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Prepayments and Other Current Assets
12 Months Ended
Dec. 31, 2013
Prepayments and Other Current Assets [Abstract]  
Prepayments and other current assets
(5) Prepayments and other current assets
 
Prepayments and other current assets consisted of the following as of December 31, 2013 and 2012:
 
 
 
December 31,
 
 
December 31,
 
 
 
2013
 
 
2012
 
Prepaid NYSE MKT annual fee
 
$
7,500
 
 
$
6,875
 
Recoverable VAT
 
 
500,000
 
 
 
4,784,074
 
Prepaid insurance
 
 
61,529
 
 
 
55,922
 
Prepayment for purchase of materials
 
 
8,180
 
 
 
77,445
 
Prepaid land lease
 
 
490,822
 
 
 
475,541
 
Others
 
 
-
 
 
 
1,848
 
 
 
$
1,068,031
 
 
$
5,401,705
 
 
As of December 31, 2013, the Company recorded a total recoverable VAT of $3,777,188, out of which $3,277,188 presented as non-current asset in the consolidated balance sheet. As of December 31, 2012, the Company recorded the entire balance of recoverable VAT of $4,784,074 as current asset under prepayments and other current assets in the consolidated balance sheet.