same as in the
Company&rsquo;s first public offering, expected to occur later this year or in 2012, but in no circumstance will the stock price
be less than $4 per share.&nbsp; The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is
1:6.8. As of September 30, 2011, the Company paid the cash portion in full; however, the shares to be issued in connection with
this transaction, valued at $3.53 million (the fair value at September 30, 2011), have not been issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Under
the Transfer Agreement, Dong transferred the Biomass Systems to Xi&rsquo;an TCH, and Xi&rsquo;an TCH will pay&nbsp;Dong RMB 100,000,000
($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 with equivalent shares of the Company&rsquo;s
common stock. The stock price will be the same price as the Company&rsquo;s public offering price in the first public offering
which occurs in 2010 or 2011 but in no circumstance less than $4 per share.&nbsp; The exchange rate between U.S. Dollar and Chinese
RMB in connection with the stock issuance is 1:6.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">During
the nine months ended September 30, 2011 and 2010, the Company recorded a&nbsp;gain of $5.44 million and $2.57 million, respectively,
which is the change of the fair value of 2,941,176 maximum numbers of shares to be issued to Dong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">On
June 29, 2010,&nbsp;Xi&rsquo;an TCH entered into a Biomass Power Generation Project Lease Agreement with PuCheng XinHengYuan Biomass
Power Generation Co., Ltd., (&ldquo;XHY&rdquo;).&nbsp; Under this lease agreement, Xi&rsquo;an TCH leased this same set of 12MW
biomass power generation systems to XHY at a minimum of RMB 1,900,000 per month ($279,400) for 15 years.&nbsp; The leasing fee
will increase proportionately with the biomass generated electricity fee in China during the term of this lease agreement</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Zhongbao Project</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 30, 2010,
Xi&rsquo;an TCH delivered to Zhongbao Binhai Nickel Co., Ltd. (&ldquo;Zhongbao&rdquo;) a set of 7 megawatt capacity Waste Heat
Power Generation (&ldquo;WHPG&rdquo;) systems, which are integral parts of the facilities designed to produce 80,000 tons of nickel-alloy
per year according to the recovery and power generation of the waste heat agreement with Zhongbao, an agreement that was transferred
from China Zhonggang Binhai Enterprise Ltd. (&ldquo;Zhonggang&rdquo;) in July 2009. Zhongbao is a nickel-alloy manufacturing joint
venture between Zhonggang and Shanghai Baoshan Steel Group&nbsp;established in June 2009.&nbsp; Total investment in this project
was approximately $7.8 million (RMB 55 million). The Contract is for 9 years and provided that Xi&rsquo;an TCH will recycle waste
heat from the nickel-alloy rotary kilns of Zhongbao to generate power and steam, which will be supplied back to Zhongbao, and help
to reduce over 20,000 tons of carbon dioxide emissions every year.&nbsp;By the end of&nbsp;the term, the system shall be&nbsp;transferred
to&nbsp;Zhongbao&nbsp;at RMB 1. Under the Contracts, Zhongbao will pay the Company a monthly &ldquo;energy-saving service fee&rdquo;
based on the volume of the electricity and steam generated from the WHPG system in the prior month within the first five days of
each month at a pre-agreed price, but no less than the minimum monthly payment of $224,000 (RMB 1.5 million). Zhongbao agrees to
supply Xi&rsquo;an TCH the nickel-alloy rotary kilns gas, water and compressed air free of charge, except salty water at RMB 6.3
($0.98) per ton. Zhongbao also guarantees to continuously supply not less than 6,800 heat hours per year for the WHPG, or the operating
term will be extended accordingly. Xi&rsquo;an TCH outsourced its operation and maintenance works to a third party for annual payments
of RMB 2.4 million ($352,000) for the whole operation period. In addition, Xi&rsquo;an TCH shall be responsible for applying the
Clean Development Mechanism (&ldquo;CDM&rdquo;) and the net proceeds from CDM will be distributed between Zhonggang and Xi&rsquo;an
TCH at 60% and 40%, respectively. &nbsp;The CDM work has not commenced as of September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shannxi Datong Coal Group Power Generation
Projects</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2011, Xi&rsquo;an
TCH signed a contract with Shannxi Datong Coal Group Steel Ltd Co (Shannxi Datong) to recycle gas and steam from groups of blast-furnaces
and converter of Shannxi Datong&rsquo;s metal refining plants to generate power. According to the contract, the Company will install
two 3MW TRT and one 15MW WGPG and two 1MW steam power generation systems, with a total of 23MW power capacity for an estimated
total investment of $27.45 million (RMB 180 million). The lease term is 30 years. During the lease term, Shannxi Datong will be
responsible for operating the projects and pay service fee to the Company.&nbsp;The service fee is based on an average of 8,000
electricity-generating hours per year and RMB 0.33($0.05) per kilowatt hour (&ldquo;Kwh&rdquo;) for the first 5 years from the
completion of each power generation station. For each of the leases, at the 6th year, 11th year and 21st year thereafter, the rate
will be RMB 0.3 Kwh, 0.27 Kwh and 0.25 Kwh, respectively. After 30 years, the units will be transferred to Shannxi Datong without
any charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shenqiu Yuneng Thermal Power Generation
Projects</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2011, Xi&rsquo;an
TCH entered into a Letter of Intent&nbsp;with ShenQiu YuNeng Thermal Power Ltd Co., (&ldquo;ShenQiu&rdquo;) for Xi&rsquo;an TCH
to reconstruct and transform a Thermal Power Generation System owned by ShenQiu into a 75T/H Biomass Power Generation System for
approximately RMB 22.5 million ( $3.5 million). The project commenced in June 2011, and was completed and sold back to Shenqiu
through sales- type lease in the third quarter of 2011. On September 28, 2011, Xi&rsquo;an TCH entered into a Biomass Power Generation
Asset Transfer Agreement with Shenqiu (the &ldquo;Seller&rdquo;). The Transfer Agreement provided for the sale to Xi&rsquo;an TCH
of a set of 12,000 KW biomass power generation system from the Seller after Xi&rsquo;an TCH has completed the conversion of the
system for biomass power generation purpose.&nbsp;&nbsp;As consideration for the biomass power generation system, Xi&rsquo;an TCH
will pay to the Seller RMB 70,000,000 in cash ($10,937,500) in three installments in 6 months upon the transfer of ownership of
the system. As of September 30, 2011, $3,147,178 (RMB 20,000,000) was paid. On September 28, 2011,&nbsp;Xi&rsquo;an TCH also entered
into a Biomass Power Generation Project Lease Agreement with the Seller.&nbsp;&nbsp;Under the Lease Agreement, Xi&rsquo;an TCH
will lease this set of 12,000 KW biomass power generation system to&nbsp;the Seller at RMB 1,800,000 per month (approximately $281,250)
for a term of 11 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH sold all
power generation stations through sales type leases to Erdos Metallurgy Co., Ltd., the non-controlling interest.&nbsp;&nbsp;Total
sales and interest income for this non-controlling interest was $11.66 million and $5.09 million for the nine months ended September
30, 2011, and $10.33 million and $1.52 million for the comparable period of 2010; $0.2 million and $1.84 for three months ended
September 30, 2011, and&nbsp;&nbsp;$0.23 and&nbsp;$0.62 million for the same period of 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management&rsquo;s
discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements,
which were prepared in accordance with accounting principles generally accepted in the US GAAP. The preparation of these financial
statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements as well as the reported net sales and expenses during
the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. We base our estimates on historical experience
and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates under different assumptions or conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While our significant
accounting policies are more fully described in Note 2 to our consolidated financial statements, we believe that the following
accounting policies are the most critical to aid you in fully understanding and evaluating this management discussion and analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying consolidated
financial statements were prepared in accordance with US GAAP and pursuant to the rules and regulations of the SEC for annual financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements include the accounts of CREG and, its subsidiary, Sifang Holdings; Sifang Holdings&rsquo; wholly owned subsidiaries,
Huahong and Shanghai TCH; Shanghai TCH&rsquo;s subsidiaries Xi&rsquo;an TCH and Huaxin; and Xi&rsquo;an TCH&rsquo;s subsidiary,
Shengda and Erdos TCH, in which 93% of Erdos TCH&rsquo;s investment is from Xi&rsquo;an TCH.&nbsp; Substantially all of the Company&rsquo;s
revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all of the Company&rsquo;s
consolidated assets and liabilities as of September 30, 2011 and December 31, 2010, respectively. All significant inter-company
accounts and transactions were eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing these
consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities
in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Concentration of Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash includes cash
on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered
by insurance. The Company has not experienced any losses in such accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain other financial
instruments, which&nbsp;subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company
does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers&rsquo;
financial condition and customer payment practices to minimize collection risk on accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the Company are located
in the PRC. Accordingly, the Company&rsquo;s business, financial condition and results of operations may be influenced by the political,
economic and legal environments in the PRC, as well as by the general state of the PRC economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sales-type Leasing and Related Revenue
Recognition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company constructs
and then leases waste energy recycling power generating projects to its customers. The Company usually transfers ownership of the
waste energy recycling power generating projects to its customers at the end of each lease.&nbsp; Investment in these projects
is recorded as investment in sales-type leases in accordance with Statement of Financial Accounting Standards (&ldquo;SFAS&rdquo;)
No. 13, &ldquo;Accounting for Leases&rdquo; (codified in Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards
Codification (&ldquo;ASC&rdquo;) Topic 840) and its various amendments and interpretations. The Company manufactures and constructs
the waste energy recycling power generating projects and finances its customers for the price of the projects.&nbsp; The sales
and cost of sales are recognized at the time of sale or inception of the lease. The investment in sales-type leases consists of
the sum of the total minimum lease payments receivable less unearned interest income and estimated executory cost. Unearned interest
income is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in
the lease.&nbsp; While a portion of revenue is recognized at the inception of the lease, the cash flow from the sales-type lease
occurs over the course of the lease. Revenue is net of Value Added Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contingent Rental Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company records
the income from actual electricity usage&nbsp;in addition to minimum lease payment of each project as contingent rental income
in the period earned. Contingent rent is not part of minimum lease payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2011, FASB
issued ASU 2011-05, Comprehensive Income&nbsp;(ASC Topic 220):&nbsp;&nbsp;Presentation of Comprehensive Income.&nbsp; Under the
amendments in this update, an entity has the option to present the total of comprehensive income, the components of net income
and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate
but consecutive statements. Under both options, an entity is required to present each component of net income along with total
net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for
comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total
net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive
income in that statement. In the two-statement approach, an entity is required to present components of net income and total net
income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net
income and include the components of other comprehensive income and a total for other comprehensive income, along with a total
for comprehensive income. In addition, the entity is required to present on the face of the financial statements reclassification
adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components
of net income and the components of other comprehensive income are presented.&nbsp; The amendments in this update should be applied
retrospectively and&nbsp;are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.
The guidance is not expected to have a material impact on our financial position or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2011,
FASB has issued ASU 2011-08, <I>Intangibles&mdash;Goodwill and Other (Topic 350): Testing Goodwill for Impairment.</I> ASU 2011-08
is intended to simplify how entities, both public and nonpublic, test goodwill for impairment. ASU 2011-08 permits an entity to
first assess qualitative factors to determine whether it is &quot;more likely than not&quot; that the fair value of a reporting
unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment
test described in Topic 350, <I>Intangibles-Goodwill and Other.</I> ASU 2011-08 is effective for annual and interim goodwill impairment
tests performed for fiscal years beginning after December 15, 2011. The Company is currently assessing the&nbsp;effect that the
adoption of this pronouncement will have on its financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of Three Months Ended September 30, 2011 and 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the results
of our operations for the periods indicated as a percentage of net sales:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">$</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Sales</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">$</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Sales</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18,844,794</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,119,312</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sales of products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,583,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,556,114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Contingent rental income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,556</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">563,198</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,325,396</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,162,970</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Cost of products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,325,396</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,162,970</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,519,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,956,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest income on sales-type lease</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,466,295</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,952,830</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">35</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,985,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,909,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(387,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,796,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,597,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,112,486</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total non-operating income (expenses), net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,746,688</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,213,532</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,344,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,326,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,189,626</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,352,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: net income attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87,973</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">103,246</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income attributable to China Recycling Energy Corp</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,066,996</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">59</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,870,253</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">44</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>NET SALES.</I> Total
sales, including system sales and contingent rental income, for the three months ended September 30, 2011, was $18.84 million while
our total sales for the comparable period of 2010 was $11.12 million, an increase of $7.73 million. Of the total net sales, sales
of systems for the three months ended September 30, 2011 was $18.58 million, compared to $10.56 million for the comparable period
in 2010. The increase sales of systems is primarily attributable to the sale and completion of the Shenqiu biomass power generation
system; whereas in the comparable period in 2010, the Company recorded the completion and sale of the Zhongbao Waste Heat Power
Generation System. For the three months ended September 30, 2011, the Company received contingent rental income of $0.26 million,
as compared to $0.56 million for the same period in fiscal year 2010. The contingent rental income resulted from actual usage of
the electricity in addition to the minimum lease payments received in the third quarter of 2011 from our Shengwei Group - Tongchuan
Project, Erdos Project and Shenmu Project.&nbsp; For the sales-type lease, sales and cost of sales are recorded at the time of
leases; interest income from the sales-type leases is our other major revenue source in addition to sales revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>COST OF SALES. </I>Cost
of sales for the third quarter of 2011 was $14.33 while our cost of sales for the comparable period of 2010 was $8.16 million,
an increase of $6.15 million. The increase in our cost of sales for the third quarter of 2010 is primarily attributable to a sales-type
lease of Shenqiu biomass power generation system that resulted in costs of approximately $14.33 million. In the comparable period
of 2010, the cost of sales consisted of the cost of sales-type lease of Zhongbao WHPG system with a cost of $8.16 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>GROSS PROFIT</I>.
Gross profit was $4.52 million for the three months ended September 30, 2011 compared to $2.96 million for the comparable period
of 2010, a gross margin of 24% and 27% for the comparable period of 2011 and 2010, respectively. The increase in gross profit was
mainly from the profit of the sales-type leases of Shenqiu biomass power generation system with a gross profit margin of about
23%, and the contingent rental income accounted for 1% of total sales, while in the comparable period of 2010, the gross profit
was from the sales type lease of Zhongbao WHPG system with a profit margin of 23%, and the contingent rental income accounted for
5% of total sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>INTEREST INCOME
ON SALES TYPE </I>LEASES. Interest income on sales-type leases for the three months ended September 30, 2011 was $5.47 million,
a $1.52 million increase from $3.95 million for the comparable period of 2010.&nbsp; During the third quarter of 2011, interest
income was derived from twelve systems:&nbsp;&nbsp;two TRT systems,&nbsp;two CHPG systems, one WGPG system, two waste heat power
generating systems associated with our Erdos Phase I project and two systems of Erdos Phase II project, the Pucheng biomass power
generation system and Zhongbao WHPG system, and the 3rd 9MW waste heat power generating system of Erdos Phase II project. During
the third quarter of 2010, interest income was generated from eight systems: two TRT systems,&nbsp;two CHPG systems, one WGPG system,
one biomass power generation system, and two waste heat power generating systems associated with our Erdos Phase I project. As
of September 30, 2011, the Shenqui system had not generated interest income&nbsp;&nbsp;for the Company as it was completed at the
end of the current quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>OPERATING EXPENSES.
</I>Operating expenses consisted of selling, general and administrative expenses totaled $0.38 million for the third quarter of
2011, as compared to $1.80 million for the same period of 2010, a decrease of $1.41 million or 78%. The decrease was mainly due
to $0.16 million for stock option compensation incurred during the nine months ended September 30, 2011, as compared to $1.11 million
for the comparable period of 2010, and the decreased expenses in our rental, low value consumable goods and insurance as a result
of improvement in cost controls by management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>NON-OPERATING
INCOME (EXPENSES).&nbsp;</I>Non-operating expenses consisted of non sales-type lease interest income, interest expense, bank charges
and some miscellaneous expenses. For the three months ended September 30, 2011, net non-operating income was $3,746,688 as compared
to $1,213,532 for the comparable period of 2010. In the third quarter of 2011, we had $1.09 million in interest expenses on loans,
$1.29 million in interest expense arising from the beneficial conversion feature of the convertible note from Carlyle and China
Cinda, which was offset by a $3.85 million change in the fair value of the convertible note from China Cinda, and a $2.41 million
changes in fair value of the liability for shares to be issued to Dong. In comparison to the same period of 2010, the interest
expense was $0.64 million arising from beneficial conversion feature for the convertible note, offset with $1.82 million income
from changes in fair value of the liability for shares to be issued to Dong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>INCOME
TAX EXPENSE.&nbsp;</I>The income tax expense was $2.19 million for the third quarter of 2011, an increase of $0.84 million from
$1.35 million for the comparable period of 2010. The increase was mainly due to the increase in income before income tax from $6.33
million for the third quarter of 2010 to $13.34 million for the same period of 2011. The consolidated effective income tax rate
for the third quarter of 2011 and 2010 was 16.4% and 21.4%, respectively. The change in the consolidated effective tax rate was
mainly due to effective tax holiday, tax rate change for future deferred tax items, valuation allowance on NOL, and permanent non-tax
deductible interest expense resulting from amortization of a beneficial conversion feature for a convertible note, but offset with
permanent non-taxable income of change in fair value of conversion feature liability and change in fair value of the liability
for shares to be issued to Dong, which accounted for net 0.7% of pretax income for the third quarter of 2011 compared to net&nbsp;(4.2)%
for the same quarter of 2010; non-taxable income or non-tax deductible expenses were subtracted from / added back to taxable income
for US income tax return purposes. The income tax rate for Shanghai TCH was 24% and 22% for 2011 and 2010, respectively. Xi&rsquo;an
TCH&rsquo;s effective income tax rate for 2011 and 2010 is 15% as a result of its high tech enterprise status that was approved
by the taxing authority. Xingtai Huaxin&rsquo;s effective income tax rate for 2011 and 2010 is 25%. Huahong, Erdos TCH and Shengda&rsquo;s
effective income tax rate for 2011 is 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black"><I>NET
INCOME.</I>&nbsp;Our net income for the three months ended September 30, 2011 was $11.07 million compared to $4.87 million for
the comparable period of 2010, an increase of $6.20 million. This increase in net income was mainly due to the sales of Shenqiu
biomass power generation system during the quarter, and increased interest income from lease payments for energy saving systems,
and increase in income from changes in fair value of the liability from shares to be issued to Dong, compared with the third quarter
of 2010</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of Nine Months Ended September 30, 2011 and 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the results
of our operations for the periods indicated as a percentage of net sales:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">$</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Sales</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">$</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">%&nbsp;of&nbsp;Sales</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">30,773,615</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">43,783,259</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sales of products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,927,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,477,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Contingent rental income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">846,579</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,305,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,850,068</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,763,130</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Cost of products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,850,068</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,763,130</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,923,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,020,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest income on sales-type lease</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,093,099</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">52</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,371,093</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,016,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,391,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,834,242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,542,859</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,182,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,848,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total non-operating income (expenses), net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,312,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">24</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">794,010</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,494,904</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,642,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,369,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,250,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: net income attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">771,271</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">589,819</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net income attributable to China Recycling Energy Corp</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,354,376</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">73</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,801,992</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">29</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>SALES.</I> Total
sales, including system sales and contingent rental income, for the nine months ended September 30, 2011 was $30.77 million while
total sales for the comparable period of 2010 was $43.78 million, a decrease of $13.01 million as a result of decreases in system
sales and in contingent rental income. Of the total sales, sales of systems for the nine months ended September 30, 2011 was $29.93
million, as compared to $42.48 million for the comparable period in 2010, a decrease of $12.55 million. In the nine months ended
September 30, 2011, the company recorded: (1) the completion and sale of the 3rd 9MW capacity power station of Erdos Phase II project
through sales-type leasing arrangements, (2) the completion and sale of the 12MW Shenqiu biomass power generation system and (3)
$0.85 million from contingent rental income. In comparison, net sales of systems for the comparable period in fiscal year 2010
reflected (1) the completion and sale of the second 9MW capacity power station of Erdos Phase I project through sales-type lease;&nbsp;(2)
the completion of transformation and the sale of Pucheng Biomass Power Generation System; (3) the completion of transformation
and sale of Zhongbao Waste Heat Power Generation System;&nbsp;and (4) contingent rental income of $1.31 million. For the sales-type
lease, sales and cost of sales are recorded at the time of leases; interest income from the sales-type leases is our other major
revenue source in addition to sales revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>COST OF SALES. </I>Cost
of sales for the nine months ended September 30, 2011 was $22.85 million while our cost of sales for the comparable period of 2010
was $32.76 million, a decrease of $9.91 million. The decrease was primarily attributable to the fact that the 3rd 9MW capacity
power station for the Erdos Phase II project and the Shenqiu biomass power generation system were both completed and sold during
the nine months ended September 30, 2011, compared to the comparable period of 2010 when cost of sales consisted of the second
9MW capacity power station of Erdos Phase I project, Pucheng biomass power generation system and Zhongbao WHPG System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>GROSS PROFIT</I>.
Gross profit was $7.92 million for the nine months ended September 30, 2011 compared to $11.02 million for the comparable period
of 2010, a&nbsp;gross margin of 26% and 25% for the comparable periods of 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>INTEREST INCOME
ON SALES TYPE LEASES</I>. Interest income on sales-type leases for the nine months ended September 30, 2011 was $16.09 million,
a $5.72 million increase from $10.37 million for the comparable period of 2010.&nbsp; During the nine months ended September 30,
2011, the interest income was derived from twelve systems:&nbsp;&nbsp;two TRT systems,&nbsp;two CHPG systems, one WGPG system,
two waste heat power generating systems associated with our Erdos Phase I project and two systems of Erdos Phase II project, the
Pucheng biomass power generation system and Zhongbao WHPG system, and the 3rd 9MW waste heat power generating system of Erdos Phase
II project. During the nine months ended September 30, 2010, interest income was generated from eight systems: two TRT systems,&nbsp;two
CHPG systems, one WGPG system, two waste heat power generating systems associated with our Erdos Phase I project, and the Pucheng
biomass power generation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>OPERATING EXPENSES.
</I>Operating expenses consisted of selling, general and administrative expenses totaling $3.83 million for the nine months ended
September 30, 2011 as compared to $4.54 million for the comparable period of 2010, a decrease of $0.71 million or 16%. The decrease
was mainly due to $1.61 million for stock option compensation during the nine months ended September 30, 2011, compared to $2.52
million for the comparable period of 2010, and partially offset by the proportional increases in our payroll, welfare, business
trip and marketing expenses as a result of continuous expansion of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;<FONT STYLE="color: black"><I>NON-OPERATING
INCOME (EXPENSES).&nbsp;</I>Non-operating expenses consisted of non sales-type lease interest income, interest expense, bank charges
and some miscellaneous expenses. For the nine months ended September 30, 2011, net non-operating income was $7.31 million as compared
to $0.79 million for the comparable period of 2010. In the nine months ended September 30, 2011 we had $2.88 million interest expense
on loans and $5.12 million interest expense arising from the beneficial conversion feature of the convertible note from Carlyle
and China Cinda, but offset by $9.98 million from changes in fair value of conversion feature liability of the convertible note
from China Cinda, and $5.44 million from changes in fair value of the liability for shares to be issued to Dong; while in the comparable
period of 2010, the interest expense was $1.33 million arising from the beneficial conversion feature for the convertible note,
but offset with $2.57 million income from changes in fair value of the liability for shares to be issued to Dong.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>INCOME
TAX EXPENSE.&nbsp;</I>Income tax expense was $4.37 million for the nine months ended September 30, 2011, an increase of $0.12 million
from $4.25 million for the comparable period of 2010. The increase was mainly due to non-taxable interest income related to changes
in fair value of conversion feature liability and changes in fair value of the liability for shares to be issued to Dong, but partially
offset by non taxable interest expense. The consolidated effective income tax rate for the nine months ended September 30, 2011
and 2010 was 15.9% and 24.1%, respectively. The change in the consolidated effective tax rate was mainly due to effective tax holiday,
tax rate change for future deferred tax items, valuation allowance on NOL, and permanent non-tax deductible interest expense resulting
from amortization of a beneficial conversion feature for a convertible note, but offset with permanent non-taxable income from
changes in fair value of conversion feature liability and changes in fair value of the liability for shares to be issued to Dong,
which accounted for net 0.1% of pretax income for the nine months ended September 30, 2011 compared to net (1.2)% for the comparable
period of 2010; non-taxable income or non-tax deductible expenses were subtracted from / added back to taxable income for US income
tax return purposes. The income tax rate for Shanghai TCH was 24% and 22% for 2011 and 2010, respectively. Xi&rsquo;an TCH&rsquo;s
effective income tax rate for 2011 and 2010 is 15% as a result of its high tech enterprise status that was approved by the taxing
authority. Xingtai Huaxin&rsquo;s effective income tax rate for 2011 and 2010 is 25%.&nbsp; Huahong, Erdos TCH and Shengda&rsquo;s
effective income tax rate for 2011 is 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black"><I>NET
INCOME.</I>&nbsp;Our net income for the nine months ended September 30, 2011 was $22.35 million compared to $12.80 million for
the comparable period of 2010, an increase of $9.55 million. This increase in net income was mainly due to the decreased operating
expense and increased interest income from lease payments for energy saving systems, and $5.44 million income from changes in fair
value of the liability for shares to be issued to Dong, compared with the comparable period of 2010</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Comparison of Nine Months Ended September
30, 2011 and 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2011, the Company had cash and cash equivalents of $19.70 million, other current assets were $11.68 million and current liabilities
were $33.81 million.&nbsp; Working capital was a negative $2.44&nbsp;million. The debt-to-equity ratio was 0.93:1 at September
30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
summary of cash provided by or used in each of the indicated types of activities during the nine months ended September 30, 2011and
2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Cash provided by (used in):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Operating Activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(7,890,971</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(13,992,307</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Investing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,188,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(833,642</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Financing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,608,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,213,268</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used&nbsp;in
operating activities was $7.89 million during the nine months ended September 30, 2011, as compared to $13.99 million used in the
comparable period of 2010. The decrease in net cash outflow was mainly from increased net income. In addition, the Erdos Phase
II project commenced construction in 2010 and was completed in the first quarter of 2011 and Shenqiu project commenced in June
and completed in the end of September of 2011, which resulted in cash inflow of $7.07 million and $3.46 million from construction
in progress in 2011, respectively, but was offset by payments of $5.60 million for construction related to the Shannxi Datong Coal
Group Power Generation Projects and the Erdos Phase III project; while in the comparable period of 2010, we had net cash outflow
on construction progress of $10.23 million. The construction was considered an&nbsp;operating activity due to the similar nature
of producing inventory for sale. Cash received from collection of principal on sales type leases was $5.28 million in the nine
months ended September 30, 2011 compared with $3.27 million in the comparable period of 2010, an increase of $2.01 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by
investing activities was $2.19 million in the nine months ended September 30, 2011, compared to $0.83 million used in the comparable
period of 2010. The increase of net cash provided by investing activities was mainly due to the release of restricted cash of $2.19
million from the bank which we previously deposited in the bank as collateral for the bank acceptances. In the comparable period
of 2010 we deposited into bank $0.75 million as restricted cash and purchased equipment for $0.08 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by
financing activities was $13.6 million for the nine months ended September 30, 2011 compared to net cash provided by financing
activities of $20.21 million for the comparable period in 2010. The cash inflow in the nine months ended September 30, 2011 included
$7.58 million in proceeds from convertible notes from China Cinda, $4.15 million in proceeds from a bank loan and $6.27 million
increase in long term payable, offset by repayment on notes payable (bank acceptances) of $2.92 million and repayment of bank loan
for $0.92 million and $0.46 million advanced to related parties. In the comparable period of 2010, we had cash contribution of
$0.91 million from noncontrolling interest, $15.80 million proceeds from bank loans, and $3.50 million advance from related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">On
June 29, 2010, Xi&rsquo;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &ldquo;Transfer Agreement&rdquo;)
with Dong, a natural person with Chinese citizenship.&nbsp; Under the Transfer Agreement, Dong transferred the Biomass Systems
to Xi&rsquo;an TCH, and Xi&rsquo;an TCH will pay&nbsp;Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000
in cash and RMB 80,000,000 with equivalent shares of the Company&rsquo;s common stock. The stock price will be the same price as
the Company&rsquo;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less
than $4 per share.&nbsp; The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8.&nbsp;
As of September 30, 2011, the Company recorded shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection
with this transaction</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we have
sufficient cash to continue our current business through 2012 due to stable recurring receipts from&nbsp;&nbsp;sales-type leases
in place. As of September 30, 2011, we have two TRT systems, two CHPG systems, one WGPG system, five recycling waste heat power
generating systems from the Erdos projects, two BMPG and one WHPG of Zhongbao, currently generating net cash inflow. In addition,
we&nbsp;have access to bank loans in case of an immediate need for working capital. We believe we have sufficient cash resources
to cover our anticipated capital expenditures in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2011, the
Company filed a Registration Statement on Form S-3, as amended, with the SEC to register an indeterminate number of shares of common
stock with an aggregate initial offering price not to exceed $200,000,000. The registration statement went effective on November
10, 2011; however, the Company has not yet determined the size or timing of any potential future offering. We intend to use the
net proceeds we receive from the sale of the shares of our common stock that may be offered for general corporate purposes, which
may include, among other things, repayment of debt, repurchases of common stock, capital expenditures, the financing of possible
acquisitions or business expansions, increasing our working capital and the financing of ongoing operating expenses and overhead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not believe inflation
has had a significant negative impact on our results of operations during 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered
into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not
entered into any derivative contracts that are indexed to our shares and classified as stockholders&rsquo; equity or that are not
reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred
to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing,
hedging or research and development services with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contractual Obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Convertible Notes
Payable - Carlyle</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2008,
we issued and sold to Carlyle Asia Growth Partners III, L.P. (&ldquo;CAGP&rdquo;) and CAGP III Co. Investment, L.P. (together with
CAGP, the &ldquo;Investors&rdquo;) a 5% Secured Convertible Promissory Note in the principal amount of $5,000,000.&nbsp;&nbsp;The
terms for the note were amended and restated on April 29, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This note bore interest
at 5% and matured on April 29, 2011. The principal amount of the note, together with any interest thereon, was convertible, at
the option of the holders at any time on or after March 16, 2010 and prior to maturity, into shares of the Company&rsquo;s common
stock at an initial conversion price tied to the after-tax net profits of the Company for the fiscal year ending December 31, 2009.&nbsp;
The obligation of the Company under this note is ranked senior to all other debt of the Company. The note is secured by a security
interest granted to the investors pursuant to a share pledge agreement.&nbsp;&nbsp;This pledge was released during the nine months
ended September 30, 2011 and is of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2011, the Investors
converted the note into 4,334,192 shares of the Company&rsquo;s common stock at a conversion price of $1.154 per share. The effective
date of the conversion was April 29, 2011. As of September 30, 2011, the interest accrued on the second note was fully paid, and
the 4,334,192 shares of common stock were recorded as shares to be issued in the accompanying financial statements, since such
shares were not issued as of June 30, 2010. As disclosed on a Form 8-K filed July 22, 2011, the Company issued 4,334,192 shares
of common stock to the Investors on July 21, 2011 (4,149,599 shares of common stock to CAGP; 184,593 shares of common stock to
CAGP III Co. Investment, L.P.).&nbsp;&nbsp;The unamortized portion BCF of $745,547 was fully amortized as of the conversion date.
During the nine months ended September 30, 2011, the Company amortized $1,368,988 BCF for the note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2009,
we issued an 8% Secured Convertible Promissory Note of $3 million to Carlyle Asia Growth Partners III, L.P. with a maturity date
of April 29, 2012. The note holder has the right to convert all or any part of the outstanding principal amount of this note, together
with interest, if any, into shares of our common stock, at any time on or after March 16, 2010 and prior to the maturity date (or
such later date on which this note is paid in full), at a conversion price per share of common stock equal to $0.80, and this note
was convertible in full into 3,750,000 shares of our common stock as of September 30, 2011. These conversion shares rank pari-passu
with those issuable under the 5% Secured Convertible Promissory Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Loan Payable &ndash;
Collective Capital Trust Plan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 3, 2009,
Beijing International Trust Co., Ltd. (&ldquo;Beijing Trust&rdquo;) formed a Low Carbon Fortune-Energy Recycling No. 1 Collective
Capital Trust Plan (&ldquo;Plan&rdquo;), pursuant to the Capital Trust Loan Agreement entered into by Erdos TCH Energy Saving Development
Co., Ltd and Beijing Trust dated November 19, 2009. Under the Plan, Beijing Trust raised RMB 181,880,000 ($26.75 million) through
the sale of 181,880,000 total trust units at RMB 1 per unit. All amounts raised under the Plan are loaned to Erdos TCH in connection
with the construction and operation of Phases II and III of the Erdos Power Generation Projects. These projects, when completed,
will recycle waste heat from Erdos Metallurgy&rsquo;s metal refining plants to generate electric power and steam, which will then
be sold back to Erdos Metallurgy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan included 145,500,000
category A preferred trust units ($21.4 million), consisting of 12,450,000 category A1 preferred trust units ($1.8 million), 15,000,000
category A2 preferred trust units ($2.2 million), 118,050,000 category A3 preferred trust units ($17.4 million); and 36,380,000
category B secondary trust units ($5.35 million), consisting of 9,100,000 category B1 secondary trust units ($1.34 million) and
27,280,000 category B2 secondary trust units ($4.01 million). The B1 units were purchased by members of management of Erdos TCH
and the B2 units were purchased by Xi&rsquo;an TCH. Under the Agreement, the annual base interest rate is 9.94% for A1 preferred
trust fund units with a term of two years, 11% for A2 preferred trust fund units with a term of three years, 12.05% for A3 preferred
trust fund units and 8.35% for the category B secondary trust fund units, each with a term of four years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH gave a lien
on its equipment, assets and accounts receivable to guarantee the loans under the Agreement. Xi&rsquo;an TCH and Mr. Guohua Ku,
our CEO, also gave unconditional and irrevocable joint liability guarantees to Beijing Trust for Erdos TCH&rsquo;s performance
under the Agreement. Erdos (the minority stockholder and customer of Erdos TCH) provided a commitment letter on minimum power purchase
from Erdos TCH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 18, 2009,
an additional RMB 25,000,000 ($3.68 million) was raised by Beijing Trust to support the Company&rsquo;s Erdos Power Generation
Projects. Beijing Trust sold 25,000,000 trust units at RMB 1 per unit which included 20,000,000 category A1 preferred trust units
($ 2.94 million) and 5,000,000 category B2 secondary trust units ($ 0.74 million). The B2 units were purchased by Xi&rsquo;an TCH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During December 2009,
the Company sold 206,880,000 units for RMB 206,880,000 ($30.30 million), of which 9,100,000 units ($1.33 million) were purchased
by the management of Erdos TCH; 32,280,000 units ($4.73 million) were purchased by Xi&rsquo;an TCH; $4.73 million was considered
as investment by Xi&rsquo;an TCH into Erdos TCH and, accordingly, was eliminated in the Company&rsquo;s consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2010,
Beijing Trust completed the second expansion of the Plan. The second expansion of the Plan raised RMB 93,120,000 ($13.69 million)
through the sale of 93,120,000 trust units at RMB 1 per unit.&nbsp; All amounts raised under the Second Expansion of the Plan are
to be loaned to Erdos TCH.&nbsp; The second expansion of the Plan includes 2,800,000 category A1 preferred trust units ($0.41 million),&nbsp;5,000,000
category A2 preferred trust units ($0.73 million), 66,700,000 category A3 preferred trust units ($9.81 million) and 4,650,000 category
B1 preferred trust units ($0.68 million) and 13,970,000 category B2 secondary trust units ($2.05 million).&nbsp; The B1 units were
purchased by members of management of Erdos TCH and the B2 units have been purchased by Xi&rsquo;an TCH.&nbsp; With the completion
of the second expansion of the Plan, the Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan has reached RMB
300,000,000 ($44.12 million) and completed its entire trust plan fund raising work.&nbsp; The net long term loan payable under
this trust plan was RMB 252,150,000 ($39.68 million) at September 30, 2011. Interest expense accrued on this trust loan was $3.99
million and $4.5 million at September 30, 2011 and December 31, 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
above, under the Loan Agreement, Erdos TCH must pay a management incentive benefit to Beijing Trust upon maturity of the category
A3 and category B trust units in December 2013 if the ratio of Erdos TCH&rsquo;s profit to its registered capital exceeds a base
amount. If this criterion is met, the amount of the management incentive benefit is calculated based on a formula tied to Erdos
TCH&rsquo;s net profit and the average registered capital for the 2012 fiscal year. Under this formula the management incentive
benefit could range between 0% and 100% of the net profit of Erdos TCH in the 2012 fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The management incentive
benefit was structured to provide an incentive to management to make the joint venture profitable. Under the Plan, Beijing Trust
will distribute the entire amount of the management incentive benefit it receives to the holders of the category B trust units.
As previously disclosed, the holders of the category B trust units are the management of Erdos TCH and Xi&rsquo;an TCH. Category
B trust units receive a lower base interest rate than the category A trust units but the economic return to the holders of category
B trust units will be enhanced by any management incentive benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Erdos TCH also agrees
to share the benefits from the Clean Development Mechanism (&quot;CDM&quot;) under the Kyoto Protocol equally with Beijing Trust
during the term of the loan.&nbsp;Any benefit received from the CDM will be paid to Erdos Metallurgy first. Under the agreement
with Xi&rsquo;an TCH, Erdos Metallurgy agrees to deliver to Xi&rsquo;an TCH 50% of the benefit Erdos Metallurgy receives. Xi&rsquo;an
TCH agrees to share 50% of the benefit it receives from Erdos Metallurgy with Erdos TCH. Under the Capital Trust Loan Agreement
between Erdos TCH and Beijing Trust, Erdos TCH agrees that 50% of any benefit it receives will be delivered to Beijing Trust. Pursuant
to the Plan, Beijing Trust will distribute 70% of the CDM benefit it receives to the holders of the category B trust units. The
receipt of any CDM benefit is subject to a process of evaluation and certification of the project by the CDM Executive Board and
is under the guidance of the Conference of the Parties of the United Nations Framework Convention on Climate Change. The first
stages of the certification process have been completed successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Bank Long Term Loan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company entered
a loan agreement with Industrial Bank Co., Ltd., Xi&rsquo;an Branch (the &ldquo;Lender&rdquo;) for a loan designed for energy saving
and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,635,639) to Xi&rsquo;an TCH for three years
from April 6, 2010 to April 6, 2013. The proceeds of the loan are required to be used for equipment for Xi&rsquo;an TCH&rsquo;s
energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of
each quarter at 110% of the national base interest rate for the same term and same level loan (currently 7.015%).&nbsp; Under the
loan, Xi&rsquo;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of
the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($463,564) each quarter. The Loan Agreement contains standard
representations, warranties and covenants, and the loan is guaranteed by Xi&rsquo;an TCH, Shaanxi Shengwei Construction Material
Group and Mr. Guohua Ku. At September 30, 2011, $1,888,308 of the principal was repaid and $2,832,462 will be repaid within one
year which was classified as current liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company entered
another loan agreement with the same Industrial Bank for energy saving and emission reduction projects, whereby the Lender agreed
to loan RMB 30,000,000 ($4,720,767) to Xi&rsquo;an TCH for three years&nbsp;&nbsp;to March 30, 2014. As of September 30, 2011,
the Company received RMB 30,000,000 ($4,720,767) of the loan. The proceeds of the loan are required to be used for construction
and equipment purchase for Xi&rsquo;an TCH&rsquo;s energy saving and emission reduction projects. The Loan Agreement has a floating
interest rate that resets at the beginning of each quarter at 115% of the national base interest rate for the same term and same
level loan (currently 7.015%).&nbsp; Under the loan, Xi&rsquo;an TCH is required to make quarterly interest payments and, beginning
six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077)
each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&rsquo;an
TCH, Mr. Guohua Ku and Ms. Chaoying Zhang. At September 30, 2011, the loan was not repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Convertible note agreement with China
Cinda</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 18, 2010,
the Company and its wholly-owned subsidiaries Sifang, Shanghai TCH and Xi&rsquo;an TCH entered into a Notes Purchase Agreement
(the &ldquo;Note Agreement&rdquo;) with China Cinda (HK) Asset Management Co., Ltd, a company organized under the laws of the Hong
Kong Special Administrative Region of China (&ldquo;Cinda&rdquo;).&nbsp; Under the terms of the Note Agreement, the Company will
issue to Cinda two tranches of convertible notes (the &ldquo;Notes&rdquo;), each having a principal amount equal to the US Dollar
equivalent of RMB 50 million ($7.8 million). Also on August 18, 2010, Xi&rsquo;an TCH and China Jingu International Trust Co. Ltd.
(&ldquo;Jingu&rdquo;), an affiliate of Cinda entered into a Capital Trust Loan Agreement (&ldquo;Trust Loan Agreement&rdquo;),
in which Jingu will raise 100 million RMB ($15.5 million) under a Jingu CREG Recycling Economy No. 1 Collective Fund Trust Plan
(&ldquo;Trust Plan&rdquo;) and lend such amount under the Trust Plan to Xi&rsquo;an TCH (the &ldquo;Loans&rdquo;).&nbsp; If the
Loans under the Trust Loan Agreement do not occur, then under the Note Agreement the principal amount of the Notes to be issued
in each tranche will be the US dollar equivalent of RMB 100 million ($15.5 million). All proceeds from the Notes and the Loans
will be used to complete Phases IV and V of the Erdos TCH Energy Saving Development Co., Ltd. (&ldquo;Erdos TCH&rdquo;) project,
a joint venture between Xi&rsquo;an TCH and Erdos Metallurgy Co., Ltd. to recycle waste heat from Erdos Metallurgy&rsquo;s refining
plants to generate power and steam and sell them back to Erdos Metallurgy, as well as other working capital needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term of the Loans
is for three years from the date of the first draw.&nbsp; The interest rate for the Loans is the People&rsquo;s Bank of China&rsquo;s
(&ldquo;PBOC&rdquo;) three year loan base interest rate plus two percent (2%).&nbsp; If the Loans are not exchanged for shares
of the Common Stock of the Company as described below prior to maturity, Xi&rsquo;an TCH will pay the difference between the interest
rate described above and 18% on the outstanding amount.&nbsp; Under the Trust Loan Agreement and separate agreements entered by
Jingu, Erdos TCH, Shanghai TCH, Xi&rsquo;an TCH and Mr. Guohua Ku on August 18, 2010, Erdos TCH shall pledge the accounts receivable,
equipment and assets of&nbsp;&nbsp;its Phases IV and V projects to Jingu as a guarantee to the Loans, Xi&rsquo;an TCH shall pledge
its 80% equity in Erdos TCH to Jingu as a guarantee to the Loans, Shanghai TCH shall provide a joint liability guarantee to Jingu
for the Loans, and Mr. Guohua Ku shall provide his personal joint liability to Jingu for the Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Note Agreement
the Notes shall be issued before August 18, 2011.&nbsp; The Notes have a three year maturity date from the date of the issuance
of the first tranche.&nbsp; The exchange rate between RMB and US Dollar for each issue of Notes is the middle rate published by
the PBOC for the second business day prior to each issuance.&nbsp; Each Note bears interest at a rate equal to that of PBOC base
interest rate for the relevant interest period (the period commencing on and including January 1 of each year and ending on and
including December 31 of such year) plus two percent (2%).&nbsp; If Cinda does not convert or fully convert the Notes to shares
prior to maturity, the Company will pay the difference between the interest rate described above and 18% on the outstanding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As collateral for the
Notes, Mr. Guohua Ku, the CEO and a major shareholder of the Company, entered into a Share Pledge Agreement with Cinda, on August
18, 2010, to pledge 4,500,000 shares of the Company&rsquo;s common stock held by him to secure the first Note.&nbsp; The Agreement
also calls for an additional 4,500,000 shares of the Company&rsquo;s common stock held by Mr. Ku to secure the second Note before
its issuance. On December 30, 2010, the Company received proceeds of RMB50, 000,000 ($7,533,391) from the first tranche of the
Loans. On January 30, 2011, the Company received proceeds of another RMB 50,000,000 ($7,533,391) from the first tranche convertible
Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Financial Leasing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Financing Agreement- - Sale Lease-back
transaction.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 28, 2011, Xi&rsquo;an
TCH&rdquo; entered into a Financing Agreement with Cinda Financial Leasing Co., Ltd. (the &ldquo;Cinda Financial&rdquo;), an affiliate
of China Cinda (HK) Asset Management Co., Ltd. (the &ldquo;Cinda HK&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the&nbsp;Agreement, Xi&rsquo;an TCH
transferred its ownership of a set of 7MW steam turbine waste heat power generation system (the &ldquo;WHPG system currently used
by Zhonngbao&rdquo;) and four furnaces and&nbsp;&nbsp;ancillary apparatus (the &ldquo;Assets&rdquo;) to Cinda Financial for&nbsp;&nbsp;RMB
42.50 million ($6.69 million), and Cinda Financial in turn leased the Assets to Xi&rsquo;an TCH for&nbsp;&nbsp;5 years with an
overall leasing fee of RMB 51.54 million ($8.11 million) based upon the transfer cost and the benchmark interest rate for five
year loans by People&rsquo;s Bank of China (&ldquo;PBOC&rdquo;) (presently 6.65%) plus 15% of that rate (which at present is 7.6475%).&nbsp;&nbsp;The
interest rate will increase if the five year benchmark interest rate of PBOC increases but will remain the same if the benchmark
rate decreases in the future.&nbsp;&nbsp;Xi&rsquo;an TCH shall make pro rata quarterly payments to Cinda Financial for the leasing
fees. Upon the completion of the leasing term and full payment of all leasing fees and other fees, Xi&rsquo;an TCH can pay RMB
4,250 ($669) to reacquire the Assets. The quarterly minimum payment is RMB 2,577,109 ($396,875). In addition to the leasing fees,
Xi&rsquo;an TCH&nbsp;&nbsp;prepaid a one-time non-refundable leasing service charge of RMB 2,550,000 ($401,265), which was amortized
over 5 years, and a refundable security deposit of RMB 2,125,000 ($334,388) to Cinda Financial as of September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Erdos Phase III of Power Generation
Projects</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2009, Erdos
TCH signed a contract with Erdos Metallurgy to recycle heat from groups of furnaces of Erdos Metallurgy&rsquo;s metal refining
plants to generate power and steam, to be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group
of power generation projects with a total of 70MW power capacity, which may grow up to 120MW, and 30-ton steam per hour, with an
estimated total investment in excess of $76 million (RMB 500 million). The Company split the construction of the projects into
three phases, two units of power generation in Phase I with a total of 18MW power capacity, three units in Phase II with a total
of 27MW power capacity and one unit in Phase III with 25MW power capacity.&nbsp; For each phase of the project, the lease term
is 20 years starting from the date of completion of the phase.&nbsp; During the lease term, Erdos TCH will be responsible for operating
the projects and charge Erdos Metallurgy for supply of electricity and steam.&nbsp; Erdos Metallurgy agreed to pay a fixed minimum
of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the first quarter
of 2010, the Erdos power generation system Phase I project was completed and put into operation.&nbsp;&nbsp;During the fourth quarter
of 2010 and first quarter of 2011, three 9MW power generation systems of Phase II were completed and put into operation. Erdos
TCH outsourced to an independent third party the operation and maintenance of the power generation system for $922,000 (RMB 6.27
million) per year for each system.&nbsp; After 20 years, the systems will be transferred to Erdos without any charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 30,
2011 the projects of Erdos Phase III are under construction. At September 30, 2011, the Company has paid&nbsp;&nbsp;$19.71 million
for Phase III.&nbsp;The Company expects the completion of Phase III projects no later than the end of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shannxi Datong Coal Group Power Generation
Projects</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2011, Xi'an
TCH signed a contract with Shannxi Datong Coal Group Steel Ltd Co (Shannxi Datong) to recycle gas and steam from groups of blast-furnaces
and converter of Shannxi Datong's metal refining plants to generate power. According to the contract, the Company will install
two 3MW TRT and one 15MW WGPG and two 1MW steam power generation systems, with a total of 23MW power capacity for an estimated
total investment of $27.45 million (RMB 180 million). The lease term is 30 years. During the lease term, Shannxi Datong will be
responsible for operating the projects and pay a service fee to the Company.&nbsp;The service fee is based on an average of 8,000
electricity-generating hours per year and RMB 0.33($0.05) per kilowatt hour (&quot;Kwh&quot;) for the first 5 years from the completion
of each power generation station. For each of the leases, at the 6th year, 11th year and 21st year thereafter, the rate will be
RMB 0.3 Kwh, 0.27 Kwh and 0.25 Kwh, respectively. After 30 years, the units will be transferred to Shannxi Datong without any charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 28,2011,
Xi&rsquo;an TCH entered into an agreement with Xi&rsquo;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for Shannxi
Datong Coal projects of two 3MW TRT and one 15 MW WGPG systems described above. The project is scheduled to complete in 12 months
from construction commencement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>ShenQiu Thermal Power Generation Projects</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2011, Xi&rsquo;an
TCH entered into a Letter of Intent&nbsp;with ShenQiu YuNeng Thermal Power Ltd Co., (&ldquo;ShenQiu&rdquo;) for Xi&rsquo;an TCH
to reconstruct and transform a Thermal Power Generation System owned by ShenQiu into a 75T/H Biomass Power Generation Systems for
approximately RMB 22.5 million (approximately $3.5 million). The project commenced in June 2011 and will be completed in 90 days.
Xi&rsquo;an TCH will purchase the power station within 10 days of the completion of the transformation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B>Quantitative and Qualitative Disclosures About Market
Risk.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.6pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.6pt 0pt 0; text-align: justify; text-indent: 0.5in"><B>Exchange
Rate Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are
conducted mainly in the PRC. As such, our earnings are subject to movements in foreign currency exchange rates when transactions
are denominated in RMB, which is our functional currency. <FONT STYLE="font-family: Times New Roman, Times, Serif">Accordingly,
our operating results are affected by changes in the exchange rate between the U.S. dollar and those currencies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B>Controls and Procedures.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Disclosure Controls
and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company maintains
disclosure controls and procedures which are designed to provide reasonable assurance that information required to be disclosed
in the Company&rsquo;s periodic SEC reports is recorded, processed, summarized and reported within the time periods specified in
the SEC&rsquo;s rules and forms, and that such information is accumulated and communicated to its principal executive officer and
principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Company&rsquo;s management,
with the participation of the Company&rsquo;s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness
of the Company&rsquo;s &ldquo;disclosure controls and procedures,&rdquo; as such term is defined in Rules 13a &ndash; 15(e) and
15d &ndash; 15(e) of the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;) at the end of the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon that evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2011, the Company&rsquo;s disclosure
controls and procedures were effective to provide reasonable assurance that (i)&nbsp;the information required to be disclosed by
us in this Report was recorded, processed, summarized and reported within the time periods specified in the SEC&rsquo;s rules and
forms, and (ii)&nbsp;information required to be disclosed by us in our reports that we file or submit under the Exchange Act is
accumulated and communicated to our management, including our principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Changes in Internal
Control Over Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the participation
of the Company&rsquo;s management, including its Chief Executive Officer and Chief Financial Officer, the Company also conducted
an evaluation of the Company&rsquo;s internal control over financial reporting to determine whether any changes occurred during
the Company&rsquo;s fiscal quarter ended September 30, 2011, that have materially affected, or are reasonably likely to materially
affect, the Company&rsquo;s internal control over financial reporting.&nbsp;&nbsp;Based on such evaluation, management concluded
that, as of the end of the period covered by this report, there have not been any changes in the Company&rsquo;s internal control
over financial reporting (as such term is defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal
quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II - OTHER INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.6in; text-align: left">Item 1.</TD><TD STYLE="text-align: justify">Legal Proceedings</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is not currently involved in
any material pending legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD NOWRAP STYLE="width: 0in"></TD><TD NOWRAP STYLE="width: 0.6in; text-align: left">Item 1A.</TD><TD NOWRAP STYLE="text-align: justify">Risk Factors</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There have been no
material changes in our risk factors from those disclosed in Part I, Item 1A, of our Annual Report on Form 10-K as of and for the
year ended December 31, 2010.<FONT STYLE="color: black"> An investment in our common stock involves various risks. When considering
an investment in our company, you should consider carefully all of the risk factors described in our most recent Form 10-K. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of those risks, incorporated by reference in this Form 10-Q, occur, the market price of our shares of common stock could decline
and investors could lose all or part of their investment. </FONT><FONT STYLE="color: black">These risks and uncertainties are not
the only ones facing us and there may be additional matters that we are unaware of or that we currently consider immaterial. All
of these could adversely affect our business, financial condition, results of operations and cash flows and, thus, the value of
an investment in our company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.6in; text-align: left">Item 2.</TD><TD STYLE="text-align: justify">Unregistered Sales of Equity Securities and Use of Proceeds</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.6in; text-align: left">Item 3.</TD><TD STYLE="text-align: justify">Defaults Upon Senior Securities</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.6in; text-align: left">Item 4.</TD><TD STYLE="text-align: justify">Removed and Reserved.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">None</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.6in; text-align: left">Item 5.</TD><TD STYLE="text-align: justify">Other Information</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.6in; text-align: left">Item 6.</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Executive Officer pursuant to Rule 13a-14(a).*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Financial Officer pursuant to Rule 13a-14(a).*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.INS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Instance Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.SCH</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Schema Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.CAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.LAB</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.PRE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.DEF</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Definitions Linkbase Document.**</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Furnished with the Company&rsquo;s Quarterly Report on
Form 10-Q/A for the fiscal quarter ended September&nbsp;30, 2011</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">CHINA RECYCLING ENERGY CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: July 18, 2013</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Guohua Ku</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Guohua Ku</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: July 18, 2013</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David Chong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">David Chong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Secretary, Principal Financial Officer and Principal Accounting Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Executive Officer pursuant to Rule 13a-14(a).*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Financial Officer pursuant to Rule 13a-14(a).*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.INS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Instance Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.SCH</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Schema Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.CAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.LAB</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.PRE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document.**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">101.DEF</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">XBRL Taxonomy Definitions Linkbase Document.**</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Furnished with the Company&rsquo;s Quarterly Report on
Form 10-Q/A for the fiscal quarter ended September&nbsp;30, 2011</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>v349694_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Guohua Ku, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">1.</TD><TD>I have reviewed this Quarterly Report on Form 10-Q/A of China Recycling Energy Corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">4.</TD><TD>The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">5.</TD><TD>The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July 18, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;&nbsp;Guohua Ku</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Guohua Ku</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>v349694_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, David Chong, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">1.</TD><TD>I have reviewed this Quarterly Report on Form 10-Q/A of China Recycling Energy Corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">4.</TD><TD>The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">5.</TD><TD>The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt">&nbsp;</P>

