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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Summary of provisions for income taxes

		Year Ended
		December 31,
		2013				2012				2011
Provision for Income Taxes
Current Tax Provision - PRC		$	4,684,870			$	6,406,050			$	7,799,226
Deferred Tax Provision - PRC			409,665				(941,207)				-
Total Provision for Income Taxes		$	5,094,535			$	5,464,843			$	7,799,226

Summary of deferred tax assets (liabilities)

		December 31,
		2013				2012
Deferred tax assets (liabilities) – current:
Depreciation and amortization of property, plant and equipment		$	139,805			$	-
Impairment of property, plant and equipment			225,656				-
Miscellaneous			48,076				-
Total deferred tax asset – current, net		$	413,537			$	-
Deferred tax assets (liabilities) – non-current
Depreciation and amortization of property, plant and equipment		$	31,446			$	401,482
Impairment of property, plant and equipment			261,805				690,916
Miscellaneous			(24,922	)			(150,742	)
Net Operating Loss Carryover for U.S. income tax purposes			1,445,755				2,303,851
Total deferred tax assets – non-current			1,714,084				3,245,507
Less: Valuation allowance			(1,445,755	)			(2,303,851	)
Total deferred tax assets – non-current, net		$	268,329			$	941,656

Reconciliation of statutory rates to Company's effective tax rate

		Year ended
		December 31,
		2013				2012				2011
PRC Statutory rate			25.0	%			25.0	%			25.0	%
Effect of different tax jurisdiction			(1.1	)			(0.6	)			(0.6	)
Effect of expenses not deductible for PRC tax purposes			1.5				-				0.1
Effect of income not taxable for PRC tax purposes			-				0.3				(0.3	)
Under provision in previous year			-				-				0.1
Change in valuation allowance			2.7				2.4				2.2
Effective income tax rate			28.1	%			27.1	%			26.5	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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