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NONCONTROLLING INTEREST (Tables) | 6 Months Ended
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Jun. 30, 2013
Noncontrolling Interest [Abstract] |
Profit and Loss Statement of Erdos TCH, Prepared Under Chinese GAAP |
The following is an unaudited profit and loss statement of Erdos TCH, prepared under PRC GAAP for the six months ended June 30, 2013 and 2012 (note: Erdos TCH’s US GAAP basis financial statements are part of the Company’s consolidated financial statements discussed in Note 2 – Basis for Consolidation):
|  | 2013 |  | 2012 |
Net Revenue |  | $ | 7,512,597 |  | $ | 7,510,614 |
Cost of Revenue |  |  | 4,256,260 |  |  | 4,215,028 |
Gross Profit |  |  | 3,256,337 |  |  | 3,295,586 |
Operating expenses |  |  | 58,517 |  |  | 28,075 |
Income from operations |  |  | 3,197,820 |  |  | 3,267,511 |
Non-operating income expense |  |  | (2,187,350) |  |  | (2,361,930) |
Income tax expense |  |  | (252,617) |  |  | (226,395) |
Net Income |  | $ | 757,853 |  | $ | 679,186 |
Reconciliation of Net Income per Chinese GAAP to Net Income per US GAAP |
The following is a reconciliation of net income (loss) per Chinese GAAP to net income per US GAAP for the six months ended June 30, 2013 and 2012:
|  | 2013 |  | 2012 |
Net income per Chinese GAAP |  | $ | 757,853 |  | $ | 679,186 |
Adjustments under US GAAP: |  |  |  |  |  |  |
Revenue per sales-type lease |  |  | (7,210,036) |  |  | (7,134,477) |
Cost of revenue |  |  | 4,185,610 |  |  | 4,190,397 |
Loss from operation |  |  | (3,024,426) |  |  | (2,944,080) |
Operating income (loss) |  |  | (69) |  |  | - |
Interest income |  |  | 3,678,975 |  |  | 3,703,026 |
Income before income tax |  |  | 654,480 |  |  | 758,946 |
Deferred income tax expense |  |  | (175,912) |  |  | (193,443) |
Net adjustment |  |  | 478,568 |  |  | 565,503 |
Net income per US GAAP |  | $ | 1,236,421 |  | $ | 1,244,689 |
Balance Sheet of Erdos TCH, Prepared Under Chinese GAAP |
The following is an unaudited balance sheet of Erdos TCH, prepared under PRC GAAP as of June 30, 2013 and December 31, 2012:
|  | 2013 |  | 2012 |
Assets |  |  |  |  |  |  |
Cash and equivalents |  | $ | 11,851 |  | $ | 12,411 |
Other current assets |  |  | 17,352,763 |  |  | 12,774,129 |
Property and equipment |  |  | 46,073,830 |  |  | 46,558,041 |
Total Assets |  | $ | 63,438,444 |  | $ | 59,344,581 |
Liabilities |  |  |  |  |  |  |
Accounts payable |  | $ | 113,697 |  | $ | 39,774 |
Other current liabilities |  |  | 2,612,474 |  |  | 376,649 |
Long term loan |  |  | 39,450,046 |  |  | 38,779,731 |
Total liabilities |  |  | 42,176,217 |  |  | 39,196,154 |
Equity |  |  |  |  |  |  |
Paid in capital |  |  | 17,573,578 |  |  | 17,573,578 |
Statutory reserve |  |  | 570,094 |  |  | 570,094 |
Other comprehensive income |  |  | 2,109,907 |  |  | 1,753,959 |
Retained earnings |  |  | 1,008,648 |  |  | 250,796 |
Total stockholders’ equity |  |  | 21,262,227 |  |  | 20,148,427 |
Total liabilities and stockholders’ equity |  | $ | 63,438,444 |  | $ | 59,344,581 |

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