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<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

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<TD STYLE="width: 55.05pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 79.55pt; text-indent: -24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July 18, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David Chong</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">David Chong</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>v349694_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the Quarterly Report
of China Recycling Energy Corporation (the &ldquo;Company&rdquo;) on Form 10-Q/A for the period ended September 30, 2011 as filed
with the Securities and Exchange Commission (the &ldquo;Report&rdquo;), I, Guohua Ku, Chairman of the Board and Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, that, to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(1) The Report fully complies with the
requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(2) The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: July 18, 2013</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;&nbsp;Guohua Ku</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Guohua Ku</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>v349694_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.2</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the Quarterly Report
of China Recycling Energy Corporation (the &ldquo;Company&rdquo;) on Form 10-Q/A for the period ended September 30, 2011 as filed
with the Securities and Exchange Commission (the &ldquo;Report&rdquo;), I David Chong, Chief Financial Officer and Secretary of
the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, that, to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(1) The Report fully complies with the
requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(2) The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Date: July 18, 2013</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">David Chong</FONT></TD></TR>
<TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_317"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;1. ORGANIZATION AND DESCRIPTION OF BUSINESS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; China Recycling Energy Corporation (the &amp;#8220;Company&amp;#8221; or &amp;#8220;CREG&amp;#8221;) (formerly China Digital Wireless, Inc.) was incorporated on May 8, 1980, under the laws of the State of Colorado. On September 6, 2001, the Company re-domiciled its state of incorporation from Colorado to Nevada. The Company, through its subsidiary, Shanghai TCH Energy Technology Co., Ltd (&amp;#8220;Shanghai TCH&amp;#8221;), sells and leases energy saving systems and equipment. On March 8, 2007, the Company changed its name to &amp;#8220;China Recycling Energy Corporation.&amp;#8221;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On February 1, 2007, the Company&amp;#8217;s subsidiary, Shanghai TCH, conditionally entered into two top gas recovery turbine systems (&amp;#8220;TRT&amp;#8221;) projects, each evidenced by a joint-operation agreement, with Xi&amp;#8217;an Yingfeng Science and Technology Co., Ltd. (&amp;#8220;Yingfeng&amp;#8221;) which were approved and made effective by our Board of Directors on April 8, 2007. TRT is an electricity generating system that utilizes the exhaust pressure and heat produced in the blast furnace of a steel mill to generate electricity. Yingfeng is a joint stock company registered in Xi&amp;#8217;an, Shaanxi Province, Peoples Republic of China (the &amp;#8220;PRC&amp;#8221;), and engages in designing, installing, and operating TRT systems and sales of other renewable energy products.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued a top gas recovery turbine project ("TRT Project") which was to design, construct, install and operate a TRT Project for Zhangzhi Iron and Steel Holdings Ltd. ("Zhangzhi"). This TRT Project was initiated by a Contract to Design and Construct TRT System (&amp;#8220;Project Contract&amp;#8221;) which Yingfeng and Zhangzhi entered in 2006. Due to Yingfeng&amp;#8217;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&amp;#8217;s cooperation. Shanghai TCH provided various investments and properties towards the TRT Project including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract, including but not limited to the regular cash payments made by Zhangzhi and other property rights and interests. This project was completed and put into operation in February 2007.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under another Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued another TRT project to design, construct, install and operate a TRT Project for Xingtai Iron and Steel Company, Ltd. (&amp;#8220;Xingtai&amp;#8221;). This Project was initiated by a Contract to Design and Construct TRT Project (&amp;#8220;Project Contract&amp;#8221;) which Yingfeng and Xingtai entered on September 26, 2006. Due to Yingfeng&amp;#8217;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&amp;#8217;s cooperation. Shanghai TCH agreed to pursue this project with Yingfeng as a joint venture. Under the terms of the Joint-Operation Agreement, Shanghai TCH provided various investments and properties towards the Project including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract, including but not limited to the regular cash payments made by Xingtai and other property rights and interests. This project was completed and put into operation in August 2007.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 31, 2007, Shanghai TCH entered an asset-transfer agreement with Yingfeng. This agreement requires the transfer of all electricity-generating related assets owned by Yingfeng to Shanghai TCH. As a result, the contractual relationships between Shanghai TCH and Yingfeng under the TRT Project Joint-Operation Agreement on April 8, 2007 were terminated.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In November 2007, Shanghai TCH signed a cooperative agreement with Shengwei Group to build two sets of 12MW pure low temperature cement waste heat powered generator systems (&amp;#8220;CHPG&amp;#8221;) for Shengwei&amp;#8217;s two 2,500-tons-per-day cement manufacturing lines in Jin Yang and for a 5,000-tons-per-day cement manufacturing line in Tong Chuan. Total investment in these projects was $12,593,000 (RMB 93,000,000). At the end of 2008, construction of the CHPG in Tong Chuan was completed at a cost of $6,191,000 (RMB 43,000,000) and put into operation. Under the original agreement, the ownership of the power generator system would belong to Shengwei from the date the system was put into service. Shanghai TCH is responsible for the daily maintenance and repair of the system, and charges Shengwei a monthly electricity fee based on the actual power generated by the system at 0.4116 RMB per KWH for an operating period of five years with the assurance from Shengwei of a properly functioning 5,000-tons-per-day cement manufacturing line and not less than 7,440 heat hours per year for the electricity generator system. Shengwei Group collateralized the cement manufacturing line in Tong Chuan to guarantee its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating period. At the end of the five year operating period, Shanghai TCH will have no further obligations under the cooperative agreement. On May 20, 2009, Shanghai TCH entered into a supplementary agreement with Shengwei Group to amend the timing for title transfer to the end of the lease term. In addition, the supplementary agreement provided that Shanghai TCH will charge Shengwei based on actual power usage subject to a minimum of $0.31 million (RMB 2.1 million) per month during the operating period.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 29, 2009, construction of the CHPG in Jin Yang was completed at a cost of $7,318,000 (RMB 50,000,000) and put into operation. Shanghai TCH charges Shengwei a technical service fee of $336,600 (RMB 2,300,000) monthly for the sixty months of the lease term. Shengwei has the right to purchase the CHPG systems for $29,000 (RMB 200,000) at the end of the lease term. Shengwei is required to provide assurance of properly functioning 5,000-tons-per-day cement manufacturing lines and not less than 7,440 heat hours per year for the CHPG. Shengwei Group collateralized the cement manufacturing lines in Jin Yang to guarantee its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating period. Effective July 1, 2009, Shanghai TCH outsourced the operation and maintenance of the CHPG systems in Tong Chuan and JinYang to a third party for $732,000 (RMB 5,000,000) per year.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 14, 2009, the Company incorporated a joint venture (&amp;#8220;JV&amp;#8221;) with Erdos Metallurgy Co., Ltd. (&amp;#8220;Erdos&amp;#8221;) to recycle waste heat from Erdos&amp;#8217; metal refining plants to generate power and steam, which will then be sold back to Erdos. The name of the JV is Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd (&amp;#8220;Erdos TCH&amp;#8221;) with a term of 20 years, and registered capital of $2,635,000 (RMB 18,000,000). On September 30, 2009, Xi&amp;#8217;an TCH Energy Technology Co., Ltd. (&amp;#8220;Xi&amp;#8217;an TCH&amp;#8221;) injected additional capital of $4.03 million (RMB 27,500,000). In November 2009, Xi&amp;#8217;an TCH injected further capital of $5.05 million (RMB 34,500,000). As of September 30, 2011, total registered capital was raised to $17.55 million (RMB 120 million), of which, $16.37 million (RMB112 million) was contributed by Xi&amp;#8217;an TCH and $1.18 million (RMB 8 million) was from Erdos. Total investment for the project is estimated at approximately $74 million (RMB 500 million) with an initial investment of $17.55 million (RMB 120,000,000). As of September 30, 2011, Erdos contributed 7% of the total investment of the project, and Xi&amp;#8217;an TCH contributed 93%. According to Xi&amp;#8217;an TCH and Erdos&amp;#8217; agreement on profit distribution, Xi&amp;#8217;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively, until Xi&amp;#8217;an TCH receives complete return on its investment. Xi&amp;#8217;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively. The profits to be distributed will be computed based on Chinese generally accepted accounting principles. The main difference between US GAAP (Generally Accepted Accounting Principles) and Chinese GAAP with regards to Erdos is that Erdos is treated as a sales-type lease under US GAAP and as an operating lease under Chinese GAAP. When the term of the JV expires, Xi&amp;#8217;an TCH will transfer its equity in the JV to Erdos at no additional cost.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 18, 2009, Erdos TCH signed a Cooperation Agreement with Erdos to recycle heat from groups of furnaces of Erdos Metallurgy&amp;#8217;s metal refining plants to generate power and steam, which will then be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group of power generation projects with a total of 70MW power capacity, which may expand up to 120MW, and 30-ton steam per hour, with an estimated total investment in excess of $75 million (RMB 500 million). The construction of the projects was split into three phases, two power generation systems in Phase I with a total of 18MW power capacity, three power generation systems in Phase II with a total of 27MW power capacity and one power generation system in Phase III with 25MW power capacity.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; At the end of 2009, Erdos TCH completed the first 9MW power station of Phase I of the project and put it into operation. Phase I includes two 9MW units for a combined 18MW power capacity. In March of 2010, the Company completed the second 9MW capacity power station and put it into operation. Pursuant to the Co-operation Agreement and the supplement agreements signed between Erdos and Erdos TCH, Erdos shall purchase all the electricity and steam to be generated from the JV&amp;#8217;s power generation projects. Erdos TCH leased the two 9 MW units to Erdos and will be responsible for the operation and maintenance of the units.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. Erdos agreed to pay a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation unit. In addition Erdos will pay the actual amount if the sale of the electricity generated by each unit is more than $0.22 million (RMB 1.5 million) monthly.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On December 10, 2010, Erdos TCH entered into a supplementary agreement with Xi&amp;#8217;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for changing Erdos Phase II project of four 9MW waste heat generation systems to three 9MW systems, and moved the fourth 9MW waste heat generation system into Phase III of the project; and accordingly, the construction cost decreased from $37.4 million (RMB248 million) to $28.1 million (RMB186 million) for the Phase II. In the first quarter of 2011, the Company completed all three 9MW power stations of Phase II and put them into operation. Erdos TCH also outsourced the operation and maintenance of these three 9 MW power generation systems to an independent third party for an annual charge $947,000 (RMB 6.27 million) for each system. After 20 years, the systems will be transferred to Erdos without charge.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On September 30, 2009, Xi&amp;#8217;an TCH delivered three 6 MW capacity Waste Gas Power Generation (&amp;#8220;WGPG&amp;#8221;) power generating systems to Shenmu County Jiujiang Trading Co., Ltd. (&amp;#8220;Shenmu&amp;#8221;) pursuant to a Cooperative Contract on Coke-oven Gas Power Generation Project (including its Supplementary Agreement) and a Gas Supply Contract for Coke-oven Gas Power Generation Project. The terms of these contracts are for 10 years, and they provide that Xi&amp;#8217;an TCH will recycle coke furnace gas from the coke-oven plant of Shenmu to generate power, which will be supplied back to Shenmu. Shenmu agrees to supply Xi&amp;#8217;an TCH the coke-oven gas free of charge. Shenmu will pay the Company an annual &amp;#8220;energy-saving service fee&amp;#8221; of approximately $5.6 million in equal monthly installments for the life of the contracts, as well as such additional amount that may result from the supply of power to Shenmu in excess of 10.8 million kilowatt hours per month. The Company is responsible for operating the systems and will do so through an unrelated third party. Shenmu guarantees that the monthly gas supply will not be less than 21.6 million standard cubic meters. If gas supply is less, Shenmu agrees to pay Xi&amp;#8217;an TCH an energy-saving service fee described above or up to 10.8 million kilowatt-hours per month. Xi&amp;#8217;an TCH maintains the ownership of the project for the term of the contracts, including the already completed investment, design, equipment, construction and installation as well as the operation and maintenance of the project. At the end of the 10-year term, ownership of the systems transfers to Shenmu at no charge. Shenmu gave a lien on its production line to guarantee its performance under the contracts. Shenmu&amp;#8217;s three major shareholders provide an unlimited joint liability guarantee to Xi&amp;#8217;an TCH for Shenmu&amp;#8217;s performance under the contracts and the Yulin Huiyuan Group, an independent third party, provides a guarantee to Xi&amp;#8217;an TCH for Shenmu&amp;#8217;s performance under the contracts.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;font style="COLOR: black"&gt;On January 20, 2010, Xi&amp;#8217;an TCH entered into a Technical Reconstruction Letter of Intent with Xueyi Dong (&amp;#8220;Dong&amp;#8221;) a natural person with Chinese citizenship for Xi&amp;#8217;an TCH reconstructing and transforming a Thermal Power Generation System owned by Dong into a 12MW Biomass Power Generation Systems (&amp;#8220;Biomass Systems&amp;#8221; or &amp;#8220;BMPG&amp;#8221;) for approximately RMB 15 million ($2.2 million), of which, RMB 7 million ($1.03 million) was payable to Dong, and RMB 8 million ($1.18 million) was payable to one of the Company&amp;#8217;s shareholders, who had previously paid that amount to Dong on behalf of the Company. After the successful transformation of the system, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &amp;#8220;Transfer Agreement&amp;#8221;) with Dong on June 29, 2010. Under the Transfer Agreement, Dong transferred the Biomass Systems to Xi&amp;#8217;an TCH, and Xi&amp;#8217;an TCH will pay Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 in shares of the Company&amp;#8217;s common stock. The stock price will be the same as the Company&amp;#8217;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than $4 per share. The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8. As of September 30, 2011, the Company had paid the cash portion in full and had shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection with this transaction&lt;/font&gt;.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 29, 2010, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Project Lease Agreement with PuCheng XinHengYuan Biomass Power Generation Co., Ltd., (&amp;#8220;XHY&amp;#8221;). Under this lease agreement, Xi&amp;#8217;an TCH leased this same set of 12MW biomass power generation systems to XHY at minimum RMB 1,900,000 per month ($279,400) for 15 years. The leasing fee will increase proportionately with the biomass generated electricity fee in China during the term of this lease agreement.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On September 30, 2010, Xi&amp;#8217;an TCH delivered to Zhongbao Binhai Nickel Co., Ltd. (&amp;#8220;Zhongbao&amp;#8221;) a 7 MW capacity Waste Heat Power Generation (&amp;#8220;WHPG&amp;#8221;) system, an integral part of the facilities designed to produce 80,000 tons of nickel-alloy per year according to the recovery and power generation of waste heat agreement with Zhongbao, a nickel-alloy manufacturing joint venture between Zhonggang and Shanghai Baoshan Steel Group established in June 2009. Total investment in this project was approximately $7.8 million (RMB 55 million). The waste heat agreement with Zhongbao has a term of nine years and provides that Xi&amp;#8217;an TCH will recycle waste heat from the nickel-alloy rotary kilns of Zhongbao to generate power and steam, which will be supplied back to Zhongbao, and help reduce over 20,000 tons of carbon dioxide emissions every year. At the end of the term, the WHPG system will be transferred to Zhongbao for RMB 1. Pursuant to the agreement, Zhongbao will pay Xi&amp;#8217;an TCH a monthly &amp;#8220;energy-saving service fee&amp;#8221; based on the volume of electricity and steam generated the previous month at a pre-agreed price, but no less than a minimum monthly payment of $224,000 (RMB 1.5 million). Zhongbao will supply Xi&amp;#8217;an TCH certain gas, water and compressed air from the nickel-alloy rotary kilns free of charge. Zhongbao also guarantees to continuously supply not less than 6800 heat hours per year for the WHPG, or the operating term will be extended accordingly. Xi&amp;#8217;an TCH outsourced the operation and maintenance of the WHPG for the whole operation period to a third party for an annual fee of RMB 2.4 million ($366,000). In addition, Xi&amp;#8217;an TCH is responsible for applying for the Clean Development Mechanism (&amp;#8220;CDM&amp;#8221;) under the Kyoto Protocol. Net proceeds from any CDM credit will be distributed between Zhongbao and Xi&amp;#8217;an TCH at 60% and 40%, respectively. Xi&amp;#8217;an TCH had not commenced the CDM application process as of September 30, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On March 15, 2011, the Company incorporated a new wholly owned subsidiary Pingshan County Shengda Energy Technology Co., Ltd (&amp;#8220;Shengda&amp;#8221;). Xi&amp;#8217;an TCH contributed cash of $4,559,271 (RMB 30,000,000) into Shengda as initial capital. Shengda was set up in order to undertake waste energy recycling projects from a steel and chemical company in Pingshan county in accordance with and pursuant to a Recycling Economy Projects Cooperative Framework Agreement entered into by the parties. The final terms for the projects have not been reached and entered, and Shengda is not currently operational.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On May 25, 2011, Xi&amp;#8217;an TCH entered into a Letter of Intent with Shenqiu Yuneng Thermal Power Ltd Co., (&amp;#8220;Shenqiu&amp;#8221;) for Xi&amp;#8217;an TCH reconstructing and transforming a Thermal Power Generation System owned by Shenqiu into a 75T/H Biomass Power Generation Systems for RMB 22.5 million ($3.5 million). The project commenced in June 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On September 28, 2011, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement with Shenqiu (the &amp;#8220;Seller&amp;#8221;). The Transfer Agreement provided for the sale of a set of 12MW biomass power generation systems to Xi&amp;#8217;an TCH after Xi&amp;#8217;an TCH completed the conversion of the system for biomass power generation purpose. As consideration for the biomass power generation system, Xi&amp;#8217;an TCH will pay the Seller RMB 70,000,000 in cash ($10,937,500) in three installments in 6 months upon the transfer of ownership of the system. As of September 30, 2011, $3,147,178 (RMB 20,000,000) was paid. On September 28, 2011, Xi&amp;#8217;an TCH also entered into a Biomass Power Generation Project Lease Agreement with the Seller. Under the Lease Agreement, Xi&amp;#8217;an TCH leased this set of 12,000 KW biomass power generation systems to the Seller at RMB 1,800,000 per month ($281,250) for 11 years. Seller provided one month leasing fee as security deposit to Xi&amp;#8217;an TCH as well as personal guarantees from its legal representative. The ownership of this system will be transferred to Shenqiu with no cost at the end of the lease term.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The unaudited financial statements included herein were prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (&amp;#8220;SEC&amp;#8221;). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) that are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;US GAAP&amp;#8221;) have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company&amp;#8217;s 2010 audited financial statements included in the Company&amp;#8217;s Annual Report on Form 10-K. The results for the nine and three months ended September 30, 2011 are not necessarily indicative of the results to be expected for the full year ending December 31, 2011.&lt;/div&gt; &lt;/div&gt; </us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>

  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_318"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Basis of Presentation&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; These accompanying consolidated financial statements have been prepared in accordance with US GAAP and pursuant to the rules and regulations of the SEC for annual financial statements.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Basis of Consolidation&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The consolidated financial statements include the accounts of CREG and, its subsidiary, Sifang Holdings, its wholly owned subsidiaries, Huahong New Energy Technology Co., Ltd. ("Huahong") and Shanghai TCH, Shanghai TCH&amp;#8217;s subsidiaries Xi&amp;#8217;an TCH Energy Tech Co., Ltd. (&amp;#8220;Xi&amp;#8217;an TCH&amp;#8221;) and Xingtai Huaxin Energy Tech Co., Ltd. (&amp;#8220;Huaxin&amp;#8221;), and Xi&amp;#8217;an TCH&amp;#8217;s subsidiary, Pingshan Xian Shengda Energy Technology Ltd Co. (&amp;#8220;Shengda&amp;#8221;) and Erdos TCH Energy Saving Development Co., Ltd (&amp;#8220;Erdos TCH&amp;#8221;), in which 93% of the investment is from Xi&amp;#8217;an TCH. Substantially all of the Company&amp;#8217;s revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all of the Company&amp;#8217;s consolidated assets and liabilities as of September 30, 2011 and December 31, 2010, respectively. All significant inter-company accounts and transactions were eliminated in consolidation.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Use of Estimates&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In preparing these consolidated financial statements in accordance with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the period reported. Actual results may differ from these estimates.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Revenue Recognition&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;em&gt;&lt;u&gt;Sales-type Leasing and Related Revenue Recognition&lt;/u&gt;&lt;/em&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; We construct and lease waste energy recycling power generating projects to our customers. We usually transfer ownership of the waste energy recycling power generating projects to our customers at the end of the lease term. Our investment in these projects is recorded as investment in sales-type leases in accordance with Statement of Financial Accounting Standards (&amp;#8220;SFAS&amp;#8221;) No. 13, &amp;#8220;Accounting for Leases&amp;#8221; (codified in Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 840) and its various amendments and interpretations. We finance construction of waste energy recycling power generating projects and our customers for the price of the projects. The sales and cost of sales are recognized at the inception of lease. The investment in sales-type leases consists of the sum of the total minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (lessor) and the customer (lessee). The discount rate implicit in the sales type lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs and contingent rentals, if any. Unearned interest income is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at the inception of the lease, the cash flow from the sales-type lease occurs over the course of the lease which results in interest income and reduction of receivables. Revenue is recognized net of Sales Tax.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;em&gt;&lt;u&gt;Contingent Rental Income&lt;/u&gt;&lt;/em&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company records income from actual electricity usage in addition to minimum lease payments of each project as contingent rental income in the period contingent rental income is earned. Contingent rent is not part of minimum lease payments.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Cash and Equivalents&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Cash and equivalents includes cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Concentration of Credit Risk&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Cash includes cash on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered by insurance. The Company has not experienced any losses in such accounts.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Certain other financial instruments, which subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers&amp;#8217; financial condition and customer payment practices to minimize collection risk on accounts receivable.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The operations of the Company are located in the PRC. Accordingly, the Company&amp;#8217;s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC economy.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Property and Equipment&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Building&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;20 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Vehicle&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2 - 5 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Office and Other Equipment&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2 - 5 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Software&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2 - 3 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Impairment of Long-life Assets&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In accordance with SFAS 144 (codified in FASB ASC Topic 360), the Company reviews its long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There was no impairment as of September 30, 2011 and December 31, 2010.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Cost of Sales&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Cost of sales consists primarily of the direct material of the power generating system and expenses incurred directly for project construction for sales-type leasing, and rental expenses for two pieces of power generation equipment for the operating lease.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Income Taxes&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company utilizes SFAS No. 109, &amp;#8220;Accounting for Income Taxes,&amp;#8221; (codified in FASB ASC Topic 740), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company follows the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, (&amp;#8220;FIN 48&amp;#8221;), codified in FASB ASC Topic 740. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. As of September 30, 2011 and December 31, 2010, the Company had not taken any uncertain positions that would necessitate recording of tax related liability.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Non-Controlling Interest&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company follows FASB ASC Topic 810, &amp;#8220;Consolidation,&amp;#8221; which established new standards governing the accounting for and reporting of non-controlling interests (NCIs) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCIs (previously referred to as minority interests) be treated as a separate component of equity, not as a liability (as was previously the case), that increases and decreases in the parent&amp;#8217;s ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might result in a deficit balance.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The net income (loss) attributed to the NCI was separately designated in the accompanying statements of income and other comprehensive income. Losses attributable to the NCI in a subsidiary may exceed the NCI&amp;#8217;s interests in the subsidiary&amp;#8217;s equity. The excess attributable to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution results in a deficit NCI balance.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Statement of Cash Flows&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In accordance with SFAS No. 95, &amp;#8220;Statement of Cash Flows&amp;#8221; (codified in FASB ASC Topic 230), cash flows from the Company&amp;#8217;s operations are calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Fair Value of Financial Instruments&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; For certain of the Company&amp;#8217;s financial instruments, including cash and equivalents, restricted cash, accounts receivable, other receivables, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. Receivables on sales-type leases are based on interest rates implicit in the lease.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; ASC Topic 820, &amp;#8220;Fair Value Measurements and Disclosures,&amp;#8221; requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, &amp;#8220;Financial Instruments,&amp;#8221; defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#149;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;&amp;#149;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;&amp;#149;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, &amp;#8220;Distinguishing Liabilities from Equity,&amp;#8221; and ASC 815.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011 and December 31, 2010, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Stock Based Compensation&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company accounts for its stock-based compensation in accordance with SFAS No. 123R, &amp;#8220;Share-Based Payment, an Amendment of FASB Statement No. 123&amp;#8221; (codified in FASB ASC Topic 718 and 505). The Company recognizes in its statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Basic and Diluted Earnings per Share&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company presents net income (loss) per share (&amp;#8220;EPS&amp;#8221;) in accordance with SFAS No. 128, &amp;#8220;Earnings per Share&amp;#8221; (codified in FASB ASC Topic 740). Accordingly, basic income (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income by the weighted-average number of common shares outstanding as well as common share equivalents outstanding for the period determined using the treasury-stock method for stock options and warrants and the if-converted method for convertible notes. The Company made an accounting policy election to use the if-converted method for convertible securities that are eligible to receive common stock dividends, if declared. Diluted earnings per share reflect the potential dilution that could occur based on the exercise of stock options or warrants or conversion of convertible securities using the if-converted method. The following table presents a reconciliation of basic and diluted earnings per share:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents a reconciliation of basic and diluted earnings per share for nine and three months ended:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Nine Months Ended&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Three Months Ended&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income for common shares&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,354,376&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12,801,992&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,066,996&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,870,253&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Interest expense on convertible notes*&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,062,785&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 371,583&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 368,784&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 125,222&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income for diluted shares&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,417,161&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,173,575&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,435,780&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,995,475&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighted average shares outstanding &amp;#150; basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 41,659,787&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 38,778,035&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 43,533,174&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 38,778,035&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Effect of dilutive securities:&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Convertible notes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 14,596,137&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,170,530&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,041,763&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,098,993&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Options granted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,747,412&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,316,092&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,315,250&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,203,292&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Warrants granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,977&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 120,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,750&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 107,121&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighted average shares outstanding &amp;#150; diluted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 58,019,313&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,384,657&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 57,891,937&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 52,187,441&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Earnings (loss) per share &amp;#150; basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.54&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.25&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.13&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Earnings (loss) per share &amp;#150; diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.40&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.26&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.09&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160; &lt;hr style="TEXT-ALIGN: left; WIDTH: 25%; HEIGHT: 1px; COLOR: #000000; MARGIN-LEFT: 0px" /&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;*&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Interest expense on convertible notes was added back to net income for the computation of diluted earnings per share.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Foreign Currency Translation and Comprehensive Income (Loss)&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s functional currency is the Renminbi (&amp;#8220;RMB&amp;#8221;). For financial reporting purposes, RMB were translated into United States Dollars (&amp;#8220;USD&amp;#8221;) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders&amp;#8217; equity as &amp;#8220;Accumulated other comprehensive income.&amp;#8221; Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company uses SFAS 130 &amp;#8220;Reporting Comprehensive Income&amp;#8221; (codified in FASB ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of stockholders&amp;#8217; equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Segment Reporting&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; SFAS No. 131, &amp;#8220;Disclosures about Segments of an Enterprise and Related Information&amp;#8221; (codified in FASB ASC Topic 280) requires use of the &amp;#8220;management approach&amp;#8221; model for segment reporting. The management approach model is based on the way a company&amp;#8217;s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. SFAS 131 has no effect on the Company&amp;#8217;s financial statements as substantially all of the Company&amp;#8217;s operations are conducted in one industry segment. All of the Company&amp;#8217;s assets are located in the PRC.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Registration Rights Agreement&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company accounts for payment arrangements under a registration rights agreement in accordance with ASC Topic 825, &amp;#8220;Financial Instruments,&amp;#8221; which requires the contingent obligation to make future payments or otherwise transfer consideration under a registration payment arrangement, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement, be separately recognized and measured in accordance with ASC Topic 450, &amp;#8220;Contingencies,&amp;#8221; (see Note 14, Registration Rights Agreement for Convertible Note).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Reclassifications&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Certain prior year amounts were reclassified to conform to the manner of presentation in the current period. The Company reclassified rental deposit of $286,892 to long term liability from accrued liabilities and other payables for the period ended December 31, 2010.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;New Accounting Pronouncements&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In May 2011, FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (ASC Topic 820), to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements. The provisions of this new guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The guidance is not expected to have a material impact on our consolidated financial statements.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In June 2011, FASB issued ASU 2011-05, Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income. Under the amendments in this update, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under both options, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive income in that statement. In the two-statement approach, an entity is required to present components of net income and total net income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net income and include the components of other comprehensive income and a total for other comprehensive income, along with a total for comprehensive income. In addition, the entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. The amendments in this update should be applied retrospectively and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company is currently assessing the effect that the adoption of this pronouncement will have on its financial statements.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In September 2011, FASB has issued ASU 2011-08, &lt;em&gt; Intangibles&amp;#151;Goodwill and Other (Topic 350): Testing Goodwill for Impairment.&lt;/em&gt; ASU 2011-08 is intended to simplify how entities, both public and nonpublic, test goodwill for impairment. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350, &lt;em&gt; Intangibles-Goodwill and Other.&lt;/em&gt; The more-likely-than-not threshold is defined as having a likelihood of more than 50%. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company is currently assessing the effect that the adoption of this pronouncement will have on its financial statements.&lt;/div&gt; &lt;/div&gt; </us-gaap:SignificantAccountingPoliciesTextBlock>

  <creg:InvestmentsTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_319"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;3. NET INVESTMENT IN SALES-TYPE LEASES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under sales-type leases, Shanghai TCH leased TRT systems to Xingtai and Zhangzhi with terms of five and thirteen years, respectively and leased CHPG systems to Tong Chuan Shengwei and Jin Yang Shengwei respectively for five years, WGPG systems to Shenmu for ten years, BMPG systems to Pucheng for fifteen years, BMPG systems to Shenqiu for eleven years, and a power and steam generating system from waste heat from metal refining to Erdos for twenty years. The components of the net investment in sales-type leases as of September 30, 2011 and December 31, 2010 are as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total future minimum lease payments receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 452,765,015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 379,641,671&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Less: executory cost&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (114,018,386&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (99,866,170&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Less: unearned interest income&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (183,062,575&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (154,564,733&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net investment in sales - type leases&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 155,684,054&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 125,210,768&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,365,951&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 7,624,637&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Noncurrent portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 146,318,103&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 117,586,131&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, the future minimum rentals to be received on non-cancelable sales-type leases by years are as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2012&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 40,834,910&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2013&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 39,734,306&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2014&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 35,858,665&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2015&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 31,423,265&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2016&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 31,423,265&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Thereafter&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 273,490,604&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 452,765,015&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </creg:InvestmentsTextBlock>

  <creg:RestrictedCashAndCashEquivalentsTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_320"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;4. RESTRICTED CASH, NOTES PAYABLE &amp;#150; BANK ACCEPTANCES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Restricted cash as of September 30, 2011 and December 31, 2010 was $0 and $2,151,690, respectively, held by the bank as collateral to issue bank acceptances. The Company endorses bank acceptances to vendors as payment of their own obligations. Most of the bank acceptances have maturities of less than six months. As of September 30, 2011 and December 31, 2010, the Company had bank acceptances of $0 and $2,868,921, respectively.&lt;/div&gt; &lt;/div&gt; </creg:RestrictedCashAndCashEquivalentsTextBlock>

  <us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_321"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;5. PREPAID EXPENSES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Prepaid expenses mainly consisted of prepayment for supplies, office rental, parking space, insurance and legal fees.&lt;/div&gt; &lt;/div&gt; </us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock>

  <us-gaap:LongTermContractsOrProgramsDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_322"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;6. CONSTRUCTION IN PROGRESS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Construction in progress&amp;#8221; is the amount paid for constructing power generation systems. During the first quarter of 2011, Erdos power generation system Phase II, the third 9MW Capacity Electricity power generation system was completed and put into operation. At September 30, 2011, the Company had paid approximately $19.71 million for Phase III of the Erdos TCH power generation system projects, and $12.58 million for Shannxi Datong Coal Group Power Generation project (See Note 19). The Company was committed to pay an additional $8.7 million for Phase III projects excluding quality deposits of $120,000 in 2011, and $15.74 million for Shannxi Datong Coal Group Power Generation project.&lt;/div&gt; &lt;/div&gt; </us-gaap:LongTermContractsOrProgramsDisclosureTextBlock>

  <creg:TaxDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_323"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;7. TAXES PAYABLE&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Taxes payable&amp;#8221; consisted of the following at September 30, 2011 and December 31, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 807,076&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,237,823&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Business&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 285,040&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 347,654&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 52,926&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 46,423&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,145,042&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,631,900&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </creg:TaxDisclosureTextBlock>

  <us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_324"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;8. ACCRUED LIABILITIES AND OTHER PAYABLES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Accrued liabilities and other payables&amp;#8221; consisted of the following as of September 30, 2011 and December 31, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Employee training, labor union expenditure and social insurance payable&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 255,344&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 245,019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consulting, auditing, and legal expenses&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 224,070&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 541,638&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Payable to Yingfeng&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,688,501&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,730,451&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Accrued payroll and welfare&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 302,049&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 259,120&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Accrued system maintenance expense&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75,461&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 72,409&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 85,818&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25,421&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,631,243&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,874,058&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Payable to Yingfeng&amp;#8221; is the cost of obtaining the ownership of two TRT projects (Zhangzhi and Xingtai) that were previously owned by Yingfeng. This amount is non-interest bearing and is payable on demand.&lt;/div&gt; &lt;/div&gt; </us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>

  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_325"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;9. RELATED PARTY TRANSACTIONS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, advances from related parties totaled $1,245,913, including $1,384,758 from Erdos (the minority shareholder of Erdos TCH), as an advance for the capital needs of Erdos TCH, but net with receivable from Erdos of $476,601 for maintenance fees and taxes in September, and $37,756 and $300,000 advance from management and CEO of the Company, respectively, which bore no interest, payable on demand. As of December 31, 2010, advances from related parties totaled $1,365,877, including $1,328,763 from Erdos (the minority shareholder of Erdos TCH) as an advance for the capital needs of Erdos TCH and a $37,114 payment by the Company&amp;#8217;s management for paying certain operating expenses on behalf of the Company.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH sold all power generation stations through sales type leases to Erdos Metallurgy Co., Ltd., the non-controlling interest. Total sales and interest income for this non-controlling interest was $11.66 million and $5.09 million for the nine months ended September 30, 2011, and $10.33 million and $1.52 million for the same period of 2010; $0.2 million and $1.84 million for three months ended September 30, 2011, and $0.23 million and $0.62 million for the same period of 2010, respectively.&lt;/div&gt; &lt;/div&gt; </us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

  <us-gaap:MinorityInterestDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_326"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;10. NONCONTROLLING INTEREST&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Non-controlling interest&amp;#8221; was a 7% equity interest of Erdos JV owned by Erdos Metallurgy Co., Ltd. According to Xi&amp;#8217;an TCH and Erdos&amp;#8217; agreement on profit distribution, Xi&amp;#8217;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively, until Xi&amp;#8217;an TCH has received a complete return on its investment. Xi&amp;#8217;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, the total registered capital of Erdos JV is RMB 120,000,000 ($17.55 million), of which, $16.37 million (RMB112 million) was contributed by Xi&amp;#8217;an TCH and $1.18 million (RMB 8 million) was from Erdos. Erdos TCH engages in a business similar to that of Xi&amp;#8217;an TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH allocates its income to Xi&amp;#8217;an TCH and Erdos at a proportion of 80% and 20% based on net income calculated under Chinese GAAP. The main difference between US GAAP and Chinese GAAP with respect to Erdos is that the Erdos agreement is treated as a sales-type lease under US GAAP and as an operating lease under Chinese GAAP. The following is the profit and loss statement of Erdos TCH, prepared under Chinese GAAP for the nine months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net Revenue&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,978,008&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Cost of Revenue&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5,726,613&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Gross Profit&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,251,395&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Operating expenses&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,859&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operations&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,235,536&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Non-operating income&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,612&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,060,537&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net Income&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,181,611&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following is a reconciliation of net income per Chinese GAAP to net income per US GAAP:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income per Chinese GAAP&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,181,611&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Adjustments under US GAAP:&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Revenue per sales-type lease&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,684,857&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Cost of revenue&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (3,072,599&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operation&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,793,869&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Interest income&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,758,928&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income tax&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,552,797&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (696,444&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income per US GAAP&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,856,353&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following is the balance sheet of Erdos TCH, prepared under Chinese GAAP at September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Assets&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Cash and equivalents&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,390,779&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other current assets&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,364,407&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Property and equipment&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 49,303,067&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Construction in process&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 21,989,258&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total Assets&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 79,047,511&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Liabilities&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Accounts payable&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,324,978&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,757,271&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Long term loan&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 47,207,667&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 55,289,916&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Equity&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Paid in capital&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,573,578&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Statutory reserve&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 153,147&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,480,109&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Retained earnings&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,550,761&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total stockholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,757,595&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total liabilities and stockholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 79,047,511&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </us-gaap:MinorityInterestDisclosureTextBlock>

