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Restatement (Tables) | 9 Months Ended
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Sep. 30, 2016
Restatement [Abstract] |
Schedule of restatement on consolidated balance sheet |
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Accounts receivable |  |  | 25,062,146 |  |  |  | 25,723,889 |  |  |  | 661,743 |
Current portion of investment in sales-type leases, net |  |  | 6,948,365 |  |  |  | 6,973,954 |  |  |  | 25,589 |
Interest receivable on sales-type leases |  |  | 3,320,420 |  |  |  | 3,094,017 |  |  |  | (226,403 | )
Other receivables |  |  | 873,448 |  |  |  | 387,477 |  |  |  | (485,971 | )
Investment in sales-type leases, net |  |  | 109,728,463 |  |  |  | 52,512,266 |  |  |  | (57,216,197 | )
Total assets |  |  | 277,533,892 |  |  |  | 220,292,653 |  |  |  | (57,241,239 | )
Deferred tax liability, net (current) |  |  | 1,089,690 |  |  |  | 1,103,309 |  |  |  | 13,619 |
Deferred tax liability, net (non-current) |  |  | 8,811,021 |  |  |  | 2,578,984 |  |  |  | (6,232,037 | )
Total liabilities |  |  | 66,981,515 |  |  |  | 60,763,097 |  |  |  | (6,218,418 | )
Statutory reserve |  |  | 14,448,084 |  |  |  | 14,210,589 |  |  |  | (237,495 | )
Accumulated other comprehensive income |  |  | (2,689,316 | ) |  |  | (2,589,793 | ) |  |  | 99,523 |
Retained earnings |  |  | 87,015,098 |  |  |  | 36,130,249 |  |  |  | (50,884,849 | )
Total company stockholders’ equity |  |  | 210,571,342 |  |  |  | 159,548,521 |  |  |  | (51,022,821 | )
Total liabilities and equity |  |  | 277,533,892 |  |  |  | 220,292,653 |  |  |  | (57,241,239 | )
Schedule of restatement on consolidated statement of income and comprehensive income | The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2016:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  |  | - |  |  |  | 2,791,444 |  |  |  | 2,791,444 |
Cost of sales |  |  | - |  |  |  | - |  |  |  | - |
Gross profit |  |  | - |  |  |  | 2,791,444 |  |  |  | 2,791,444 |
Interest income on sales-type leases |  |  | 10,945,411 |  |  |  | 9,879,962 |  |  |  | (1,065,449 | )
Total operating income |  |  | 10,945,411 |  |  |  | 12,671,406 |  |  |  | 1,725,995 |
General and administrative expenses |  |  | 1,153,894 |  |  |  | 3,064,746 |  |  |  | 1,910,852 |
Impairment loss of net investment receivable |  |  |  |  |  |  | 57,168,035 |  |  |  | 57,168,035 |
Income (loss) from operations |  |  | 9,791,517 |  |  |  | (47,561,375 | ) |  |  | (57,352,892 | )
Income (loss) before income tax |  |  | 1,888,854 |  |  |  | (55,464,038 | ) |  |  | (57,352,892 | )
Income tax benefit |  |  | (861,811 | ) |  |  | (7,092,359 | ) |  |  | (6,230,548 | )
Net income (loss) attributable to China Recycling Energy Corporation |  |  | 2,977,791 |  |  |  | (48,144,553 | ) |  |  | (51,122,344 | )
Foreign currency translation gain (loss) |  |  | (5,899,631 | ) |  |  | (5,800,108 | ) |  |  | 99,523 |
Comprehensive loss attributable to China Recycling Energy Corporation |  |  | (2,921,840 | ) |  |  | (53,944,661 | ) |  |  | (51,022,821 | )
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2016:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  |  | - |  |  |  | 1,683,723 |  |  |  | 1,683,723 |
Cost of Sales |  |  | - |  |  |  | - |  |  |  | - |
Gross profit |  |  | - |  |  |  | 1,683,723 |  |  |  | 1,683,723 |
Interest income on sales-type leases |  |  | 2,286,948 |  |  |  | 1,682,428 |  |  |  | (604,520 | )
Total operating income |  |  | 2,286,948 |  |  |  | 3,366,151 |  |  |  | 1,079,203 |
General and administrative expense |  |  | 299,110 |  |  |  | 1,431,719 |  |  |  | 1,132,609 |
Impairment loss of net investment receivable |  |  |  |  |  |  | (1,184,209 | ) |  |  | (1,184,209 | )
Income from operations |  |  | 1,987,838 |  |  |  | 3,118,641 |  |  |  | 1,130,803 |
Income before income tax |  |  | 567,875 |  |  |  | 1,698,678 |  |  |  | 1,130,803 |
Income tax expense (benefit) |  |  | 110,957 |  |  |  | 88,926 |  |  |  | (22,031 | )
Net income attributable to China Recycling Energy Corporation |  |  | 536,839 |  |  |  | 1,689,673 |  |  |  | 1,152,834 |
Foreign currency translation loss |  |  | (1,400,319 | ) |  |  | (2,096,212 | ) |  |  | (695,893 | )
Comprehensive income (loss) attributable to China Recycling Energy Corporation |  |  | (863,480 | ) |  |  | (406,539 | ) |  |  | 456,941 |
Schedule of restatement on consolidated statement of cash flows |
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Income including noncontrolling interest |  |  | 2,750,665 |  |  |  | (48,371,679 | ) |  |  | (51,122,344 | )
Impairment loss of net investment receivable |  |  | - |  |  |  | 57,168,035 |  |  |  | 57,168,035 |
Changes in deferred tax |  |  | (2,073,235 | ) |  |  | (8,303,783 | ) |  |  | (6,230,548 | )
Interest receivable on sales type leases |  |  | (2,785,713 | ) |  |  | (2,600,856 | ) |  |  | 184,857 |
Net cash provided by operating activities |  |  | 30,432,764 |  |  |  | 30,432,764 |  |  |  | - |

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