Annual report pursuant to Section 13 and 15(d)

Condensed Parent Company Financial Information (Tables)

v2.4.1.9
Condensed Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Parent Company Financial Information [Abstract]  
Schedule of Condensed Balance Sheet
             
    December 31, 2014     December 31, 2013  
ASSETS        
Cash   $ 399,849     $ 246,684  
Prepaid expenses     2,819       2,820  
Other receivable     64       -  
Investments in VIEs at equity     125,961,030       38,446,318  
Total current assets     126,363,762       38,695,822  
                 
Other assets                
Property, plant and equipment     25,289,869       26,347,285  
Total assets   $ 151,653,631     $ 65,043,107  
                 
LIABILITIES AND EQUITY                
Current liabilities                
Accrued liabilities and other payables   $ 21,345     $ 201,672  
Due to related parties     2,373,352       -  
Total liabilities     2,394,697       201,672  
                 
Shareholders' equity                
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2014 and 2013)     79,055       79,055  
Additional paid-in capital     117,525,377       117,525,377  
Retained earnings (accumulated deficit)     27,728,602       (57,241,553 )
Accumulated other comprehensive income     3,925,900       4,478,556  
Total shareholders' equity     149,258,934       64,841,435  
Total liabilities and equity   $ 151,653,631     $ 65,043,107  
 
Schedule of Condensed statements of operations
    For the Years Ended December 31,  
    2014     2013     2012  
Revenues   $ -     $ -     $ -  
Cost of revenues     -       -       -  
Operating expenses:                        
General and administrative     (1,899,368 )     (2,225,543 )     -  
Total operating expenses     (1,899,368 )     (2,225,543 )     -  
Loss from operations     (1,899,368 )     (2,225,543 )     -  
Other income (expense)     82,855       117       -  
Loss attributable to parent only     (1,816,513 )     (2,225,426 )     -  
Equity income earnings of VIEs     87,577,218       101,271,882       108,774,696  
Net income   $ 85,760,705     $ 99,046,456     $ 108,774,696  
 
Schedule of Condensed Cash flow statement
                   
    For the Years Ended December 31,  
    2014     2013     2012  
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income   $ 85,760,705     $ 99,046,456     $ 108,774,696  
Adjustments to reconcile net income to net cash used in operating activities:                        
Equity in earnings of VIEs     (87,577,218 )     (101,271,882 )     (108,774,696 )
Changes in assets and liabilities:                        
Prepaid expenses     1       21,180       -  
Other receivable     (33 )     -       -  
Accrued liabilities and other payables     (198,075 )     201,654       -  
Due to related parties     23,352       -       -  
NET CASH USED IN OPERATING ACTIVITIES     (1,991,268 )     (2,002,592 )     -  
                         
CASH FLOWS FROM INVESTING ACTIVITIES                        
Investment payments to VIEs     -       (1,316,079 )     -  
NET CASH USED IN INVESTING ACTIVITIES     -       (1,316,079 )     -  
                         
CASH FLOWS FROM FINANCING ACTIVITIES                        
Cash acquired from VIEs     584,983       -       -  
Advances from related parties     2,350,000       -       -  
Payments made for dividend     (790,550 )     -       -  
Cash acquired in recapitalization     -       3,565,355       -  
NET CASH PROVIDED BY FINANCING ACTIVITIES     2,144,433       3,565,355       -  
                         
NET INCREASE IN CASH     153,165       246,684       -  
                         
CASH - beginning of year     246,684       -       -  
                         
CASH - end of year   $ 399,849     $ 246,684     $ -