  <creg:DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_327"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;11. DEFERRED TAX&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Deferred tax asset was a result of the accrued maintenance cost on power generation systems that can be deducted for tax purposes in the future; and difference between tax and accounting basis of cost of fixed assets which was capitalized for tax purposes and expensed as part of cost of systems in the book. Deferred tax liability arose from the difference between tax and accounting basis of net investment in sales-type leases.&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011 and December 31, 2010, deferred tax asset (liability) consisted of the following:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax asset &amp;#151; noncurrent (accrual of system maintenance cost)&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 594,674&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,161&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax asset &amp;#151; noncurrent (depreciation of fixed assets)&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 27,551,658&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,571,649&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax liability &amp;#151; noncurrent (net investment in sales-type leases)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (36,581,966&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (29,023,949&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax liability, net of deferred tax asset &amp;#150; noncurrent&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (8,435,634&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (6,429,139&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax liability &amp;#151; current (net investment in sales-type leases)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,563,843&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,188,504&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </creg:DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock>

  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_328"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;12. INCOME TAX&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Effective January 1, 2008, the PRC government implemented a new corporate income tax law with a maximum rate of 25%. The Company is governed by the Income Tax Law of the PRC concerning privately-run enterprises, which are generally subject to tax at 25% (33% prior to 2008) on income reported in the statutory financial statements after appropriate tax adjustments. Under the 2008 Chinese tax law, the tax treatment of finance and sales-type leases is similar to US GAAP. However, the local tax bureau continues to treat CREG sales-type leases as operating leases. Accordingly, the Company recorded deferred income taxes.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s subsidiaries generate all of their net income from their PRC operations. Shanghai TCH&amp;#8217;s effective income tax rates for 2011 and 2010 are 24% and 22%, respectively. Xi&amp;#8217;an TCH&amp;#8217;s effective income tax rate for 2011 and 2010 is 15% as a result of its high tech enterprise status that was approved by the taxing authority. Xingtai Huaxin&amp;#8217;s effective income tax rate for 2011 and 2010 is 25%. Huahong and Erdos TCH&amp;#8217;s effective income tax rate for 2011 and 2010 is 25%. Pingshan Shengda&amp;#8217;s effective income tax rate for 2011 is 25%. Shanghai TCH, Xi&amp;#8217;an TCH, Xingtai Huaxin, Huahong, Pingshan Shengda and Erdos TCH file separate income tax returns. If Xi&amp;#8217;an TCH had not been granted high tech enterprise status, income tax expense for the nine months ended September 30, 2011, would have been increased by $1,428,064 and earnings per share would have been reduced by $0.03.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Shanghai TCH, as a business in a Development Zone, was subject to a 15% income tax rate. According to the new income tax law that became effective January 1, 2008, for those enterprises to which the 15% tax rate was previously applicable, the applicable rates shall increase as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; VERTICAL-ALIGN: bottom"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Year&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Tax Rate&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt; &lt;td style="WIDTH: 89%; VERTICAL-ALIGN: bottom"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2011&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 8%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;24&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 1%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;%&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white"&gt; &lt;td style="VERTICAL-ALIGN: bottom"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2012&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;25&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;%&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; There is no income tax for companies domiciled in the Cayman Islands. Accordingly, the Company&amp;#8217;s consolidated financial statements do not present any income tax provisions related to Cayman Islands tax jurisdiction where Sifang Holding is domiciled.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The parent company, China Recycling Energy Corporation, is taxed in the U.S. and has net operating loss carry forwards for income taxes of $6.75 million at September 30, 2011, which may be available to reduce future years&amp;#8217; taxable income as NOLs can be carried forward up to 20 years from the year the loss is incurred. Management believes the realization of benefits from these losses appears uncertain due to the Company&amp;#8217;s limited operating history and continuing losses. Accordingly, a 100% deferred tax asset valuation allowance was provided.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table reconciles the U.S. statutory rates to the Company&amp;#8217;s effective tax rate for the nine and three months ended September 30, 2011 and 2010, respectively:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Nine Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Three Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; U.S. statutory rates&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Tax rate difference &amp;#150; current provision&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (6.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (10.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5.6&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Effective tax holiday&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Non tax-deductible expenses (non-taxable income), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (4.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4.6&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Valuation allowance on NOL (utilization of NOL)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (13.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Tax per financial statements&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 24.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 16.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 21.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The provision for income tax expenses for the nine and three months ended September 30, 2011 and 2010 consisted of the following:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Nine Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Three Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income tax expense - current&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,353,664&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,754,734&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 781,613&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 688,913&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income tax benefit - deferred&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,015,593&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,495,828&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,408,013&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 663,606&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total income tax expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,369,257&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,250,562&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,189,626&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,352,519&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </us-gaap:IncomeTaxDisclosureTextBlock>

  <us-gaap:DebtDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_329"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;13. LOANS PAYABLE&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Collective Capital Trust Plan&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On December 3, 2009, the Company and Beijing International Trust Co., Ltd. (&amp;#8220;Beijing Trust&amp;#8221;) formed a Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan (&amp;#8220;Plan&amp;#8221;). Under the Plan, Beijing Trust raised RMB 181,880,000 ($26.75 million) through sale of 181,880,000 trust units at RMB 1 per unit. All amounts raised under the Plan were loaned to Erdos TCH in connection with its waste heat power generation projects Phase II and Phase III construction and operation.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Plan included 145,500,000 category A preferred trust units ($21.4 million), consisting of category A1 preferred trust 12,450,000 units ($1.8 million), category A2 preferred trust 15,000,000 units ($2.2 million), category A3 preferred trust 118,050,000 units ($17.4 million); and 36,380,000 category B secondary trust units ($5.35 million), consisting of category B1 secondary trust 9,100,000 units ($1.34 million) and category B2 secondary trust 27,280,000 units ($4.01 million). The B1 units were purchased by members of management of Erdos TCH and the B2 units were purchased by Xi&amp;#8217;an TCH. Under the Agreement, the annual base interest rate is 9.94% for A1 preferred trust fund units with a term of two years, 11% for A2 preferred trust fund units with a term of three years, 12.05% for A3 preferred trust fund units and 8.35% for the category B secondary trust fund units, each with a term of four years.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH provided a lien on its equipment, assets and accounts receivable to guarantee the loans under the Agreement. Xi&amp;#8217;an TCH and Mr. Guohua Ku (the Company&amp;#8217;s CEO) also provided unconditional and irrevocable joint liability guarantees to Beijing Trust for Erdos TCH&amp;#8217;s performance under the Agreement. Erdos (the minority shareholder and customer of Erdos TCH) provided a commitment letter on minimum power purchase from Erdos TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On December 18, 2009, an additional RMB 25,000,000 ($3.7 million) was raised to support the Company&amp;#8217;s Erdos Power Generation Projects. The Company sold 25,000,000 trust units at RMB 1 per unit which included 20,000,000 category A1 preferred trust units ($ 2.9 million) and 5,000,000 category B2 secondary trust units ($ 0.7 million). The B2 units were purchased by Xi&amp;#8217;an TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; During December 2009, the Plan sold 206,880,000 units for RMB 206,880,000 ($30.3 million), of which, 9,100,000 units ($1.3 million) were purchased by the management of Erdos TCH; the 32,280,000 units purchased by Xi&amp;#8217;an TCH, the amount of $4.7 million was considered as investment by Xi&amp;#8217;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was $25.6 million at December 31, 2009.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 15, 2010, Beijing Trust completed the second expansion of the Plan. The second expansion raised RMB 93,120,000 ($13.7 million) through the sale of 93,120,000 trust units at RMB 1 per unit. All amounts raised under the Second Expansion were loaned to Erdos TCH. The second expansion included 2,800,000 category A1 preferred trust units ($0.4 million), 5,000,000 category A2 preferred trust units ($0.7 million), 66,700,000 category A3 preferred trust units ($9.8 million), 4,650,000 category B1 preferred trust units ($0.7 million), and 13,970,000 category B2 secondary trust units ($2.1 million). The B1 units were purchased by members of management of Erdos TCH and the B2 units were purchased by Xi&amp;#8217;an TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; With the completion of the second expansion, the Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan reached RMB 300,000,000 ($44.1 million) and completed all its trust plan raising work, of which, 13,750,000 units ($2.0 million) were purchased by the management of Erdos TCH; 47,850,000 units were purchased by Xi&amp;#8217;an TCH, of which, 46,250,000 ($6.8 million) was B2 units and 1,600,000 ($235,600) units was A1 units, the amount was considered as investment by Xi&amp;#8217;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was RMB 252,150,000 ($39.68 million) at September 30, 2011. Interest expense accrued on this trust loan was $4.0 million and $4.5 million at September 30, 2011 and December 31, 2010, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In addition to the above, under the Loan Agreement, Erdos TCH must pay a management incentive benefit to Beijing Trust upon maturity of the category A3 and category B trust units in December 2013 if the ratio of Erdos TCH&amp;#8217;s profit to its registered capital exceeds a base amount. If this criterion is met, the amount of the management incentive benefit is calculated based on a formula tied to Erdos TCH&amp;#8217;s net profit and the average registered capital for the 2012 fiscal year. Under this formula the management incentive benefit could range between 0% and 100% of the net profit of Erdos TCH in the 2012 fiscal year.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The management incentive benefit was structured to provide an incentive to management to make the joint venture profitable. Under the Plan, Beijing Trust will distribute the entire amount of the management incentive benefit it receives to the holders of the category B trust units. As previously disclosed, the holders of the category B trust units are the management of Erdos TCH and Xi&amp;#8217;an TCH. Category B trust units receive a lower base interest rate than the category A trust units but the economic return to the holders of category B trust units will be enhanced by any management incentive benefit.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH also will share the benefits from Clean Development Mechanism ("CDM") under the Kyoto Protocol equally with Beijing Trust during the term of the loan. Any benefit received from CDM will be paid to Erdos Metallurgy first. Under the agreement with Xi&amp;#8217;an TCH, Erdos Metallurgy agrees to deliver to Xi&amp;#8217;an TCH 50% of the benefit Erdos Metallurgy receives. Xi&amp;#8217;an TCH agrees to share 50% of the benefit it receives from Erdos Metallurgy with Erdos TCH. Under the Capital Trust Loan Agreement between Erdos TCH and Beijing Trust, Erdos TCH agrees that 50% of any benefit it receives will be delivered to Beijing Trust. Pursuant to the Plan, Beijing Trust will distribute 70% of the CDM benefit it receives to the holders of the category B trust units. The receipt of any CDM benefit is subject to a process of evaluation and certification of the project by the CDM Executive Board and is under the guidance of the Conference of the Parties of the United Nations Framework Convention on Climate Change. The first stages of the certification process have been completed successfully.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Bank Long Term Loans - Industrial Bank&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company entered a loan agreement with Industrial Bank Co., Ltd., Xi&amp;#8217;an Branch (the &amp;#8220;Lender&amp;#8221;) for a loan designed for energy saving and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&amp;#8217;an TCH for three years from April 6, 2010 to April 6, 2013. The proceeds of the loan are required to be used in payment for equipment for Xi&amp;#8217;an TCH&amp;#8217;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of each quarter at 110% of the national base interest rate for the same term and same level loan (currently 7.015%). Under the loan, Xi&amp;#8217;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&amp;#8217;an TCH, Shaanxi Shengwei Construction Material Group and Mr. Guohua Ku. At September 30, 2011, $1,888,308 of the principal was repaid and $2,832,462 will be repaid within one year which was classified as current liability.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The loan has the following covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500million ($78 million); (ii) assets to liability ratio not less than 80%; and (iii) the current ratio not less than 2.5. The borrower was Xi&amp;#8217;an TCH. As of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company entered another loan agreement with the same Industrial Bank for energy saving and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&amp;#8217;an TCH for three years to March 30, 2014. As of September 30, 2011, the Company received RMB 30,000,000 ($4,720,767) of the loan. The proceeds of the loan are required to be used in payment for construction and equipment purchase for Xi&amp;#8217;an TCH&amp;#8217;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of each quarter at 115% of the national base interest rate for the same term and same level loan (currently 7.015%). Under the loan, Xi&amp;#8217;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&amp;#8217;an TCH, Mr. Guohua Ku and Ms. Chaoying Zhang. The Company will commence to repay the loan in the fourth quarter of 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The loan was originally pledged with the system and revenue of the project ZhongBao. In June 2011, the system of the project ZhongBao was sold to and leased back from Cinda Financial Leasing Co., Ltd. (the &amp;#8220;Cinda Financial&amp;#8221;) , the Company engaged a third party bonding company as the guarantor for the loan, which was approved by the Industrial Bank in July 1, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The loan has the following covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500 million ($78 million); (ii) assets to liability ratio not less than 80%; and (iii) the current ratio not less than 1. The borrower was Xi&amp;#8217;an TCH. As of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Financing Agreement- - Sale Lease-back transaction&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 28, 2011, Xi&amp;#8217;an TCH&amp;#8221; entered into a Financing Agreement (the &amp;#8220;Agreement&amp;#8221;) with Cinda Financial Leasing Co., Ltd. (the &amp;#8220;Cinda Financial&amp;#8221;), an affiliate of China Cinda (HK) Asset Management Co., Ltd. (the &amp;#8220;Cinda HK&amp;#8221;).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Agreement, Xi&amp;#8217;an TCH transferred its ownership of a set of 7MW steam turbine waste heat power generation system (the &amp;#8220;WHPG system currently used by Zhonngbao&amp;#8221;) and four furnaces and ancillary apparatus (the &amp;#8220;Assets&amp;#8221;) to Cinda Financial for RMB 42.50 million ($6.69 million), and Cinda Financial in turn leased the Assets to Xi&amp;#8217;an TCH for 5 years with an overall leasing fee of RMB 51.54 million ($8.11 million) based upon the transfer cost and the benchmark interest rate for five year loans by People&amp;#8217;s Bank of China (&amp;#8220;PBOC&amp;#8221;) (presently 6.65%) plus 15% of that rate (which at present is 7.6475%). The interest rate will increase if the five year benchmark interest rate of PBOC increases but will remain the same if the benchmark rate decreases in the future. Xi&amp;#8217;an TCH shall make pro rata quarterly payments to Cinda Financial for the leasing fees. Upon the completion of the leasing term and full payment of all leasing fees and other fees, Xi&amp;#8217;an TCH can pay RMB 4,250 ($669) to reacquire the ownership of the Assets. The quarterly minimum payment is RMB 2,577,109 ($396,875).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In addition to the leasing fees, Xi&amp;#8217;an TCH prepaid a one-time non-refundable leasing service charge of RMB 2,550,000 ($401,265) and a refundable security deposit of RMB 2,125,000 ($334,388) to Cinda Financial as of September 30, 2011. The prepaid leasing service fee was amortized over 5 years. For the three months ended September 30, 2011, RMB 127,500 ($19,623) was amortized. The unamortized portion was recorded as prepaid loan fees of $78,492 and $302,710 into current and non current portions respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In accordance with ASC 840-10-25-4, since CREG retains substantially all of the benefits and risks relating to the property, this transaction is a financing and will be recorded as such. The proceeds of this financing were not received prior to June 30, 2011; therefore, this transaction was recorded in the third quarter of 2011. For the nine and three months ended September 30, 2011, the Company made repayment of $399,094 to Cinda Financial.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, the future minimum payment to be made by years is as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2012&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2013&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2014&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2015&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,216,669&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 7,705,165&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Unamortized interest&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,290,226&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total long term payable&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,414,939&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (78,492&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Non current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,265,491&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </us-gaap:DebtDisclosureTextBlock>

  <creg:NotesPayableDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_330"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;14. CONVERTIBLE NOTES PAYABLE&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Convertible Notes from Carlyle&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On November 16, 2007, the Company entered into a Stock and Notes Purchase Agreement (&amp;#8220;Purchase Agreement&amp;#8221;) with Carlyle Asia Growth Partners III, L.P. (&amp;#8220;CAGP&amp;#8221;) and CAGP III Co. Investment, L.P. (together with CAGP, the &amp;#8220;Investors&amp;#8221;). Under the terms of the Purchase Agreement, the Company sold the Investors a 10% Secured Convertible Promissory Note of $5,000,000 (the &amp;#8220;First Note&amp;#8221;). Additionally, the Purchase Agreement provides for two subsequent transactions to be effected by the Company and the Investors, which include (i) the issuance by the Company of and subscription by the Investors for 4,066,706 shares of common stock of Company, at $1.23 per share for $5,000,000, and (ii) the issuance and sale by the Company to the Investors of a 5% Secured Convertible Promissory Note of $15,000,000 (the foregoing transactions, together with sale and purchase of the First Note, are hereinafter referred to as the &amp;#8220;Offering&amp;#8221;). The subsequent transactions are contingent upon the satisfaction of certain conditions specified in the Purchase Agreement, including entry into specified energy and recycling project contracts and the purchase of certain energy recycling systems.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The First Note bore interest at 10% and was due November 16, 2009. The principal amount of the First Note, together with any interest thereon, converted, at the option of the holders at any time on or prior to maturity, into shares of the Company&amp;#8217;s common stock at an initial conversion price of $1.23 per share (subject to anti-dilution adjustments). The First Note was subject to mandatory conversion upon the consummation of the aforementioned issuance and subscription of shares of the Company&amp;#8217;s common stock under the Purchase Agreement. The obligations of the Company under the First Note ranked senior to all other debt of the Company.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As collateral for the First Note, the President and a major shareholder of the Company pledged 9,653,471 shares of the Company&amp;#8217;s common stock held by him to secure the First Note. This pledge was released during the fiscal quarter ended September 30, 2011 and is of no further force or effect.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The First Note was considered to have a beneficial conversion feature (&amp;#8220;BCF&amp;#8221;) because the conversion price was less than the quoted market price at the time of issuance. Accordingly, the beneficial conversion feature of $5,000,000 was recorded separately as unamortized beneficial conversion feature based on the intrinsic value method. As the BCF was greater than the face value of the note, all of the proceeds were allocated to the BCF. No value was assigned to the note option or the equity option (two subsequent transactions discussed above). The First Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature. The terms for the First Note were amended on April 29, 2008 and the First Note was repaid in full on June 25, 2008, as described below.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2008, the Company entered into an Amendment to the Purchase Agreement with the Investors. Under the terms of the Amendment, (i) the Company issued and the Investors subscribed for 4,066,706 shares of common stock of the Company, at $1.23 per share for $5,002,048, as originally contemplated under the Agreement; (ii) the Investors converted the principal under the First Note (and waived any accrued interest thereon) into 4,065,040 shares of common stock of the Company at $1.23, pursuant to the terms and conditions of the First Note issued under the Agreement; (iii) the Company issued and sold to the Investors a new 5% Secured Convertible Promissory Note of $5,000,000 (the &amp;#8220;Second Note&amp;#8221; and collectively with the First Note, the &amp;#8220;Notes&amp;#8221;); and (iv) the Company granted to the Investors an option to purchase a 5% Secured Convertible Promissory Note of $10,000,000, exercisable by the Investors at any time within nine (9) months following the date of the closing of the transactions contemplated by the Amendment (the &amp;#8220;Option Note&amp;#8221;).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Second Note bore interest at 5% and matured on April 29, 2011. The principal face amount of the Second Note, together with any interest thereon, was convertible, at the option of the holders at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available prior to March 30, 2010) and prior to maturity, into shares of the Company&amp;#8217;s common stock at an initial conversion price that is tied to the after-tax net profits of the Company for the year ending December 31, 2009, as described in the Second Note. As more fully described in the Second Note, the obligations of the Company under the Second Note are senior to all other debt of the Company.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Second Note and the 8% Note described below are both secured by a security interest granted to the Investors pursuant to the Share Pledge Agreement.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 25, 2008, the Company and investors entered into a Rescission and Subscription Agreement to rescind the conversion of the First Note and the issuance of conversion shares of Common Stock at the Second Closing pursuant to Amendment to Stock and Notes Purchase Agreement dated April 29, 2008. The Company and the Investors rescinded the conversion of the principal amount ($5,000,000) under the First Note into 4,065,040 shares of Common Stock, and the Investors waived accrued interest on the First Note. Accordingly, the interest expense which had accrued on the note was recorded as a decrease in interest expense for the period. At the Rescission and Subscription Closing, the Company repaid the First Note in full and issued, 4,065,040 shares of Common Stock to the investor at $1.23 per share for $5,000,000. This was done through a cross receipt arrangement; the BCF was reversed to additional paid in stock. The Company has now concluded that in substance the transaction resulted in the conversion of the first $5,000,000 note into common stock, and based on substance over form, the remaining BCF of $3,472,603 at the date of conversion was expensed.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2009, CREG issued an 8% Secured Convertible Promissory Note of $3 million to CAGP with a maturity of April 29, 2012. The note holder has the right to convert all or any part of the outstanding principal amount of this note, together with interest, if any, into shares of the Company&amp;#8217;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this note is paid in full), at a conversion price per share of common stock equal to US $0.80. The conversion feature of this note is not beneficial to the holder as the stock price on April 29, 2009 was $0.47.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2009, CREG amended and restated the 5% secured convertible promissory note (the &amp;#8220;Second Note&amp;#8221;), which was issued as part of the amendment of the First Note on April 28, 2008. Accordingly, the Conversion Rights and Conversion Price were amended so that the holder of the Second Note has the right, but not the obligation, to convert all or any part of the aggregate outstanding principal amount of the Second Note, together with interest, into shares of the Company&amp;#8217;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this Note is paid in full), at the following conversion price: (a) an amount equal to (i) the Company&amp;#8217;s net profit, adjusted in accordance with the Second Note, multiplied by (ii) 5.5, and less (iii) the principal amount of the Second Note, together with accrued interest, divided by (b) the then total shares of the Company&amp;#8217;s common stock outstanding on a fully-diluted basis. This note is considered to have a beneficial conversion feature starting from January 1, 2010 because the conversion price for this note was $1.154 as of April 29, 2011. Accordingly, the beneficial conversion feature of $3.15 million was recorded separately as unamortized beneficial conversion feature based on the intrinsic value method and the Second Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The interest on the convertible debts is payable annually, in arrears, provided the holder gives 30-day notice before each April 29 that it requires the interest payment. Unpaid interest is due and payable at maturity. At the holder&amp;#8217;s election, at the time the holder elects to convert the debt into shares, shares can be issued as paid-in-kind interest to the extent that there is unpaid interest at the time of conversion. To date, the Company has timely paid all interest payable, in cash.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In June 2011, Carlyle converted the note into 4,334,192 shares of the Company&amp;#8217;s common stock at a conversion price of $1.154 per share. The effective date of the conversion was April 29, 2011. As of September 30, 2011, the interest accrued on the second note was fully paid. The Company issued 4,334,192 shares of common stock to the Investors on July 21, 2011 (4,149,599 shares of common stock to CAGP; 184,593 shares of common stock to CAGP III Co. Investment, L.P.). The unamortized portion BCF of $745,547 was fully amortized as of the conversion date. During the nine months ended September 30, 2011, the Company amortized $1,368,988 BCF for the note.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Registration Rights Agreement&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2009, the Company also agreed with Carlyle to amend and restate the Registration Rights Agreement for the convertible notes to amend the rights for demand registration by the Investors and the applicable liquidated damages for the Company if it fails to timely comply with the demand for registration.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the registration rights agreement, the Company must file the registration statement within 90 days of receipt of a demand notice to convert (the &amp;#8220;Filing Date&amp;#8221;), and the registration statement must have become effective within 120 days after filing (the &amp;#8220;Effective Date&amp;#8221;) or the Company must pay damages to the holders of the shares to be registered. The Company must also pay damages if the registration statement ceases for any reason to remain continuously effective as to all Registrable Shares for which it is required to be effective, or the holders are not permitted to utilize the prospectus to resell shares for thirty (30) consecutive calendar days during any 12-month period.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The damages for failure to meet any of these requirements are equal to 1% of the sum of:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (x)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; the purchase price of the unconverted notes;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (y)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; the purchase price of shares of Company Common Stock purchased under a related agreement; and&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (z)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; the conversion price of shares of Common Stock received on conversion of notes, for each 30 days, or a pro rata portion of such 1% for a period less than 30 days.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The liquidated damages must be paid in cash; the registration rights agreement does not provide for any alternative payment arrangement. The maximum potential amount of consideration, undiscounted, that the Company could be required to transfer under the registration payment arrangement cannot exceed 1% of the sum described above in any thirty (30) calendar day period.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Convertible Note Agreement with China Cinda&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On August 18, 2010, the &amp;#8220;Company and its wholly-owned subsidiaries Sifang, Shanghai TCH and Xi&amp;#8217;an TCH entered into a Notes Purchase Agreement (the &amp;#8220;Note Agreement&amp;#8221;) with China Cinda (HK) Asset Management Co., Ltd, a company organized under the laws of the Hong Kong Special Administrative Region of China (&amp;#8220;Cinda&amp;#8221;). Under the terms of the Note Agreement, the Company will issue Cinda two tranches of convertible notes (the &amp;#8220;Notes&amp;#8221;), each having a principal amount equal to the US Dollar equivalent of RMB 50 million. Also on August 18, 2010, Xi&amp;#8217;an TCH and China Jingu International Trust Co. Ltd. (&amp;#8220;Jingu&amp;#8221;), an affiliate of Cinda also entered into a Capital Trust Loan Agreement (&amp;#8220;Trust Loan Agreement&amp;#8221;), in which Jingu will raise 100 million RMB under a Jingu CREG Recycling Economy No. 1 Collective Fund Trust Plan (&amp;#8220;Trust Plan&amp;#8221;) and lend such amount under the Trust Plan to Xi&amp;#8217;an TCH (the &amp;#8220;Loans&amp;#8221;). If the Loans under the Trust Loan Agreement do not occur, then under the Note Agreement the principal amount of the Notes to be issued in each tranche will be the US dollar equivalent of RMB 100 million. All proceeds from the Notes and the Loans will be used to complete the Phases IV and V of the Erdos TCH Energy Saving Development Co., Ltd. (&amp;#8220;Erdos TCH&amp;#8221;) project, a joint venture between Xi&amp;#8217;an TCH and Erdos Metallurgy Co., Ltd. to recycle waste heat from Erdos Metallurgy&amp;#8217;s refining plants to generate power and steam and sell them back to Erdos Metallurgy, as well as other working capital needs.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Trust Loan Agreement and separate agreements entered by Jingu, Erdos TCH, Shanghai TCH, Xi&amp;#8217;an TCH and Mr. Guohua Ku on August 18, 2010, Erdos TCH shall pledge the accounts receivable, equipment and assets of its Phases IV and V projects to Jingu as a guarantee to the Loans, Xi&amp;#8217;an TCH shall pledge its 80% equity in Erdos TCH to Jingu as a guarantee to the Loans, Shanghai TCH shall provide a joint liability guarantee to Jingu for the Loans, and Mr. Guohua Ku shall provide his personal joint liability to Jingu for the Loans.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Note Agreement the Notes shall be issued before August 18, 2011. The Notes have a three year maturity date from the date of the issuance of the first tranche. The exchange rate between RMB and US Dollar for each issue of Notes is the middle rate published by the PBOC for the second business day prior to each issuance. Each Note bears interest at a rate equal to that of PBOC base interest rate for the relevant interest period (the period commencing on and including January 1 of each year and ending on and including December 31 of such year) plus two percent (2%). If Cinda does not convert or fully convert the Notes to shares prior to maturity, the Company will pay the difference between the interest rate described above and 18% on the outstanding amount.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Loans have the following covenants: (i) maintain at all time a fixed charge coverage ratio of not less than 2.0:1.0; (ii) obtain consent from the lender prior to pay or declare any cash dividends or distributions on outstanding common stock; and (iii) maintain at all time a consolidated leverage ratio of not less than 65%. Pursuant to the terms and conditions of the Trust Loan Agreement, the Company is required to comply with these covenants annually on its consolidated financial statements audited under US GAAP.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Each Note has a conversion price at the lower of (i) US$2.46 per share or (ii) an amount equal to the Company&amp;#8217;s earnings per share based upon the consolidated earnings of the Company for 2010 on a weighted average fully diluted basis, multiplied by 7. In connection with the Trust Loan Agreement, the Company also entered into an Exchange Rights Agreement pursuant to which the Loans can be exchanged (on the same terms as the Notes can be converted) for shares of the Company&amp;#8217;s common stock which can in turn be registered under the Registration Rights Agreement. The Notes will have a contingent beneficial conversion feature which will be recorded when the contingency is resolved.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As collateral for the Notes, Mr. Guohua Ku, the CEO and a major shareholder of the Company entered into a Share Pledge Agreement with Cinda, on August 18, 2010, to pledge 4,500,000 shares of the Company&amp;#8217;s common stock held by him to secure the first Note. The Agreement also calls for an additional 4,500,000 shares of the Company&amp;#8217;s common stock held by Mr. Ku to secure the second Note before its issuance.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of December 31, 2010, the Company received proceeds of RMB 50,000,000 ($7,533,391) from the first tranche of the Loans. As of January 30, 2011, the Company received proceeds of another RMB 50,000,000 ($7,533,391) from the first tranche convertible Note. Under ASC 815 &amp;#150; Derivatives and Hedging, the fair value of the conversion option is a derivative that has been bifurcated and treated as liability at the date of inception. Based on AU 560 - subsequent events, the conversion feature has been accounted for at September 30, 2011 and December 31, 2010 using the conversion price of $2.46. The conversion feature is akin to a call option, therefore, the Black-Scholes option pricing model was used by using the maximum conversion price of $2.46 as a the strike price. Since the conversion option is an embedded derivative and is bifurcated from the host contact, BCF analysis is not required. The fair value of the conversion feature was recorded as a liability and will be marked to market until the conversion rate is set. As the loan has a reset clause in the event the Company issues shares below the conversion price, it will be treated as a liability as long as the loan is outstanding. The unamortized discount due to conversion feature will continue to be amortized over the term of the loan; during the nine and three months ended September 30, 2011, the Company amortized $3,051,366 and $1,074,956 from unamortized discount due to beneficial conversion feature.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; For the first tranche of the Loans, the Company recorded the derivative liability of $1.46 million for conversion option at September 30, 2011, based on the Black-Scholes model by using the following assumptions: estimated life of three years, volatility of 100%, risk free interest rate of 1.07%, and dividend yield of 0%. For the second tranche, the Company recorded the derivative liability of $1.46 million for conversion option at September 30, 2011 based on the Black-Scholes model by using the following assumptions: estimated life of three years, volatility of 100%, risk free interest rate of 0.96%, and dividend yield of 0%.&lt;/div&gt; &lt;/div&gt; </creg:NotesPayableDisclosureTextBlock>

  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_331"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;15. STOCK-BASED COMPENSATION PLAN&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Options to Employees&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On November 13, 2007, the Company approved the 2007 Non-statutory Stock Option Plan, which was later amended and restated in August 2008 (the &amp;#8220;2007 Plan&amp;#8221;), and granted 3,000,000 options to acquire the Company&amp;#8217;s common stock at $1.23 per share to twenty (20) managerial and non-managerial employees under the 2007 Plan.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The vesting terms of options granted under the 2007 Plan are subject to the Non-Statutory Stock Option Agreements for managerial and non-managerial employees. For managerial employees, no more than 15% of the total stock options shall vest and become exercisable on the six month anniversary of the grant date. An additional 15% and 50% of the total stock options shall vest and become exercisable on the first and second year anniversary of the grant date, respectively. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. For non-managerial employees, no more than 30% of the total stock options shall vest and become exercisable on the first year anniversary of the grant date. An additional 50% of the total stock options shall vest and become exercisable on the second year anniversary of the grant date. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. Each stock option shall become vested and exercisable over a period of no longer than five years from the grant date.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Based on the fair value method under SFAS No. 123 (Revised) &amp;#8220;Share Based Payment&amp;#8221; (&amp;#8220;SFAS 123(R)&amp;#8221;), codified in FASB ASC Topic 718, the fair value of each stock option granted is estimated on the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model has assumptions for risk free interest rates, dividends, stock volatility and expected life of an option grant. The risk free interest rate is based upon market yields for United States Treasury debt securities at a maturity near the term remaining on the option. Dividend rates are based on the Company&amp;#8217;s dividend history. The stock volatility factor is based on the historical volatility of the Company&amp;#8217;s stock price. The expected life of an option grant is based on management&amp;#8217;s estimate as no options have been exercised in the Plan to date. The fair value of each option grant to employees is calculated by the Black-Scholes method and is recognized as compensation expense over the vesting period of each stock option award. For stock options issued, the fair value was estimated at the date of grant using the following range of assumptions:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The options vest over three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 3.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Effective June 25, 2008, the Company cancelled all vested shares and accepted option holders&amp;#8217; forfeiture of any unvested shares underlying the currently outstanding options.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On August 4, 2008, the Company granted stock options to acquire 3,000,000 shares of the Company&amp;#8217;s common stock, par value $0.001, at $0.80 per share to 17 employees under the 2007 Plan. The options vest over a period of three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 2.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options. The options were accounted for as a modification to the options that were cancelled on June 25, 2008. The grant date fair value of options was $5.04 million.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On November 9 and 11, 2009, the Company and three option holders agreed to cancel vested but unexercised options for 87,000 vested but unexercised shares and forfeit unvested options for 203,0000 unvested shares. On November 11, 2009, the Company granted options to two other employees for 290,000 shares of the Company&amp;#8217;s common stock at $2.35 per share. The options vest over three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 3.84%, and dividend yield of 0%. The grant date fair value of options was $518,513.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On August 13, 2010, the Company granted 2,200,000 options to acquire the Company&amp;#8217;s common stock at $3.05 per share to thirty six (36) managerial and non-managerial employees as new equity awards pursuant to the Corporation&amp;#8217;s Amended and Restated 2007 plan.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; According to the vesting terms, the options granted were divided into three tranches, (i) 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets its minimum revenue and earnings goals in the Corporation&amp;#8217;s guidance for 2010 as delivered in its earnings releases and/or conference calls in the first quarter of 2010, such vesting to occur immediately upon completion of the annual audit confirming the financial results for 2010; and (ii) an additional 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals of 2011 which will be set out and decided by the Compensation Committee, such vesting to occur immediately upon Compensation Committee&amp;#8217;s determination that the Corporation has met such goals for 2011; and (iii) the remaining 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals of 2012 which will be set out and decided by the Compensation Committee, such vesting is to occur immediately upon Compensation Committee&amp;#8217;s determination that the Corporation has met such goals for 2012. The Option may only be exercised to the extent that the Option has become vested and exercisable. The management used its estimates for determining the probability of achieving each year&amp;#8217;s financial goals; these goals were 100%, 50% and 50% for 2010, 2011 and 2012, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The options have a life of 5 years. The fair value of the options was calculated using the following assumptions; estimated life of five years, volatility of 92%, risk free interest rate of 3.54%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options. Each tranche of the options was deemed independent of the others; therefore, the fair value of each tranche of the options will be fully expensed within each year.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table summarizes activity for employees in the Company&amp;#8217;s Plan:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Number of&lt;br/&gt; Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Average&lt;br/&gt; Exercise&lt;br/&gt; Price per Share&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighed&lt;br/&gt; Average&lt;br/&gt; Remaining&lt;br/&gt; Contractual&lt;br/&gt; Term in Years&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 55%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,200,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.84&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.52&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,255,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.86&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.59&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,200,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.84&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.77&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,988,333&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.40&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.37&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In July 2011, the Compensation Committee of the Board of Directors of the Company approved and provided the employees cashless exercise elections to the stock Options granted by the Board on August 4, 2008.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company recorded $1,566,922 and $1,542,371 compensation expense for stock options to employees during the nine months ended September 30, 2011 and 2010, respectively. For three months ended September 30, 2011, the Company recorded $165,570 and $564,313, respectively. There were no options exercised during the nine months ended September 30, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Options to Independent Directors&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 30, 2009, the Company granted stock options for 130,000 shares of the Company&amp;#8217;s common stock, at $1.85 per share to three independent directors. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $183,000.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On January 20, 2010, the Company granted stock options for 40,000 shares of the Company&amp;#8217;s common stock, at $4.68 per share to another independent director. The options vest and become exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $142,000.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 7, 2010, the Board of Directors (&amp;#8220;BOD&amp;#8221;) of the Company approved the increase in its size from seven to nine members as a result of entering the Loan and Note agreements with Cinda on August 18, 2010 as described in Note 16 above. At the same time, the BOD appointed Mr. Yilin Ma and Mr. Chungui Shi as new members of the Board to fill the vacancies on the BOD until their successors have been duly elected and qualified. Mr. Shi is also appointed as a member of the Compensation Committee of the BOD. In connection with the appointment, the BOD of the Company has authorized the Company to provide Mr. Shi with (i) compensation of $2,000 per month and (ii) the grant of an option to purchase 40,000 shares of the Company's Common Stock, at an exercise price equal to the closing price per share of the Company's Common Stock on October 7, 2010. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 87%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $83,000.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table summarizes option activity with respect to the independent directors:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Number of&lt;br/&gt; Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Average&lt;br/&gt; Exercise&lt;br/&gt; Price per Share&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighed&lt;br/&gt; Average&lt;br/&gt; Remaining&lt;br/&gt; Contractual&lt;br/&gt; Term in Years&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 210,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 170,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.52&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.89&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 210,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.30&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 210,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.30&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company recorded $43,975 and $263,778 compensation expense for stock options to independent directors during the nine months ended September 30, 2011 and 2010, respectively. The Company recorded $0 and $15,787 during three months ended September 30, 2011 and 2010, respectively. No options were exercised during the nine months ended September 30, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Warrants to Investor Relation Firms&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 1, 2009, the Company granted warrants to acquire 200,000 shares of the Company&amp;#8217;s common stock, at $1.50 per share to certain investor relations firms. The warrants are exercisable, in whole or in part, at any time from July 1, 2010 (the &amp;#8220;Vesting Date&amp;#8221;) to October 1, 2014 (the &amp;#8220;Expiration Date&amp;#8221;). The Company accounted for warrants issued to investor relations firms based on ASC 505-50 at each balance sheet and expense recorded based on the period elapsed at each balance sheet date, which is the date at which the counterparty&amp;#8217;s performance is deemed to be completed for the period. The fair value of each warrant granted is estimated on the date of the grant using the Black-Scholes option pricing model under ASC 505-30-11 and is recognized as compensation expense over the service term of the investor relations agreement as it is a better matching of cost with services received. Under that Agreement, the issuance of the warrants was irrevocable and the Company agreed to take no action to cause the warrants to be void or revoked or their issuance to be otherwise terminated. The warrants are classified as equity instruments and are exercisable into a fixed number of common shares. There is no commitment or requirement to change the quantity or terms based on conditions to the counterparty&amp;#8217;s performance or market conditions. The fair value of the warrants was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table summarizes activity for the warrants to certain investor relations IR firms:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Number of&lt;br/&gt; Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Average&lt;br/&gt; Exercise&lt;br/&gt; Price per Share&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighed&lt;br/&gt; Average&lt;br/&gt; Remaining&lt;br/&gt; Contractual&lt;br/&gt; Term in Years&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.75&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.75&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.00&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.00&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company recorded $0 and $181,498 compensation expense for warrants to the IR firms during the nine months ended September 30, 2011 and 2010, respectively. The Company recorded $0 and $0 during three months ended September 30, 2011 and 2010, respectively. There were no warrants exercised during the six months ended September 30, 2011.&lt;/div&gt; &lt;/div&gt; </us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>

  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_332"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;16. SHAREHOLDERS&amp;#8217; EQUITY&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 29, 2010, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &amp;#8220;Transfer Agreement&amp;#8221;) with Dong, a natural person with Chinese citizenship. Under the Transfer Agreement, Dong transferred the Biomass Systems to Xi&amp;#8217;an TCH, and Xi&amp;#8217;an TCH will pay Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 with equivalent shares of the Company&amp;#8217;s common stock. The stock price will be the same price as the Company&amp;#8217;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than $4 per share. The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8. At September 30, 2011, the Company recorded shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection with this transaction.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; During the nine months ended September 30, 2011 and 2010, the Company recorded a gain of $5.44 million and $2.57 million, respectively, which is the change of the fair value of 2,941,176 maximum numbers of shares to be issued to Dong. During the three months ended September 30, 2011 and 2010, the Company recorded a gain of $2.41 million and $1.82 million, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;ARC Settlement&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company and investment relationship company ARC China, Inc. (&amp;#8220;ARC&amp;#8221;) entered into a Share Purchase Binding Letter of Intent dated as of July 17, 2009 regarding ARC&amp;#8217;s purchase of certain Preferred Stock Units of the Company (the &amp;#8220;LOI&amp;#8221;). Disputes arose between the Parties regarding the LOI, and a lawsuit was pending in federal court. On September 27, 2010, the Company approved the settlement of the lawsuit and the related disputes, claims or disagreements regarding the LOI and the Preferred Stock Units. Pursuant to the settlement, the Company will issue to ARC up to 520,000 shares of the Company's Common Stock at $1.23 per share. The Company issued 350,000 of these shares upon the execution of the settlement agreement. Upon satisfaction of certain conditions of the settlement agreement, the Company may issue to ARC or its affiliates up to an additional 170,000 shares at $1.23 per share. ARC has agreed to provide consulting and investor relations services from November 1, 2010 to February 28, 2011. The Company received $430,500 from issuance of 350,000 shares in October 2010, which was recorded as subscription receivable as of September 30, 2010. The difference between the stock price at the settlement date and the issuance price for the 350,000 settlement shares was recorded as stock compensation expense for investor relations services in the amount of $602,000. A copy of the dismissal of the lawsuit with prejudice was filed by ARC China in Nevada federal court on November 10, 2010. The conditions for the issuance of the additional 170,000 shares were not met; consequently, 150,000 of those shares, which had been issued and delivered to an escrow agent, were returned to the Company and cancelled on March 29, 2011, and the other 20,000 shares were never issued.&lt;/div&gt; &lt;/div&gt; </us-gaap:StockholdersEquityNoteDisclosureTextBlock>

  <creg:LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_333"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;17. STATUTORY RESERVES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Pursuant to the corporate law of the PRC effective January 1, 2006, the Company is only required to maintain one statutory reserve by appropriating from its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;em&gt;&lt;u&gt;Surplus Reserve Fund&lt;/u&gt;&lt;/em&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s Chinese subsidiaries are now only required to transfer 10% of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company&amp;#8217;s registered capital. The Company&amp;#8217;s Chinese subsidiaries are not required to make appropriation to other reserve funds and do not have any intentions to make appropriations to any other reserve funds. There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Company&amp;#8217;s Chinese subsidiaries do not intend to do so.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years&amp;#8217; losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;em&gt;&lt;u&gt;Common Welfare Fund&lt;/u&gt;&lt;/em&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The common welfare fund is a voluntary fund to which the Company can elect to transfer 5% to 10% of its net income. This fund can only be utilized on capital items for the collective benefit of the Company&amp;#8217;s employees, such as construction of dormitories, cafeteria facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation. The Company does not participate in this voluntary fund.&lt;/div&gt; &lt;/div&gt; </creg:LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock>

  <creg:ContingenciesDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_334"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;18. CONTINGENCIES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company&amp;#8217;s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s sales, purchases and expense transactions are denominated in RMB and all of the Company&amp;#8217;s assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation in order to make the remittance.&lt;/div&gt; &lt;/div&gt; </creg:ContingenciesDisclosureTextBlock>

  <us-gaap:CommitmentsDisclosureTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_335"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;19. COMMITMENTS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Erdos Phase III of Power Generation Projects&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In April 2009, Erdos TCH signed a contract with Erdos Metallurgy to recycle heat from groups of furnaces of Erdos Metallurgy&amp;#8217;s metal refining plants to generate power and steam, to be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group of power generation projects with a total of 70MW power capacity, which may grow up to 120MW, and 30-ton steam per hour, with an estimated total investment in excess of $75 million (RMB 500 million). The Company split the construction of the projects into three phases, two units of power generation in Phase I with a total of 18MW power capacity, three units in Phase II with a total of 27MW power capacity and one unit in Phase III with 25MW power capacity. For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. During the lease term, Erdos TCH will be responsible for operating the projects and charge Erdos Metallurgy for supply of electricity and steam. Erdos Metallurgy agreed to pay a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation system.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; During the first quarter of 2010, Erdos power generation system Phase I project was completed and put into operation. During the fourth quarter of 2010 and first quarter of 2011, three 9MW power generation systems of Phase II were completed and put into operation. Erdos TCH outsourced to an independent third party the operation and maintenance of the power generation system for $922,000 (RMB 6.27 million) per year for each system. After 20 years, the systems will be transferred to Erdos without any charge.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011 the projects of Erdos Phase III are under construction. At September 30, 2011, the Company has paid $19.71 million for Phase III. The Company was committed to pay additional $8.7 million for Phase III projects excluding quality deposits of $120,000 in 2011. The Company expects the completion of Phase III projects no later than the end of 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Shannxi Datong Coal Group Power Generation Projects&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In February 2011, Xi'an TCH signed a contract with Shannxi Datong Coal Group Steel Ltd Co (Shannxi Datong) to recycle gas and steam from groups of blast-furnaces and converter of Shannxi Datong's metal refining plants to generate power. According to the contract, the Company will install two 3MW TRT and one 15MW WGPG and two 1MW steam power generation systems, with a total of 23MW power capacity for an estimated total investment of $27.45 million (RMB 180 million). The lease term is 30 years. During the lease term, Shannxi Datong will be responsible for operating the projects and pay a service fee to the Company. The service fee is based on an average of 8,000 electricity-generating hours per year and RMB 0.33 per kilowatt hour ("Kwh") for the first 5 years from the completion of each power generation station. For each of the leases, at the 6th year, 11th year and 21st year thereafter, the rate will be RMB 0.3 Kwh, 0.27 Kwh and 0.25 Kwh, respectively. After 30 years, the units will be transferred to Shannxi Datong without any charge.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On February 28,2011, Xi&amp;#8217;an TCH entered into an agreement with Xi&amp;#8217;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for Shannxi Datong Coal projects of two 3MW TRT and one 15 MW WGPG systems described above. The project is scheduled to complete in 12 months from construction commencement.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; At September 30, 2011, the Company had paid $12.58 million for Shannxi Datong Coal Group Power Generation project. The Company is committed to pay an additional $15.74 million for the Shannxi Datong Coal Group Power Generation project.&lt;/div&gt; &lt;/div&gt; </us-gaap:CommitmentsDisclosureTextBlock>

