Annual report pursuant to Section 13 and 15(d)

RESTATEMENT (Details 2)

v2.4.0.8
RESTATEMENT (Details 2) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:              
Net income $ 42,268,759 $ 17,406,554 $ 25,697,850 $ 13,673,293 $ 99,046,456 [1] $ 108,774,696 $ 100,697,586
Income from continuing operations 29,819,874 5,248,085 7,734,678 4,333,157 47,135,794 24,280,268 10,440,337
Depreciation of property, plant and equipment         2,394,692 2,677,418 1,917,747
Amortization of operating license rights         0    
Notes receivable (banker's acceptances)         3,745,196 0 0
Accrued liabilities and other payables         3,583,989 777,587 204,254
Net cash provided by operating activities from continuing operations         52,266,802 45,249,230 7,709,972
Cash flows from investing activities:              
Purchase of property, plant and equipment         (257,701,854) (33,992,757) (7,086,080)
Net cash used in investing activities from continuing operations         (336,512,660) (77,351,498) (30,084,978)
Cash flows from financing activities:              
Cash acquired in recapitalization         3,565,355 0  
Repayment of short-term loans         (64,358,336) (48,079,121) (10,055,693)
Net cash provided by financing activities from continuing operations         31,147,495 37,151,786 23,642,852
Net increase in cash         (163,766,761) 57,719,020 25,185,336
Cash at the beginning of year       171,923,360 [2],[3] 171,923,360 [2],[3] 114,204,340 [2],[3] 89,019,004 [2]
Cash at the end of year 8,156,599 [3]       8,156,599 [3] 171,923,360 [2],[3] 114,204,340 [2],[3]
Scenario, Previously Reported [Member]
             
Cash flows from operating activities:              
Net income         97,399,420 105,792,014  
Income from continuing operations         45,488,758 21,297,586  
Depreciation of property, plant and equipment         3,297,751 2,983,086  
Amortization of operating license rights         720,339    
Notes receivable (banker's acceptances)         0    
Accrued liabilities and other payables         2,737,334 763,533  
Net cash provided by operating activities from continuing operations         47,651,313 42,558,162  
Cash flows from investing activities:              
Purchase of property, plant and equipment         (256,831,561) (33,692,090)  
Net cash used in investing activities from continuing operations         (335,642,367) (77,050,831)  
Cash flows from financing activities:              
Cash acquired in recapitalization         0 5,955,756  
Repayment of short-term loans         (60,613,140)    
Net cash provided by financing activities from continuing operations         31,327,336 43,107,542  
Net increase in cash         (167,332,116) 61,284,375  
Cash at the beginning of year       175,488,715 175,488,715 114,204,340  
Cash at the end of year           175,488,715  
Restatement Adjustment [Member]
             
Cash flows from operating activities:              
Net income         1,647,036 2,982,682 [4]  
Income from continuing operations         1,647,036 2,982,682  
Depreciation of property, plant and equipment         (903,059) (305,668) [4]  
Amortization of operating license rights         (720,339)    
Notes receivable (banker's acceptances)         3,745,196    
Accrued liabilities and other payables         846,655 14,054 [4]  
Net cash provided by operating activities from continuing operations         4,615,489 2,691,068  
Cash flows from investing activities:              
Purchase of property, plant and equipment         (870,293) (300,667) [4]  
Net cash used in investing activities from continuing operations         (870,293) (300,667)  
Cash flows from financing activities:              
Cash acquired in recapitalization         3,565,355 (5,955,756) [4]  
Repayment of short-term loans         (3,745,196)    
Net cash provided by financing activities from continuing operations         (179,841) (5,955,756)  
Net increase in cash         3,565,355 (3,565,355)  
Cash at the beginning of year       (3,565,355) (3,565,355) 0  
Cash at the end of year           $ (3,565,355)  
[1] Total net income and net income from discontinued operations, net of tax included accretion of discount on Class A Preferred Shares in amount of $6,135,012.
[2] Includes cash and cash equivalents of discontinued operations of $165,062,575, $112,409,544 and $88,532,472 at the beginning of the year in 2013, 2012 and 2011, respectively.
[3] Includes cash and cash equivalents of discontinued operations of $nil, $165,062,575 and $112,409,544 as of December 31, 2013, 2012 and 2011, respectively.
[4] To remove CEGI’s balances in order to correctly reflect the historical consolidated financial statements of CDGC and Merchant Supreme jointly as the accounting acquirer prior to February 25, 2013.