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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2013
Accounting Policies [Abstract] |
Property and Equipment Estimated Lives |
Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:
Building | 20 years
Vehicle | 2 - 5 years
Office and Other Equipment | 2 - 5 years
Software | 2 - 3 years
Reconciliation of Basic and Diluted Earnings Per Share |
The following table presents a reconciliation of basic and diluted earnings per share for the six and three months ended June 30, 2013 and 2012:
|  | Six Months Ended |  | Three Months Ended |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Net income for common shares |  | $ | 7,031,534 |  | $ | 3,246,687 |  | $ | 3,733,344 |  | $ | 1,224,122 |
Interest expense on convertible notes* |  |  | - |  |  | 502,487 |  |  | - |  |  | 264,125 |
Net income for diluted shares |  | $ | 7,031,534 |  | $ | 3,749,174 |  | $ | 3,733,344 |  | $ | 1,488,247 |
Weighted average shares outstanding – basic |  |  | 50,224,350 |  |  | 46,474,350 |  |  | 50,224,350 |  |  | 46,474,350 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible notes |  |  | - |  |  | 3,810,000 |  |  | - |  |  | 3,810,000 |
Options granted |  |  | 633,173 |  |  | 1,000,895 |  |  | 546,111 |  |  | 1,094,741 |
Weighted average shares outstanding – diluted |  |  | 50,857,523 |  |  | 51,285,245 |  |  | 50,770,461 |  |  | 51,379,091 |
Earnings per share – basic |  | $ | 0.14 |  | $ | 0.07 |  | $ | 0.07 |  | $ | 0.03 |
Earnings per share – diluted |  | $ | 0.14 |  | $ | 0.07 |  | $ | 0.07 |  | $ | 0.03 |
* Interest expense on convertible notes was added back to net income for the computation of diluted EPS.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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