  <creg:RestatementOfFinancialStatementsTextBlock contextRef="P01_01_2011To09_30_2011" id="Factid_336"> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;20. RESTATEMENT OF FINANCIAL STATEMENTS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The financial statements for the periods ended September 30, 2011 and 2010 were restated to reflect the following:&lt;/div&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; According to FASB ASC 480-10-35-5, all other financial instruments recognized under the guidance in Section 480-10-25 shall be measured subsequently at fair value with changes in fair value recognized in earnings, unless either this subtopic or another subtopic specifies another measurement attribute.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Accordingly, the shares to be issued to Dong (with fixed obligation of RMB 80 million (US $11.78 million)) pursuant to Biomass Power Generation Asset Transfer Agreement entered on June 29, 2010 (&amp;#8220;Note 16 - Shareholders&amp;#8217; Equity&amp;#8221;) should be classified as a liability on the balance sheet and adjusted to fair value at each reporting period. Previously, the Company did not measure the changes in fair value of the liability at each reporting date.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated balance sheet at September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Balance Sheet&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As&lt;br/&gt; Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Shares to be issued&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,780,471&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,529,411&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (8,251,060&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Retained earnings&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 30,173,358&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 38,424,418&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,251,060&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,871,324&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 7,312,500&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,053,728&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 27,494,904&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before noncontrolling interest&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,684,471&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,125,647&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 16,913,200&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,354,376&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 21,318,297&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 26,759,473&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.41&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.54&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.13&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.40&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.07&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As&lt;br/&gt; Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; CASH FLOWS FROM OPERATING ACTIVITIES&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,684,471&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,125,647&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,334,924&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,746,688&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,932,831&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,344,595&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before noncontrolling interest&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,743,205&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,154,969&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,655,232&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,066,996&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,700,927&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,112,691&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.25&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.16&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.04&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,780,580&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 794,010&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,067,783&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,642,373&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operations&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,817,221&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,391,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,227,402&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12,801,992&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,447,706&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 14,022,296&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.26&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.07&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.21&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.26&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As&lt;br/&gt; Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; CASH FLOWS FROM OPERATING ACTIVITIES&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,817,221&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,391,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (609,997&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,213,532&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,502,489&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,326,018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operations&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,149,970&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,973,499&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,046,724&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,870,253&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,923,080&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,746,609&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.08&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.13&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.06&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.09&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.03&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </creg:RestatementOfFinancialStatementsTextBlock>


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        <link:definition>109 - Disclosure - RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES</link:definition>

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        <link:definition>110 - Disclosure - PREPAID EXPENSES</link:definition>

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  <element name="TotalOperatingIncomeLoss" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="creg_TotalOperatingIncomeLoss" />

  <element name="ChangesInFairValueOfLiability" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" xbrli:balance="credit" substitutionGroup="xbrli:item" id="creg_ChangesInFairValueOfLiability" />

  <element name="NotesToFinancialStatementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_NotesToFinancialStatementsAbstract" />

  <element name="InvestmentsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_InvestmentsTextBlock" />

  <element name="RestrictedCashAndCashEquivalentsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_RestrictedCashAndCashEquivalentsTextBlock" />

  <element name="TaxDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_TaxDisclosureTextBlock" />

  <element name="DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" />

  <element name="NotesPayableDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_NotesPayableDisclosureTextBlock" />

  <element name="LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" />

  <element name="ContingenciesDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_ContingenciesDisclosureTextBlock" />

  <element name="RestatementOfFinancialStatementsTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_RestatementOfFinancialStatementsTextBlock" />

  <element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="creg_DocumentAndEntityInformationAbstract" />
</schema>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>creg-20110930_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.0.6 on 15-Jul-2013 [02:15:58] {PM} EST - www.datatracks.com -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#ConsolidatedBalanceSheets" roleURI="http://www.creg-cn.com/role/ConsolidatedBalanceSheets" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#ConsolidatedStatementsOfIncomeAndComprehensiveIncome" roleURI="http://www.creg-cn.com/role/ConsolidatedStatementsOfIncomeAndComprehensiveIncome" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#ConsolidatedStatementsOfCashFlows" roleURI="http://www.creg-cn.com/role/ConsolidatedStatementsOfCashFlows" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#ConstructionInProgress" roleURI="http://www.creg-cn.com/role/ConstructionInProgress" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#TaxesPayable" roleURI="http://www.creg-cn.com/role/TaxesPayable" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#NoncontrollingInterest" roleURI="http://www.creg-cn.com/role/NoncontrollingInterest" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#DeferredTax" roleURI="http://www.creg-cn.com/role/DeferredTax" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#IncomeTax" roleURI="http://www.creg-cn.com/role/IncomeTax" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#LoansPayable" roleURI="http://www.creg-cn.com/role/LoansPayable" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#Contingencies" roleURI="http://www.creg-cn.com/role/Contingencies" />

  <roleRef xlink:type="simple" xlink:href="creg-20110930.xsd#Commitments" roleURI="http://www.creg-cn.com/role/Commitments" />

  <calculationLink xlink:type="extended" xlink:role="http://www.creg-cn.com/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaap_AssetsCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_AssetsCurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" xlink:label="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_InterestReceivableCurrent" use="optional" order="40" weight="1" />

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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="loc_us-gaap_PrepaidExpenseCurrent" use="optional" order="50" weight="1" />

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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsNoncurrent" xlink:to="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent" use="optional" order="30" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepositsAssetsNoncurrent" xlink:label="loc_us-gaap_DepositsAssetsNoncurrent" />

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsNoncurrent" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentNet" use="optional" order="50" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="loc_us-gaap_ConstructionInProgressGross" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsNoncurrent" xlink:to="loc_us-gaap_ConstructionInProgressGross" use="optional" order="60" weight="1" />
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  <calculationLink xlink:type="extended" xlink:role="http://www.creg-cn.com/role/ConsolidatedBalanceSheets">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_LiabilitiesNoncurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent" xlink:to="loc_us-gaap_OtherLiabilitiesNoncurrent" use="optional" order="10" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent" xlink:to="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent" use="optional" order="20" weight="1" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:label="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent" xlink:to="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" use="optional" order="30" weight="1" />

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConvertibleLongTermNotesPayable" xlink:label="loc_us-gaap_ConvertibleLongTermNotesPayable" />

    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesNoncurrent" xlink:to="loc_us-gaap_ConvertibleLongTermNotesPayable" use="optional" order="50" weight="1" />

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<DOCUMENT>
<TYPE>EX-101.DEF
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<FILENAME>creg-20110930_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>creg-20110930_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" ?>
<!-- Generated by DataTracks version 1.0.6 on 15-Jul-2013 [02:15:58] {PM} EST - www.datatracks.com -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>

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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentAxis" xml:lang="en-US">Debt Instrument [Axis]</label>

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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xml:lang="en-US">Debt Instrument, Name [Domain]</label>

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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_OtherLoansMember" xml:lang="en-US">Other Loans [Member]</label>

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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">ASSETS</label>

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaap_AssetsCurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">CURRENT ASSETS</label>

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash &amp; equivalents</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">CASH &amp; EQUIVALENTS, BEGINNING OF PERIOD</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">CASH &amp; EQUIVALENTS, END OF PERIOD</label>

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Restricted cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Restricted cash</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" xlink:label="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" xml:lang="en-US">Current portion of investment in sales type leases, net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" xml:lang="en-US">Current portion of investment in sales type leases, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" xlink:to="lab_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestReceivableCurrent" xlink:label="loc_us-gaap_InterestReceivableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestReceivableCurrent" xml:lang="en-US">Interest receivable on sales type leases</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestReceivableCurrent" xml:lang="en-US">Interest receivable on sales type leases</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivableCurrent" xlink:to="lab_us-gaap_InterestReceivableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="loc_us-gaap_PrepaidExpenseCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidExpenseCurrent" xml:lang="en-US">Prepaid Expense, Current, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PrepaidExpenseCurrent" xml:lang="en-US">Prepaid expenses</label>

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherReceivablesGrossCurrent" xlink:label="loc_us-gaap_OtherReceivablesGrossCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherReceivablesGrossCurrent" xml:lang="en-US">Other receivables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherReceivablesGrossCurrent" xml:lang="en-US">Other receivables</label>

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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="loc_us-gaap_DeferredFinanceCostsCurrentNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredFinanceCostsCurrentNet" xml:lang="en-US">Prepaid loan fees - current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredFinanceCostsCurrentNet" xml:lang="en-US">Prepaid loan fees - current</label>

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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Assets, Current, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="loc_us-gaap_AssetsNoncurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsNoncurrentAbstract" xml:lang="en-US">NON-CURRENT ASSETS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrentAbstract" xlink:to="lab_us-gaap_AssetsNoncurrentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PrepaidInterest" xlink:label="loc_us-gaap_PrepaidInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PrepaidInterest" xml:lang="en-US">Prepaid Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PrepaidInterest" xml:lang="en-US">Prepaid interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrepaidInterest" xlink:to="lab_us-gaap_PrepaidInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="loc_us-gaap_DeferredFinanceCostsNoncurrentNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredFinanceCostsNoncurrentNet" xml:lang="en-US">Prepaid loan fees - noncurrent</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:to="lab_us-gaap_DeferredFinanceCostsNoncurrentNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent" xlink:label="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent" xml:lang="en-US">Investment in sales type leases, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent" xlink:to="lab_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepositsAssetsNoncurrent" xlink:label="loc_us-gaap_DepositsAssetsNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DepositsAssetsNoncurrent" xml:lang="en-US">Long term deposit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsAssetsNoncurrent" xlink:to="lab_us-gaap_DepositsAssetsNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="loc_us-gaap_ConstructionInProgressGross" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConstructionInProgressGross" xml:lang="en-US">Construction in Progress, Gross</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ConstructionInProgressGross" xml:lang="en-US">Construction in progress</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConstructionInProgressGross" xlink:to="lab_us-gaap_ConstructionInProgressGross" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="loc_us-gaap_AssetsNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsNoncurrent" xml:lang="en-US">Assets, Noncurrent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_AssetsNoncurrent" xml:lang="en-US">Total non-current assets</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrent" xlink:to="lab_us-gaap_AssetsNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Assets, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">TOTAL ASSETS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS&#39; EQUITY</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">CURRENT LIABILITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesCurrentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaap_AccountsPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableCurrent" xml:lang="en-US">Accounts payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableCurrent" xlink:to="lab_us-gaap_AccountsPayableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesPayableToBankCurrent" xlink:label="loc_us-gaap_NotesPayableToBankCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NotesPayableToBankCurrent" xml:lang="en-US">Notes Payable to Bank, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NotesPayableToBankCurrent" xml:lang="en-US">Notes payable - bank acceptances</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesPayableToBankCurrent" xlink:to="lab_us-gaap_NotesPayableToBankCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TaxesPayableCurrent" xlink:label="loc_us-gaap_TaxesPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TaxesPayableCurrent" xml:lang="en-US">Taxes Payable, Current, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_TaxesPayableCurrent" xml:lang="en-US">Taxes payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxesPayableCurrent" xlink:to="lab_us-gaap_TaxesPayableCurrent" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_AccruedExpensesAndOtherCurrentLiabilities" xlink:label="loc_creg_AccruedExpensesAndOtherCurrentLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Accrued expenses and other current liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_creg_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Accrued liabilities and other payables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_AccruedExpensesAndOtherCurrentLiabilities" xml:lang="en-US">Accrued expenses and other current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_AccruedExpensesAndOtherCurrentLiabilities" xlink:to="lab_creg_AccruedExpensesAndOtherCurrentLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaap_DueToRelatedPartiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrent" xml:lang="en-US">Due to Related Parties, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrent" xml:lang="en-US">Advance from related parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueToRelatedPartiesCurrent" xlink:to="lab_us-gaap_DueToRelatedPartiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConvertibleNotesPayableCurrent" xlink:label="loc_us-gaap_ConvertibleNotesPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConvertibleNotesPayableCurrent" xml:lang="en-US">Convertible notes - current</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertibleNotesPayableCurrent" xlink:to="lab_us-gaap_ConvertibleNotesPayableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilitiesCurrent" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesCurrent" xml:lang="en-US">Deferred tax liability - current</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesCurrent" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LoansPayableToBankCurrent" xlink:label="loc_us-gaap_LoansPayableToBankCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansPayableToBankCurrent" xml:lang="en-US">Bank loans payable - current</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansPayableToBankCurrent" xlink:to="lab_us-gaap_LoansPayableToBankCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLoansPayableCurrent" xlink:label="loc_us-gaap_OtherLoansPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherLoansPayableCurrent" xml:lang="en-US">Trust loans payable - current</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLoansPayableCurrent" xlink:to="lab_us-gaap_OtherLoansPayableCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaap_LongTermDebtCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Long-term Debt, Current Maturities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Current portion of long term payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtCurrent" xlink:to="lab_us-gaap_LongTermDebtCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="loc_us-gaap_LiabilitiesNoncurrentAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesNoncurrentAbstract" xml:lang="en-US">NONCURRENT LIABILITIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesNoncurrentAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xml:lang="en-US">Shares to be issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesNoncurrent" xlink:to="lab_us-gaap_OtherLiabilitiesNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent" xml:lang="en-US">Deferred tax liability, net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:label="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xml:lang="en-US">Liabilities, Other than Long-term Debt, Noncurrent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xml:lang="en-US">Long term liability</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:to="lab_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaap_LongTermDebtNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermDebtNoncurrent" xml:lang="en-US">Long-term Debt, Excluding Current Maturities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermDebtNoncurrent" xml:lang="en-US">Long term payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtNoncurrent" xlink:to="lab_us-gaap_LongTermDebtNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConvertibleLongTermNotesPayable" xlink:label="loc_us-gaap_ConvertibleLongTermNotesPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ConvertibleLongTermNotesPayable" xml:lang="en-US">Convertible notes, net of discount due to beneficial conversion feature</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertibleLongTermNotesPayable" xlink:to="lab_us-gaap_ConvertibleLongTermNotesPayable" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_ConversionLiabilityNoncurrent" xlink:label="loc_creg_ConversionLiabilityNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_ConversionLiabilityNoncurrent" xml:lang="en-US">Conversion liability</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_ConversionLiabilityNoncurrent" xml:lang="en-US">Conversion liability, Noncurrent</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_ConversionLiabilityNoncurrent" xlink:to="lab_creg_ConversionLiabilityNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesNoncurrent" xml:lang="en-US">Accrued interest on long term convertible notes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:to="lab_us-gaap_OtherAccruedLiabilitiesNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LoansPayableToBank" xlink:label="loc_us-gaap_LoansPayableToBank" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LoansPayableToBank" xml:lang="en-US">Bank loans payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansPayableToBank" xlink:to="lab_us-gaap_LoansPayableToBank" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLoansPayableLongTerm" xlink:label="loc_us-gaap_OtherLoansPayableLongTerm" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherLoansPayableLongTerm" xml:lang="en-US">Trust loans payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLoansPayableLongTerm" xlink:to="lab_us-gaap_OtherLoansPayableLongTerm" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="loc_us-gaap_LiabilitiesNoncurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US">Liabilities, Noncurrent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US">Total noncurrent liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrent" xlink:to="lab_us-gaap_LiabilitiesNoncurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Liabilities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">CONTINGENCIES AND COMMITMENTS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xml:lang="en-US">STOCKHOLDERS&#39; EQUITY</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockValue" xml:lang="en-US">Common stock, $0.001 par value; 100,000,000 shares authorized, 43,533,174 and 39,198,982 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid in capital</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsAppropriated" xlink:label="loc_us-gaap_RetainedEarningsAppropriated" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsAppropriated" xml:lang="en-US">Statutory reserve</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAppropriated" xlink:to="lab_us-gaap_RetainedEarningsAppropriated" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsUnappropriated" xlink:label="loc_us-gaap_RetainedEarningsUnappropriated" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RetainedEarningsUnappropriated" xml:lang="en-US">Retained earnings</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsUnappropriated" xlink:to="lab_us-gaap_RetainedEarningsUnappropriated" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders Equity Attributable to Parent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_StockholdersEquity" xml:lang="en-US">Total Company stockholders&#39; equity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_us-gaap_MinorityInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MinorityInterest" xml:lang="en-US">Stockholders&#39; Equity Attributable to Noncontrolling Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_MinorityInterest" xml:lang="en-US">Noncontrolling interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterest" xlink:to="lab_us-gaap_MinorityInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Stockholders Equity, Including Portion Attributable to Noncontrolling Interest, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Total equity</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">TOTAL LIABILITIES AND EQUITY</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenuesAbstract" xml:lang="en-US">Revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_us-gaap_SalesRevenueNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SalesRevenueNet" xml:lang="en-US">Revenue, Net, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SalesRevenueNet" xml:lang="en-US">Sales of systems</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesRevenueNet" xlink:to="lab_us-gaap_SalesRevenueNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementContingentRevenue" xlink:label="loc_us-gaap_OperatingLeasesIncomeStatementContingentRevenue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingLeasesIncomeStatementContingentRevenue" xml:lang="en-US">Contingent rental income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesIncomeStatementContingentRevenue" xlink:to="lab_us-gaap_OperatingLeasesIncomeStatementContingentRevenue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaap_Revenues" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Revenues" xml:lang="en-US">Revenues, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Revenues" xml:lang="en-US">Total revenue</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfRevenueAbstract" xlink:label="loc_us-gaap_CostOfRevenueAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostOfRevenueAbstract" xml:lang="en-US">Cost of sales</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfRevenueAbstract" xlink:to="lab_us-gaap_CostOfRevenueAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfGoodsAndServicesSold" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSold" xml:lang="en-US">Cost of Goods and Services Sold, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSold" xml:lang="en-US">Cost of sales</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfGoodsAndServicesSold" xlink:to="lab_us-gaap_CostOfGoodsAndServicesSold" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="loc_us-gaap_CostOfRevenue" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CostOfRevenue" xml:lang="en-US">Cost of Revenue, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CostOfRevenue" xml:lang="en-US">Total cost of sales</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfRevenue" xlink:to="lab_us-gaap_CostOfRevenue" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GrossProfit" xlink:label="loc_us-gaap_GrossProfit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GrossProfit" xml:lang="en-US">Gross Profit, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_GrossProfit" xml:lang="en-US">Gross profit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GrossProfit" xlink:to="lab_us-gaap_GrossProfit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xml:lang="en-US">Interest and Fee Income, Loans and Leases, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" xml:lang="en-US">Interest income on sales-type leases</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestAndFeeIncomeLoansAndLeases" xlink:to="lab_us-gaap_InterestAndFeeIncomeLoansAndLeases" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_TotalOperatingIncomeLoss" xlink:label="loc_creg_TotalOperatingIncomeLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_TotalOperatingIncomeLoss" xml:lang="en-US">Total operating income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_creg_TotalOperatingIncomeLoss" xml:lang="en-US">Total operating income</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_TotalOperatingIncomeLoss" xml:lang="en-US">Total Operating Income (Loss)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_TotalOperatingIncomeLoss" xlink:to="lab_creg_TotalOperatingIncomeLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="loc_us-gaap_OperatingExpensesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingExpensesAbstract" xml:lang="en-US">Operating expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpensesAbstract" xlink:to="lab_us-gaap_OperatingExpensesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administrative</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaap_OperatingIncomeLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss), Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Income from operations</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="loc_us-gaap_NonoperatingIncomeExpenseAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xml:lang="en-US">Non-operating income (expenses)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="lab_us-gaap_NonoperatingIncomeExpenseAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_us-gaap_InvestmentIncomeInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Investment Income, Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Interest income</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeInterest" xlink:to="lab_us-gaap_InvestmentIncomeInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestExpense" xml:lang="en-US">Interest Expense, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_InterestExpense" xml:lang="en-US">Interest expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="loc_us-gaap_UnrealizedGainLossOnDerivatives" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivatives" xml:lang="en-US">Changes in conversion liability fair value</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivatives" xml:lang="en-US">Changes in conversion liability fair value</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="lab_us-gaap_UnrealizedGainLossOnDerivatives" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="loc_us-gaap_InterestPayableCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestPayableCurrent" xml:lang="en-US">Interest Payable, Current</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestPayableCurrent" xml:lang="en-US">Interest payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrent" xlink:to="lab_us-gaap_InterestPayableCurrent" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_ChangesInFairValueOfLiability" xlink:label="loc_creg_ChangesInFairValueOfLiability" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_ChangesInFairValueOfLiability" xml:lang="en-US">Changes In Fair Value Of Liability</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_creg_ChangesInFairValueOfLiability" xml:lang="en-US">Changes in fair value of the liability</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_creg_ChangesInFairValueOfLiability" xml:lang="en-US">Changes in fair value of the liability</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_ChangesInFairValueOfLiability" xml:lang="en-US">Changes in fair value of liability</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_ChangesInFairValueOfLiability" xlink:to="lab_creg_ChangesInFairValueOfLiability" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xml:lang="en-US">Other Nonoperating Income (Expense), Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xml:lang="en-US">Other income (expenses)</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:to="lab_us-gaap_OtherNonoperatingIncomeExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" xlink:label="loc_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" xml:lang="en-US">Financial expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" xml:lang="en-US">Financial expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" xlink:to="lab_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xml:lang="en-US">Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xml:lang="en-US">Income before income tax</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income tax expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Income before noncontrolling interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProfitLoss" xml:lang="en-US">Income including noncontrolling interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xml:lang="en-US">Less: Income attributable to noncontrolling interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable to Parent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income attributable to China Recycling Energy Corp</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xml:lang="en-US">Other comprehensive items</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xml:lang="en-US">Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xml:lang="en-US">Foreign currency translation gain attributable to China Recycling Energy Corp</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:to="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Foreign currency translation gain attributable to noncontrolling interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income attributable to China Recycling Energy Corp</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTax" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xml:lang="en-US">Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xml:lang="en-US">Comprehensive income attributable to noncontrolling interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Basic weighted average shares outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Diluted weighted average shares outstanding *</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic earnings per share</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Earnings Per Share, Diluted, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted earnings per share *</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile income including noncontrolling interest to net cash used in operating activities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases" xlink:label="loc_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases" xml:lang="en-US">Changes in sales type leases receivables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases" xml:lang="en-US">Changes in sales type leases receivables</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases" xlink:to="lab_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="loc_us-gaap_DepreciationAndAmortization" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DepreciationAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DepreciationAndAmortization" xml:lang="en-US">Depreciation and amortization</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationAndAmortization" xlink:to="lab_us-gaap_DepreciationAndAmortization" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of prepaid loan fees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_us-gaap_AmortizationOfFinancingCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="loc_us-gaap_AmortizationOfDebtDiscountPremium" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AmortizationOfDebtDiscountPremium" xml:lang="en-US">Amortization of discount related to conversion feature of convertible note</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="lab_us-gaap_AmortizationOfDebtDiscountPremium" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncome" xlink:label="loc_us-gaap_OtherNoncashIncome" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherNoncashIncome" xml:lang="en-US">Interest expense from changes in conversion liability</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_OtherNoncashIncome" xml:lang="en-US">Interest expense from changes in conversion liability</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncashIncome" xlink:to="lab_us-gaap_OtherNoncashIncome" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:label="loc_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xml:lang="en-US">Issuance of Stock and Warrants for Services or Claims</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xml:lang="en-US">Stock compensation expense</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" xlink:to="lab_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-based Compensation, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock options and warrants expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Changes in deferred tax</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">Interest receivable on sales type lease</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">Interest receivable on sales type lease</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInLeasingReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInLeasingReceivables" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInLeasingReceivables" xml:lang="en-US">Collection of principal on sales type leases</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInLeasingReceivables" xml:lang="en-US">Collection of principal on sales type leases</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInLeasingReceivables" xlink:to="lab_us-gaap_IncreaseDecreaseInLeasingReceivables" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidExpense" xml:lang="en-US">Increase (Decrease) in Prepaid Expense</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidExpense" xml:lang="en-US">Prepaid expenses</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherReceivables" xml:lang="en-US">Increase (Decrease) in Other Receivables</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherReceivables" xml:lang="en-US">Other receivables</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherReceivables" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherReceivables" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xml:lang="en-US">Increase (Decrease) in Other Noncurrent Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xml:lang="en-US">Construction in progress</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets" xml:lang="en-US">Increase (Decrease) in Deposit Assets</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets" xml:lang="en-US">Long term deposit</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xml:lang="en-US">(Increase) decrease in current assets:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xml:lang="en-US">Increase (Decrease) in Accounts Payable, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xml:lang="en-US">Accounts payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Increase (Decrease) in Income Taxes Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Taxes payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xml:lang="en-US">Increase (Decrease) in Interest Payable, Net</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xml:lang="en-US">Interest payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xml:lang="en-US">Increase (Decrease) in Other Noncurrent Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xml:lang="en-US">Long term liability</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xml:lang="en-US">Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xml:lang="en-US">Accrued liabilities and other payables</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Increase (Decrease) in Other Operating Liabilities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Accrued interest on convertible notes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="loc_us-gaap_IncreaseDecreaseInRestrictedCash" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Increase (Decrease) in Restricted Cash</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInRestrictedCash" xml:lang="en-US">Restricted cash</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="lab_us-gaap_IncreaseDecreaseInRestrictedCash" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Acquisition of property &amp; equipment</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash provided by (used in) investing activities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromConvertibleDebt" xlink:label="loc_us-gaap_ProceedsFromConvertibleDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromConvertibleDebt" xml:lang="en-US">Issuance of convertible notes</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromConvertibleDebt" xlink:to="lab_us-gaap_ProceedsFromConvertibleDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="loc_us-gaap_ProceedsFromMinorityShareholders" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromMinorityShareholders" xml:lang="en-US">Proceeds from Noncontrolling Interests</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromMinorityShareholders" xml:lang="en-US">Cash contribution from noncontrolling interest</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromMinorityShareholders" xlink:to="lab_us-gaap_ProceedsFromMinorityShareholders" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfNotesPayable" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfNotesPayable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfNotesPayable" xml:lang="en-US">Proceeds from (Repayments of) Notes Payable</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfNotesPayable" xml:lang="en-US">Notes payable - bank acceptances</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRepaymentsOfNotesPayable" xlink:to="lab_us-gaap_ProceedsFromRepaymentsOfNotesPayable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt" xml:lang="en-US">Proceeds from Issuance of Debt</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt" xml:lang="en-US">Proceeds from loans</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="loc_us-gaap_RepaymentsOfDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RepaymentsOfDebt" xml:lang="en-US">Repayments of Debt</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_RepaymentsOfDebt" xml:lang="en-US">Repayment of loans</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfDebt" xlink:to="lab_us-gaap_RepaymentsOfDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt" xml:lang="en-US">Proceeds from (Repayments of) Other Long-term Debt</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt" xml:lang="en-US">Long term payable</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt" xlink:to="lab_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PaymentsOfFinancingCosts" xml:lang="en-US">Payments of Financing Costs, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PaymentsOfFinancingCosts" xml:lang="en-US">Prepaid loan fees</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfFinancingCosts" xlink:to="lab_us-gaap_PaymentsOfFinancingCosts" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OriginationOfNotesReceivableFromRelatedParties" xml:lang="en-US">Advance to related parties</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_OriginationOfNotesReceivableFromRelatedParties" xml:lang="en-US">Advance to related parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:to="lab_us-gaap_OriginationOfNotesReceivableFromRelatedParties" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="loc_us-gaap_ProceedsFromRelatedPartyDebt" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromRelatedPartyDebt" xml:lang="en-US">Proceeds from Related Party Debt</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromRelatedPartyDebt" xml:lang="en-US">Advance from related parties</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRelatedPartyDebt" xlink:to="lab_us-gaap_ProceedsFromRelatedPartyDebt" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xml:lang="en-US">Effect of Exchange Rate on Cash and Cash Equivalents, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xml:lang="en-US">EFFECT OF EXCHANGE RATE CHANGE ON CASH &amp; EQUIVALENTS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" xlink:to="lab_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease), Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">NET INCREASE IN CASH &amp; EQUIVALENTS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xml:lang="en-US">Supplemental Cash flow data:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowInformationAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_us-gaap_IncomeTaxesPaid" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxesPaid" xml:lang="en-US">Income tax paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaid" xlink:to="lab_us-gaap_IncomeTaxesPaid" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_us-gaap_InterestPaid" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestPaid" xml:lang="en-US">Interest Paid, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestPaid" xml:lang="en-US">Interest paid</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaid" xlink:to="lab_us-gaap_InterestPaid" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_NotesToFinancialStatementsAbstract" xlink:label="loc_creg_NotesToFinancialStatementsAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_NotesToFinancialStatementsAbstract" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_NotesToFinancialStatementsAbstract" xml:lang="en-US">Notes to Financial Statements [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_NotesToFinancialStatementsAbstract" xlink:to="lab_creg_NotesToFinancialStatementsAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">ORGANIZATION AND DESCRIPTION OF BUSINESS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_InvestmentsTextBlock" xlink:label="loc_creg_InvestmentsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_InvestmentsTextBlock" xml:lang="en-US">NET INVESTMENT IN SALES-TYPE LEASES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_InvestmentsTextBlock" xml:lang="en-US">Net investment in sales - type leases</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_InvestmentsTextBlock" xlink:to="lab_creg_InvestmentsTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_RestrictedCashAndCashEquivalentsTextBlock" xlink:label="loc_creg_RestrictedCashAndCashEquivalentsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_RestrictedCashAndCashEquivalentsTextBlock" xml:lang="en-US">RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_RestrictedCashAndCashEquivalentsTextBlock" xml:lang="en-US">Restricted Cash And Cash Equivalents [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_RestrictedCashAndCashEquivalentsTextBlock" xlink:to="lab_creg_RestrictedCashAndCashEquivalentsTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" xlink:label="loc_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" xml:lang="en-US">Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" xml:lang="en-US">PREPAID EXPENSES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xlink:label="loc_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xml:lang="en-US">Long-term Contracts or Programs Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xml:lang="en-US">CONSTRUCTION IN PROGRESS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xlink:to="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_TaxDisclosureTextBlock" xlink:label="loc_creg_TaxDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_TaxDisclosureTextBlock" xml:lang="en-US">Tax Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_creg_TaxDisclosureTextBlock" xml:lang="en-US">TAXES PAYABLE</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_TaxDisclosureTextBlock" xml:lang="en-US">Tax Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_TaxDisclosureTextBlock" xlink:to="lab_creg_TaxDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:label="loc_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xml:lang="en-US">Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xml:lang="en-US">ACCRUED LIABILITIES AND OTHER PAYABLES</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:to="lab_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">RELATED PARTY TRANSACTIONS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock" xlink:label="loc_us-gaap_MinorityInterestDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MinorityInterestDisclosureTextBlock" xml:lang="en-US">Noncontrolling Interest Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_MinorityInterestDisclosureTextBlock" xml:lang="en-US">NONCONTROLLING INTEREST</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDisclosureTextBlock" xlink:to="lab_us-gaap_MinorityInterestDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" xlink:label="loc_creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" xml:lang="en-US">DEFERRED TAX</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" xml:lang="en-US">Deferred Tax Assets Liabilities, Net Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" xlink:to="lab_creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">INCOME TAX</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">LOANS PAYABLE</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_NotesPayableDisclosureTextBlock" xlink:label="loc_creg_NotesPayableDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_NotesPayableDisclosureTextBlock" xml:lang="en-US">CONVERTIBLE NOTES PAYABLE</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_NotesPayableDisclosureTextBlock" xml:lang="en-US">Notes Payable Disclosure [Text Block]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_NotesPayableDisclosureTextBlock" xlink:to="lab_creg_NotesPayableDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">STOCK-BASED COMPENSATION PLAN</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xml:lang="en-US">Stockholders Equity Note Disclosure [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xml:lang="en-US">SHAREHOLDERS&#8217; EQUITY</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" xlink:label="loc_creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" xml:lang="en-US">STATUTORY RESERVES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" xml:lang="en-US">Disclosure regarding legal reserve and retained earnings, and dividends.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" xlink:to="lab_creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_ContingenciesDisclosureTextBlock" xlink:label="loc_creg_ContingenciesDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_ContingenciesDisclosureTextBlock" xml:lang="en-US">CONTINGENCIES</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_ContingenciesDisclosureTextBlock" xml:lang="en-US">Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible gain or loss incurred by an entity and typically discloses the amount of range of possible gain or loss recorded.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_ContingenciesDisclosureTextBlock" xlink:to="lab_creg_ContingenciesDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsDisclosureTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsDisclosureTextBlock" xml:lang="en-US">COMMITMENTS</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsDisclosureTextBlock" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaap_LiabilitiesCurrent" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current, Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="loc_us-gaap_NonoperatingIncomeExpense" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xml:lang="en-US">Nonoperating Income (Expense), Total</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xml:lang="en-US">Total non-operating income (expenses), net</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpense" xlink:to="lab_us-gaap_NonoperatingIncomeExpense" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xml:lang="en-US">Increase (decrease) in current liabilities:</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_RestatementOfFinancialStatementsTextBlock" xlink:label="loc_creg_RestatementOfFinancialStatementsTextBlock" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_RestatementOfFinancialStatementsTextBlock" xml:lang="en-US">Restatement Of Financial Statements [Text Block]</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_creg_RestatementOfFinancialStatementsTextBlock" xml:lang="en-US">RESTATEMENT OF FINANCIAL STATEMENTS</label>

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_creg_RestatementOfFinancialStatementsTextBlock" xml:lang="en-US">Restatement of financial statement.</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_RestatementOfFinancialStatementsTextBlock" xlink:to="lab_creg_RestatementOfFinancialStatementsTextBlock" />

    <loc xlink:type="locator" xlink:href="creg-20110930.xsd#creg_DocumentAndEntityInformationAbstract" xlink:label="loc_creg_DocumentAndEntityInformationAbstract" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_creg_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document And Entity Information [Abstract]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_creg_DocumentAndEntityInformationAbstract" xlink:to="lab_creg_DocumentAndEntityInformationAbstract" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationTable" xml:lang="en-US">Document Information [Table]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" />

    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xml:lang="en-US">Class of Stock [Axis]</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>

