XML 50 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current Assets    
Cash and cash equivalents $ 5,840,226 $ 3,131,163
Restricted cash 4,494,418 2,454,108
Accounts receivable (net of allowance for doubtful accounts of $59,435 and $67,592 as of March 31, 2014 and December 31, 2013, respectively) 2,912,313 3,327,494
Inventories 12,894,835 11,428,405
Prepayments and other current assets 876,768 1,068,031
Assets held for sale 4,096,411 4,130,590
Deferred tax asset - current 410,115 413,537
Total current assets 31,525,086 25,953,328
Prepayment on property, plant and equipment 1,479,751 1,492,098
Property, plant, and equipment, net 177,961,502 178,535,259
Recoverable VAT 3,129,650 3,277,188
Deferred tax asset - non-current 103,806 268,329
Total Assets 214,199,795 209,526,202
Current Liabilities    
Short-term bank loans 6,490,135 6,544,288
Current portion of long-term loan from credit union 1,646,872 1,660,613
Current obligations under capital lease 8,193,163 8,264,795
Accounts payable 964,263 926,571
Notes payable 9,086,189 4,908,216
Security deposit from a related party 1,622,534 1,636,072
Due to a related party 104,576 64,546
Accrued payroll and employee benefits 432,920 498,010
Other payables and accrued liabilities 1,730,466 2,651,472
Income taxes payable 1,902,567 1,218,140
Total current liabilities 32,173,685 28,372,723
Loan from credit union 4,218,588 4,253,788
Loan from a related party 2,369,859 2,389,633
Deferred gain on sale-leaseback 1,035,603 1,160,271
Long-Term obligations under capital lease 12,191,108 12,296,639
Total liabilities 51,988,843 48,473,054
Commitments and Contingencies      
Stockholders' Equity    
Common stock, 500,000,000 shares authorized, $0.001 par value per share, 18,753,900 and 18,753,900 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively 18,754 18,754
Additional paid-in capital 46,909,543 46,909,543
Statutory earnings reserve 6,038,406 6,038,406
Accumulated other comprehensive income 15,770,818 17,146,308
Retained earnings 93,473,431 90,940,137
Total stockholders' equity 162,210,952 161,053,148
Total Liabilities and Stockholders' Equity $ 214,199,795 $ 209,526,202