    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" />

    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />

    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>creg-20110930_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R8.xml
<DESCRIPTION>IDEA: NET INVESTMENT IN SALES-TYPE LEASES
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>108 - Disclosure - NET INVESTMENT IN SALES-TYPE LEASES</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>P01_01_2011To09_30_2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000721693</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-09-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="Sep. 30, 2011" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>creg_InvestmentsTextBlock</ElementName><ElementPrefix>creg_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;3. NET INVESTMENT IN SALES-TYPE LEASES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under sales-type leases, Shanghai TCH leased TRT systems to Xingtai and Zhangzhi with terms of five and thirteen years, respectively and leased CHPG systems to Tong Chuan Shengwei and Jin Yang Shengwei respectively for five years, WGPG systems to Shenmu for ten years, BMPG systems to Pucheng for fifteen years, BMPG systems to Shenqiu for eleven years, and a power and steam generating system from waste heat from metal refining to Erdos for twenty years. The components of the net investment in sales-type leases as of September 30, 2011 and December 31, 2010 are as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total future minimum lease payments receivable&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 452,765,015&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 379,641,671&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Less: executory cost&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (114,018,386&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (99,866,170&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Less: unearned interest income&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (183,062,575&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (154,564,733&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net investment in sales - type leases&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 155,684,054&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 125,210,768&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,365,951&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 7,624,637&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Noncurrent portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 146,318,103&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 117,586,131&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, the future minimum rentals to be received on non-cancelable sales-type leases by years are as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2012&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 40,834,910&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2013&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 39,734,306&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2014&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 35,858,665&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2015&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 31,423,265&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2016&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 31,423,265&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Thereafter&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 273,490,604&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 452,765,015&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Net investment in sales - type leases</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>NET INVESTMENT IN SALES-TYPE LEASES</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>NET INVESTMENT IN SALES-TYPE LEASES</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.creg-cn.com/role/NetInvestmentInSalestypeLeases</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>1</NumberOfRows></InstanceReport>
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ORGANIZATION AND DESCRIPTION OF BUSINESS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; China Recycling Energy Corporation (the &amp;#8220;Company&amp;#8221; or &amp;#8220;CREG&amp;#8221;) (formerly China Digital Wireless, Inc.) was incorporated on May 8, 1980, under the laws of the State of Colorado. On September 6, 2001, the Company re-domiciled its state of incorporation from Colorado to Nevada. The Company, through its subsidiary, Shanghai TCH Energy Technology Co., Ltd (&amp;#8220;Shanghai TCH&amp;#8221;), sells and leases energy saving systems and equipment. On March 8, 2007, the Company changed its name to &amp;#8220;China Recycling Energy Corporation.&amp;#8221;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On February 1, 2007, the Company&amp;#8217;s subsidiary, Shanghai TCH, conditionally entered into two top gas recovery turbine systems (&amp;#8220;TRT&amp;#8221;) projects, each evidenced by a joint-operation agreement, with Xi&amp;#8217;an Yingfeng Science and Technology Co., Ltd. (&amp;#8220;Yingfeng&amp;#8221;) which were approved and made effective by our Board of Directors on April 8, 2007. TRT is an electricity generating system that utilizes the exhaust pressure and heat produced in the blast furnace of a steel mill to generate electricity. Yingfeng is a joint stock company registered in Xi&amp;#8217;an, Shaanxi Province, Peoples Republic of China (the &amp;#8220;PRC&amp;#8221;), and engages in designing, installing, and operating TRT systems and sales of other renewable energy products.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued a top gas recovery turbine project ("TRT Project") which was to design, construct, install and operate a TRT Project for Zhangzhi Iron and Steel Holdings Ltd. ("Zhangzhi"). This TRT Project was initiated by a Contract to Design and Construct TRT System (&amp;#8220;Project Contract&amp;#8221;) which Yingfeng and Zhangzhi entered in 2006. Due to Yingfeng&amp;#8217;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&amp;#8217;s cooperation. Shanghai TCH provided various investments and properties towards the TRT Project including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract, including but not limited to the regular cash payments made by Zhangzhi and other property rights and interests. This project was completed and put into operation in February 2007.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under another Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued another TRT project to design, construct, install and operate a TRT Project for Xingtai Iron and Steel Company, Ltd. (&amp;#8220;Xingtai&amp;#8221;). This Project was initiated by a Contract to Design and Construct TRT Project (&amp;#8220;Project Contract&amp;#8221;) which Yingfeng and Xingtai entered on September 26, 2006. Due to Yingfeng&amp;#8217;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&amp;#8217;s cooperation. Shanghai TCH agreed to pursue this project with Yingfeng as a joint venture. Under the terms of the Joint-Operation Agreement, Shanghai TCH provided various investments and properties towards the Project including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract, including but not limited to the regular cash payments made by Xingtai and other property rights and interests. This project was completed and put into operation in August 2007.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 31, 2007, Shanghai TCH entered an asset-transfer agreement with Yingfeng. This agreement requires the transfer of all electricity-generating related assets owned by Yingfeng to Shanghai TCH. As a result, the contractual relationships between Shanghai TCH and Yingfeng under the TRT Project Joint-Operation Agreement on April 8, 2007 were terminated.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In November 2007, Shanghai TCH signed a cooperative agreement with Shengwei Group to build two sets of 12MW pure low temperature cement waste heat powered generator systems (&amp;#8220;CHPG&amp;#8221;) for Shengwei&amp;#8217;s two 2,500-tons-per-day cement manufacturing lines in Jin Yang and for a 5,000-tons-per-day cement manufacturing line in Tong Chuan. Total investment in these projects was $12,593,000 (RMB 93,000,000). At the end of 2008, construction of the CHPG in Tong Chuan was completed at a cost of $6,191,000 (RMB 43,000,000) and put into operation. Under the original agreement, the ownership of the power generator system would belong to Shengwei from the date the system was put into service. Shanghai TCH is responsible for the daily maintenance and repair of the system, and charges Shengwei a monthly electricity fee based on the actual power generated by the system at 0.4116 RMB per KWH for an operating period of five years with the assurance from Shengwei of a properly functioning 5,000-tons-per-day cement manufacturing line and not less than 7,440 heat hours per year for the electricity generator system. Shengwei Group collateralized the cement manufacturing line in Tong Chuan to guarantee its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating period. At the end of the five year operating period, Shanghai TCH will have no further obligations under the cooperative agreement. On May 20, 2009, Shanghai TCH entered into a supplementary agreement with Shengwei Group to amend the timing for title transfer to the end of the lease term. In addition, the supplementary agreement provided that Shanghai TCH will charge Shengwei based on actual power usage subject to a minimum of $0.31 million (RMB 2.1 million) per month during the operating period.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 29, 2009, construction of the CHPG in Jin Yang was completed at a cost of $7,318,000 (RMB 50,000,000) and put into operation. Shanghai TCH charges Shengwei a technical service fee of $336,600 (RMB 2,300,000) monthly for the sixty months of the lease term. Shengwei has the right to purchase the CHPG systems for $29,000 (RMB 200,000) at the end of the lease term. Shengwei is required to provide assurance of properly functioning 5,000-tons-per-day cement manufacturing lines and not less than 7,440 heat hours per year for the CHPG. Shengwei Group collateralized the cement manufacturing lines in Jin Yang to guarantee its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating period. Effective July 1, 2009, Shanghai TCH outsourced the operation and maintenance of the CHPG systems in Tong Chuan and JinYang to a third party for $732,000 (RMB 5,000,000) per year.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 14, 2009, the Company incorporated a joint venture (&amp;#8220;JV&amp;#8221;) with Erdos Metallurgy Co., Ltd. (&amp;#8220;Erdos&amp;#8221;) to recycle waste heat from Erdos&amp;#8217; metal refining plants to generate power and steam, which will then be sold back to Erdos. The name of the JV is Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd (&amp;#8220;Erdos TCH&amp;#8221;) with a term of 20 years, and registered capital of $2,635,000 (RMB 18,000,000). On September 30, 2009, Xi&amp;#8217;an TCH Energy Technology Co., Ltd. (&amp;#8220;Xi&amp;#8217;an TCH&amp;#8221;) injected additional capital of $4.03 million (RMB 27,500,000). In November 2009, Xi&amp;#8217;an TCH injected further capital of $5.05 million (RMB 34,500,000). As of September 30, 2011, total registered capital was raised to $17.55 million (RMB 120 million), of which, $16.37 million (RMB112 million) was contributed by Xi&amp;#8217;an TCH and $1.18 million (RMB 8 million) was from Erdos. Total investment for the project is estimated at approximately $74 million (RMB 500 million) with an initial investment of $17.55 million (RMB 120,000,000). As of September 30, 2011, Erdos contributed 7% of the total investment of the project, and Xi&amp;#8217;an TCH contributed 93%. According to Xi&amp;#8217;an TCH and Erdos&amp;#8217; agreement on profit distribution, Xi&amp;#8217;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively, until Xi&amp;#8217;an TCH receives complete return on its investment. Xi&amp;#8217;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively. The profits to be distributed will be computed based on Chinese generally accepted accounting principles. The main difference between US GAAP (Generally Accepted Accounting Principles) and Chinese GAAP with regards to Erdos is that Erdos is treated as a sales-type lease under US GAAP and as an operating lease under Chinese GAAP. When the term of the JV expires, Xi&amp;#8217;an TCH will transfer its equity in the JV to Erdos at no additional cost.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 18, 2009, Erdos TCH signed a Cooperation Agreement with Erdos to recycle heat from groups of furnaces of Erdos Metallurgy&amp;#8217;s metal refining plants to generate power and steam, which will then be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group of power generation projects with a total of 70MW power capacity, which may expand up to 120MW, and 30-ton steam per hour, with an estimated total investment in excess of $75 million (RMB 500 million). The construction of the projects was split into three phases, two power generation systems in Phase I with a total of 18MW power capacity, three power generation systems in Phase II with a total of 27MW power capacity and one power generation system in Phase III with 25MW power capacity.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; At the end of 2009, Erdos TCH completed the first 9MW power station of Phase I of the project and put it into operation. Phase I includes two 9MW units for a combined 18MW power capacity. In March of 2010, the Company completed the second 9MW capacity power station and put it into operation. Pursuant to the Co-operation Agreement and the supplement agreements signed between Erdos and Erdos TCH, Erdos shall purchase all the electricity and steam to be generated from the JV&amp;#8217;s power generation projects. Erdos TCH leased the two 9 MW units to Erdos and will be responsible for the operation and maintenance of the units.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. Erdos agreed to pay a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation unit. In addition Erdos will pay the actual amount if the sale of the electricity generated by each unit is more than $0.22 million (RMB 1.5 million) monthly.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On December 10, 2010, Erdos TCH entered into a supplementary agreement with Xi&amp;#8217;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for changing Erdos Phase II project of four 9MW waste heat generation systems to three 9MW systems, and moved the fourth 9MW waste heat generation system into Phase III of the project; and accordingly, the construction cost decreased from $37.4 million (RMB248 million) to $28.1 million (RMB186 million) for the Phase II. In the first quarter of 2011, the Company completed all three 9MW power stations of Phase II and put them into operation. Erdos TCH also outsourced the operation and maintenance of these three 9 MW power generation systems to an independent third party for an annual charge $947,000 (RMB 6.27 million) for each system. After 20 years, the systems will be transferred to Erdos without charge.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On September 30, 2009, Xi&amp;#8217;an TCH delivered three 6 MW capacity Waste Gas Power Generation (&amp;#8220;WGPG&amp;#8221;) power generating systems to Shenmu County Jiujiang Trading Co., Ltd. (&amp;#8220;Shenmu&amp;#8221;) pursuant to a Cooperative Contract on Coke-oven Gas Power Generation Project (including its Supplementary Agreement) and a Gas Supply Contract for Coke-oven Gas Power Generation Project. The terms of these contracts are for 10 years, and they provide that Xi&amp;#8217;an TCH will recycle coke furnace gas from the coke-oven plant of Shenmu to generate power, which will be supplied back to Shenmu. Shenmu agrees to supply Xi&amp;#8217;an TCH the coke-oven gas free of charge. Shenmu will pay the Company an annual &amp;#8220;energy-saving service fee&amp;#8221; of approximately $5.6 million in equal monthly installments for the life of the contracts, as well as such additional amount that may result from the supply of power to Shenmu in excess of 10.8 million kilowatt hours per month. The Company is responsible for operating the systems and will do so through an unrelated third party. Shenmu guarantees that the monthly gas supply will not be less than 21.6 million standard cubic meters. If gas supply is less, Shenmu agrees to pay Xi&amp;#8217;an TCH an energy-saving service fee described above or up to 10.8 million kilowatt-hours per month. Xi&amp;#8217;an TCH maintains the ownership of the project for the term of the contracts, including the already completed investment, design, equipment, construction and installation as well as the operation and maintenance of the project. At the end of the 10-year term, ownership of the systems transfers to Shenmu at no charge. Shenmu gave a lien on its production line to guarantee its performance under the contracts. Shenmu&amp;#8217;s three major shareholders provide an unlimited joint liability guarantee to Xi&amp;#8217;an TCH for Shenmu&amp;#8217;s performance under the contracts and the Yulin Huiyuan Group, an independent third party, provides a guarantee to Xi&amp;#8217;an TCH for Shenmu&amp;#8217;s performance under the contracts.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;font style="COLOR: black"&gt;On January 20, 2010, Xi&amp;#8217;an TCH entered into a Technical Reconstruction Letter of Intent with Xueyi Dong (&amp;#8220;Dong&amp;#8221;) a natural person with Chinese citizenship for Xi&amp;#8217;an TCH reconstructing and transforming a Thermal Power Generation System owned by Dong into a 12MW Biomass Power Generation Systems (&amp;#8220;Biomass Systems&amp;#8221; or &amp;#8220;BMPG&amp;#8221;) for approximately RMB 15 million ($2.2 million), of which, RMB 7 million ($1.03 million) was payable to Dong, and RMB 8 million ($1.18 million) was payable to one of the Company&amp;#8217;s shareholders, who had previously paid that amount to Dong on behalf of the Company. After the successful transformation of the system, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &amp;#8220;Transfer Agreement&amp;#8221;) with Dong on June 29, 2010. Under the Transfer Agreement, Dong transferred the Biomass Systems to Xi&amp;#8217;an TCH, and Xi&amp;#8217;an TCH will pay Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 in shares of the Company&amp;#8217;s common stock. The stock price will be the same as the Company&amp;#8217;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than $4 per share. The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8. As of September 30, 2011, the Company had paid the cash portion in full and had shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection with this transaction&lt;/font&gt;.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 29, 2010, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Project Lease Agreement with PuCheng XinHengYuan Biomass Power Generation Co., Ltd., (&amp;#8220;XHY&amp;#8221;). Under this lease agreement, Xi&amp;#8217;an TCH leased this same set of 12MW biomass power generation systems to XHY at minimum RMB 1,900,000 per month ($279,400) for 15 years. The leasing fee will increase proportionately with the biomass generated electricity fee in China during the term of this lease agreement.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On September 30, 2010, Xi&amp;#8217;an TCH delivered to Zhongbao Binhai Nickel Co., Ltd. (&amp;#8220;Zhongbao&amp;#8221;) a 7 MW capacity Waste Heat Power Generation (&amp;#8220;WHPG&amp;#8221;) system, an integral part of the facilities designed to produce 80,000 tons of nickel-alloy per year according to the recovery and power generation of waste heat agreement with Zhongbao, a nickel-alloy manufacturing joint venture between Zhonggang and Shanghai Baoshan Steel Group established in June 2009. Total investment in this project was approximately $7.8 million (RMB 55 million). The waste heat agreement with Zhongbao has a term of nine years and provides that Xi&amp;#8217;an TCH will recycle waste heat from the nickel-alloy rotary kilns of Zhongbao to generate power and steam, which will be supplied back to Zhongbao, and help reduce over 20,000 tons of carbon dioxide emissions every year. At the end of the term, the WHPG system will be transferred to Zhongbao for RMB 1. Pursuant to the agreement, Zhongbao will pay Xi&amp;#8217;an TCH a monthly &amp;#8220;energy-saving service fee&amp;#8221; based on the volume of electricity and steam generated the previous month at a pre-agreed price, but no less than a minimum monthly payment of $224,000 (RMB 1.5 million). Zhongbao will supply Xi&amp;#8217;an TCH certain gas, water and compressed air from the nickel-alloy rotary kilns free of charge. Zhongbao also guarantees to continuously supply not less than 6800 heat hours per year for the WHPG, or the operating term will be extended accordingly. Xi&amp;#8217;an TCH outsourced the operation and maintenance of the WHPG for the whole operation period to a third party for an annual fee of RMB 2.4 million ($366,000). In addition, Xi&amp;#8217;an TCH is responsible for applying for the Clean Development Mechanism (&amp;#8220;CDM&amp;#8221;) under the Kyoto Protocol. Net proceeds from any CDM credit will be distributed between Zhongbao and Xi&amp;#8217;an TCH at 60% and 40%, respectively. Xi&amp;#8217;an TCH had not commenced the CDM application process as of September 30, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On March 15, 2011, the Company incorporated a new wholly owned subsidiary Pingshan County Shengda Energy Technology Co., Ltd (&amp;#8220;Shengda&amp;#8221;). Xi&amp;#8217;an TCH contributed cash of $4,559,271 (RMB 30,000,000) into Shengda as initial capital. Shengda was set up in order to undertake waste energy recycling projects from a steel and chemical company in Pingshan county in accordance with and pursuant to a Recycling Economy Projects Cooperative Framework Agreement entered into by the parties. The final terms for the projects have not been reached and entered, and Shengda is not currently operational.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On May 25, 2011, Xi&amp;#8217;an TCH entered into a Letter of Intent with Shenqiu Yuneng Thermal Power Ltd Co., (&amp;#8220;Shenqiu&amp;#8221;) for Xi&amp;#8217;an TCH reconstructing and transforming a Thermal Power Generation System owned by Shenqiu into a 75T/H Biomass Power Generation Systems for RMB 22.5 million ($3.5 million). The project commenced in June 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On September 28, 2011, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement with Shenqiu (the &amp;#8220;Seller&amp;#8221;). The Transfer Agreement provided for the sale of a set of 12MW biomass power generation systems to Xi&amp;#8217;an TCH after Xi&amp;#8217;an TCH completed the conversion of the system for biomass power generation purpose. As consideration for the biomass power generation system, Xi&amp;#8217;an TCH will pay the Seller RMB 70,000,000 in cash ($10,937,500) in three installments in 6 months upon the transfer of ownership of the system. As of September 30, 2011, $3,147,178 (RMB 20,000,000) was paid. On September 28, 2011, Xi&amp;#8217;an TCH also entered into a Biomass Power Generation Project Lease Agreement with the Seller. Under the Lease Agreement, Xi&amp;#8217;an TCH leased this set of 12,000 KW biomass power generation systems to the Seller at RMB 1,800,000 per month ($281,250) for 11 years. Seller provided one month leasing fee as security deposit to Xi&amp;#8217;an TCH as well as personal guarantees from its legal representative. The ownership of this system will be transferred to Shenqiu with no cost at the end of the lease term.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The unaudited financial statements included herein were prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (&amp;#8220;SEC&amp;#8221;). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) that are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;US GAAP&amp;#8221;) have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company&amp;#8217;s 2010 audited financial statements included in the Company&amp;#8217;s Annual Report on Form 10-K. 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>INCOME TAX<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">INCOME TAX</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>12. INCOME TAX</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Effective January 1, 2008, the PRC government implemented a new corporate income tax law with a maximum rate of 25%. The Company is governed by the Income Tax Law of the PRC concerning privately-run enterprises, which are generally subject to tax at 25% (33% prior to 2008) on income reported in the statutory financial statements after appropriate tax adjustments. Under the 2008 Chinese tax law, the tax treatment of finance and sales-type leases is similar to US GAAP. However, the local tax bureau continues to treat CREG sales-type leases as operating leases. Accordingly, the Company recorded deferred income taxes.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#8217;s subsidiaries generate all of their net income from their PRC operations. Shanghai TCH&#8217;s effective income tax rates for 2011 and 2010 are 24% and 22%, respectively. Xi&#8217;an TCH&#8217;s effective income tax rate for 2011 and 2010 is 15% as a result of its high tech enterprise status that was approved by the taxing authority. Xingtai Huaxin&#8217;s effective income tax rate for 2011 and 2010 is 25%. Huahong and Erdos TCH&#8217;s effective income tax rate for 2011 and 2010 is 25%. Pingshan Shengda&#8217;s effective income tax rate for 2011 is 25%. Shanghai TCH, Xi&#8217;an TCH, Xingtai Huaxin, Huahong, Pingshan Shengda and Erdos TCH file separate income tax returns. If Xi&#8217;an TCH had not been granted high tech enterprise status, income tax expense for the nine months ended September 30, 2011, would have been increased by $1,428,064 and earnings per share would have been reduced by $0.03.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Shanghai TCH, as a business in a Development Zone, was subject to a 15% income tax rate. According to the new income tax law that became effective January 1, 2008, for those enterprises to which the 15% tax rate was previously applicable, the applicable rates shall increase as follows:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: black 1pt solid; VERTICAL-ALIGN: bottom"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Year</font></div> </td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Tax Rate</font></div> </td> <td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc"> <td style="WIDTH: 89%; VERTICAL-ALIGN: bottom"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">2011</font></div> </td> <td style="WIDTH: 1%; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 8%; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">24</font></div> </td> <td style="TEXT-ALIGN: right; WIDTH: 1%; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">%</font></div> </td> </tr> <tr style="BACKGROUND-COLOR: white"> <td style="VERTICAL-ALIGN: bottom"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">2012</font></div> </td> <td style="VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">25</font></div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">%</font></div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> There is no income tax for companies domiciled in the Cayman Islands. Accordingly, the Company&#8217;s consolidated financial statements do not present any income tax provisions related to Cayman Islands tax jurisdiction where Sifang Holding is domiciled.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The parent company, China Recycling Energy Corporation, is taxed in the U.S. and has net operating loss carry forwards for income taxes of $6.75 million at September 30, 2011, which may be available to reduce future years&#8217; taxable income as NOLs can be carried forward up to 20 years from the year the loss is incurred. Management believes the realization of benefits from these losses appears uncertain due to the Company&#8217;s limited operating history and continuing losses. Accordingly, a 100% deferred tax asset valuation allowance was provided.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table reconciles the U.S. statutory rates to the Company&#8217;s effective tax rate for the nine and three months ended September 30, 2011 and 2010, respectively:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> For the Nine Months</div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> For the Three Months</div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 48%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> U.S. statutory rates</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 34.0</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 34.0</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 34.0</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 34.0</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Tax rate difference &#150; current provision</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (6.5</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (10.3</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (5.6</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (9.3</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Effective tax holiday</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (5.2</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (9.3</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (5.5</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (9.2</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Non tax-deductible expenses (non-taxable income), net</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.1</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (1.2</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.7</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (4.2</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Other</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.9</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4.6</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.2</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5.1</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Valuation allowance on NOL (utilization of NOL)</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (9.4</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.3</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (13.4</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )%</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5.0</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Tax per financial statements</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15.9</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 24.1</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 16.4</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21.4</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> %</div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The provision for income tax expenses for the nine and three months ended September 30, 2011 and 2010 consisted of the following:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> For the Nine Months</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> For the Three Months</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 48%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income tax expense - current</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,353,664</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,754,734</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 781,613</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 688,913</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income tax benefit - deferred</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,015,593</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,495,828</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,408,013</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 663,606</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total income tax expenses</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,369,257</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,250,562</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,189,626</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,352,519</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EP3BG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="4">3 Months Ended</th>
        <th class="th" colspan="4">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Sep. 30, 2010</div>
        </th>
        <th class="th" colspan="2">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th" colspan="2">
          <div>Sep. 30, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenue</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Sales of systems</a></td>
        <td class="nump">$ 18,583,238<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 10,556,114<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 29,927,036<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 42,477,423<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementContingentRevenue', window );">Contingent rental income</a></td>
        <td class="nump">261,556<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">563,198<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">846,579<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,305,836<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
        <td class="nump">18,844,794<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">11,119,312<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">30,773,615<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">43,783,259<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of sales</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsAndServicesSold', window );">Cost of sales</a></td>
        <td class="nump">14,325,396<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,162,970<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">22,850,068<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">32,763,130<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Total cost of sales</a></td>
        <td class="nump">14,325,396<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,162,970<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">22,850,068<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">32,763,130<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
        <td class="nump">4,519,398<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,956,342<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,923,547<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">11,020,129<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndFeeIncomeLoansAndLeases', window );">Interest income on sales-type leases</a></td>
        <td class="nump">5,466,295<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,952,830<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">16,093,099<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">10,371,093<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_TotalOperatingIncomeLoss', window );">Total operating income</a></td>
        <td class="nump">9,985,693<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,909,172<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">24,016,646<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">21,391,222<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
        <td class="nump">387,786<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,796,686<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,834,242<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,542,859<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
        <td class="nump">9,597,907<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,112,486<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">20,182,404<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">16,848,363<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Non-operating income (expenses)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">26,324<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">23,010<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">84,966<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">44,444<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(2,534,629)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(638,098)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(8,146,088)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(1,826,547)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Changes in conversion liability fair value</a></td>
        <td class="nump">3,845,667<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">9,978,573<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_ChangesInFairValueOfLiability', window );">Changes in fair value of the liability</a></td>
        <td class="nump">2,411,764<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,823,529<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,441,176<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,574,590<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income (expenses)</a></td>
        <td class="num">(1,846)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,091<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(43,597)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,523<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts', window );">Financial expense</a></td>
        <td class="num">(592)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(2,530)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total non-operating income (expenses), net</a></td>
        <td class="nump">3,746,688<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,213,532<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,312,500<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">794,010<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income tax</a></td>
        <td class="nump">13,344,595<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,326,018<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">27,494,904<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">17,642,373<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
        <td class="nump">2,189,626<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,352,519<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,369,257<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,250,562<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Income before noncontrolling interest</a></td>
        <td class="nump">11,154,969<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,973,499<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">23,125,647<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">13,391,811<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: Income attributable to noncontrolling interest</a></td>
        <td class="nump">87,973<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">103,246<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">771,271<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">589,819<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to China Recycling Energy Corp</a></td>
        <td class="nump">11,066,996<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,870,253<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">22,354,376<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">12,801,992<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive items</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent', window );">Foreign currency translation gain attributable to China Recycling Energy Corp</a></td>
        <td class="nump">2,045,695<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">876,356<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,405,097<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,220,304<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest', window );">Foreign currency translation gain attributable to noncontrolling interest</a></td>
        <td class="nump">73,953<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">27,384<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">160,786<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">37,934<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to China Recycling Energy Corp</a></td>
        <td class="nump">13,112,691<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,746,609<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">26,759,473<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">14,022,296<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive income attributable to noncontrolling interest</a></td>
        <td class="nump">$ 161,926<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 130,630<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 932,057<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 627,753<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic weighted average shares outstanding</a></td>
        <td class="nump">43,533,174<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">38,778,035<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">41,659,787<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">38,778,035<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted weighted average shares outstanding *</a></td>
        <td class="nump">57,891,937<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">52,187,441<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">58,019,313<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">50,384,657<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per share</a></td>
        <td class="nump">$ 0.25<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 0.13<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 0.54<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 0.33<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per share *</a></td>
        <td class="nump">$ 0.20<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">$ 0.09<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">$ 0.40<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">$ 0.26<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr>
        <td colspan="9"></td>
      </tr>
      <tr>
        <td colspan="9">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Interest expense on convertible notes is added back to net income for the computation of diluted EPS.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_creg_ChangesInFairValueOfLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Changes in fair value of liability</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>creg_ChangesInFairValueOfLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>creg_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_creg_TotalOperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total Operating Income (Loss)</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>creg_TotalOperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>creg_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16317811<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e557-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax of (increase) decrease in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4613674-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569643-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591552-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsAndServicesSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a),(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsAndServicesSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenueAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRevenueAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the charge against earnings during the period for commitment fees and debt issuance expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndFeeIncomeLoansAndLeases">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 1<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndFeeIncomeLoansAndLeases</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e565-108580<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpenseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesIncomeStatementContingentRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of contingent rental revenue recognized for the period under lease, based on the occurrences of an event or condition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6454179&amp;loc=d3e41551-112718<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesIncomeStatementContingentRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax and reclassification adjustments of (gain) loss on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569643-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>PREPAID EXPENSES<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock', window );">PREPAID EXPENSES</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>5. PREPAID EXPENSES</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Prepaid expenses mainly consisted of prepayment for supplies, office rental, parking space, insurance and legal fees.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>COMMITMENTS<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsDisclosureTextBlock', window );">COMMITMENTS</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>19. COMMITMENTS</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Erdos Phase III of Power Generation Projects</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April 2009, Erdos TCH signed a contract with Erdos Metallurgy to recycle heat from groups of furnaces of Erdos Metallurgy&#8217;s metal refining plants to generate power and steam, to be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group of power generation projects with a total of 70MW power capacity, which may grow up to 120MW, and 30-ton steam per hour, with an estimated total investment in excess of $75 million (RMB 500 million). The Company split the construction of the projects into three phases, two units of power generation in Phase I with a total of 18MW power capacity, three units in Phase II with a total of 27MW power capacity and one unit in Phase III with 25MW power capacity. For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. During the lease term, Erdos TCH will be responsible for operating the projects and charge Erdos Metallurgy for supply of electricity and steam. Erdos Metallurgy agreed to pay a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation system.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the first quarter of 2010, Erdos power generation system Phase I project was completed and put into operation. During the fourth quarter of 2010 and first quarter of 2011, three 9MW power generation systems of Phase II were completed and put into operation. Erdos TCH outsourced to an independent third party the operation and maintenance of the power generation system for $922,000 (RMB 6.27 million) per year for each system. After 20 years, the systems will be transferred to Erdos without any charge.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011 the projects of Erdos Phase III are under construction. At September 30, 2011, the Company has paid $19.71 million for Phase III. The Company was committed to pay additional $8.7 million for Phase III projects excluding quality deposits of $120,000 in 2011. The Company expects the completion of Phase III projects no later than the end of 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Shannxi Datong Coal Group Power Generation Projects</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2011, Xi'an TCH signed a contract with Shannxi Datong Coal Group Steel Ltd Co (Shannxi Datong) to recycle gas and steam from groups of blast-furnaces and converter of Shannxi Datong's metal refining plants to generate power. According to the contract, the Company will install two 3MW TRT and one 15MW WGPG and two 1MW steam power generation systems, with a total of 23MW power capacity for an estimated total investment of $27.45 million (RMB 180 million). The lease term is 30 years. During the lease term, Shannxi Datong will be responsible for operating the projects and pay a service fee to the Company. The service fee is based on an average of 8,000 electricity-generating hours per year and RMB 0.33 per kilowatt hour ("Kwh") for the first 5 years from the completion of each power generation station. For each of the leases, at the 6th year, 11th year and 21st year thereafter, the rate will be RMB 0.3 Kwh, 0.27 Kwh and 0.25 Kwh, respectively. After 30 years, the units will be transferred to Shannxi Datong without any charge.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On February 28,2011, Xi&#8217;an TCH entered into an agreement with Xi&#8217;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for Shannxi Datong Coal projects of two 3MW TRT and one 15 MW WGPG systems described above. The project is scheduled to complete in 12 months from construction commencement.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> At September 30, 2011, the Company had paid $12.58 million for Shannxi Datong Coal Group Power Generation project. The Company is committed to pay an additional $15.74 million for the Shannxi Datong Coal Group Power Generation project.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 25<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a)(19))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>LOANS PAYABLE<br></strong></div>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">LOANS PAYABLE</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>13. LOANS PAYABLE</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Collective Capital Trust Plan</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 3, 2009, the Company and Beijing International Trust Co., Ltd. (&#8220;Beijing Trust&#8221;) formed a Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan (&#8220;Plan&#8221;). Under the Plan, Beijing Trust raised RMB 181,880,000 ($26.75 million) through sale of 181,880,000 trust units at RMB 1 per unit. All amounts raised under the Plan were loaned to Erdos TCH in connection with its waste heat power generation projects Phase II and Phase III construction and operation.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Plan included 145,500,000 category A preferred trust units ($21.4 million), consisting of category A1 preferred trust 12,450,000 units ($1.8 million), category A2 preferred trust 15,000,000 units ($2.2 million), category A3 preferred trust 118,050,000 units ($17.4 million); and 36,380,000 category B secondary trust units ($5.35 million), consisting of category B1 secondary trust 9,100,000 units ($1.34 million) and category B2 secondary trust 27,280,000 units ($4.01 million). The B1 units were purchased by members of management of Erdos TCH and the B2 units were purchased by Xi&#8217;an TCH. Under the Agreement, the annual base interest rate is 9.94% for A1 preferred trust fund units with a term of two years, 11% for A2 preferred trust fund units with a term of three years, 12.05% for A3 preferred trust fund units and 8.35% for the category B secondary trust fund units, each with a term of four years.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Erdos TCH provided a lien on its equipment, assets and accounts receivable to guarantee the loans under the Agreement. Xi&#8217;an TCH and Mr. Guohua Ku (the Company&#8217;s CEO) also provided unconditional and irrevocable joint liability guarantees to Beijing Trust for Erdos TCH&#8217;s performance under the Agreement. Erdos (the minority shareholder and customer of Erdos TCH) provided a commitment letter on minimum power purchase from Erdos TCH.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 18, 2009, an additional RMB 25,000,000 ($3.7 million) was raised to support the Company&#8217;s Erdos Power Generation Projects. The Company sold 25,000,000 trust units at RMB 1 per unit which included 20,000,000 category A1 preferred trust units ($ 2.9 million) and 5,000,000 category B2 secondary trust units ($ 0.7 million). The B2 units were purchased by Xi&#8217;an TCH.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During December 2009, the Plan sold 206,880,000 units for RMB 206,880,000 ($30.3 million), of which, 9,100,000 units ($1.3 million) were purchased by the management of Erdos TCH; the 32,280,000 units purchased by Xi&#8217;an TCH, the amount of $4.7 million was considered as investment by Xi&#8217;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was $25.6 million at December 31, 2009.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 15, 2010, Beijing Trust completed the second expansion of the Plan. The second expansion raised RMB 93,120,000 ($13.7 million) through the sale of 93,120,000 trust units at RMB 1 per unit. All amounts raised under the Second Expansion were loaned to Erdos TCH. The second expansion included 2,800,000 category A1 preferred trust units ($0.4 million), 5,000,000 category A2 preferred trust units ($0.7 million), 66,700,000 category A3 preferred trust units ($9.8 million), 4,650,000 category B1 preferred trust units ($0.7 million), and 13,970,000 category B2 secondary trust units ($2.1 million). The B1 units were purchased by members of management of Erdos TCH and the B2 units were purchased by Xi&#8217;an TCH.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> With the completion of the second expansion, the Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan reached RMB 300,000,000 ($44.1 million) and completed all its trust plan raising work, of which, 13,750,000 units ($2.0 million) were purchased by the management of Erdos TCH; 47,850,000 units were purchased by Xi&#8217;an TCH, of which, 46,250,000 ($6.8 million) was B2 units and 1,600,000 ($235,600) units was A1 units, the amount was considered as investment by Xi&#8217;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was RMB 252,150,000 ($39.68 million) at September 30, 2011. Interest expense accrued on this trust loan was $4.0 million and $4.5 million at September 30, 2011 and December 31, 2010, respectively.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition to the above, under the Loan Agreement, Erdos TCH must pay a management incentive benefit to Beijing Trust upon maturity of the category A3 and category B trust units in December 2013 if the ratio of Erdos TCH&#8217;s profit to its registered capital exceeds a base amount. If this criterion is met, the amount of the management incentive benefit is calculated based on a formula tied to Erdos TCH&#8217;s net profit and the average registered capital for the 2012 fiscal year. Under this formula the management incentive benefit could range between 0% and 100% of the net profit of Erdos TCH in the 2012 fiscal year.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The management incentive benefit was structured to provide an incentive to management to make the joint venture profitable. Under the Plan, Beijing Trust will distribute the entire amount of the management incentive benefit it receives to the holders of the category B trust units. As previously disclosed, the holders of the category B trust units are the management of Erdos TCH and Xi&#8217;an TCH. Category B trust units receive a lower base interest rate than the category A trust units but the economic return to the holders of category B trust units will be enhanced by any management incentive benefit.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Erdos TCH also will share the benefits from Clean Development Mechanism ("CDM") under the Kyoto Protocol equally with Beijing Trust during the term of the loan. Any benefit received from CDM will be paid to Erdos Metallurgy first. Under the agreement with Xi&#8217;an TCH, Erdos Metallurgy agrees to deliver to Xi&#8217;an TCH 50% of the benefit Erdos Metallurgy receives. Xi&#8217;an TCH agrees to share 50% of the benefit it receives from Erdos Metallurgy with Erdos TCH. Under the Capital Trust Loan Agreement between Erdos TCH and Beijing Trust, Erdos TCH agrees that 50% of any benefit it receives will be delivered to Beijing Trust. Pursuant to the Plan, Beijing Trust will distribute 70% of the CDM benefit it receives to the holders of the category B trust units. The receipt of any CDM benefit is subject to a process of evaluation and certification of the project by the CDM Executive Board and is under the guidance of the Conference of the Parties of the United Nations Framework Convention on Climate Change. The first stages of the certification process have been completed successfully.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Bank Long Term Loans - Industrial Bank</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company entered a loan agreement with Industrial Bank Co., Ltd., Xi&#8217;an Branch (the &#8220;Lender&#8221;) for a loan designed for energy saving and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&#8217;an TCH for three years from April 6, 2010 to April 6, 2013. The proceeds of the loan are required to be used in payment for equipment for Xi&#8217;an TCH&#8217;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of each quarter at 110% of the national base interest rate for the same term and same level loan (currently 7.015%). Under the loan, Xi&#8217;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&#8217;an TCH, Shaanxi Shengwei Construction Material Group and Mr. Guohua Ku. At September 30, 2011, $1,888,308 of the principal was repaid and $2,832,462 will be repaid within one year which was classified as current liability.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The loan has the following covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500million ($78 million); (ii) assets to liability ratio not less than 80%; and (iii) the current ratio not less than 2.5. The borrower was Xi&#8217;an TCH. As of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company entered another loan agreement with the same Industrial Bank for energy saving and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&#8217;an TCH for three years to March 30, 2014. As of September 30, 2011, the Company received RMB 30,000,000 ($4,720,767) of the loan. The proceeds of the loan are required to be used in payment for construction and equipment purchase for Xi&#8217;an TCH&#8217;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of each quarter at 115% of the national base interest rate for the same term and same level loan (currently 7.015%). Under the loan, Xi&#8217;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&#8217;an TCH, Mr. Guohua Ku and Ms. Chaoying Zhang. The Company will commence to repay the loan in the fourth quarter of 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The loan was originally pledged with the system and revenue of the project ZhongBao. In June 2011, the system of the project ZhongBao was sold to and leased back from Cinda Financial Leasing Co., Ltd. (the &#8220;Cinda Financial&#8221;) , the Company engaged a third party bonding company as the guarantor for the loan, which was approved by the Industrial Bank in July 1, 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The loan has the following covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500 million ($78 million); (ii) assets to liability ratio not less than 80%; and (iii) the current ratio not less than 1. The borrower was Xi&#8217;an TCH. As of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Financing Agreement- - Sale Lease-back transaction</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 28, 2011, Xi&#8217;an TCH&#8221; entered into a Financing Agreement (the &#8220;Agreement&#8221;) with Cinda Financial Leasing Co., Ltd. (the &#8220;Cinda Financial&#8221;), an affiliate of China Cinda (HK) Asset Management Co., Ltd. (the &#8220;Cinda HK&#8221;).</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the Agreement, Xi&#8217;an TCH transferred its ownership of a set of 7MW steam turbine waste heat power generation system (the &#8220;WHPG system currently used by Zhonngbao&#8221;) and four furnaces and ancillary apparatus (the &#8220;Assets&#8221;) to Cinda Financial for RMB 42.50 million ($6.69 million), and Cinda Financial in turn leased the Assets to Xi&#8217;an TCH for 5 years with an overall leasing fee of RMB 51.54 million ($8.11 million) based upon the transfer cost and the benchmark interest rate for five year loans by People&#8217;s Bank of China (&#8220;PBOC&#8221;) (presently 6.65%) plus 15% of that rate (which at present is 7.6475%). The interest rate will increase if the five year benchmark interest rate of PBOC increases but will remain the same if the benchmark rate decreases in the future. Xi&#8217;an TCH shall make pro rata quarterly payments to Cinda Financial for the leasing fees. Upon the completion of the leasing term and full payment of all leasing fees and other fees, Xi&#8217;an TCH can pay RMB 4,250 ($669) to reacquire the ownership of the Assets. The quarterly minimum payment is RMB 2,577,109 ($396,875).</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition to the leasing fees, Xi&#8217;an TCH prepaid a one-time non-refundable leasing service charge of RMB 2,550,000 ($401,265) and a refundable security deposit of RMB 2,125,000 ($334,388) to Cinda Financial as of September 30, 2011. The prepaid leasing service fee was amortized over 5 years. For the three months ended September 30, 2011, RMB 127,500 ($19,623) was amortized. The unamortized portion was recorded as prepaid loan fees of $78,492 and $302,710 into current and non current portions respectively.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In accordance with ASC 840-10-25-4, since CREG retains substantially all of the benefits and risks relating to the property, this transaction is a financing and will be recorded as such. The proceeds of this financing were not received prior to June 30, 2011; therefore, this transaction was recorded in the third quarter of 2011. For the nine and three months ended September 30, 2011, the Company made repayment of $399,094 to Cinda Financial.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011, the future minimum payment to be made by years is as follows:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2012</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,622,124</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2013</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,622,124</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2014</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,622,124</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2015</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,622,124</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2016</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,216,669</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,705,165</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Unamortized interest</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (1,290,226</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total long term payable</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,414,939</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Current portion</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (78,492</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Non current portion</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,265,491</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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<SEQUENCE>20
<FILENAME>R25.xml
<DESCRIPTION>IDEA: RESTATEMENT OF FINANCIAL STATEMENTS
<TEXT>
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</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>P01_01_2011To09_30_2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000721693</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-09-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="Sep. 30, 2011" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>creg_RestatementOfFinancialStatementsTextBlock</ElementName><ElementPrefix>creg_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;20. RESTATEMENT OF FINANCIAL STATEMENTS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The financial statements for the periods ended September 30, 2011 and 2010 were restated to reflect the following:&lt;/div&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; According to FASB ASC 480-10-35-5, all other financial instruments recognized under the guidance in Section 480-10-25 shall be measured subsequently at fair value with changes in fair value recognized in earnings, unless either this subtopic or another subtopic specifies another measurement attribute.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Accordingly, the shares to be issued to Dong (with fixed obligation of RMB 80 million (US $11.78 million)) pursuant to Biomass Power Generation Asset Transfer Agreement entered on June 29, 2010 (&amp;#8220;Note 16 - Shareholders&amp;#8217; Equity&amp;#8221;) should be classified as a liability on the balance sheet and adjusted to fair value at each reporting period. Previously, the Company did not measure the changes in fair value of the liability at each reporting date.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated balance sheet at September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Balance Sheet&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As&lt;br/&gt; Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Shares to be issued&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,780,471&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,529,411&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (8,251,060&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Retained earnings&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 30,173,358&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 38,424,418&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,251,060&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,871,324&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 7,312,500&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,053,728&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 27,494,904&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before noncontrolling interest&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,684,471&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,125,647&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 16,913,200&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,354,376&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 21,318,297&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 26,759,473&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.41&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.54&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.13&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.40&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.07&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As&lt;br/&gt; Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; CASH FLOWS FROM OPERATING ACTIVITIES&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,684,471&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,125,647&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5,441,176&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,334,924&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,746,688&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,932,831&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,344,595&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before noncontrolling interest&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,743,205&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,154,969&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 8,655,232&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,066,996&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,700,927&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,112,691&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,411,764&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.25&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.16&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.04&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,780,580&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 794,010&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,067,783&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,642,373&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operations&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,817,221&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,391,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,227,402&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12,801,992&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,447,706&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 14,022,296&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.26&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.07&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.21&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.26&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As&lt;br/&gt; Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; CASH FLOWS FROM OPERATING ACTIVITIES&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 10,817,221&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,391,811&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (2,574,590&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consolidated Statement of Income and Comprehensive Income&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; As Previously&lt;br/&gt; Reported&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Restated&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net&lt;br/&gt; Adjustment&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Changes in fair value of the liability&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total non-operating income (expense), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (609,997&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,213,532&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income taxes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,502,489&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,326,018&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operations&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,149,970&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,973,499&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,046,724&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,870,253&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Comprehensive income attributable to CREG&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,923,080&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,746,609&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,823,529&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.08&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.13&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.06&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.09&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 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<DESCRIPTION>IDEA: CONVERTIBLE NOTES PAYABLE
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</LabelSeparator><Level>4</Level><ElementName>creg_NotesPayableDisclosureTextBlock</ElementName><ElementPrefix>creg_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;14. CONVERTIBLE NOTES PAYABLE&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Convertible Notes from Carlyle&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On November 16, 2007, the Company entered into a Stock and Notes Purchase Agreement (&amp;#8220;Purchase Agreement&amp;#8221;) with Carlyle Asia Growth Partners III, L.P. (&amp;#8220;CAGP&amp;#8221;) and CAGP III Co. Investment, L.P. (together with CAGP, the &amp;#8220;Investors&amp;#8221;). Under the terms of the Purchase Agreement, the Company sold the Investors a 10% Secured Convertible Promissory Note of $5,000,000 (the &amp;#8220;First Note&amp;#8221;). Additionally, the Purchase Agreement provides for two subsequent transactions to be effected by the Company and the Investors, which include (i) the issuance by the Company of and subscription by the Investors for 4,066,706 shares of common stock of Company, at $1.23 per share for $5,000,000, and (ii) the issuance and sale by the Company to the Investors of a 5% Secured Convertible Promissory Note of $15,000,000 (the foregoing transactions, together with sale and purchase of the First Note, are hereinafter referred to as the &amp;#8220;Offering&amp;#8221;). The subsequent transactions are contingent upon the satisfaction of certain conditions specified in the Purchase Agreement, including entry into specified energy and recycling project contracts and the purchase of certain energy recycling systems.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The First Note bore interest at 10% and was due November 16, 2009. The principal amount of the First Note, together with any interest thereon, converted, at the option of the holders at any time on or prior to maturity, into shares of the Company&amp;#8217;s common stock at an initial conversion price of $1.23 per share (subject to anti-dilution adjustments). The First Note was subject to mandatory conversion upon the consummation of the aforementioned issuance and subscription of shares of the Company&amp;#8217;s common stock under the Purchase Agreement. The obligations of the Company under the First Note ranked senior to all other debt of the Company.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As collateral for the First Note, the President and a major shareholder of the Company pledged 9,653,471 shares of the Company&amp;#8217;s common stock held by him to secure the First Note. This pledge was released during the fiscal quarter ended September 30, 2011 and is of no further force or effect.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The First Note was considered to have a beneficial conversion feature (&amp;#8220;BCF&amp;#8221;) because the conversion price was less than the quoted market price at the time of issuance. Accordingly, the beneficial conversion feature of $5,000,000 was recorded separately as unamortized beneficial conversion feature based on the intrinsic value method. As the BCF was greater than the face value of the note, all of the proceeds were allocated to the BCF. No value was assigned to the note option or the equity option (two subsequent transactions discussed above). The First Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature. The terms for the First Note were amended on April 29, 2008 and the First Note was repaid in full on June 25, 2008, as described below.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2008, the Company entered into an Amendment to the Purchase Agreement with the Investors. Under the terms of the Amendment, (i) the Company issued and the Investors subscribed for 4,066,706 shares of common stock of the Company, at $1.23 per share for $5,002,048, as originally contemplated under the Agreement; (ii) the Investors converted the principal under the First Note (and waived any accrued interest thereon) into 4,065,040 shares of common stock of the Company at $1.23, pursuant to the terms and conditions of the First Note issued under the Agreement; (iii) the Company issued and sold to the Investors a new 5% Secured Convertible Promissory Note of $5,000,000 (the &amp;#8220;Second Note&amp;#8221; and collectively with the First Note, the &amp;#8220;Notes&amp;#8221;); and (iv) the Company granted to the Investors an option to purchase a 5% Secured Convertible Promissory Note of $10,000,000, exercisable by the Investors at any time within nine (9) months following the date of the closing of the transactions contemplated by the Amendment (the &amp;#8220;Option Note&amp;#8221;).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Second Note bore interest at 5% and matured on April 29, 2011. The principal face amount of the Second Note, together with any interest thereon, was convertible, at the option of the holders at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available prior to March 30, 2010) and prior to maturity, into shares of the Company&amp;#8217;s common stock at an initial conversion price that is tied to the after-tax net profits of the Company for the year ending December 31, 2009, as described in the Second Note. As more fully described in the Second Note, the obligations of the Company under the Second Note are senior to all other debt of the Company.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Second Note and the 8% Note described below are both secured by a security interest granted to the Investors pursuant to the Share Pledge Agreement.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 25, 2008, the Company and investors entered into a Rescission and Subscription Agreement to rescind the conversion of the First Note and the issuance of conversion shares of Common Stock at the Second Closing pursuant to Amendment to Stock and Notes Purchase Agreement dated April 29, 2008. The Company and the Investors rescinded the conversion of the principal amount ($5,000,000) under the First Note into 4,065,040 shares of Common Stock, and the Investors waived accrued interest on the First Note. Accordingly, the interest expense which had accrued on the note was recorded as a decrease in interest expense for the period. At the Rescission and Subscription Closing, the Company repaid the First Note in full and issued, 4,065,040 shares of Common Stock to the investor at $1.23 per share for $5,000,000. This was done through a cross receipt arrangement; the BCF was reversed to additional paid in stock. The Company has now concluded that in substance the transaction resulted in the conversion of the first $5,000,000 note into common stock, and based on substance over form, the remaining BCF of $3,472,603 at the date of conversion was expensed.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2009, CREG issued an 8% Secured Convertible Promissory Note of $3 million to CAGP with a maturity of April 29, 2012. The note holder has the right to convert all or any part of the outstanding principal amount of this note, together with interest, if any, into shares of the Company&amp;#8217;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this note is paid in full), at a conversion price per share of common stock equal to US $0.80. The conversion feature of this note is not beneficial to the holder as the stock price on April 29, 2009 was $0.47.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2009, CREG amended and restated the 5% secured convertible promissory note (the &amp;#8220;Second Note&amp;#8221;), which was issued as part of the amendment of the First Note on April 28, 2008. Accordingly, the Conversion Rights and Conversion Price were amended so that the holder of the Second Note has the right, but not the obligation, to convert all or any part of the aggregate outstanding principal amount of the Second Note, together with interest, into shares of the Company&amp;#8217;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this Note is paid in full), at the following conversion price: (a) an amount equal to (i) the Company&amp;#8217;s net profit, adjusted in accordance with the Second Note, multiplied by (ii) 5.5, and less (iii) the principal amount of the Second Note, together with accrued interest, divided by (b) the then total shares of the Company&amp;#8217;s common stock outstanding on a fully-diluted basis. This note is considered to have a beneficial conversion feature starting from January 1, 2010 because the conversion price for this note was $1.154 as of April 29, 2011. Accordingly, the beneficial conversion feature of $3.15 million was recorded separately as unamortized beneficial conversion feature based on the intrinsic value method and the Second Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The interest on the convertible debts is payable annually, in arrears, provided the holder gives 30-day notice before each April 29 that it requires the interest payment. Unpaid interest is due and payable at maturity. At the holder&amp;#8217;s election, at the time the holder elects to convert the debt into shares, shares can be issued as paid-in-kind interest to the extent that there is unpaid interest at the time of conversion. To date, the Company has timely paid all interest payable, in cash.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In June 2011, Carlyle converted the note into 4,334,192 shares of the Company&amp;#8217;s common stock at a conversion price of $1.154 per share. The effective date of the conversion was April 29, 2011. As of September 30, 2011, the interest accrued on the second note was fully paid. The Company issued 4,334,192 shares of common stock to the Investors on July 21, 2011 (4,149,599 shares of common stock to CAGP; 184,593 shares of common stock to CAGP III Co. Investment, L.P.). The unamortized portion BCF of $745,547 was fully amortized as of the conversion date. During the nine months ended September 30, 2011, the Company amortized $1,368,988 BCF for the note.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Registration Rights Agreement&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 29, 2009, the Company also agreed with Carlyle to amend and restate the Registration Rights Agreement for the convertible notes to amend the rights for demand registration by the Investors and the applicable liquidated damages for the Company if it fails to timely comply with the demand for registration.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the registration rights agreement, the Company must file the registration statement within 90 days of receipt of a demand notice to convert (the &amp;#8220;Filing Date&amp;#8221;), and the registration statement must have become effective within 120 days after filing (the &amp;#8220;Effective Date&amp;#8221;) or the Company must pay damages to the holders of the shares to be registered. The Company must also pay damages if the registration statement ceases for any reason to remain continuously effective as to all Registrable Shares for which it is required to be effective, or the holders are not permitted to utilize the prospectus to resell shares for thirty (30) consecutive calendar days during any 12-month period.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The damages for failure to meet any of these requirements are equal to 1% of the sum of:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (x)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; the purchase price of the unconverted notes;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (y)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; the purchase price of shares of Company Common Stock purchased under a related agreement; and&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 0.5in"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (z)&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; the conversion price of shares of Common Stock received on conversion of notes, for each 30 days, or a pro rata portion of such 1% for a period less than 30 days.&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The liquidated damages must be paid in cash; the registration rights agreement does not provide for any alternative payment arrangement. The maximum potential amount of consideration, undiscounted, that the Company could be required to transfer under the registration payment arrangement cannot exceed 1% of the sum described above in any thirty (30) calendar day period.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Convertible Note Agreement with China Cinda&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On August 18, 2010, the &amp;#8220;Company and its wholly-owned subsidiaries Sifang, Shanghai TCH and Xi&amp;#8217;an TCH entered into a Notes Purchase Agreement (the &amp;#8220;Note Agreement&amp;#8221;) with China Cinda (HK) Asset Management Co., Ltd, a company organized under the laws of the Hong Kong Special Administrative Region of China (&amp;#8220;Cinda&amp;#8221;). Under the terms of the Note Agreement, the Company will issue Cinda two tranches of convertible notes (the &amp;#8220;Notes&amp;#8221;), each having a principal amount equal to the US Dollar equivalent of RMB 50 million. Also on August 18, 2010, Xi&amp;#8217;an TCH and China Jingu International Trust Co. Ltd. (&amp;#8220;Jingu&amp;#8221;), an affiliate of Cinda also entered into a Capital Trust Loan Agreement (&amp;#8220;Trust Loan Agreement&amp;#8221;), in which Jingu will raise 100 million RMB under a Jingu CREG Recycling Economy No. 1 Collective Fund Trust Plan (&amp;#8220;Trust Plan&amp;#8221;) and lend such amount under the Trust Plan to Xi&amp;#8217;an TCH (the &amp;#8220;Loans&amp;#8221;). If the Loans under the Trust Loan Agreement do not occur, then under the Note Agreement the principal amount of the Notes to be issued in each tranche will be the US dollar equivalent of RMB 100 million. All proceeds from the Notes and the Loans will be used to complete the Phases IV and V of the Erdos TCH Energy Saving Development Co., Ltd. (&amp;#8220;Erdos TCH&amp;#8221;) project, a joint venture between Xi&amp;#8217;an TCH and Erdos Metallurgy Co., Ltd. to recycle waste heat from Erdos Metallurgy&amp;#8217;s refining plants to generate power and steam and sell them back to Erdos Metallurgy, as well as other working capital needs.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Trust Loan Agreement and separate agreements entered by Jingu, Erdos TCH, Shanghai TCH, Xi&amp;#8217;an TCH and Mr. Guohua Ku on August 18, 2010, Erdos TCH shall pledge the accounts receivable, equipment and assets of its Phases IV and V projects to Jingu as a guarantee to the Loans, Xi&amp;#8217;an TCH shall pledge its 80% equity in Erdos TCH to Jingu as a guarantee to the Loans, Shanghai TCH shall provide a joint liability guarantee to Jingu for the Loans, and Mr. Guohua Ku shall provide his personal joint liability to Jingu for the Loans.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Note Agreement the Notes shall be issued before August 18, 2011. The Notes have a three year maturity date from the date of the issuance of the first tranche. The exchange rate between RMB and US Dollar for each issue of Notes is the middle rate published by the PBOC for the second business day prior to each issuance. Each Note bears interest at a rate equal to that of PBOC base interest rate for the relevant interest period (the period commencing on and including January 1 of each year and ending on and including December 31 of such year) plus two percent (2%). If Cinda does not convert or fully convert the Notes to shares prior to maturity, the Company will pay the difference between the interest rate described above and 18% on the outstanding amount.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Loans have the following covenants: (i) maintain at all time a fixed charge coverage ratio of not less than 2.0:1.0; (ii) obtain consent from the lender prior to pay or declare any cash dividends or distributions on outstanding common stock; and (iii) maintain at all time a consolidated leverage ratio of not less than 65%. Pursuant to the terms and conditions of the Trust Loan Agreement, the Company is required to comply with these covenants annually on its consolidated financial statements audited under US GAAP.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Each Note has a conversion price at the lower of (i) US$2.46 per share or (ii) an amount equal to the Company&amp;#8217;s earnings per share based upon the consolidated earnings of the Company for 2010 on a weighted average fully diluted basis, multiplied by 7. In connection with the Trust Loan Agreement, the Company also entered into an Exchange Rights Agreement pursuant to which the Loans can be exchanged (on the same terms as the Notes can be converted) for shares of the Company&amp;#8217;s common stock which can in turn be registered under the Registration Rights Agreement. The Notes will have a contingent beneficial conversion feature which will be recorded when the contingency is resolved.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As collateral for the Notes, Mr. Guohua Ku, the CEO and a major shareholder of the Company entered into a Share Pledge Agreement with Cinda, on August 18, 2010, to pledge 4,500,000 shares of the Company&amp;#8217;s common stock held by him to secure the first Note. The Agreement also calls for an additional 4,500,000 shares of the Company&amp;#8217;s common stock held by Mr. Ku to secure the second Note before its issuance.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of December 31, 2010, the Company received proceeds of RMB 50,000,000 ($7,533,391) from the first tranche of the Loans. As of January 30, 2011, the Company received proceeds of another RMB 50,000,000 ($7,533,391) from the first tranche convertible Note. Under ASC 815 &amp;#150; Derivatives and Hedging, the fair value of the conversion option is a derivative that has been bifurcated and treated as liability at the date of inception. Based on AU 560 - subsequent events, the conversion feature has been accounted for at September 30, 2011 and December 31, 2010 using the conversion price of $2.46. The conversion feature is akin to a call option, therefore, the Black-Scholes option pricing model was used by using the maximum conversion price of $2.46 as a the strike price. Since the conversion option is an embedded derivative and is bifurcated from the host contact, BCF analysis is not required. The fair value of the conversion feature was recorded as a liability and will be marked to market until the conversion rate is set. As the loan has a reset clause in the event the Company issues shares below the conversion price, it will be treated as a liability as long as the loan is outstanding. The unamortized discount due to conversion feature will continue to be amortized over the term of the loan; during the nine and three months ended September 30, 2011, the Company amortized $3,051,366 and $1,074,956 from unamortized discount due to beneficial conversion feature.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; For the first tranche of the Loans, the Company recorded the derivative liability of $1.46 million for conversion option at September 30, 2011, based on the Black-Scholes model by using the following assumptions: estimated life of three years, volatility of 100%, risk free interest rate of 1.07%, and dividend yield of 0%. 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</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>P01_01_2011To09_30_2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000721693</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-09-30T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="9 Months Ended" /><Label Key="Calendar" Id="1" Label="Sep. 30, 2011" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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TAXES PAYABLE&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Taxes payable&amp;#8221; consisted of the following at September 30, 2011 and December 31, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 807,076&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,237,823&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Business&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 285,040&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 347,654&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 52,926&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 46,423&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,145,042&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,631,900&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; </NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tax Disclosure [Text Block]</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>TAXES PAYABLE</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>TAXES PAYABLE</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://www.creg-cn.com/role/TaxesPayable</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>1</NumberOfRows></InstanceReport>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>RESTATEMENT OF FINANCIAL STATEMENTS<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_RestatementOfFinancialStatementsTextBlock', window );">RESTATEMENT OF FINANCIAL STATEMENTS</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>20. RESTATEMENT OF FINANCIAL STATEMENTS</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The financial statements for the periods ended September 30, 2011 and 2010 were restated to reflect the following:</div> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> According to FASB ASC 480-10-35-5, all other financial instruments recognized under the guidance in Section 480-10-25 shall be measured subsequently at fair value with changes in fair value recognized in earnings, unless either this subtopic or another subtopic specifies another measurement attribute.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Accordingly, the shares to be issued to Dong (with fixed obligation of RMB 80 million (US $11.78 million)) pursuant to Biomass Power Generation Asset Transfer Agreement entered on June 29, 2010 (&#8220;Note 16 - Shareholders&#8217; Equity&#8221;) should be classified as a liability on the balance sheet and adjusted to fair value at each reporting period. Previously, the Company did not measure the changes in fair value of the liability at each reporting date.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated balance sheet at September 30, 2011:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Consolidated Balance Sheet</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As<br/> Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Shares to be issued</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,780,471</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,529,411</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (8,251,060</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Retained earnings</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30,173,358</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 38,424,418</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,251,060</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2011:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Consolidated Statement of Income and Comprehensive Income</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Changes in fair value of the liability</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total non-operating income (expense), net</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,871,324</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,312,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before income taxes</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22,053,728</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27,494,904</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before noncontrolling interest</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17,684,471</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23,125,647</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 16,913,200</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22,354,376</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Comprehensive income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21,318,297</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 26,759,473</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Basic</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.41</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.54</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.13</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Diluted</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.33</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.40</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.07</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2011:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td  style="white-space:nowrap;"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As<br/> Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> CASH FLOWS FROM OPERATING ACTIVITIES</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17,684,471</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23,125,647</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,441,176</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Changes in fair value of the liability</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (5,441,176</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2011:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Consolidated Statement of Income and Comprehensive Income</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Changes in fair value of the liability</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total non-operating income (expense), net</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,334,924</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,746,688</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before income taxes</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,932,831</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,344,595</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before noncontrolling interest</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,743,205</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,154,969</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,655,232</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,066,996</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Comprehensive income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,700,927</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,112,691</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,411,764</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Basic</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.20</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.25</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.05</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Diluted</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.16</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.20</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.04</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2010:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Consolidated Statement of Income and Comprehensive Income</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Changes in fair value of the liability</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total non-operating income (expense), net</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (1,780,580</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 794,010</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before income taxes</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,067,783</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17,642,373</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income from operations</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,817,221</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,391,811</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,227,402</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12,801,992</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Comprehensive income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,447,706</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 14,022,296</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Basic</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.26</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.33</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.07</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Diluted</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.21</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.26</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.05</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2010:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td  style="white-space:nowrap;"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As<br/> Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> CASH FLOWS FROM OPERATING ACTIVITIES</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10,817,221</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,391,811</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,574,590</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Changes in fair value of the liability</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (2,574,590</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents the effects of the restatement adjustment on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2010:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Consolidated Statement of Income and Comprehensive Income</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> As Previously<br/> Reported</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Restated</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net<br/> Adjustment</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Changes in fair value of the liability</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total non-operating income (expense), net</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (609,997</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,213,532</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before income taxes</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,502,489</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,326,018</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income from operations</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,149,970</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,973,499</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,046,724</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,870,253</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Comprehensive income attributable to CREG</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,923,080</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,746,609</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,823,529</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Basic</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.08</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.13</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.05</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Diluted</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.06</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.09</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.03</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> </div> <span></span></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>ORGANIZATION AND DESCRIPTION OF BUSINESS<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">ORGANIZATION AND DESCRIPTION OF BUSINESS</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>1. ORGANIZATION AND DESCRIPTION OF BUSINESS</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> China Recycling Energy Corporation (the &#8220;Company&#8221; or &#8220;CREG&#8221;) (formerly China Digital Wireless, Inc.) was incorporated on May 8, 1980, under the laws of the State of Colorado. On September 6, 2001, the Company re-domiciled its state of incorporation from Colorado to Nevada. The Company, through its subsidiary, Shanghai TCH Energy Technology Co., Ltd (&#8220;Shanghai TCH&#8221;), sells and leases energy saving systems and equipment. On March 8, 2007, the Company changed its name to &#8220;China Recycling Energy Corporation.&#8221;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On February 1, 2007, the Company&#8217;s subsidiary, Shanghai TCH, conditionally entered into two top gas recovery turbine systems (&#8220;TRT&#8221;) projects, each evidenced by a joint-operation agreement, with Xi&#8217;an Yingfeng Science and Technology Co., Ltd. (&#8220;Yingfeng&#8221;) which were approved and made effective by our Board of Directors on April 8, 2007. TRT is an electricity generating system that utilizes the exhaust pressure and heat produced in the blast furnace of a steel mill to generate electricity. Yingfeng is a joint stock company registered in Xi&#8217;an, Shaanxi Province, Peoples Republic of China (the &#8220;PRC&#8221;), and engages in designing, installing, and operating TRT systems and sales of other renewable energy products.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued a top gas recovery turbine project ("TRT Project") which was to design, construct, install and operate a TRT Project for Zhangzhi Iron and Steel Holdings Ltd. ("Zhangzhi"). This TRT Project was initiated by a Contract to Design and Construct TRT System (&#8220;Project Contract&#8221;) which Yingfeng and Zhangzhi entered in 2006. Due to Yingfeng&#8217;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&#8217;s cooperation. Shanghai TCH provided various investments and properties towards the TRT Project including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract, including but not limited to the regular cash payments made by Zhangzhi and other property rights and interests. This project was completed and put into operation in February 2007.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under another Joint-Operation Agreement, Shanghai TCH and Yingfeng jointly pursued another TRT project to design, construct, install and operate a TRT Project for Xingtai Iron and Steel Company, Ltd. (&#8220;Xingtai&#8221;). This Project was initiated by a Contract to Design and Construct TRT Project (&#8220;Project Contract&#8221;) which Yingfeng and Xingtai entered on September 26, 2006. Due to Yingfeng&#8217;s lack of capital in pursuing this Project alone, Yingfeng sought Shanghai TCH&#8217;s cooperation. Shanghai TCH agreed to pursue this project with Yingfeng as a joint venture. Under the terms of the Joint-Operation Agreement, Shanghai TCH provided various investments and properties towards the Project including cash, hardware, software, equipment, major components and devices. In return, Shanghai TCH obtained all the rights, titles, benefits and interests that Yingfeng originally had under this Project Contract, including but not limited to the regular cash payments made by Xingtai and other property rights and interests. This project was completed and put into operation in August 2007.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 31, 2007, Shanghai TCH entered an asset-transfer agreement with Yingfeng. This agreement requires the transfer of all electricity-generating related assets owned by Yingfeng to Shanghai TCH. As a result, the contractual relationships between Shanghai TCH and Yingfeng under the TRT Project Joint-Operation Agreement on April 8, 2007 were terminated.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In November 2007, Shanghai TCH signed a cooperative agreement with Shengwei Group to build two sets of 12MW pure low temperature cement waste heat powered generator systems (&#8220;CHPG&#8221;) for Shengwei&#8217;s two 2,500-tons-per-day cement manufacturing lines in Jin Yang and for a 5,000-tons-per-day cement manufacturing line in Tong Chuan. Total investment in these projects was $12,593,000 (RMB 93,000,000). At the end of 2008, construction of the CHPG in Tong Chuan was completed at a cost of $6,191,000 (RMB 43,000,000) and put into operation. Under the original agreement, the ownership of the power generator system would belong to Shengwei from the date the system was put into service. Shanghai TCH is responsible for the daily maintenance and repair of the system, and charges Shengwei a monthly electricity fee based on the actual power generated by the system at 0.4116 RMB per KWH for an operating period of five years with the assurance from Shengwei of a properly functioning 5,000-tons-per-day cement manufacturing line and not less than 7,440 heat hours per year for the electricity generator system. Shengwei Group collateralized the cement manufacturing line in Tong Chuan to guarantee its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating period. At the end of the five year operating period, Shanghai TCH will have no further obligations under the cooperative agreement. On May 20, 2009, Shanghai TCH entered into a supplementary agreement with Shengwei Group to amend the timing for title transfer to the end of the lease term. In addition, the supplementary agreement provided that Shanghai TCH will charge Shengwei based on actual power usage subject to a minimum of $0.31 million (RMB 2.1 million) per month during the operating period.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 29, 2009, construction of the CHPG in Jin Yang was completed at a cost of $7,318,000 (RMB 50,000,000) and put into operation. Shanghai TCH charges Shengwei a technical service fee of $336,600 (RMB 2,300,000) monthly for the sixty months of the lease term. Shengwei has the right to purchase the CHPG systems for $29,000 (RMB 200,000) at the end of the lease term. Shengwei is required to provide assurance of properly functioning 5,000-tons-per-day cement manufacturing lines and not less than 7,440 heat hours per year for the CHPG. Shengwei Group collateralized the cement manufacturing lines in Jin Yang to guarantee its obligations to provide the minimum electricity income from the power generator system under the agreement during the operating period. Effective July 1, 2009, Shanghai TCH outsourced the operation and maintenance of the CHPG systems in Tong Chuan and JinYang to a third party for $732,000 (RMB 5,000,000) per year.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 14, 2009, the Company incorporated a joint venture (&#8220;JV&#8221;) with Erdos Metallurgy Co., Ltd. (&#8220;Erdos&#8221;) to recycle waste heat from Erdos&#8217; metal refining plants to generate power and steam, which will then be sold back to Erdos. The name of the JV is Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd (&#8220;Erdos TCH&#8221;) with a term of 20 years, and registered capital of $2,635,000 (RMB 18,000,000). On September 30, 2009, Xi&#8217;an TCH Energy Technology Co., Ltd. (&#8220;Xi&#8217;an TCH&#8221;) injected additional capital of $4.03 million (RMB 27,500,000). In November 2009, Xi&#8217;an TCH injected further capital of $5.05 million (RMB 34,500,000). As of September 30, 2011, total registered capital was raised to $17.55 million (RMB 120 million), of which, $16.37 million (RMB112 million) was contributed by Xi&#8217;an TCH and $1.18 million (RMB 8 million) was from Erdos. Total investment for the project is estimated at approximately $74 million (RMB 500 million) with an initial investment of $17.55 million (RMB 120,000,000). As of September 30, 2011, Erdos contributed 7% of the total investment of the project, and Xi&#8217;an TCH contributed 93%. According to Xi&#8217;an TCH and Erdos&#8217; agreement on profit distribution, Xi&#8217;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively, until Xi&#8217;an TCH receives complete return on its investment. Xi&#8217;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively. The profits to be distributed will be computed based on Chinese generally accepted accounting principles. The main difference between US GAAP (Generally Accepted Accounting Principles) and Chinese GAAP with regards to Erdos is that Erdos is treated as a sales-type lease under US GAAP and as an operating lease under Chinese GAAP. When the term of the JV expires, Xi&#8217;an TCH will transfer its equity in the JV to Erdos at no additional cost.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 18, 2009, Erdos TCH signed a Cooperation Agreement with Erdos to recycle heat from groups of furnaces of Erdos Metallurgy&#8217;s metal refining plants to generate power and steam, which will then be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group of power generation projects with a total of 70MW power capacity, which may expand up to 120MW, and 30-ton steam per hour, with an estimated total investment in excess of $75 million (RMB 500 million). The construction of the projects was split into three phases, two power generation systems in Phase I with a total of 18MW power capacity, three power generation systems in Phase II with a total of 27MW power capacity and one power generation system in Phase III with 25MW power capacity.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> At the end of 2009, Erdos TCH completed the first 9MW power station of Phase I of the project and put it into operation. Phase I includes two 9MW units for a combined 18MW power capacity. In March of 2010, the Company completed the second 9MW capacity power station and put it into operation. Pursuant to the Co-operation Agreement and the supplement agreements signed between Erdos and Erdos TCH, Erdos shall purchase all the electricity and steam to be generated from the JV&#8217;s power generation projects. Erdos TCH leased the two 9 MW units to Erdos and will be responsible for the operation and maintenance of the units.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. Erdos agreed to pay a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation unit. In addition Erdos will pay the actual amount if the sale of the electricity generated by each unit is more than $0.22 million (RMB 1.5 million) monthly.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 10, 2010, Erdos TCH entered into a supplementary agreement with Xi&#8217;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for changing Erdos Phase II project of four 9MW waste heat generation systems to three 9MW systems, and moved the fourth 9MW waste heat generation system into Phase III of the project; and accordingly, the construction cost decreased from $37.4 million (RMB248 million) to $28.1 million (RMB186 million) for the Phase II. In the first quarter of 2011, the Company completed all three 9MW power stations of Phase II and put them into operation. Erdos TCH also outsourced the operation and maintenance of these three 9 MW power generation systems to an independent third party for an annual charge $947,000 (RMB 6.27 million) for each system. After 20 years, the systems will be transferred to Erdos without charge.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On September 30, 2009, Xi&#8217;an TCH delivered three 6 MW capacity Waste Gas Power Generation (&#8220;WGPG&#8221;) power generating systems to Shenmu County Jiujiang Trading Co., Ltd. (&#8220;Shenmu&#8221;) pursuant to a Cooperative Contract on Coke-oven Gas Power Generation Project (including its Supplementary Agreement) and a Gas Supply Contract for Coke-oven Gas Power Generation Project. The terms of these contracts are for 10 years, and they provide that Xi&#8217;an TCH will recycle coke furnace gas from the coke-oven plant of Shenmu to generate power, which will be supplied back to Shenmu. Shenmu agrees to supply Xi&#8217;an TCH the coke-oven gas free of charge. Shenmu will pay the Company an annual &#8220;energy-saving service fee&#8221; of approximately $5.6 million in equal monthly installments for the life of the contracts, as well as such additional amount that may result from the supply of power to Shenmu in excess of 10.8 million kilowatt hours per month. The Company is responsible for operating the systems and will do so through an unrelated third party. Shenmu guarantees that the monthly gas supply will not be less than 21.6 million standard cubic meters. If gas supply is less, Shenmu agrees to pay Xi&#8217;an TCH an energy-saving service fee described above or up to 10.8 million kilowatt-hours per month. Xi&#8217;an TCH maintains the ownership of the project for the term of the contracts, including the already completed investment, design, equipment, construction and installation as well as the operation and maintenance of the project. At the end of the 10-year term, ownership of the systems transfers to Shenmu at no charge. Shenmu gave a lien on its production line to guarantee its performance under the contracts. Shenmu&#8217;s three major shareholders provide an unlimited joint liability guarantee to Xi&#8217;an TCH for Shenmu&#8217;s performance under the contracts and the Yulin Huiyuan Group, an independent third party, provides a guarantee to Xi&#8217;an TCH for Shenmu&#8217;s performance under the contracts.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">On January 20, 2010, Xi&#8217;an TCH entered into a Technical Reconstruction Letter of Intent with Xueyi Dong (&#8220;Dong&#8221;) a natural person with Chinese citizenship for Xi&#8217;an TCH reconstructing and transforming a Thermal Power Generation System owned by Dong into a 12MW Biomass Power Generation Systems (&#8220;Biomass Systems&#8221; or &#8220;BMPG&#8221;) for approximately RMB 15 million ($2.2 million), of which, RMB 7 million ($1.03 million) was payable to Dong, and RMB 8 million ($1.18 million) was payable to one of the Company&#8217;s shareholders, who had previously paid that amount to Dong on behalf of the Company. After the successful transformation of the system, Xi&#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &#8220;Transfer Agreement&#8221;) with Dong on June 29, 2010. Under the Transfer Agreement, Dong transferred the Biomass Systems to Xi&#8217;an TCH, and Xi&#8217;an TCH will pay Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 in shares of the Company&#8217;s common stock. The stock price will be the same as the Company&#8217;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than $4 per share. The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8. As of September 30, 2011, the Company had paid the cash portion in full and had shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection with this transaction</font>.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 29, 2010, Xi&#8217;an TCH entered into a Biomass Power Generation Project Lease Agreement with PuCheng XinHengYuan Biomass Power Generation Co., Ltd., (&#8220;XHY&#8221;). Under this lease agreement, Xi&#8217;an TCH leased this same set of 12MW biomass power generation systems to XHY at minimum RMB 1,900,000 per month ($279,400) for 15 years. The leasing fee will increase proportionately with the biomass generated electricity fee in China during the term of this lease agreement.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On September 30, 2010, Xi&#8217;an TCH delivered to Zhongbao Binhai Nickel Co., Ltd. (&#8220;Zhongbao&#8221;) a 7 MW capacity Waste Heat Power Generation (&#8220;WHPG&#8221;) system, an integral part of the facilities designed to produce 80,000 tons of nickel-alloy per year according to the recovery and power generation of waste heat agreement with Zhongbao, a nickel-alloy manufacturing joint venture between Zhonggang and Shanghai Baoshan Steel Group established in June 2009. Total investment in this project was approximately $7.8 million (RMB 55 million). The waste heat agreement with Zhongbao has a term of nine years and provides that Xi&#8217;an TCH will recycle waste heat from the nickel-alloy rotary kilns of Zhongbao to generate power and steam, which will be supplied back to Zhongbao, and help reduce over 20,000 tons of carbon dioxide emissions every year. At the end of the term, the WHPG system will be transferred to Zhongbao for RMB 1. Pursuant to the agreement, Zhongbao will pay Xi&#8217;an TCH a monthly &#8220;energy-saving service fee&#8221; based on the volume of electricity and steam generated the previous month at a pre-agreed price, but no less than a minimum monthly payment of $224,000 (RMB 1.5 million). Zhongbao will supply Xi&#8217;an TCH certain gas, water and compressed air from the nickel-alloy rotary kilns free of charge. Zhongbao also guarantees to continuously supply not less than 6800 heat hours per year for the WHPG, or the operating term will be extended accordingly. Xi&#8217;an TCH outsourced the operation and maintenance of the WHPG for the whole operation period to a third party for an annual fee of RMB 2.4 million ($366,000). In addition, Xi&#8217;an TCH is responsible for applying for the Clean Development Mechanism (&#8220;CDM&#8221;) under the Kyoto Protocol. Net proceeds from any CDM credit will be distributed between Zhongbao and Xi&#8217;an TCH at 60% and 40%, respectively. Xi&#8217;an TCH had not commenced the CDM application process as of September 30, 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 15, 2011, the Company incorporated a new wholly owned subsidiary Pingshan County Shengda Energy Technology Co., Ltd (&#8220;Shengda&#8221;). Xi&#8217;an TCH contributed cash of $4,559,271 (RMB 30,000,000) into Shengda as initial capital. Shengda was set up in order to undertake waste energy recycling projects from a steel and chemical company in Pingshan county in accordance with and pursuant to a Recycling Economy Projects Cooperative Framework Agreement entered into by the parties. The final terms for the projects have not been reached and entered, and Shengda is not currently operational.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 25, 2011, Xi&#8217;an TCH entered into a Letter of Intent with Shenqiu Yuneng Thermal Power Ltd Co., (&#8220;Shenqiu&#8221;) for Xi&#8217;an TCH reconstructing and transforming a Thermal Power Generation System owned by Shenqiu into a 75T/H Biomass Power Generation Systems for RMB 22.5 million ($3.5 million). The project commenced in June 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On September 28, 2011, Xi&#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement with Shenqiu (the &#8220;Seller&#8221;). The Transfer Agreement provided for the sale of a set of 12MW biomass power generation systems to Xi&#8217;an TCH after Xi&#8217;an TCH completed the conversion of the system for biomass power generation purpose. As consideration for the biomass power generation system, Xi&#8217;an TCH will pay the Seller RMB 70,000,000 in cash ($10,937,500) in three installments in 6 months upon the transfer of ownership of the system. As of September 30, 2011, $3,147,178 (RMB 20,000,000) was paid. On September 28, 2011, Xi&#8217;an TCH also entered into a Biomass Power Generation Project Lease Agreement with the Seller. Under the Lease Agreement, Xi&#8217;an TCH leased this set of 12,000 KW biomass power generation systems to the Seller at RMB 1,800,000 per month ($281,250) for 11 years. Seller provided one month leasing fee as security deposit to Xi&#8217;an TCH as well as personal guarantees from its legal representative. The ownership of this system will be transferred to Shenqiu with no cost at the end of the lease term.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The unaudited financial statements included herein were prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) that are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;) have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company&#8217;s 2010 audited financial statements included in the Company&#8217;s Annual Report on Form 10-K. The results for the nine and three months ended September 30, 2011 are not necessarily indicative of the results to be expected for the full year ending December 31, 2011.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28200181&amp;loc=SL6228881-111685<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 15<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668296&amp;loc=d3e288-107754<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2209116<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2134480<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br><br><br><br></p>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>NET INVESTMENT IN SALES-TYPE LEASES<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_InvestmentsTextBlock', window );">NET INVESTMENT IN SALES-TYPE LEASES</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>3. NET INVESTMENT IN SALES-TYPE LEASES</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under sales-type leases, Shanghai TCH leased TRT systems to Xingtai and Zhangzhi with terms of five and thirteen years, respectively and leased CHPG systems to Tong Chuan Shengwei and Jin Yang Shengwei respectively for five years, WGPG systems to Shenmu for ten years, BMPG systems to Pucheng for fifteen years, BMPG systems to Shenqiu for eleven years, and a power and steam generating system from waste heat from metal refining to Erdos for twenty years. The components of the net investment in sales-type leases as of September 30, 2011 and December 31, 2010 are as follows:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total future minimum lease payments receivable</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 452,765,015</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 379,641,671</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Less: executory cost</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (114,018,386</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (99,866,170</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Less: unearned interest income</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (183,062,575</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (154,564,733</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net investment in sales - type leases</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 155,684,054</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 125,210,768</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Current portion</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,365,951</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,624,637</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Noncurrent portion</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 146,318,103</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 117,586,131</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011, the future minimum rentals to be received on non-cancelable sales-type leases by years are as follows:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2012</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 40,834,910</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2013</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 39,734,306</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2014</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 35,858,665</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2015</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 31,423,265</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2016</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 31,423,265</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Thereafter</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 273,490,604</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 452,765,015</div> </td> </tr> </table> </div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net investment in sales - type leases</p>
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                    <td><strong> Period Type:</strong></td>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

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COMMITMENTS&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Erdos Phase III of Power Generation Projects&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In April 2009, Erdos TCH signed a contract with Erdos Metallurgy to recycle heat from groups of furnaces of Erdos Metallurgy&amp;#8217;s metal refining plants to generate power and steam, to be sold back to Erdos Metallurgy. According to the contract, Erdos TCH will install a group of power generation projects with a total of 70MW power capacity, which may grow up to 120MW, and 30-ton steam per hour, with an estimated total investment in excess of $75 million (RMB 500 million). The Company split the construction of the projects into three phases, two units of power generation in Phase I with a total of 18MW power capacity, three units in Phase II with a total of 27MW power capacity and one unit in Phase III with 25MW power capacity. For each phase of the project, the lease term is 20 years starting from the date of completion of the phase. During the lease term, Erdos TCH will be responsible for operating the projects and charge Erdos Metallurgy for supply of electricity and steam. Erdos Metallurgy agreed to pay a fixed minimum of $0.22 million (RMB 1.5 million) per month for each 9MW capacity power generation system.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; During the first quarter of 2010, Erdos power generation system Phase I project was completed and put into operation. During the fourth quarter of 2010 and first quarter of 2011, three 9MW power generation systems of Phase II were completed and put into operation. Erdos TCH outsourced to an independent third party the operation and maintenance of the power generation system for $922,000 (RMB 6.27 million) per year for each system. After 20 years, the systems will be transferred to Erdos without any charge.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011 the projects of Erdos Phase III are under construction. At September 30, 2011, the Company has paid $19.71 million for Phase III. The Company was committed to pay additional $8.7 million for Phase III projects excluding quality deposits of $120,000 in 2011. The Company expects the completion of Phase III projects no later than the end of 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Shannxi Datong Coal Group Power Generation Projects&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In February 2011, Xi'an TCH signed a contract with Shannxi Datong Coal Group Steel Ltd Co (Shannxi Datong) to recycle gas and steam from groups of blast-furnaces and converter of Shannxi Datong's metal refining plants to generate power. According to the contract, the Company will install two 3MW TRT and one 15MW WGPG and two 1MW steam power generation systems, with a total of 23MW power capacity for an estimated total investment of $27.45 million (RMB 180 million). The lease term is 30 years. During the lease term, Shannxi Datong will be responsible for operating the projects and pay a service fee to the Company. The service fee is based on an average of 8,000 electricity-generating hours per year and RMB 0.33 per kilowatt hour ("Kwh") for the first 5 years from the completion of each power generation station. For each of the leases, at the 6th year, 11th year and 21st year thereafter, the rate will be RMB 0.3 Kwh, 0.27 Kwh and 0.25 Kwh, respectively. After 30 years, the units will be transferred to Shannxi Datong without any charge.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On February 28,2011, Xi&amp;#8217;an TCH entered into an agreement with Xi&amp;#8217;an Huaxin Energy Tech Co., Ltd (the contractor for construction) for Shannxi Datong Coal projects of two 3MW TRT and one 15 MW WGPG systems described above. 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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Deferred Tax Expense (or Benefit)

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 740

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 28

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Interest receivable on sales type lease</Label></Row><Row FlagID="0"><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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 -Name Accounting Standards Codification

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 -Paragraph 28

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

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 -Subparagraph (a)

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 28

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Long term deposit</Label></Row><Row FlagID="0"><Id>20</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>6</Level><ElementName>us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Increase (decrease) in current liabilities:</Label></Row><Row FlagID="0"><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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 -Publisher FASB

 -Name Accounting Standards Codification

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 -Paragraph 28

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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Accounts payable</Label></Row><Row FlagID="0"><Id>22</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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 -Publisher FASB

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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Taxes payable</Label></Row><Row FlagID="0"><Id>23</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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 -Publisher FASB

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 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 2

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.2(a),(d))

 -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688



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 -Publisher FASB

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 -Topic 225

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 -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 2

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

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 -Section S99

 -Paragraph 2

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 -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 942

 -SubTopic 225

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.9-04.1)

 -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 04

 -Paragraph 1

 -Article 9



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ECEAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">100,000,000<span></span></td>
        <td class="nump">100,000,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">43,533,174<span></span></td>
        <td class="nump">39,198,982<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">43,533,174<span></span></td>
        <td class="nump">39,198,982<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
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                    <td>na</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
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                    <td>xbrli:sharesItemType</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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<html>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">RELATED PARTY TRANSACTIONS</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>9. RELATED PARTY TRANSACTIONS</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011, advances from related parties totaled $1,245,913, including $1,384,758 from Erdos (the minority shareholder of Erdos TCH), as an advance for the capital needs of Erdos TCH, but net with receivable from Erdos of $476,601 for maintenance fees and taxes in September, and $37,756 and $300,000 advance from management and CEO of the Company, respectively, which bore no interest, payable on demand. As of December 31, 2010, advances from related parties totaled $1,365,877, including $1,328,763 from Erdos (the minority shareholder of Erdos TCH) as an advance for the capital needs of Erdos TCH and a $37,114 payment by the Company&#8217;s management for paying certain operating expenses on behalf of the Company.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Erdos TCH sold all power generation stations through sales type leases to Erdos Metallurgy Co., Ltd., the non-controlling interest. Total sales and interest income for this non-controlling interest was $11.66 million and $5.09 million for the nine months ended September 30, 2011, and $10.33 million and $1.52 million for the same period of 2010; $0.2 million and $1.84 million for three months ended September 30, 2011, and $0.23 million and $0.62 million for the same period of 2010, respectively.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph b<br><br> -Article 3A<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<DESCRIPTION>IDEA: STOCK-BASED COMPENSATION PLAN
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<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>120 - Disclosure - STOCK-BASED COMPENSATION PLAN</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>4</Level><ElementName>us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;15. STOCK-BASED COMPENSATION PLAN&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Options to Employees&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On November 13, 2007, the Company approved the 2007 Non-statutory Stock Option Plan, which was later amended and restated in August 2008 (the &amp;#8220;2007 Plan&amp;#8221;), and granted 3,000,000 options to acquire the Company&amp;#8217;s common stock at $1.23 per share to twenty (20) managerial and non-managerial employees under the 2007 Plan.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The vesting terms of options granted under the 2007 Plan are subject to the Non-Statutory Stock Option Agreements for managerial and non-managerial employees. For managerial employees, no more than 15% of the total stock options shall vest and become exercisable on the six month anniversary of the grant date. An additional 15% and 50% of the total stock options shall vest and become exercisable on the first and second year anniversary of the grant date, respectively. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. For non-managerial employees, no more than 30% of the total stock options shall vest and become exercisable on the first year anniversary of the grant date. An additional 50% of the total stock options shall vest and become exercisable on the second year anniversary of the grant date. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. Each stock option shall become vested and exercisable over a period of no longer than five years from the grant date.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Based on the fair value method under SFAS No. 123 (Revised) &amp;#8220;Share Based Payment&amp;#8221; (&amp;#8220;SFAS 123(R)&amp;#8221;), codified in FASB ASC Topic 718, the fair value of each stock option granted is estimated on the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model has assumptions for risk free interest rates, dividends, stock volatility and expected life of an option grant. The risk free interest rate is based upon market yields for United States Treasury debt securities at a maturity near the term remaining on the option. Dividend rates are based on the Company&amp;#8217;s dividend history. The stock volatility factor is based on the historical volatility of the Company&amp;#8217;s stock price. The expected life of an option grant is based on management&amp;#8217;s estimate as no options have been exercised in the Plan to date. The fair value of each option grant to employees is calculated by the Black-Scholes method and is recognized as compensation expense over the vesting period of each stock option award. For stock options issued, the fair value was estimated at the date of grant using the following range of assumptions:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The options vest over three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 3.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Effective June 25, 2008, the Company cancelled all vested shares and accepted option holders&amp;#8217; forfeiture of any unvested shares underlying the currently outstanding options.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On August 4, 2008, the Company granted stock options to acquire 3,000,000 shares of the Company&amp;#8217;s common stock, par value $0.001, at $0.80 per share to 17 employees under the 2007 Plan. The options vest over a period of three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 2.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options. The options were accounted for as a modification to the options that were cancelled on June 25, 2008. The grant date fair value of options was $5.04 million.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On November 9 and 11, 2009, the Company and three option holders agreed to cancel vested but unexercised options for 87,000 vested but unexercised shares and forfeit unvested options for 203,0000 unvested shares. On November 11, 2009, the Company granted options to two other employees for 290,000 shares of the Company&amp;#8217;s common stock at $2.35 per share. The options vest over three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 3.84%, and dividend yield of 0%. The grant date fair value of options was $518,513.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On August 13, 2010, the Company granted 2,200,000 options to acquire the Company&amp;#8217;s common stock at $3.05 per share to thirty six (36) managerial and non-managerial employees as new equity awards pursuant to the Corporation&amp;#8217;s Amended and Restated 2007 plan.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; According to the vesting terms, the options granted were divided into three tranches, (i) 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets its minimum revenue and earnings goals in the Corporation&amp;#8217;s guidance for 2010 as delivered in its earnings releases and/or conference calls in the first quarter of 2010, such vesting to occur immediately upon completion of the annual audit confirming the financial results for 2010; and (ii) an additional 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals of 2011 which will be set out and decided by the Compensation Committee, such vesting to occur immediately upon Compensation Committee&amp;#8217;s determination that the Corporation has met such goals for 2011; and (iii) the remaining 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals of 2012 which will be set out and decided by the Compensation Committee, such vesting is to occur immediately upon Compensation Committee&amp;#8217;s determination that the Corporation has met such goals for 2012. The Option may only be exercised to the extent that the Option has become vested and exercisable. The management used its estimates for determining the probability of achieving each year&amp;#8217;s financial goals; these goals were 100%, 50% and 50% for 2010, 2011 and 2012, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The options have a life of 5 years. The fair value of the options was calculated using the following assumptions; estimated life of five years, volatility of 92%, risk free interest rate of 3.54%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options. Each tranche of the options was deemed independent of the others; therefore, the fair value of each tranche of the options will be fully expensed within each year.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table summarizes activity for employees in the Company&amp;#8217;s Plan:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Number of&lt;br/&gt; Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Average&lt;br/&gt; Exercise&lt;br/&gt; Price per Share&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighed&lt;br/&gt; Average&lt;br/&gt; Remaining&lt;br/&gt; Contractual&lt;br/&gt; Term in Years&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 55%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,200,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.84&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.52&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,255,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.86&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.59&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,200,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.84&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.77&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,988,333&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.40&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.37&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In July 2011, the Compensation Committee of the Board of Directors of the Company approved and provided the employees cashless exercise elections to the stock Options granted by the Board on August 4, 2008.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company recorded $1,566,922 and $1,542,371 compensation expense for stock options to employees during the nine months ended September 30, 2011 and 2010, respectively. For three months ended September 30, 2011, the Company recorded $165,570 and $564,313, respectively. There were no options exercised during the nine months ended September 30, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Options to Independent Directors&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 30, 2009, the Company granted stock options for 130,000 shares of the Company&amp;#8217;s common stock, at $1.85 per share to three independent directors. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $183,000.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On January 20, 2010, the Company granted stock options for 40,000 shares of the Company&amp;#8217;s common stock, at $4.68 per share to another independent director. The options vest and become exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $142,000.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 7, 2010, the Board of Directors (&amp;#8220;BOD&amp;#8221;) of the Company approved the increase in its size from seven to nine members as a result of entering the Loan and Note agreements with Cinda on August 18, 2010 as described in Note 16 above. At the same time, the BOD appointed Mr. Yilin Ma and Mr. Chungui Shi as new members of the Board to fill the vacancies on the BOD until their successors have been duly elected and qualified. Mr. Shi is also appointed as a member of the Compensation Committee of the BOD. In connection with the appointment, the BOD of the Company has authorized the Company to provide Mr. Shi with (i) compensation of $2,000 per month and (ii) the grant of an option to purchase 40,000 shares of the Company's Common Stock, at an exercise price equal to the closing price per share of the Company's Common Stock on October 7, 2010. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 87%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $83,000.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table summarizes option activity with respect to the independent directors:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Number of&lt;br/&gt; Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Average&lt;br/&gt; Exercise&lt;br/&gt; Price per Share&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighed&lt;br/&gt; Average&lt;br/&gt; Remaining&lt;br/&gt; Contractual&lt;br/&gt; Term in Years&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 210,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4.05&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 170,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.52&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.89&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 210,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.30&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 210,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.60&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.30&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company recorded $43,975 and $263,778 compensation expense for stock options to independent directors during the nine months ended September 30, 2011 and 2010, respectively. The Company recorded $0 and $15,787 during three months ended September 30, 2011 and 2010, respectively. No options were exercised during the nine months ended September 30, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Warrants to Investor Relation Firms&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On October 1, 2009, the Company granted warrants to acquire 200,000 shares of the Company&amp;#8217;s common stock, at $1.50 per share to certain investor relations firms. The warrants are exercisable, in whole or in part, at any time from July 1, 2010 (the &amp;#8220;Vesting Date&amp;#8221;) to October 1, 2014 (the &amp;#8220;Expiration Date&amp;#8221;). The Company accounted for warrants issued to investor relations firms based on ASC 505-50 at each balance sheet and expense recorded based on the period elapsed at each balance sheet date, which is the date at which the counterparty&amp;#8217;s performance is deemed to be completed for the period. The fair value of each warrant granted is estimated on the date of the grant using the Black-Scholes option pricing model under ASC 505-30-11 and is recognized as compensation expense over the service term of the investor relations agreement as it is a better matching of cost with services received. Under that Agreement, the issuance of the warrants was irrevocable and the Company agreed to take no action to cause the warrants to be void or revoked or their issuance to be otherwise terminated. The warrants are classified as equity instruments and are exercisable into a fixed number of common shares. There is no commitment or requirement to change the quantity or terms based on conditions to the counterparty&amp;#8217;s performance or market conditions. The fair value of the warrants was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table summarizes activity for the warrants to certain investor relations IR firms:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td  style="white-space:nowrap;"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Number of&lt;br/&gt; Shares&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Average&lt;br/&gt; Exercise&lt;br/&gt; Price per Share&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighed&lt;br/&gt; Average&lt;br/&gt; Remaining&lt;br/&gt; Contractual&lt;br/&gt; Term in Years&lt;/div&gt; &lt;/td&gt; &lt;td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  &gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="WIDTH: 61%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.75&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at December 31, 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.75&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercised&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Forfeited&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; -&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Outstanding at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.00&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Exercisable at September 30, 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1.50&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3.00&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; 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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E5MBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Income including noncontrolling interest</a></td>
        <td class="nump">$ 23,125,647<span></span></td>
        <td class="nump">$ 13,391,811<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile income including noncontrolling interest to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases', window );">Changes in sales type leases receivables</a></td>
        <td class="num">(29,927,036)<span></span></td>
        <td class="num">(30,724,470)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_ChangesInFairValueOfLiability', window );">Changes in fair value of the liability</a></td>
        <td class="num">(5,441,176)<span></span></td>
        <td class="num">(2,574,590)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">43,918<span></span></td>
        <td class="nump">9,298<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of prepaid loan fees</a></td>
        <td class="nump">19,623<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDebtDiscountPremium', window );">Amortization of discount related to conversion feature of convertible note</a></td>
        <td class="nump">4,420,353<span></span></td>
        <td class="nump">1,326,274<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncome', window );">Interest expense from changes in conversion liability</a></td>
        <td class="num">(9,978,574)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims', window );">Stock compensation expense</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">602,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock options and warrants expenses</a></td>
        <td class="nump">1,610,897<span></span></td>
        <td class="nump">1,919,102<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Changes in deferred tax</a></td>
        <td class="nump">2,015,593<span></span></td>
        <td class="nump">2,495,828<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>(Increase) decrease in current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet', window );">Interest receivable on sales type lease</a></td>
        <td class="num">(1,299,323)<span></span></td>
        <td class="num">(315,675)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInLeasingReceivables', window );">Collection of principal on sales type leases</a></td>
        <td class="nump">5,283,212<span></span></td>
        <td class="nump">3,267,917<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses</a></td>
        <td class="nump">28,005<span></span></td>
        <td class="nump">294,464<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Other receivables</a></td>
        <td class="nump">10,242<span></span></td>
        <td class="num">(1,163,901)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets', window );">Construction in progress</a></td>
        <td class="num">(5,605,957)<span></span></td>
        <td class="num">(10,226,469)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDepositOtherAssets', window );">Long term deposit</a></td>
        <td class="num">(375,832)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract', window );"><strong>Increase (decrease) in current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Accounts payable</a></td>
        <td class="nump">5,701,341<span></span></td>
        <td class="nump">4,004,280<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Taxes payable</a></td>
        <td class="num">(543,434)<span></span></td>
        <td class="nump">996,753<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Interest payable</a></td>
        <td class="nump">3,515,463<span></span></td>
        <td class="nump">2,470,914<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities', window );">Long term liability</a></td>
        <td class="nump">292,420<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities', window );">Accrued liabilities and other payables</a></td>
        <td class="num">(632,332)<span></span></td>
        <td class="nump">112,574<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Accrued interest on convertible notes</a></td>
        <td class="num">(154,021)<span></span></td>
        <td class="nump">121,583<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(7,890,971)<span></span></td>
        <td class="num">(13,992,307)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Restricted cash</a></td>
        <td class="nump">2,193,151<span></span></td>
        <td class="num">(752,116)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Acquisition of property &amp; equipment</a></td>
        <td class="num">(4,676)<span></span></td>
        <td class="num">(81,526)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by (used in) investing activities</a></td>
        <td class="nump">2,188,475<span></span></td>
        <td class="num">(833,642)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConvertibleDebt', window );">Issuance of convertible notes</a></td>
        <td class="nump">7,583,801<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromMinorityShareholders', window );">Cash contribution from noncontrolling interest</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">908,279<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfNotesPayable', window );">Notes payable - bank acceptances</a></td>
        <td class="num">(2,924,202)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfDebt', window );">Proceeds from loans</a></td>
        <td class="nump">4,155,444<span></span></td>
        <td class="nump">15,800,376<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfDebt', window );">Repayment of loans</a></td>
        <td class="num">(923,432)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt', window );">Long term payable</a></td>
        <td class="nump">6,274,151<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Prepaid loan fees</a></td>
        <td class="num">(392,459)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OriginationOfNotesReceivableFromRelatedParties', window );">Advance to related parties</a></td>
        <td class="num">(466,141)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRelatedPartyDebt', window );">Advance from related parties</a></td>
        <td class="nump">300,839<span></span></td>
        <td class="nump">3,504,613<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">13,608,001<span></span></td>
        <td class="nump">20,213,268<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents', window );">EFFECT OF EXCHANGE RATE CHANGE ON CASH &amp; EQUIVALENTS</a></td>
        <td class="nump">718,956<span></span></td>
        <td class="num">(10,744)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">NET INCREASE IN CASH &amp; EQUIVALENTS</a></td>
        <td class="nump">8,624,461<span></span></td>
        <td class="nump">5,376,575<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">CASH &amp; EQUIVALENTS, BEGINNING OF PERIOD</a></td>
        <td class="nump">11,072,250<span></span></td>
        <td class="nump">1,111,943<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">CASH &amp; EQUIVALENTS, END OF PERIOD</a></td>
        <td class="nump">19,696,711<span></span></td>
        <td class="nump">6,488,518<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Cash flow data:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Income tax paid</a></td>
        <td class="nump">2,825,975<span></span></td>
        <td class="nump">1,307,901<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Interest paid</a></td>
        <td class="nump">$ 1,726,085<span></span></td>
        <td class="nump">$ 269,083<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_creg_ChangesInFairValueOfLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Changes in fair value of liability</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>creg_ChangesInFairValueOfLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>creg_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDebtDiscountPremium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDebtDiscountPremium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 8<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxesPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount due from borrowers for interest payments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of accrued expenses and other operating obligations not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDepositOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in moneys or securities given as security including, but not limited to, contract, escrow, or earnest money deposits, retainage (if applicable), deposits with clearing organizations and others, collateral, or margin deposits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDepositOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInterestPayableNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInLeasingReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount due from lessees arising from lease agreements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInLeasingReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other noncurrent operating assets not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherNoncurrentAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other noncurrent operating liabilities not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInRestrictedCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInRestrictedCash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total recognized during the period for income on leases meeting the criteria for classification as leveraged leases.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7662751&amp;loc=d3e45152-112736<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LeveragedLeasesIncomeStatementNetIncomeFromLeveragedLeases</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OriginationOfNotesReceivableFromRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for a loan, supported by a promissory note, granted to related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OriginationOfNotesReceivableFromRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for loan and debt issuance costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfFinancingCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromConvertibleDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromConvertibleDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMinorityShareholders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromMinorityShareholders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRelatedPartyDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRelatedPartyDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from long-term debt supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from other long-term debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfOtherLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4591551-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ENHAI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash &amp; equivalents</a></td>
        <td class="nump">$ 19,696,711<span></span></td>
        <td class="nump">$ 11,072,250<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">2,151,690<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent', window );">Current portion of investment in sales type leases, net</a></td>
        <td class="nump">9,365,951<span></span></td>
        <td class="nump">7,624,637<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestReceivableCurrent', window );">Interest receivable on sales type leases</a></td>
        <td class="nump">1,906,795<span></span></td>
        <td class="nump">554,930<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses</a></td>
        <td class="nump">6,043<span></span></td>
        <td class="nump">33,274<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherReceivablesGrossCurrent', window );">Other receivables</a></td>
        <td class="nump">399,105<span></span></td>
        <td class="nump">393,015<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsCurrentNet', window );">Prepaid loan fees - current</a></td>
        <td class="nump">78,492<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">31,453,097<span></span></td>
        <td class="nump">21,829,796<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>NON-CURRENT ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidInterest', window );">Prepaid interest</a></td>
        <td class="nump">807,251<span></span></td>
        <td class="nump">774,609<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentNet', window );">Prepaid loan fees - noncurrent</a></td>
        <td class="nump">302,710<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent', window );">Investment in sales type leases, net</a></td>
        <td class="nump">146,318,103<span></span></td>
        <td class="nump">117,586,131<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositsAssetsNoncurrent', window );">Long term deposit</a></td>
        <td class="nump">384,265<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">126,586<span></span></td>
        <td class="nump">159,968<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConstructionInProgressGross', window );">Construction in progress</a></td>
        <td class="nump">32,179,180<span></span></td>
        <td class="nump">25,377,983<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
        <td class="nump">180,118,095<span></span></td>
        <td class="nump">143,898,691<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">TOTAL ASSETS</a></td>
        <td class="nump">211,571,192<span></span></td>
        <td class="nump">165,728,487<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">11,053,151<span></span></td>
        <td class="nump">5,012,640<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableToBankCurrent', window );">Notes payable - bank acceptances</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">2,868,921<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesPayableCurrent', window );">Taxes payable</a></td>
        <td class="nump">1,145,042<span></span></td>
        <td class="nump">1,631,900<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_AccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
        <td class="nump">2,631,243<span></span></td>
        <td class="nump">2,874,058<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Advance from related parties</a></td>
        <td class="nump">1,245,913<span></span></td>
        <td class="nump">1,365,877<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleNotesPayableCurrent', window );">Convertible notes - current</a></td>
        <td class="nump">3,000,000<span></span></td>
        <td class="nump">4,403,078<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesCurrent', window );">Deferred tax liability - current</a></td>
        <td class="nump">1,563,843<span></span></td>
        <td class="nump">1,188,504<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableToBankCurrent', window );">Bank loans payable - current</a></td>
        <td class="nump">3,776,613<span></span></td>
        <td class="nump">1,811,950<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLoansPayableCurrent', window );">Trust loans payable - current</a></td>
        <td class="nump">5,295,127<span></span></td>
        <td class="nump">5,081,010<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long term payable</a></td>
        <td class="nump">1,149,448<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">34,959,287<span></span></td>
        <td class="nump">26,810,290<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>NONCURRENT LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Shares to be issued</a></td>
        <td class="nump">3,529,411<span></span></td>
        <td class="nump">8,970,587<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liability, net</a></td>
        <td class="nump">8,435,634<span></span></td>
        <td class="nump">6,429,139<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Long term liability</a></td>
        <td class="nump">298,982<span></span></td>
        <td class="nump">286,892<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long term payable</a></td>
        <td class="nump">5,265,491<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleLongTermNotesPayable', window );">Convertible notes, net of discount due to beneficial conversion feature</a></td>
        <td class="nump">5,565,156<span></span></td>
        <td class="nump">4,095,356<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_ConversionLiabilityNoncurrent', window );">Conversion liability</a></td>
        <td class="nump">2,920,892<span></span></td>
        <td class="nump">6,438,035<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesNoncurrent', window );">Accrued interest on long term convertible notes</a></td>
        <td class="nump">341,573<span></span></td>
        <td class="nump">419,922<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableToBank', window );">Bank loans payable</a></td>
        <td class="nump">3,776,613<span></span></td>
        <td class="nump">2,264,937<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLoansPayableLongTerm', window );">Trust loans payable</a></td>
        <td class="nump">34,382,917<span></span></td>
        <td class="nump">32,992,586<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total noncurrent liabilities</a></td>
        <td class="nump">64,516,669<span></span></td>
        <td class="nump">61,897,454<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">99,475,956<span></span></td>
        <td class="nump">88,707,744<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">CONTINGENCIES AND COMMITMENTS</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>STOCKHOLDERS' EQUITY</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value; 100,000,000 shares authorized, 43,533,174 and 39,198,982 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively</a></td>
        <td class="nump">43,533<span></span></td>
        <td class="nump">39,200<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid in capital</a></td>
        <td class="nump">52,045,454<span></span></td>
        <td class="nump">44,666,824<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAppropriated', window );">Statutory reserve</a></td>
        <td class="nump">6,756,077<span></span></td>
        <td class="nump">5,203,605<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
        <td class="nump">10,488,937<span></span></td>
        <td class="nump">6,083,840<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsUnappropriated', window );">Retained earnings</a></td>
        <td class="nump">38,424,418<span></span></td>
        <td class="nump">17,622,514<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Company stockholders' equity</a></td>
        <td class="nump">107,758,419<span></span></td>
        <td class="nump">73,615,983<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Noncontrolling interest</a></td>
        <td class="nump">4,336,817<span></span></td>
        <td class="nump">3,404,760<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">112,095,236<span></span></td>
        <td class="nump">77,020,743<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES AND EQUITY</a></td>
        <td class="nump">211,571,192<span></span></td>
        <td class="nump">165,728,487<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Interest payable on Trust loans</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interest payable</a></td>
        <td class="nump">3,990,907<span></span></td>
        <td class="nump">380,524<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Accrued interest on convertible notes</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interest payable</a></td>
        <td class="nump">$ 108,000<span></span></td>
        <td class="nump">$ 191,828<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_creg_AccruedExpensesAndOtherCurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accrued expenses and other current liabilities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>creg_AccruedExpensesAndOtherCurrentLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>creg_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_creg_ConversionLiabilityNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Conversion liability, Noncurrent</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>creg_ConversionLiabilityNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>creg_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=SL7669686-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358780&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapitalCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.10-17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsNoncurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount due within one year of the balance sheet date or the normal operating cycle, if longer, consisting of: (a) minimum lease payments on sales type leases and (b) unguaranteed residual value; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496975&amp;loc=d3e45377-112738<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount due after one year of the balance sheet date or beyond the normal operating cycle, if longer, consisting of: (a) minimum lease payments on sales type leases, and (b) unguaranteed residual value; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496975&amp;loc=d3e45377-112738<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConstructionInProgressGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConstructionInProgressGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleLongTermNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of long-term debt (with maturities initially due after one year or beyond the operating cycle if longer) identified as Convertible Notes Payable, excluding current portion. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConvertibleLongTermNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleNotesPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConvertibleNotesPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsCurrentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net amount of current deferred finance costs capitalized at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28555-108399<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredFinanceCostsCurrentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNoncurrentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net amount of long-term deferred finance costs capitalized at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28555-108399<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredFinanceCostsNoncurrentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed within one year or operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepositsAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepositsAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of current interest earned but not received. Also called accrued interest or accrued interest receivable. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestReceivableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22, 23, 24, 25, 26, 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesNoncurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansPayableToBank">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LoansPayableToBank</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansPayableToBankCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of current portion of long-term loans payable to bank due within one year or the operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LoansPayableToBankCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableToBankCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Current portion of the total carrying amount as of the balance sheet date due within one year or the operating cycle, if longer, on all notes payable to banks paid on an installment with long term maturities. This can include the amount of any loans from the applicant firm. This does not, however, include any mortgage balances.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a)(1),20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableToBankCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion (due beyond one year or one operating cycle) of other accrued expenses (expenses incurred at the end of the reporting period but not yet paid) not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAccruedLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLoansPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of portion of long-term loans payable not otherwise defined due within one year or the operating cycle if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLoansPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLoansPayableLongTerm">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the carrying value of loans payable or the portion of loans payable which are not scheduled or required to be repaid for more than one year from the balance sheet date or operating cycle, if longer, and which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLoansPayableLongTerm</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivablesGrossCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts of other receivables due within one year of the balance sheet date (or one operating cycle, if longer) from third parties or arising from transactions not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherReceivablesGrossCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Assets<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5879-108316<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of asset related to consideration paid in advance for interest that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Assets<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5865-108316<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5879-108316<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (g)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAppropriated">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A segregation of retained earnings which is unavailable for dividend distribution. Includes also retained earnings appropriated for loss contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(3)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6403732&amp;loc=d3e21332-112643<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.23(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 24<br><br><br><br> -Subparagraph a(4)<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6403732&amp;loc=d3e21346-112643<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAppropriated</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsUnappropriated">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A segregation of retained earnings which is available for dividend distribution. Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. Unappropriated profit is part of shareholder equity. Also called cumulative distributions or earned surplus or accumulated earnings or unappropriated profit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(3)(ii))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.23(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 24<br><br><br><br> -Subparagraph a(4)<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsUnappropriated</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31814832&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</nobr></td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
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<DESCRIPTION>IDEA: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Basis of Presentation&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; These accompanying consolidated financial statements have been prepared in accordance with US GAAP and pursuant to the rules and regulations of the SEC for annual financial statements.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Basis of Consolidation&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The consolidated financial statements include the accounts of CREG and, its subsidiary, Sifang Holdings, its wholly owned subsidiaries, Huahong New Energy Technology Co., Ltd. ("Huahong") and Shanghai TCH, Shanghai TCH&amp;#8217;s subsidiaries Xi&amp;#8217;an TCH Energy Tech Co., Ltd. (&amp;#8220;Xi&amp;#8217;an TCH&amp;#8221;) and Xingtai Huaxin Energy Tech Co., Ltd. (&amp;#8220;Huaxin&amp;#8221;), and Xi&amp;#8217;an TCH&amp;#8217;s subsidiary, Pingshan Xian Shengda Energy Technology Ltd Co. (&amp;#8220;Shengda&amp;#8221;) and Erdos TCH Energy Saving Development Co., Ltd (&amp;#8220;Erdos TCH&amp;#8221;), in which 93% of the investment is from Xi&amp;#8217;an TCH. Substantially all of the Company&amp;#8217;s revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all of the Company&amp;#8217;s consolidated assets and liabilities as of September 30, 2011 and December 31, 2010, respectively. All significant inter-company accounts and transactions were eliminated in consolidation.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Use of Estimates&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In preparing these consolidated financial statements in accordance with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the period reported. Actual results may differ from these estimates.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Revenue Recognition&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;em&gt;&lt;u&gt;Sales-type Leasing and Related Revenue Recognition&lt;/u&gt;&lt;/em&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; We construct and lease waste energy recycling power generating projects to our customers. We usually transfer ownership of the waste energy recycling power generating projects to our customers at the end of the lease term. Our investment in these projects is recorded as investment in sales-type leases in accordance with Statement of Financial Accounting Standards (&amp;#8220;SFAS&amp;#8221;) No. 13, &amp;#8220;Accounting for Leases&amp;#8221; (codified in Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 840) and its various amendments and interpretations. We finance construction of waste energy recycling power generating projects and our customers for the price of the projects. The sales and cost of sales are recognized at the inception of lease. The investment in sales-type leases consists of the sum of the total minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (lessor) and the customer (lessee). The discount rate implicit in the sales type lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs and contingent rentals, if any. Unearned interest income is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at the inception of the lease, the cash flow from the sales-type lease occurs over the course of the lease which results in interest income and reduction of receivables. Revenue is recognized net of Sales Tax.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;em&gt;&lt;u&gt;Contingent Rental Income&lt;/u&gt;&lt;/em&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company records income from actual electricity usage in addition to minimum lease payments of each project as contingent rental income in the period contingent rental income is earned. Contingent rent is not part of minimum lease payments.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Cash and Equivalents&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Cash and equivalents includes cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Concentration of Credit Risk&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Cash includes cash on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered by insurance. The Company has not experienced any losses in such accounts.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Certain other financial instruments, which subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers&amp;#8217; financial condition and customer payment practices to minimize collection risk on accounts receivable.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The operations of the Company are located in the PRC. Accordingly, the Company&amp;#8217;s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC economy.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Property and Equipment&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Building&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;20 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Vehicle&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2 - 5 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Office and Other Equipment&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2 - 5 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Software&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2 - 3 years&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Impairment of Long-life Assets&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In accordance with SFAS 144 (codified in FASB ASC Topic 360), the Company reviews its long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There was no impairment as of September 30, 2011 and December 31, 2010.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Cost of Sales&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Cost of sales consists primarily of the direct material of the power generating system and expenses incurred directly for project construction for sales-type leasing, and rental expenses for two pieces of power generation equipment for the operating lease.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Income Taxes&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company utilizes SFAS No. 109, &amp;#8220;Accounting for Income Taxes,&amp;#8221; (codified in FASB ASC Topic 740), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company follows the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, (&amp;#8220;FIN 48&amp;#8221;), codified in FASB ASC Topic 740. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. As of September 30, 2011 and December 31, 2010, the Company had not taken any uncertain positions that would necessitate recording of tax related liability.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Non-Controlling Interest&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company follows FASB ASC Topic 810, &amp;#8220;Consolidation,&amp;#8221; which established new standards governing the accounting for and reporting of non-controlling interests (NCIs) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCIs (previously referred to as minority interests) be treated as a separate component of equity, not as a liability (as was previously the case), that increases and decreases in the parent&amp;#8217;s ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might result in a deficit balance.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The net income (loss) attributed to the NCI was separately designated in the accompanying statements of income and other comprehensive income. Losses attributable to the NCI in a subsidiary may exceed the NCI&amp;#8217;s interests in the subsidiary&amp;#8217;s equity. The excess attributable to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution results in a deficit NCI balance.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Statement of Cash Flows&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In accordance with SFAS No. 95, &amp;#8220;Statement of Cash Flows&amp;#8221; (codified in FASB ASC Topic 230), cash flows from the Company&amp;#8217;s operations are calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Fair Value of Financial Instruments&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; For certain of the Company&amp;#8217;s financial instruments, including cash and equivalents, restricted cash, accounts receivable, other receivables, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. Receivables on sales-type leases are based on interest rates implicit in the lease.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; ASC Topic 820, &amp;#8220;Fair Value Measurements and Disclosures,&amp;#8221; requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, &amp;#8220;Financial Instruments,&amp;#8221; defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#149;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;&amp;#149;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="TEXT-ALIGN: justify; WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;&amp;#149;&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: justify"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, &amp;#8220;Distinguishing Liabilities from Equity,&amp;#8221; and ASC 815.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011 and December 31, 2010, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Stock Based Compensation&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company accounts for its stock-based compensation in accordance with SFAS No. 123R, &amp;#8220;Share-Based Payment, an Amendment of FASB Statement No. 123&amp;#8221; (codified in FASB ASC Topic 718 and 505). The Company recognizes in its statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Basic and Diluted Earnings per Share&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company presents net income (loss) per share (&amp;#8220;EPS&amp;#8221;) in accordance with SFAS No. 128, &amp;#8220;Earnings per Share&amp;#8221; (codified in FASB ASC Topic 740). Accordingly, basic income (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income by the weighted-average number of common shares outstanding as well as common share equivalents outstanding for the period determined using the treasury-stock method for stock options and warrants and the if-converted method for convertible notes. The Company made an accounting policy election to use the if-converted method for convertible securities that are eligible to receive common stock dividends, if declared. Diluted earnings per share reflect the potential dilution that could occur based on the exercise of stock options or warrants or conversion of convertible securities using the if-converted method. The following table presents a reconciliation of basic and diluted earnings per share:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table presents a reconciliation of basic and diluted earnings per share for nine and three months ended:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Nine Months Ended&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Three Months Ended&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income for common shares&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,354,376&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 12,801,992&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,066,996&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,870,253&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Interest expense on convertible notes*&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,062,785&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 371,583&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 368,784&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 125,222&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income for diluted shares&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,417,161&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,173,575&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,435,780&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,995,475&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighted average shares outstanding &amp;#150; basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 41,659,787&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 38,778,035&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 43,533,174&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 38,778,035&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Effect of dilutive securities:&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Convertible notes&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 14,596,137&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,170,530&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 13,041,763&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 11,098,993&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Options granted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,747,412&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,316,092&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,315,250&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,203,292&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Warrants granted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,977&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 120,000&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,750&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 107,121&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Weighted average shares outstanding &amp;#150; diluted&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 58,019,313&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 50,384,657&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 57,891,937&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 52,187,441&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Earnings (loss) per share &amp;#150; basic&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.54&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.33&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.25&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.13&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Earnings (loss) per share &amp;#150; diluted&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.40&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.26&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.20&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.09&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160; &lt;hr style="TEXT-ALIGN: left; WIDTH: 25%; HEIGHT: 1px; COLOR: #000000; MARGIN-LEFT: 0px" /&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: top"&gt; &lt;td style="WIDTH: 36px"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;*&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Interest expense on convertible notes was added back to net income for the computation of diluted earnings per share.&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Foreign Currency Translation and Comprehensive Income (Loss)&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s functional currency is the Renminbi (&amp;#8220;RMB&amp;#8221;). For financial reporting purposes, RMB were translated into United States Dollars (&amp;#8220;USD&amp;#8221;) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders&amp;#8217; equity as &amp;#8220;Accumulated other comprehensive income.&amp;#8221; Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company uses SFAS 130 &amp;#8220;Reporting Comprehensive Income&amp;#8221; (codified in FASB ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of stockholders&amp;#8217; equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Segment Reporting&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; SFAS No. 131, &amp;#8220;Disclosures about Segments of an Enterprise and Related Information&amp;#8221; (codified in FASB ASC Topic 280) requires use of the &amp;#8220;management approach&amp;#8221; model for segment reporting. The management approach model is based on the way a company&amp;#8217;s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. SFAS 131 has no effect on the Company&amp;#8217;s financial statements as substantially all of the Company&amp;#8217;s operations are conducted in one industry segment. All of the Company&amp;#8217;s assets are located in the PRC.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Registration Rights Agreement&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company accounts for payment arrangements under a registration rights agreement in accordance with ASC Topic 825, &amp;#8220;Financial Instruments,&amp;#8221; which requires the contingent obligation to make future payments or otherwise transfer consideration under a registration payment arrangement, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement, be separately recognized and measured in accordance with ASC Topic 450, &amp;#8220;Contingencies,&amp;#8221; (see Note 14, Registration Rights Agreement for Convertible Note).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;Reclassifications&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Certain prior year amounts were reclassified to conform to the manner of presentation in the current period. The Company reclassified rental deposit of $286,892 to long term liability from accrued liabilities and other payables for the period ended December 31, 2010.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;New Accounting Pronouncements&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In May 2011, FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (ASC Topic 820), to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements. The provisions of this new guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The guidance is not expected to have a material impact on our consolidated financial statements.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In June 2011, FASB issued ASU 2011-05, Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income. Under the amendments in this update, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under both options, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive income in that statement. In the two-statement approach, an entity is required to present components of net income and total net income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net income and include the components of other comprehensive income and a total for other comprehensive income, along with a total for comprehensive income. In addition, the entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. The amendments in this update should be applied retrospectively and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company is currently assessing the effect that the adoption of this pronouncement will have on its financial statements.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In September 2011, FASB has issued ASU 2011-08, &lt;em&gt; Intangibles&amp;#151;Goodwill and Other (Topic 350): Testing Goodwill for Impairment.&lt;/em&gt; ASU 2011-08 is intended to simplify how entities, both public and nonpublic, test goodwill for impairment. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350, &lt;em&gt; Intangibles-Goodwill and Other.&lt;/em&gt; The more-likely-than-not threshold is defined as having a likelihood of more than 50%. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. 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</LabelSeparator><Level>4</Level><ElementName>us-gaap_IncomeTaxDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;12. INCOME TAX&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Effective January 1, 2008, the PRC government implemented a new corporate income tax law with a maximum rate of 25%. The Company is governed by the Income Tax Law of the PRC concerning privately-run enterprises, which are generally subject to tax at 25% (33% prior to 2008) on income reported in the statutory financial statements after appropriate tax adjustments. Under the 2008 Chinese tax law, the tax treatment of finance and sales-type leases is similar to US GAAP. However, the local tax bureau continues to treat CREG sales-type leases as operating leases. Accordingly, the Company recorded deferred income taxes.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company&amp;#8217;s subsidiaries generate all of their net income from their PRC operations. Shanghai TCH&amp;#8217;s effective income tax rates for 2011 and 2010 are 24% and 22%, respectively. Xi&amp;#8217;an TCH&amp;#8217;s effective income tax rate for 2011 and 2010 is 15% as a result of its high tech enterprise status that was approved by the taxing authority. Xingtai Huaxin&amp;#8217;s effective income tax rate for 2011 and 2010 is 25%. Huahong and Erdos TCH&amp;#8217;s effective income tax rate for 2011 and 2010 is 25%. Pingshan Shengda&amp;#8217;s effective income tax rate for 2011 is 25%. Shanghai TCH, Xi&amp;#8217;an TCH, Xingtai Huaxin, Huahong, Pingshan Shengda and Erdos TCH file separate income tax returns. If Xi&amp;#8217;an TCH had not been granted high tech enterprise status, income tax expense for the nine months ended September 30, 2011, would have been increased by $1,428,064 and earnings per share would have been reduced by $0.03.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Shanghai TCH, as a business in a Development Zone, was subject to a 15% income tax rate. According to the new income tax law that became effective January 1, 2008, for those enterprises to which the 15% tax rate was previously applicable, the applicable rates shall increase as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; VERTICAL-ALIGN: bottom"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Year&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;Tax Rate&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: #ccffcc"&gt; &lt;td style="WIDTH: 89%; VERTICAL-ALIGN: bottom"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2011&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 8%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;24&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 1%; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;%&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white"&gt; &lt;td style="VERTICAL-ALIGN: bottom"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;2012&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;25&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;font style="FONT-SIZE: 10pt"&gt;%&lt;/font&gt;&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; There is no income tax for companies domiciled in the Cayman Islands. Accordingly, the Company&amp;#8217;s consolidated financial statements do not present any income tax provisions related to Cayman Islands tax jurisdiction where Sifang Holding is domiciled.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The parent company, China Recycling Energy Corporation, is taxed in the U.S. and has net operating loss carry forwards for income taxes of $6.75 million at September 30, 2011, which may be available to reduce future years&amp;#8217; taxable income as NOLs can be carried forward up to 20 years from the year the loss is incurred. Management believes the realization of benefits from these losses appears uncertain due to the Company&amp;#8217;s limited operating history and continuing losses. Accordingly, a 100% deferred tax asset valuation allowance was provided.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following table reconciles the U.S. statutory rates to the Company&amp;#8217;s effective tax rate for the nine and three months ended September 30, 2011 and 2010, respectively:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Nine Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Three Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; U.S. statutory rates&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 34.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Tax rate difference &amp;#150; current provision&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (6.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (10.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5.6&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Effective tax holiday&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5.5&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Non tax-deductible expenses (non-taxable income), net&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 0.7&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (4.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4.6&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.2&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Valuation allowance on NOL (utilization of NOL)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (9.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6.3&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (13.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )%&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5.0&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Tax per financial statements&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15.9&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 24.1&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 16.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 21.4&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; %&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The provision for income tax expenses for the nine and three months ended September 30, 2011 and 2010 consisted of the following:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Nine Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; For the Three Months&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 48%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income tax expense - current&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,353,664&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,754,734&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 781,613&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 688,913&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income tax benefit - deferred&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,015,593&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,495,828&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,408,013&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 663,606&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total income tax expenses&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,369,257&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,250,562&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,189,626&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; 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DEFERRED TAX&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Deferred tax asset was a result of the accrued maintenance cost on power generation systems that can be deducted for tax purposes in the future; and difference between tax and accounting basis of cost of fixed assets which was capitalized for tax purposes and expensed as part of cost of systems in the book. Deferred tax liability arose from the difference between tax and accounting basis of net investment in sales-type leases.&amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011 and December 31, 2010, deferred tax asset (liability) consisted of the following:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax asset &amp;#151; noncurrent (accrual of system maintenance cost)&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 594,674&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,161&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax asset &amp;#151; noncurrent (depreciation of fixed assets)&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 27,551,658&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 22,571,649&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax liability &amp;#151; noncurrent (net investment in sales-type leases)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (36,581,966&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (29,023,949&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax liability, net of deferred tax asset &amp;#150; noncurrent&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (8,435,634&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (6,429,139&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&amp;#160;&amp;#160;&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred tax liability &amp;#151; current (net investment in sales-type leases)&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,563,843&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,188,504&lt;/div&gt; 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<DESCRIPTION>IDEA: LOANS PAYABLE
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LOANS PAYABLE&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Collective Capital Trust Plan&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On December 3, 2009, the Company and Beijing International Trust Co., Ltd. (&amp;#8220;Beijing Trust&amp;#8221;) formed a Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan (&amp;#8220;Plan&amp;#8221;). Under the Plan, Beijing Trust raised RMB 181,880,000 ($26.75 million) through sale of 181,880,000 trust units at RMB 1 per unit. All amounts raised under the Plan were loaned to Erdos TCH in connection with its waste heat power generation projects Phase II and Phase III construction and operation.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Plan included 145,500,000 category A preferred trust units ($21.4 million), consisting of category A1 preferred trust 12,450,000 units ($1.8 million), category A2 preferred trust 15,000,000 units ($2.2 million), category A3 preferred trust 118,050,000 units ($17.4 million); and 36,380,000 category B secondary trust units ($5.35 million), consisting of category B1 secondary trust 9,100,000 units ($1.34 million) and category B2 secondary trust 27,280,000 units ($4.01 million). The B1 units were purchased by members of management of Erdos TCH and the B2 units were purchased by Xi&amp;#8217;an TCH. Under the Agreement, the annual base interest rate is 9.94% for A1 preferred trust fund units with a term of two years, 11% for A2 preferred trust fund units with a term of three years, 12.05% for A3 preferred trust fund units and 8.35% for the category B secondary trust fund units, each with a term of four years.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH provided a lien on its equipment, assets and accounts receivable to guarantee the loans under the Agreement. Xi&amp;#8217;an TCH and Mr. Guohua Ku (the Company&amp;#8217;s CEO) also provided unconditional and irrevocable joint liability guarantees to Beijing Trust for Erdos TCH&amp;#8217;s performance under the Agreement. Erdos (the minority shareholder and customer of Erdos TCH) provided a commitment letter on minimum power purchase from Erdos TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On December 18, 2009, an additional RMB 25,000,000 ($3.7 million) was raised to support the Company&amp;#8217;s Erdos Power Generation Projects. The Company sold 25,000,000 trust units at RMB 1 per unit which included 20,000,000 category A1 preferred trust units ($ 2.9 million) and 5,000,000 category B2 secondary trust units ($ 0.7 million). The B2 units were purchased by Xi&amp;#8217;an TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; During December 2009, the Plan sold 206,880,000 units for RMB 206,880,000 ($30.3 million), of which, 9,100,000 units ($1.3 million) were purchased by the management of Erdos TCH; the 32,280,000 units purchased by Xi&amp;#8217;an TCH, the amount of $4.7 million was considered as investment by Xi&amp;#8217;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was $25.6 million at December 31, 2009.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On April 15, 2010, Beijing Trust completed the second expansion of the Plan. The second expansion raised RMB 93,120,000 ($13.7 million) through the sale of 93,120,000 trust units at RMB 1 per unit. All amounts raised under the Second Expansion were loaned to Erdos TCH. The second expansion included 2,800,000 category A1 preferred trust units ($0.4 million), 5,000,000 category A2 preferred trust units ($0.7 million), 66,700,000 category A3 preferred trust units ($9.8 million), 4,650,000 category B1 preferred trust units ($0.7 million), and 13,970,000 category B2 secondary trust units ($2.1 million). The B1 units were purchased by members of management of Erdos TCH and the B2 units were purchased by Xi&amp;#8217;an TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; With the completion of the second expansion, the Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan reached RMB 300,000,000 ($44.1 million) and completed all its trust plan raising work, of which, 13,750,000 units ($2.0 million) were purchased by the management of Erdos TCH; 47,850,000 units were purchased by Xi&amp;#8217;an TCH, of which, 46,250,000 ($6.8 million) was B2 units and 1,600,000 ($235,600) units was A1 units, the amount was considered as investment by Xi&amp;#8217;an TCH into Erdos TCH and, accordingly, was eliminated in the consolidated financial statements. The net long term loan payable under this trust plan was RMB 252,150,000 ($39.68 million) at September 30, 2011. Interest expense accrued on this trust loan was $4.0 million and $4.5 million at September 30, 2011 and December 31, 2010, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In addition to the above, under the Loan Agreement, Erdos TCH must pay a management incentive benefit to Beijing Trust upon maturity of the category A3 and category B trust units in December 2013 if the ratio of Erdos TCH&amp;#8217;s profit to its registered capital exceeds a base amount. If this criterion is met, the amount of the management incentive benefit is calculated based on a formula tied to Erdos TCH&amp;#8217;s net profit and the average registered capital for the 2012 fiscal year. Under this formula the management incentive benefit could range between 0% and 100% of the net profit of Erdos TCH in the 2012 fiscal year.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The management incentive benefit was structured to provide an incentive to management to make the joint venture profitable. Under the Plan, Beijing Trust will distribute the entire amount of the management incentive benefit it receives to the holders of the category B trust units. As previously disclosed, the holders of the category B trust units are the management of Erdos TCH and Xi&amp;#8217;an TCH. Category B trust units receive a lower base interest rate than the category A trust units but the economic return to the holders of category B trust units will be enhanced by any management incentive benefit.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH also will share the benefits from Clean Development Mechanism ("CDM") under the Kyoto Protocol equally with Beijing Trust during the term of the loan. Any benefit received from CDM will be paid to Erdos Metallurgy first. Under the agreement with Xi&amp;#8217;an TCH, Erdos Metallurgy agrees to deliver to Xi&amp;#8217;an TCH 50% of the benefit Erdos Metallurgy receives. Xi&amp;#8217;an TCH agrees to share 50% of the benefit it receives from Erdos Metallurgy with Erdos TCH. Under the Capital Trust Loan Agreement between Erdos TCH and Beijing Trust, Erdos TCH agrees that 50% of any benefit it receives will be delivered to Beijing Trust. Pursuant to the Plan, Beijing Trust will distribute 70% of the CDM benefit it receives to the holders of the category B trust units. The receipt of any CDM benefit is subject to a process of evaluation and certification of the project by the CDM Executive Board and is under the guidance of the Conference of the Parties of the United Nations Framework Convention on Climate Change. The first stages of the certification process have been completed successfully.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Bank Long Term Loans - Industrial Bank&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company entered a loan agreement with Industrial Bank Co., Ltd., Xi&amp;#8217;an Branch (the &amp;#8220;Lender&amp;#8221;) for a loan designed for energy saving and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&amp;#8217;an TCH for three years from April 6, 2010 to April 6, 2013. The proceeds of the loan are required to be used in payment for equipment for Xi&amp;#8217;an TCH&amp;#8217;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of each quarter at 110% of the national base interest rate for the same term and same level loan (currently 7.015%). Under the loan, Xi&amp;#8217;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&amp;#8217;an TCH, Shaanxi Shengwei Construction Material Group and Mr. Guohua Ku. At September 30, 2011, $1,888,308 of the principal was repaid and $2,832,462 will be repaid within one year which was classified as current liability.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The loan has the following covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500million ($78 million); (ii) assets to liability ratio not less than 80%; and (iii) the current ratio not less than 2.5. The borrower was Xi&amp;#8217;an TCH. As of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The Company entered another loan agreement with the same Industrial Bank for energy saving and emission reduction projects, whereby the Lender agreed to loan RMB 30,000,000 ($4,720,767) to Xi&amp;#8217;an TCH for three years to March 30, 2014. As of September 30, 2011, the Company received RMB 30,000,000 ($4,720,767) of the loan. The proceeds of the loan are required to be used in payment for construction and equipment purchase for Xi&amp;#8217;an TCH&amp;#8217;s energy saving and emission reduction projects. The Loan Agreement has a floating interest rate that resets at the beginning of each quarter at 115% of the national base interest rate for the same term and same level loan (currently 7.015%). Under the loan, Xi&amp;#8217;an TCH is required to make quarterly interest payments and, beginning six months after the date of the release of the funds, to make minimum quarterly principal payments of RMB 3,000,000 ($472,077) each quarter. The Loan Agreement contains standard representations, warranties and covenants, and the loan is guaranteed by Xi&amp;#8217;an TCH, Mr. Guohua Ku and Ms. Chaoying Zhang. The Company will commence to repay the loan in the fourth quarter of 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The loan was originally pledged with the system and revenue of the project ZhongBao. In June 2011, the system of the project ZhongBao was sold to and leased back from Cinda Financial Leasing Co., Ltd. (the &amp;#8220;Cinda Financial&amp;#8221;) , the Company engaged a third party bonding company as the guarantor for the loan, which was approved by the Industrial Bank in July 1, 2011.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The loan has the following covenants during the loan period: (i) maintain the current assets and net assets not less than RMB500 million ($78 million); (ii) assets to liability ratio not less than 80%; and (iii) the current ratio not less than 1. The borrower was Xi&amp;#8217;an TCH. As of September 30, 2011, the Company received a waiver letter from the Lender waiving all covenants.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;i&gt;&lt;u&gt;Financing Agreement- - Sale Lease-back transaction&lt;/u&gt;&lt;/i&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 28, 2011, Xi&amp;#8217;an TCH&amp;#8221; entered into a Financing Agreement (the &amp;#8220;Agreement&amp;#8221;) with Cinda Financial Leasing Co., Ltd. (the &amp;#8220;Cinda Financial&amp;#8221;), an affiliate of China Cinda (HK) Asset Management Co., Ltd. (the &amp;#8220;Cinda HK&amp;#8221;).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Under the Agreement, Xi&amp;#8217;an TCH transferred its ownership of a set of 7MW steam turbine waste heat power generation system (the &amp;#8220;WHPG system currently used by Zhonngbao&amp;#8221;) and four furnaces and ancillary apparatus (the &amp;#8220;Assets&amp;#8221;) to Cinda Financial for RMB 42.50 million ($6.69 million), and Cinda Financial in turn leased the Assets to Xi&amp;#8217;an TCH for 5 years with an overall leasing fee of RMB 51.54 million ($8.11 million) based upon the transfer cost and the benchmark interest rate for five year loans by People&amp;#8217;s Bank of China (&amp;#8220;PBOC&amp;#8221;) (presently 6.65%) plus 15% of that rate (which at present is 7.6475%). The interest rate will increase if the five year benchmark interest rate of PBOC increases but will remain the same if the benchmark rate decreases in the future. Xi&amp;#8217;an TCH shall make pro rata quarterly payments to Cinda Financial for the leasing fees. Upon the completion of the leasing term and full payment of all leasing fees and other fees, Xi&amp;#8217;an TCH can pay RMB 4,250 ($669) to reacquire the ownership of the Assets. The quarterly minimum payment is RMB 2,577,109 ($396,875).&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In addition to the leasing fees, Xi&amp;#8217;an TCH prepaid a one-time non-refundable leasing service charge of RMB 2,550,000 ($401,265) and a refundable security deposit of RMB 2,125,000 ($334,388) to Cinda Financial as of September 30, 2011. The prepaid leasing service fee was amortized over 5 years. For the three months ended September 30, 2011, RMB 127,500 ($19,623) was amortized. The unamortized portion was recorded as prepaid loan fees of $78,492 and $302,710 into current and non current portions respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; In accordance with ASC 840-10-25-4, since CREG retains substantially all of the benefits and risks relating to the property, this transaction is a financing and will be recorded as such. The proceeds of this financing were not received prior to June 30, 2011; therefore, this transaction was recorded in the third quarter of 2011. For the nine and three months ended September 30, 2011, the Company made repayment of $399,094 to Cinda Financial.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, the future minimum payment to be made by years is as follows:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2012&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2013&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2014&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2015&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,622,124&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2016&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,216,669&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 7,705,165&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Unamortized interest&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,290,226&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total long term payable&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,414,939&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Current portion&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (78,492&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; 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 -Subparagraph (SX 210.3-04)

 -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.29)

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 30

 -Article 5



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>CONTINGENCIES<br></strong></div>
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        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>18. CONTINGENCIES</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#8217;s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company&#8217;s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#8217;s sales, purchases and expense transactions are denominated in RMB and all of the Company&#8217;s assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation in order to make the remittance.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible gain or loss incurred by an entity and typically discloses the amount of range of possible gain or loss recorded.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>ACCRUED LIABILITIES AND OTHER PAYABLES<br></strong></div>
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        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>8. ACCRUED LIABILITIES AND OTHER PAYABLES</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#8220;Accrued liabilities and other payables&#8221; consisted of the following as of September 30, 2011 and December 31, 2010:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Employee training, labor union expenditure and social insurance payable</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 255,344</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 245,019</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Consulting, auditing, and legal expenses</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 224,070</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 541,638</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Payable to Yingfeng</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,688,501</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,730,451</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Accrued payroll and welfare</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 302,049</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 259,120</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Accrued system maintenance expense</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 75,461</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 72,409</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Other</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 85,818</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25,421</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,631,243</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,874,058</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#8220;Payable to Yingfeng&#8221; is the cost of obtaining the ownership of two TRT projects (Zhangzhi and Xingtai) that were previously owned by Yingfeng. This amount is non-interest bearing and is payable on demand.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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SHAREHOLDERS&amp;#8217; EQUITY&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; On June 29, 2010, Xi&amp;#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &amp;#8220;Transfer Agreement&amp;#8221;) with Dong, a natural person with Chinese citizenship. Under the Transfer Agreement, Dong transferred the Biomass Systems to Xi&amp;#8217;an TCH, and Xi&amp;#8217;an TCH will pay Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 with equivalent shares of the Company&amp;#8217;s common stock. The stock price will be the same price as the Company&amp;#8217;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than $4 per share. The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8. At September 30, 2011, the Company recorded shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection with this transaction.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; During the nine months ended September 30, 2011 and 2010, the Company recorded a gain of $5.44 million and $2.57 million, respectively, which is the change of the fair value of 2,941,176 maximum numbers of shares to be issued to Dong. 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(&amp;#8220;ARC&amp;#8221;) entered into a Share Purchase Binding Letter of Intent dated as of July 17, 2009 regarding ARC&amp;#8217;s purchase of certain Preferred Stock Units of the Company (the &amp;#8220;LOI&amp;#8221;). Disputes arose between the Parties regarding the LOI, and a lawsuit was pending in federal court. On September 27, 2010, the Company approved the settlement of the lawsuit and the related disputes, claims or disagreements regarding the LOI and the Preferred Stock Units. Pursuant to the settlement, the Company will issue to ARC up to 520,000 shares of the Company's Common Stock at $1.23 per share. The Company issued 350,000 of these shares upon the execution of the settlement agreement. Upon satisfaction of certain conditions of the settlement agreement, the Company may issue to ARC or its affiliates up to an additional 170,000 shares at $1.23 per share. ARC has agreed to provide consulting and investor relations services from November 1, 2010 to February 28, 2011. 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The conditions for the issuance of the additional 170,000 shares were not met; consequently, 150,000 of those shares, which had been issued and delivered to an escrow agent, were returned to the Company and cancelled on March 29, 2011, and the other 20,000 shares were never issued.&lt;/div&gt; &lt;/div&gt; </NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>DEFERRED TAX<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_DeferredTaxAssetsLiabilitiesNetDisclosureTextBlock', window );">DEFERRED TAX</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>11. DEFERRED TAX</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Deferred tax asset was a result of the accrued maintenance cost on power generation systems that can be deducted for tax purposes in the future; and difference between tax and accounting basis of cost of fixed assets which was capitalized for tax purposes and expensed as part of cost of systems in the book. Deferred tax liability arose from the difference between tax and accounting basis of net investment in sales-type leases.&#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011 and December 31, 2010, deferred tax asset (liability) consisted of the following:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Deferred tax asset &#151; noncurrent (accrual of system maintenance cost)</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 594,674</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23,161</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;&#160;</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Deferred tax asset &#151; noncurrent (depreciation of fixed assets)</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27,551,658</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; 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PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (29,023,949</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Deferred tax liability, net of deferred tax asset &#150; noncurrent</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (8,435,634</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (6,429,139</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;&#160;</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Deferred tax liability &#151; current (net investment in sales-type leases)</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (1,563,843</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (1,188,504</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> </table> </div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Deferred Tax Assets Liabilities, Net Disclosure [Text Block]</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>TAXES PAYABLE<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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      <tr>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_TaxDisclosureTextBlock', window );">TAXES PAYABLE</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>7. TAXES PAYABLE</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#8220;Taxes payable&#8221; consisted of the following at September 30, 2011 and December 31, 2010:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 74%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 807,076</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,237,823</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Business</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 285,040</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 347,654</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Other</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 52,926</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 46,423</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,145,042</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,631,900</div> </td> </tr> </table> </div> </div> <span></span></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Basis of Presentation</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> These accompanying consolidated financial statements have been prepared in accordance with US GAAP and pursuant to the rules and regulations of the SEC for annual financial statements.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Basis of Consolidation</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The consolidated financial statements include the accounts of CREG and, its subsidiary, Sifang Holdings, its wholly owned subsidiaries, Huahong New Energy Technology Co., Ltd. ("Huahong") and Shanghai TCH, Shanghai TCH&#8217;s subsidiaries Xi&#8217;an TCH Energy Tech Co., Ltd. (&#8220;Xi&#8217;an TCH&#8221;) and Xingtai Huaxin Energy Tech Co., Ltd. (&#8220;Huaxin&#8221;), and Xi&#8217;an TCH&#8217;s subsidiary, Pingshan Xian Shengda Energy Technology Ltd Co. (&#8220;Shengda&#8221;) and Erdos TCH Energy Saving Development Co., Ltd (&#8220;Erdos TCH&#8221;), in which 93% of the investment is from Xi&#8217;an TCH. Substantially all of the Company&#8217;s revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all of the Company&#8217;s consolidated assets and liabilities as of September 30, 2011 and December 31, 2010, respectively. All significant inter-company accounts and transactions were eliminated in consolidation.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Use of Estimates</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In preparing these consolidated financial statements in accordance with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the period reported. Actual results may differ from these estimates.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Revenue Recognition</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <em><u>Sales-type Leasing and Related Revenue Recognition</u></em></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> We construct and lease waste energy recycling power generating projects to our customers. We usually transfer ownership of the waste energy recycling power generating projects to our customers at the end of the lease term. Our investment in these projects is recorded as investment in sales-type leases in accordance with Statement of Financial Accounting Standards (&#8220;SFAS&#8221;) No. 13, &#8220;Accounting for Leases&#8221; (codified in Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 840) and its various amendments and interpretations. We finance construction of waste energy recycling power generating projects and our customers for the price of the projects. The sales and cost of sales are recognized at the inception of lease. The investment in sales-type leases consists of the sum of the total minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (lessor) and the customer (lessee). The discount rate implicit in the sales type lease is used to calculate the present value of minimum lease payments. The minimum lease payment consists of the gross lease payments net of executory costs and contingent rentals, if any. Unearned interest income is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at the inception of the lease, the cash flow from the sales-type lease occurs over the course of the lease which results in interest income and reduction of receivables. Revenue is recognized net of Sales Tax.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <em><u>Contingent Rental Income</u></em></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company records income from actual electricity usage in addition to minimum lease payments of each project as contingent rental income in the period contingent rental income is earned. Contingent rent is not part of minimum lease payments.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Cash and Equivalents</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cash and equivalents includes cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Concentration of Credit Risk</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cash includes cash on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered by insurance. The Company has not experienced any losses in such accounts.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain other financial instruments, which subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers&#8217; financial condition and customer payment practices to minimize collection risk on accounts receivable.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The operations of the Company are located in the PRC. Accordingly, the Company&#8217;s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC economy.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Property and Equipment</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; WIDTH: 87%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Building</font></div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">20 years</font></div> </td> <td style="TEXT-ALIGN: justify; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Vehicle</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">2 - 5 years</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Office and Other Equipment</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">2 - 5 years</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Software</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">2 - 3 years</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Impairment of Long-life Assets</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In accordance with SFAS 144 (codified in FASB ASC Topic 360), the Company reviews its long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There was no impairment as of September 30, 2011 and December 31, 2010.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Cost of Sales</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cost of sales consists primarily of the direct material of the power generating system and expenses incurred directly for project construction for sales-type leasing, and rental expenses for two pieces of power generation equipment for the operating lease.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Income Taxes</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company utilizes SFAS No. 109, &#8220;Accounting for Income Taxes,&#8221; (codified in FASB ASC Topic 740), which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company follows the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, (&#8220;FIN 48&#8221;), codified in FASB ASC Topic 740. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. As of September 30, 2011 and December 31, 2010, the Company had not taken any uncertain positions that would necessitate recording of tax related liability.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Non-Controlling Interest</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company follows FASB ASC Topic 810, &#8220;Consolidation,&#8221; which established new standards governing the accounting for and reporting of non-controlling interests (NCIs) in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCIs (previously referred to as minority interests) be treated as a separate component of equity, not as a liability (as was previously the case), that increases and decreases in the parent&#8217;s ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially owned consolidated subsidiary be allocated to the NCI even when such allocation might result in a deficit balance.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The net income (loss) attributed to the NCI was separately designated in the accompanying statements of income and other comprehensive income. Losses attributable to the NCI in a subsidiary may exceed the NCI&#8217;s interests in the subsidiary&#8217;s equity. The excess attributable to the NCI is attributed to those interests. The NCI shall continue to be attributed its share of losses even if that attribution results in a deficit NCI balance.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Statement of Cash Flows</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In accordance with SFAS No. 95, &#8220;Statement of Cash Flows&#8221; (codified in FASB ASC Topic 230), cash flows from the Company&#8217;s operations are calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Fair Value of Financial Instruments</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For certain of the Company&#8217;s financial instruments, including cash and equivalents, restricted cash, accounts receivable, other receivables, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. Receivables on sales-type leases are based on interest rates implicit in the lease.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> ASC Topic 820, &#8220;Fair Value Measurements and Disclosures,&#8221; requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, &#8220;Financial Instruments,&#8221; defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; WIDTH: 36px"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#149;</div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</font></div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; WIDTH: 36px"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">&#149;</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</font></div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; WIDTH: 36px"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">&#149;</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</font></div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, &#8220;Distinguishing Liabilities from Equity,&#8221; and ASC 815.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011 and December 31, 2010, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Stock Based Compensation</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for its stock-based compensation in accordance with SFAS No. 123R, &#8220;Share-Based Payment, an Amendment of FASB Statement No. 123&#8221; (codified in FASB ASC Topic 718 and 505). The Company recognizes in its statement of operations the grant-date fair value of stock options and other equity-based compensation issued to employees and non-employees.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Basic and Diluted Earnings per Share</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company presents net income (loss) per share (&#8220;EPS&#8221;) in accordance with SFAS No. 128, &#8220;Earnings per Share&#8221; (codified in FASB ASC Topic 740). Accordingly, basic income (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding, without consideration for common stock equivalents. Diluted net income per share is computed by dividing the net income by the weighted-average number of common shares outstanding as well as common share equivalents outstanding for the period determined using the treasury-stock method for stock options and warrants and the if-converted method for convertible notes. The Company made an accounting policy election to use the if-converted method for convertible securities that are eligible to receive common stock dividends, if declared. Diluted earnings per share reflect the potential dilution that could occur based on the exercise of stock options or warrants or conversion of convertible securities using the if-converted method. The following table presents a reconciliation of basic and diluted earnings per share:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table presents a reconciliation of basic and diluted earnings per share for nine and three months ended:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Nine Months Ended</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Three Months Ended</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 48%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income for common shares</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 22,354,376</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 12,801,992</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,066,996</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,870,253</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Interest expense on convertible notes*</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,062,785</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 371,583</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 368,784</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 125,222</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income for diluted shares</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23,417,161</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,173,575</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,435,780</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,995,475</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;&#160;</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Weighted average shares outstanding &#150; basic</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 41,659,787</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 38,778,035</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 43,533,174</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 38,778,035</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Effect of dilutive securities:</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Convertible notes</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 14,596,137</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,170,530</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 13,041,763</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,098,993</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Options granted</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,747,412</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,316,092</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,315,250</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,203,292</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Warrants granted</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,977</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 120,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,750</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 107,121</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Weighted average shares outstanding &#150; diluted</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 58,019,313</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50,384,657</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 57,891,937</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 52,187,441</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); 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FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.25</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.13</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; 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For financial reporting purposes, RMB were translated into United States Dollars (&#8220;USD&#8221;) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders&#8217; equity as &#8220;Accumulated other comprehensive income.&#8221; Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company uses SFAS 130 &#8220;Reporting Comprehensive Income&#8221; (codified in FASB ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of stockholders&#8217; equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Segment Reporting</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> SFAS No. 131, &#8220;Disclosures about Segments of an Enterprise and Related Information&#8221; (codified in FASB ASC Topic 280) requires use of the &#8220;management approach&#8221; model for segment reporting. The management approach model is based on the way a company&#8217;s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. SFAS 131 has no effect on the Company&#8217;s financial statements as substantially all of the Company&#8217;s operations are conducted in one industry segment. 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The Company reclassified rental deposit of $286,892 to long term liability from accrued liabilities and other payables for the period ended December 31, 2010.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>New Accounting Pronouncements</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (ASC Topic 820), to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements. The provisions of this new guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The guidance is not expected to have a material impact on our consolidated financial statements.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, FASB issued ASU 2011-05, Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income. Under the amendments in this update, an entity has the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under both options, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income and a total amount for comprehensive income. In a single continuous statement, the entity is required to present the components of net income and total net income, the components of other comprehensive income and a total for other comprehensive income, along with the total of comprehensive income in that statement. In the two-statement approach, an entity is required to present components of net income and total net income in the statement of net income. The statement of other comprehensive income should immediately follow the statement of net income and include the components of other comprehensive income and a total for other comprehensive income, along with a total for comprehensive income. In addition, the entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. The amendments in this update should be applied retrospectively and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company is currently assessing the effect that the adoption of this pronouncement will have on its financial statements.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, FASB has issued ASU 2011-08, <em> Intangibles&#151;Goodwill and Other (Topic 350): Testing Goodwill for Impairment.</em> ASU 2011-08 is intended to simplify how entities, both public and nonpublic, test goodwill for impairment. ASU 2011-08 permits an entity to first assess qualitative factors to determine whether it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350, <em> Intangibles-Goodwill and Other.</em> The more-likely-than-not threshold is defined as having a likelihood of more than 50%. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company is currently assessing the effect that the adoption of this pronouncement will have on its financial statements.</div> </div> <span></span></td>
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</LabelSeparator><Level>4</Level><ElementName>us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;8. ACCRUED LIABILITIES AND OTHER PAYABLES&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Accrued liabilities and other payables&amp;#8221; consisted of the following as of September 30, 2011 and December 31, 2010:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2011&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2010&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 74%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Employee training, labor union expenditure and social insurance payable&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 255,344&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 245,019&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Consulting, auditing, and legal expenses&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 224,070&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 541,638&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Payable to Yingfeng&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,688,501&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,730,451&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Accrued payroll and welfare&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 302,049&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 259,120&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Accrued system maintenance expense&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 75,461&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 72,409&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 85,818&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 25,421&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,631,243&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,874,058&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Payable to Yingfeng&amp;#8221; is the cost of obtaining the ownership of two TRT projects (Zhangzhi and Xingtai) that were previously owned by Yingfeng. 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>CONVERTIBLE NOTES PAYABLE<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_NotesPayableDisclosureTextBlock', window );">CONVERTIBLE NOTES PAYABLE</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>14. CONVERTIBLE NOTES PAYABLE</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Convertible Notes from Carlyle</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On November 16, 2007, the Company entered into a Stock and Notes Purchase Agreement (&#8220;Purchase Agreement&#8221;) with Carlyle Asia Growth Partners III, L.P. (&#8220;CAGP&#8221;) and CAGP III Co. Investment, L.P. (together with CAGP, the &#8220;Investors&#8221;). Under the terms of the Purchase Agreement, the Company sold the Investors a 10% Secured Convertible Promissory Note of $5,000,000 (the &#8220;First Note&#8221;). Additionally, the Purchase Agreement provides for two subsequent transactions to be effected by the Company and the Investors, which include (i) the issuance by the Company of and subscription by the Investors for 4,066,706 shares of common stock of Company, at $1.23 per share for $5,000,000, and (ii) the issuance and sale by the Company to the Investors of a 5% Secured Convertible Promissory Note of $15,000,000 (the foregoing transactions, together with sale and purchase of the First Note, are hereinafter referred to as the &#8220;Offering&#8221;). The subsequent transactions are contingent upon the satisfaction of certain conditions specified in the Purchase Agreement, including entry into specified energy and recycling project contracts and the purchase of certain energy recycling systems.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The First Note bore interest at 10% and was due November 16, 2009. The principal amount of the First Note, together with any interest thereon, converted, at the option of the holders at any time on or prior to maturity, into shares of the Company&#8217;s common stock at an initial conversion price of $1.23 per share (subject to anti-dilution adjustments). The First Note was subject to mandatory conversion upon the consummation of the aforementioned issuance and subscription of shares of the Company&#8217;s common stock under the Purchase Agreement. The obligations of the Company under the First Note ranked senior to all other debt of the Company.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As collateral for the First Note, the President and a major shareholder of the Company pledged 9,653,471 shares of the Company&#8217;s common stock held by him to secure the First Note. This pledge was released during the fiscal quarter ended September 30, 2011 and is of no further force or effect.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The First Note was considered to have a beneficial conversion feature (&#8220;BCF&#8221;) because the conversion price was less than the quoted market price at the time of issuance. Accordingly, the beneficial conversion feature of $5,000,000 was recorded separately as unamortized beneficial conversion feature based on the intrinsic value method. As the BCF was greater than the face value of the note, all of the proceeds were allocated to the BCF. No value was assigned to the note option or the equity option (two subsequent transactions discussed above). The First Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature. The terms for the First Note were amended on April 29, 2008 and the First Note was repaid in full on June 25, 2008, as described below.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 29, 2008, the Company entered into an Amendment to the Purchase Agreement with the Investors. Under the terms of the Amendment, (i) the Company issued and the Investors subscribed for 4,066,706 shares of common stock of the Company, at $1.23 per share for $5,002,048, as originally contemplated under the Agreement; (ii) the Investors converted the principal under the First Note (and waived any accrued interest thereon) into 4,065,040 shares of common stock of the Company at $1.23, pursuant to the terms and conditions of the First Note issued under the Agreement; (iii) the Company issued and sold to the Investors a new 5% Secured Convertible Promissory Note of $5,000,000 (the &#8220;Second Note&#8221; and collectively with the First Note, the &#8220;Notes&#8221;); and (iv) the Company granted to the Investors an option to purchase a 5% Secured Convertible Promissory Note of $10,000,000, exercisable by the Investors at any time within nine (9) months following the date of the closing of the transactions contemplated by the Amendment (the &#8220;Option Note&#8221;).</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Second Note bore interest at 5% and matured on April 29, 2011. The principal face amount of the Second Note, together with any interest thereon, was convertible, at the option of the holders at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available prior to March 30, 2010) and prior to maturity, into shares of the Company&#8217;s common stock at an initial conversion price that is tied to the after-tax net profits of the Company for the year ending December 31, 2009, as described in the Second Note. As more fully described in the Second Note, the obligations of the Company under the Second Note are senior to all other debt of the Company.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Second Note and the 8% Note described below are both secured by a security interest granted to the Investors pursuant to the Share Pledge Agreement.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 25, 2008, the Company and investors entered into a Rescission and Subscription Agreement to rescind the conversion of the First Note and the issuance of conversion shares of Common Stock at the Second Closing pursuant to Amendment to Stock and Notes Purchase Agreement dated April 29, 2008. The Company and the Investors rescinded the conversion of the principal amount ($5,000,000) under the First Note into 4,065,040 shares of Common Stock, and the Investors waived accrued interest on the First Note. Accordingly, the interest expense which had accrued on the note was recorded as a decrease in interest expense for the period. At the Rescission and Subscription Closing, the Company repaid the First Note in full and issued, 4,065,040 shares of Common Stock to the investor at $1.23 per share for $5,000,000. This was done through a cross receipt arrangement; the BCF was reversed to additional paid in stock. The Company has now concluded that in substance the transaction resulted in the conversion of the first $5,000,000 note into common stock, and based on substance over form, the remaining BCF of $3,472,603 at the date of conversion was expensed.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 29, 2009, CREG issued an 8% Secured Convertible Promissory Note of $3 million to CAGP with a maturity of April 29, 2012. The note holder has the right to convert all or any part of the outstanding principal amount of this note, together with interest, if any, into shares of the Company&#8217;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this note is paid in full), at a conversion price per share of common stock equal to US $0.80. The conversion feature of this note is not beneficial to the holder as the stock price on April 29, 2009 was $0.47.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 29, 2009, CREG amended and restated the 5% secured convertible promissory note (the &#8220;Second Note&#8221;), which was issued as part of the amendment of the First Note on April 28, 2008. Accordingly, the Conversion Rights and Conversion Price were amended so that the holder of the Second Note has the right, but not the obligation, to convert all or any part of the aggregate outstanding principal amount of the Second Note, together with interest, into shares of the Company&#8217;s common stock, at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available on a date prior to March 30, 2010) and prior to the maturity date (or such later date on which this Note is paid in full), at the following conversion price: (a) an amount equal to (i) the Company&#8217;s net profit, adjusted in accordance with the Second Note, multiplied by (ii) 5.5, and less (iii) the principal amount of the Second Note, together with accrued interest, divided by (b) the then total shares of the Company&#8217;s common stock outstanding on a fully-diluted basis. This note is considered to have a beneficial conversion feature starting from January 1, 2010 because the conversion price for this note was $1.154 as of April 29, 2011. Accordingly, the beneficial conversion feature of $3.15 million was recorded separately as unamortized beneficial conversion feature based on the intrinsic value method and the Second Note was recorded in the balance sheet at face value less the unamortized beneficial conversion feature.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The interest on the convertible debts is payable annually, in arrears, provided the holder gives 30-day notice before each April 29 that it requires the interest payment. Unpaid interest is due and payable at maturity. At the holder&#8217;s election, at the time the holder elects to convert the debt into shares, shares can be issued as paid-in-kind interest to the extent that there is unpaid interest at the time of conversion. To date, the Company has timely paid all interest payable, in cash.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, Carlyle converted the note into 4,334,192 shares of the Company&#8217;s common stock at a conversion price of $1.154 per share. The effective date of the conversion was April 29, 2011. As of September 30, 2011, the interest accrued on the second note was fully paid. The Company issued 4,334,192 shares of common stock to the Investors on July 21, 2011 (4,149,599 shares of common stock to CAGP; 184,593 shares of common stock to CAGP III Co. Investment, L.P.). The unamortized portion BCF of $745,547 was fully amortized as of the conversion date. During the nine months ended September 30, 2011, the Company amortized $1,368,988 BCF for the note.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Registration Rights Agreement</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 29, 2009, the Company also agreed with Carlyle to amend and restate the Registration Rights Agreement for the convertible notes to amend the rights for demand registration by the Investors and the applicable liquidated damages for the Company if it fails to timely comply with the demand for registration.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the registration rights agreement, the Company must file the registration statement within 90 days of receipt of a demand notice to convert (the &#8220;Filing Date&#8221;), and the registration statement must have become effective within 120 days after filing (the &#8220;Effective Date&#8221;) or the Company must pay damages to the holders of the shares to be registered. The Company must also pay damages if the registration statement ceases for any reason to remain continuously effective as to all Registrable Shares for which it is required to be effective, or the holders are not permitted to utilize the prospectus to resell shares for thirty (30) consecutive calendar days during any 12-month period.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The damages for failure to meet any of these requirements are equal to 1% of the sum of:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (x)</div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> the purchase price of the unconverted notes;</div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (y)</div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> the purchase price of shares of Company Common Stock purchased under a related agreement; and</div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (z)</div> </td> <td style="TEXT-ALIGN: justify"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> the conversion price of shares of Common Stock received on conversion of notes, for each 30 days, or a pro rata portion of such 1% for a period less than 30 days.</div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The liquidated damages must be paid in cash; the registration rights agreement does not provide for any alternative payment arrangement. The maximum potential amount of consideration, undiscounted, that the Company could be required to transfer under the registration payment arrangement cannot exceed 1% of the sum described above in any thirty (30) calendar day period.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Convertible Note Agreement with China Cinda</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On August 18, 2010, the &#8220;Company and its wholly-owned subsidiaries Sifang, Shanghai TCH and Xi&#8217;an TCH entered into a Notes Purchase Agreement (the &#8220;Note Agreement&#8221;) with China Cinda (HK) Asset Management Co., Ltd, a company organized under the laws of the Hong Kong Special Administrative Region of China (&#8220;Cinda&#8221;). Under the terms of the Note Agreement, the Company will issue Cinda two tranches of convertible notes (the &#8220;Notes&#8221;), each having a principal amount equal to the US Dollar equivalent of RMB 50 million. Also on August 18, 2010, Xi&#8217;an TCH and China Jingu International Trust Co. Ltd. (&#8220;Jingu&#8221;), an affiliate of Cinda also entered into a Capital Trust Loan Agreement (&#8220;Trust Loan Agreement&#8221;), in which Jingu will raise 100 million RMB under a Jingu CREG Recycling Economy No. 1 Collective Fund Trust Plan (&#8220;Trust Plan&#8221;) and lend such amount under the Trust Plan to Xi&#8217;an TCH (the &#8220;Loans&#8221;). If the Loans under the Trust Loan Agreement do not occur, then under the Note Agreement the principal amount of the Notes to be issued in each tranche will be the US dollar equivalent of RMB 100 million. All proceeds from the Notes and the Loans will be used to complete the Phases IV and V of the Erdos TCH Energy Saving Development Co., Ltd. (&#8220;Erdos TCH&#8221;) project, a joint venture between Xi&#8217;an TCH and Erdos Metallurgy Co., Ltd. to recycle waste heat from Erdos Metallurgy&#8217;s refining plants to generate power and steam and sell them back to Erdos Metallurgy, as well as other working capital needs.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the Trust Loan Agreement and separate agreements entered by Jingu, Erdos TCH, Shanghai TCH, Xi&#8217;an TCH and Mr. Guohua Ku on August 18, 2010, Erdos TCH shall pledge the accounts receivable, equipment and assets of its Phases IV and V projects to Jingu as a guarantee to the Loans, Xi&#8217;an TCH shall pledge its 80% equity in Erdos TCH to Jingu as a guarantee to the Loans, Shanghai TCH shall provide a joint liability guarantee to Jingu for the Loans, and Mr. Guohua Ku shall provide his personal joint liability to Jingu for the Loans.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the Note Agreement the Notes shall be issued before August 18, 2011. The Notes have a three year maturity date from the date of the issuance of the first tranche. The exchange rate between RMB and US Dollar for each issue of Notes is the middle rate published by the PBOC for the second business day prior to each issuance. Each Note bears interest at a rate equal to that of PBOC base interest rate for the relevant interest period (the period commencing on and including January 1 of each year and ending on and including December 31 of such year) plus two percent (2%). If Cinda does not convert or fully convert the Notes to shares prior to maturity, the Company will pay the difference between the interest rate described above and 18% on the outstanding amount.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Loans have the following covenants: (i) maintain at all time a fixed charge coverage ratio of not less than 2.0:1.0; (ii) obtain consent from the lender prior to pay or declare any cash dividends or distributions on outstanding common stock; and (iii) maintain at all time a consolidated leverage ratio of not less than 65%. Pursuant to the terms and conditions of the Trust Loan Agreement, the Company is required to comply with these covenants annually on its consolidated financial statements audited under US GAAP.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Each Note has a conversion price at the lower of (i) US$2.46 per share or (ii) an amount equal to the Company&#8217;s earnings per share based upon the consolidated earnings of the Company for 2010 on a weighted average fully diluted basis, multiplied by 7. In connection with the Trust Loan Agreement, the Company also entered into an Exchange Rights Agreement pursuant to which the Loans can be exchanged (on the same terms as the Notes can be converted) for shares of the Company&#8217;s common stock which can in turn be registered under the Registration Rights Agreement. The Notes will have a contingent beneficial conversion feature which will be recorded when the contingency is resolved.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As collateral for the Notes, Mr. Guohua Ku, the CEO and a major shareholder of the Company entered into a Share Pledge Agreement with Cinda, on August 18, 2010, to pledge 4,500,000 shares of the Company&#8217;s common stock held by him to secure the first Note. The Agreement also calls for an additional 4,500,000 shares of the Company&#8217;s common stock held by Mr. Ku to secure the second Note before its issuance.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2010, the Company received proceeds of RMB 50,000,000 ($7,533,391) from the first tranche of the Loans. As of January 30, 2011, the Company received proceeds of another RMB 50,000,000 ($7,533,391) from the first tranche convertible Note. Under ASC 815 &#150; Derivatives and Hedging, the fair value of the conversion option is a derivative that has been bifurcated and treated as liability at the date of inception. Based on AU 560 - subsequent events, the conversion feature has been accounted for at September 30, 2011 and December 31, 2010 using the conversion price of $2.46. The conversion feature is akin to a call option, therefore, the Black-Scholes option pricing model was used by using the maximum conversion price of $2.46 as a the strike price. Since the conversion option is an embedded derivative and is bifurcated from the host contact, BCF analysis is not required. The fair value of the conversion feature was recorded as a liability and will be marked to market until the conversion rate is set. As the loan has a reset clause in the event the Company issues shares below the conversion price, it will be treated as a liability as long as the loan is outstanding. The unamortized discount due to conversion feature will continue to be amortized over the term of the loan; during the nine and three months ended September 30, 2011, the Company amortized $3,051,366 and $1,074,956 from unamortized discount due to beneficial conversion feature.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the first tranche of the Loans, the Company recorded the derivative liability of $1.46 million for conversion option at September 30, 2011, based on the Black-Scholes model by using the following assumptions: estimated life of three years, volatility of 100%, risk free interest rate of 1.07%, and dividend yield of 0%. For the second tranche, the Company recorded the derivative liability of $1.46 million for conversion option at September 30, 2011 based on the Black-Scholes model by using the following assumptions: estimated life of three years, volatility of 100%, risk free interest rate of 0.96%, and dividend yield of 0%.</div> </div> <span></span></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>NONCONTROLLING INTEREST<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDisclosureTextBlock', window );">NONCONTROLLING INTEREST</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>10. NONCONTROLLING INTEREST</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#8220;Non-controlling interest&#8221; was a 7% equity interest of Erdos JV owned by Erdos Metallurgy Co., Ltd. According to Xi&#8217;an TCH and Erdos&#8217; agreement on profit distribution, Xi&#8217;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively, until Xi&#8217;an TCH has received a complete return on its investment. Xi&#8217;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of September 30, 2011, the total registered capital of Erdos JV is RMB 120,000,000 ($17.55 million), of which, $16.37 million (RMB112 million) was contributed by Xi&#8217;an TCH and $1.18 million (RMB 8 million) was from Erdos. Erdos TCH engages in a business similar to that of Xi&#8217;an TCH.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Erdos TCH allocates its income to Xi&#8217;an TCH and Erdos at a proportion of 80% and 20% based on net income calculated under Chinese GAAP. The main difference between US GAAP and Chinese GAAP with respect to Erdos is that the Erdos agreement is treated as a sales-type lease under US GAAP and as an operating lease under Chinese GAAP. The following is the profit and loss statement of Erdos TCH, prepared under Chinese GAAP for the nine months ended September 30, 2011:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net Revenue</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,978,008</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Cost of Revenue</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (5,726,613</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Gross Profit</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,251,395</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Operating expenses</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15,859</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income from operations</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,235,536</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Non-operating income</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,612</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income tax expense</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (1,060,537</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net Income</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,181,611</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a reconciliation of net income per Chinese GAAP to net income per US GAAP:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income per Chinese GAAP</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,181,611</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Adjustments under US GAAP:</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Revenue per sales-type lease</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,684,857</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Cost of revenue</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (3,072,599</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income from operation</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,793,869</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Interest income</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,758,928</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Income before income tax</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,552,797</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Deferred income tax expense</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> (696,444</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> )</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Net income per US GAAP</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,856,353</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is the balance sheet of Erdos TCH, prepared under Chinese GAAP at September 30, 2011:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Assets</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Cash and equivalents</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,390,779</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Other current assets</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,364,407</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Property and equipment</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 49,303,067</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Construction in process</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 21,989,258</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total Assets</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 79,047,511</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Liabilities</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Accounts payable</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,324,978</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Other current liabilities</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,757,271</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Long term loan</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 47,207,667</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total liabilities</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 55,289,916</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Equity</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Paid in capital</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17,573,578</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Statutory reserve</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 153,147</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Other comprehensive income</div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,480,109</div> </td> <td style="TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Retained earnings</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,550,761</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total stockholders&#8217; equity</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 23,757,595</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Total liabilities and stockholders&#8217; equity</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 79,047,511</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>STATUTORY RESERVES<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
      </tr>
      <tr>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_creg_LegalReserveAndRetainedEarningsAndDividendsDisclosureTextBlock', window );">STATUTORY RESERVES</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>17. STATUTORY RESERVES</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Pursuant to the corporate law of the PRC effective January 1, 2006, the Company is only required to maintain one statutory reserve by appropriating from its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <em><u>Surplus Reserve Fund</u></em></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#8217;s Chinese subsidiaries are now only required to transfer 10% of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company&#8217;s registered capital. The Company&#8217;s Chinese subsidiaries are not required to make appropriation to other reserve funds and do not have any intentions to make appropriations to any other reserve funds. There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Company&#8217;s Chinese subsidiaries do not intend to do so.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years&#8217; losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <em><u>Common Welfare Fund</u></em></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The common welfare fund is a voluntary fund to which the Company can elect to transfer 5% to 10% of its net income. This fund can only be utilized on capital items for the collective benefit of the Company&#8217;s employees, such as construction of dormitories, cafeteria facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation. The Company does not participate in this voluntary fund.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure regarding legal reserve and retained earnings, and dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>115 - Disclosure - NONCONTROLLING INTEREST</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>4</Level><ElementName>us-gaap_MinorityInterestDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText> &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &lt;b&gt;10. NONCONTROLLING INTEREST&lt;/b&gt;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; &amp;#8220;Non-controlling interest&amp;#8221; was a 7% equity interest of Erdos JV owned by Erdos Metallurgy Co., Ltd. According to Xi&amp;#8217;an TCH and Erdos&amp;#8217; agreement on profit distribution, Xi&amp;#8217;an TCH and Erdos will receive 80% and 20% of the profit from the JV, respectively, until Xi&amp;#8217;an TCH has received a complete return on its investment. Xi&amp;#8217;an TCH and Erdos will then receive 60% and 40% of the profit from the JV, respectively.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; As of September 30, 2011, the total registered capital of Erdos JV is RMB 120,000,000 ($17.55 million), of which, $16.37 million (RMB112 million) was contributed by Xi&amp;#8217;an TCH and $1.18 million (RMB 8 million) was from Erdos. Erdos TCH engages in a business similar to that of Xi&amp;#8217;an TCH.&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; Erdos TCH allocates its income to Xi&amp;#8217;an TCH and Erdos at a proportion of 80% and 20% based on net income calculated under Chinese GAAP. The main difference between US GAAP and Chinese GAAP with respect to Erdos is that the Erdos agreement is treated as a sales-type lease under US GAAP and as an operating lease under Chinese GAAP. The following is the profit and loss statement of Erdos TCH, prepared under Chinese GAAP for the nine months ended September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net Revenue&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 9,978,008&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Cost of Revenue&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (5,726,613&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Gross Profit&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,251,395&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Operating expenses&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 15,859&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operations&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,235,536&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Non-operating income&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 6,612&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (1,060,537&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net Income&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,181,611&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following is a reconciliation of net income per Chinese GAAP to net income per US GAAP:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income per Chinese GAAP&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,181,611&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Adjustments under US GAAP:&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Revenue per sales-type lease&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,684,857&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Cost of revenue&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (3,072,599&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income from operation&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,793,869&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Interest income&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,758,928&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Income before income tax&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,552,797&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Deferred income tax expense&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; (696,444&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; )&lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Net income per US GAAP&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,856,353&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"&gt; The following is the balance sheet of Erdos TCH, prepared under Chinese GAAP at September 30, 2011:&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &amp;#160;&lt;/div&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"&gt; &lt;table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Assets&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 87%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Cash and equivalents&lt;/div&gt; &lt;/td&gt; &lt;td style="WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 3,390,779&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other current assets&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,364,407&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Property and equipment&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 49,303,067&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Construction in process&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 21,989,258&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total Assets&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 79,047,511&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Liabilities&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Accounts payable&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; $&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 2,324,978&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other current liabilities&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 5,757,271&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Long term loan&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 47,207,667&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total liabilities&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 55,289,916&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="FONT-WEIGHT: bold"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Equity&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Paid in capital&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 17,573,578&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Statutory reserve&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 153,147&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Other comprehensive income&lt;/div&gt; &lt;/td&gt; &lt;td&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 1,480,109&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Retained earnings&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 4,550,761&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total stockholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; 23,757,595&lt;/div&gt; &lt;/td&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt; &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; Total liabilities and stockholders&amp;#8217; equity&lt;/div&gt; &lt;/td&gt; &lt;td style="PADDING-BOTTOM: 2.5pt"&gt; &lt;div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"&gt; &lt;/div&gt; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>STOCK-BASED COMPENSATION PLAN<br></strong></div>
        </th>
        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">STOCK-BASED COMPENSATION PLAN</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>15. STOCK-BASED COMPENSATION PLAN</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Options to Employees</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On November 13, 2007, the Company approved the 2007 Non-statutory Stock Option Plan, which was later amended and restated in August 2008 (the &#8220;2007 Plan&#8221;), and granted 3,000,000 options to acquire the Company&#8217;s common stock at $1.23 per share to twenty (20) managerial and non-managerial employees under the 2007 Plan.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The vesting terms of options granted under the 2007 Plan are subject to the Non-Statutory Stock Option Agreements for managerial and non-managerial employees. For managerial employees, no more than 15% of the total stock options shall vest and become exercisable on the six month anniversary of the grant date. An additional 15% and 50% of the total stock options shall vest and become exercisable on the first and second year anniversary of the grant date, respectively. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. For non-managerial employees, no more than 30% of the total stock options shall vest and become exercisable on the first year anniversary of the grant date. An additional 50% of the total stock options shall vest and become exercisable on the second year anniversary of the grant date. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. Each stock option shall become vested and exercisable over a period of no longer than five years from the grant date.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Based on the fair value method under SFAS No. 123 (Revised) &#8220;Share Based Payment&#8221; (&#8220;SFAS 123(R)&#8221;), codified in FASB ASC Topic 718, the fair value of each stock option granted is estimated on the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model has assumptions for risk free interest rates, dividends, stock volatility and expected life of an option grant. The risk free interest rate is based upon market yields for United States Treasury debt securities at a maturity near the term remaining on the option. Dividend rates are based on the Company&#8217;s dividend history. The stock volatility factor is based on the historical volatility of the Company&#8217;s stock price. The expected life of an option grant is based on management&#8217;s estimate as no options have been exercised in the Plan to date. The fair value of each option grant to employees is calculated by the Black-Scholes method and is recognized as compensation expense over the vesting period of each stock option award. For stock options issued, the fair value was estimated at the date of grant using the following range of assumptions:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The options vest over three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 3.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Effective June 25, 2008, the Company cancelled all vested shares and accepted option holders&#8217; forfeiture of any unvested shares underlying the currently outstanding options.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On August 4, 2008, the Company granted stock options to acquire 3,000,000 shares of the Company&#8217;s common stock, par value $0.001, at $0.80 per share to 17 employees under the 2007 Plan. The options vest over a period of three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 2.76%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options. The options were accounted for as a modification to the options that were cancelled on June 25, 2008. The grant date fair value of options was $5.04 million.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On November 9 and 11, 2009, the Company and three option holders agreed to cancel vested but unexercised options for 87,000 vested but unexercised shares and forfeit unvested options for 203,0000 unvested shares. On November 11, 2009, the Company granted options to two other employees for 290,000 shares of the Company&#8217;s common stock at $2.35 per share. The options vest over three years and have a life of 5 years. The fair value of the options was calculated using the following assumptions, estimated life of five years, volatility of 100%, risk free interest rate of 3.84%, and dividend yield of 0%. The grant date fair value of options was $518,513.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On August 13, 2010, the Company granted 2,200,000 options to acquire the Company&#8217;s common stock at $3.05 per share to thirty six (36) managerial and non-managerial employees as new equity awards pursuant to the Corporation&#8217;s Amended and Restated 2007 plan.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> According to the vesting terms, the options granted were divided into three tranches, (i) 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets its minimum revenue and earnings goals in the Corporation&#8217;s guidance for 2010 as delivered in its earnings releases and/or conference calls in the first quarter of 2010, such vesting to occur immediately upon completion of the annual audit confirming the financial results for 2010; and (ii) an additional 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals of 2011 which will be set out and decided by the Compensation Committee, such vesting to occur immediately upon Compensation Committee&#8217;s determination that the Corporation has met such goals for 2011; and (iii) the remaining 1/3 (one third) of the total number of shares subject to the options shall vest and become exercisable if the Corporation meets certain financial goals of 2012 which will be set out and decided by the Compensation Committee, such vesting is to occur immediately upon Compensation Committee&#8217;s determination that the Corporation has met such goals for 2012. The Option may only be exercised to the extent that the Option has become vested and exercisable. The management used its estimates for determining the probability of achieving each year&#8217;s financial goals; these goals were 100%, 50% and 50% for 2010, 2011 and 2012, respectively.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The options have a life of 5 years. The fair value of the options was calculated using the following assumptions; estimated life of five years, volatility of 92%, risk free interest rate of 3.54%, and dividend yield of 0%. No estimate of forfeitures was made as the Company has a short history of granting options. Each tranche of the options was deemed independent of the others; therefore, the fair value of each tranche of the options will be fully expensed within each year.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes activity for employees in the Company&#8217;s Plan:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td  style="white-space:nowrap;"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Number of<br/> Shares</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Average<br/> Exercise<br/> Price per Share</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Weighed<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 55%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Outstanding at December 31, 2010</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,200,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.84</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.52</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercisable at December 31, 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,255,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.86</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.59</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Granted</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercised</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Forfeited</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Outstanding at September 30, 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,200,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.84</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.77</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercisable at September 30, 2011</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,988,333</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.40</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.37</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2011, the Compensation Committee of the Board of Directors of the Company approved and provided the employees cashless exercise elections to the stock Options granted by the Board on August 4, 2008.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recorded $1,566,922 and $1,542,371 compensation expense for stock options to employees during the nine months ended September 30, 2011 and 2010, respectively. For three months ended September 30, 2011, the Company recorded $165,570 and $564,313, respectively. There were no options exercised during the nine months ended September 30, 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Options to Independent Directors</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 30, 2009, the Company granted stock options for 130,000 shares of the Company&#8217;s common stock, at $1.85 per share to three independent directors. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $183,000.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On January 20, 2010, the Company granted stock options for 40,000 shares of the Company&#8217;s common stock, at $4.68 per share to another independent director. The options vest and become exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $142,000.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 7, 2010, the Board of Directors (&#8220;BOD&#8221;) of the Company approved the increase in its size from seven to nine members as a result of entering the Loan and Note agreements with Cinda on August 18, 2010 as described in Note 16 above. At the same time, the BOD appointed Mr. Yilin Ma and Mr. Chungui Shi as new members of the Board to fill the vacancies on the BOD until their successors have been duly elected and qualified. Mr. Shi is also appointed as a member of the Compensation Committee of the BOD. In connection with the appointment, the BOD of the Company has authorized the Company to provide Mr. Shi with (i) compensation of $2,000 per month and (ii) the grant of an option to purchase 40,000 shares of the Company's Common Stock, at an exercise price equal to the closing price per share of the Company's Common Stock on October 7, 2010. The options vested and became exercisable on the six-month anniversary of the grant date with a life of 5 years. The fair value of the options was calculated using the following assumptions: estimated life of five years, volatility of 87%, risk free interest rate of 3.54%, and dividend yield of 0%. The grant date fair value of options was $83,000.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes option activity with respect to the independent directors:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td  style="white-space:nowrap;"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Number of<br/> Shares</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Average<br/> Exercise<br/> Price per Share</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Weighed<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Outstanding at December 31, 2010</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 210,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.60</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4.05</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercisable at December 31, 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 170,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.52</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.89</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Granted</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercised</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Forfeited</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Outstanding at September 30, 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 210,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.60</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.30</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercisable at September 30, 2011</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 210,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2.60</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.30</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recorded $43,975 and $263,778 compensation expense for stock options to independent directors during the nine months ended September 30, 2011 and 2010, respectively. The Company recorded $0 and $15,787 during three months ended September 30, 2011 and 2010, respectively. No options were exercised during the nine months ended September 30, 2011.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>Warrants to Investor Relation Firms</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 1, 2009, the Company granted warrants to acquire 200,000 shares of the Company&#8217;s common stock, at $1.50 per share to certain investor relations firms. The warrants are exercisable, in whole or in part, at any time from July 1, 2010 (the &#8220;Vesting Date&#8221;) to October 1, 2014 (the &#8220;Expiration Date&#8221;). The Company accounted for warrants issued to investor relations firms based on ASC 505-50 at each balance sheet and expense recorded based on the period elapsed at each balance sheet date, which is the date at which the counterparty&#8217;s performance is deemed to be completed for the period. The fair value of each warrant granted is estimated on the date of the grant using the Black-Scholes option pricing model under ASC 505-30-11 and is recognized as compensation expense over the service term of the investor relations agreement as it is a better matching of cost with services received. Under that Agreement, the issuance of the warrants was irrevocable and the Company agreed to take no action to cause the warrants to be void or revoked or their issuance to be otherwise terminated. The warrants are classified as equity instruments and are exercisable into a fixed number of common shares. There is no commitment or requirement to change the quantity or terms based on conditions to the counterparty&#8217;s performance or market conditions. The fair value of the warrants was calculated using the following assumptions: estimated life of five years, volatility of 100%, risk free interest rate of 3.54%, and dividend yield of 0%.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes activity for the warrants to certain investor relations IR firms:</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td  style="white-space:nowrap;"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Number of<br/> Shares</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Average<br/> Exercise<br/> Price per Share</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Weighed<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"  > <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 61%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Outstanding at December 31, 2010</div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.50</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.75</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercisable at December 31, 2010</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.50</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.75</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Granted</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercised</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Forfeited</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> -</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Outstanding at September 30, 2011</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.50</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.00</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Exercisable at September 30, 2011</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> $</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.50</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3.00</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recorded $0 and $181,498 compensation expense for warrants to the IR firms during the nine months ended September 30, 2011 and 2010, respectively. The Company recorded $0 and $0 during three months ended September 30, 2011 and 2010, respectively. There were no warrants exercised during the six months ended September 30, 2011.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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				 2011<span></span></td>
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        <td class="text">In response to a comment letter received from the Securities and Exchange Commission (the &#x201C;SEC&#x201D;), dated December 14, 2012, China Recycling Energy Corporation (the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us&#x201D; or &#x201C;our&#x201D;) is filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, originally filed with the SEC on November 14, 2011 (the &#x201C;Original Form 10-Q&#x201D;) for the following purposes: (i) revise disclosures relating to the treatment of settlement shares issued to Xueyi Dong pursuant to that certain Biomass Power Generation Asset Transfer Agreement, dated June 29, 2010 between Mr. Dong and the Company; (ii) revise tables (three and ninr months) comparing our results of operations as a percentage of net sales and revise our discussions relating to non-operating income (expenses), income tax expense and net income in the Results of Operations section of our MD&A; (iii) revise our disclosures relating to basic and diluted earnings per share in Note 2 (to our consolidated financial statements); (iv) revise Note 12 (to our consolidated financial statements); (v) restate the fair value of certain settlement shares issued to Xueyi Dong in Note 16 (to our consolidated financial statements); and (vi) include a new Note 20 (to our consolidated financial statements) to describe the purpose and underlying reasons of this restatement and present the effect of this restatement on our financial statements.This Form 10-Q/A should be read in conjunction with the Company&#x2019;s periodic filings made with the SEC subsequent to the filing date of the Original Form 10-Q, including any amendments to those filings, as well as any Current Reports, filed on Form 8-K subsequent to the date of the Original Form 10-Q. In addition, in accordance with applicable rules and regulations promulgated by the SEC, the Company&#x2019;s Chief Executive Officer and Chief Financial Officer are providing currently dated certifications in connection with this Form 10-Q/A. The certifications are filed as Exhibits 31.1, 31.2 and 32.1. Because this Form 10-Q/A sets forth the Original Form 10-Q in its entirety, it includes both items that have been changed as a result of the amended disclosures and items that are unchanged from the Original Form 10-Q. Other than the revision of the disclosures as discussed above, this Form 10-Q/A speaks as of the original filing date of the Original Form 10-Q and has not been updated to reflect other events occurring subsequent to the original filing date. This includes forward-looking statements and all other sections of this Form 10-Q/A that were not directly impacted by this amendment, which should be read in their historical context.<span></span></td>
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                <p>Description of changes contained within amended document.</p>
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                <p>No definition available.</p>
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                <p>End date of current fiscal year in the format --MM-DD.</p>
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                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
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                <p>No definition available.</p>
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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
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                <p>No definition available.</p>
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                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
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                <p>No definition available.</p>
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                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
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                <p>No definition available.</p>
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                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY<br></strong></div>
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        <th class="th" colspan="1">9 Months Ended</th>
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          <div>Sep. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">SHAREHOLDERS&#x2019; EQUITY</a></td>
        <td class="text"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>16. SHAREHOLDERS&#8217; EQUITY</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 29, 2010, Xi&#8217;an TCH entered into a Biomass Power Generation Asset Transfer Agreement (the &#8220;Transfer Agreement&#8221;) with Dong, a natural person with Chinese citizenship. Under the Transfer Agreement, Dong transferred the Biomass Systems to Xi&#8217;an TCH, and Xi&#8217;an TCH will pay Dong RMB 100,000,000 ($14,705,900) for the systems, including RMB 20,000,000 in cash and RMB 80,000,000 with equivalent shares of the Company&#8217;s common stock. The stock price will be the same price as the Company&#8217;s public offering price in the first public offering which occurs in 2010 or 2011 but in no circumstance less than $4 per share. The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock issuance is 1:6.8. At September 30, 2011, the Company recorded shares to be issued of $3.53 million (the fair value at September 30, 2011) in connection with this transaction.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the nine months ended September 30, 2011 and 2010, the Company recorded a gain of $5.44 million and $2.57 million, respectively, which is the change of the fair value of 2,941,176 maximum numbers of shares to be issued to Dong. During the three months ended September 30, 2011 and 2010, the Company recorded a gain of $2.41 million and $1.82 million, respectively.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i><u>ARC Settlement</u></i></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company and investment relationship company ARC China, Inc. (&#8220;ARC&#8221;) entered into a Share Purchase Binding Letter of Intent dated as of July 17, 2009 regarding ARC&#8217;s purchase of certain Preferred Stock Units of the Company (the &#8220;LOI&#8221;). Disputes arose between the Parties regarding the LOI, and a lawsuit was pending in federal court. On September 27, 2010, the Company approved the settlement of the lawsuit and the related disputes, claims or disagreements regarding the LOI and the Preferred Stock Units. Pursuant to the settlement, the Company will issue to ARC up to 520,000 shares of the Company's Common Stock at $1.23 per share. The Company issued 350,000 of these shares upon the execution of the settlement agreement. Upon satisfaction of certain conditions of the settlement agreement, the Company may issue to ARC or its affiliates up to an additional 170,000 shares at $1.23 per share. ARC has agreed to provide consulting and investor relations services from November 1, 2010 to February 28, 2011. The Company received $430,500 from issuance of 350,000 shares in October 2010, which was recorded as subscription receivable as of September 30, 2010. The difference between the stock price at the settlement date and the issuance price for the 350,000 settlement shares was recorded as stock compensation expense for investor relations services in the amount of $602,000. A copy of the dismissal of the lawsuit with prejudice was filed by ARC China in Nevada federal court on November 10, 2010. The conditions for the issuance of the additional 170,000 shares were not met; consequently, 150,000 of those shares, which had been issued and delivered to an escrow agent, were returned to the Company and cancelled on March 29, 2011, and the other 20,000 shares were never issued.</div> </div> <span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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</LabelSeparator><Level>4</Level><ElementName>dei_EntityRegistrantName</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="P01_01_2011To09_30_2011" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>CHINA RECYCLING ENERGY CORP</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:normalizedStringItemType</ElementDataType><SimpleDataType>normalizedstring</SimpleDataType><ElementDefenition>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation 12B

 -Number 240

 -Section 12b

 -Subsection 1



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 -Publisher SEC

 -Name Regulation 12B

 -Number 240

 -Section 12b

 -Subsection 1



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