Annual report pursuant to Section 13 and 15(d)

Condensed Parent Company Financial Information (Tables)

v3.6.0.2
Condensed Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2016
Condensed Parent Company Financial Information [Abstract]  
Schedule of condensed balance sheet
    December 31, 2016     December 31, 2015  
ASSETS            
Current assets:            
Cash   $ 136,750     $ 171,329  
Other receivable     75,000       75,000  
Investments in subsidiaries and VIEs at equity     128,507,533       149,195,133  
Total current assets     128,719,283       149,441,462  
Other assets:                
Property, plant and equipment     22,359,945       23,681,715  
Total assets   $ 151,079,228     $ 173,123,177  
LIABILITIES AND EQUITY                
Current liabilities:                
Due to related parties   $ 11,366,974     $ 6,283,354  
Total liabilities     11,366,974       6,283,354  
Shareholders' equity:                
Equity attributable to owners of the company:                
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2016 and 2015)     79,055       79,055  
Additional paid-in capital     111,008,085       111,008,085  
Retained earnings     26,830,042       43,709,867  
Accumulated other comprehensive loss     (12,879,051 )     (4,326,351 )
Total equity attributable to owners of the company     125,038,131       150,470,656  
Non-controlling interest     14,674,123       16,369,167  
Total shareholders' equity     139,712,254       166,839,823  
Total liabilities and equity   $ 151,079,228     $ 173,123,177  
Schedule of condensed statements of operations
    For the Year Ended December 31,  
    2016     2015     2014  
Revenue   $ -     $ -     $ -  
Cost of revenue     -       -       -  
Operating expenses:                        
General and administrative     (2,456,219 )     (2,074,964 )     (1,899,368 )
Total operating expenses     (2,456,219 )     (2,074,964 )     (1,899,368 )
Loss from operations     (2,456,219 )     (2,074,964 )     (1,899,368 )
Other (expense) income     (542 )     (593 )     82,855  
Loss attributable to parent only     (2,456,761 )     (2,075,557 )     (1,816,513 )
Equity in (loss) income of subsidiaries and VIEs     (12,220,550 )     21,633,959       87,577,218  
Net (loss) income     (14,677,311 )     19,558,402       85,760,705  
Less: net (loss) income attributable to the non-controlling interest     (959,688 )     1,205,485       -  
Net (loss) income attributable to owners of the company   $ (13,717,623 )   $ 18,352,917     $ 85,760,705  
Schedule of condensed cash flow statement

    For the Year Ended December 31,  
    2016     2015     2014  
CASH FLOWS FROM OPERATING ACTIVITES                  
Net (loss) income   $ (14,677,311 )   $ 19,558,402     $ 85,760,705  
Adjustments to reconcile net (loss) income to net cash used in operating activities:                        
Equity in loss (income) of subsidiaries and VIEs     12,220,550       (21,633,959 )     (87,577,218 )
Changes in assets and liabilities:                        
Prepaid expenses     -       2,819       1  
Other receivable     -       (75,000 )     (33 )
Accrued liabilities and other payables     -       (11,099 )     (198,075 )
Due to related parties     20,000       2       23,352  
NET CASH USED IN OPERATING ACTIVITIES     (2,436,761 )     (2,158,835 )     (1,991,268 )
CASH FLOWS FROM INVESTING ACTIVITIES                        
Investment payments to subsidiaries and VIEs     (114,036 )     (244,033 )     -  
NET CASH USED IN INVESTING ACTIVITIES     (114,036 )     (244,033 )        
CASH FLOWS FROM FINANCING ACTIVITIES                        
Cash acquired from subsidiaries and VIEs     614,800       636,000       584,983  
Advances from related parties     5,063,620       3,910,000       2,350,000  
Payments made for dividend     (3,162,202 )     (2,371,652 )     (790,550 )
NET CASH PROVIDED BY FINANCING ACTIVITIES     2,516,218       2,174,348       2,144,433  
NET (DECREASE) INCREASE IN CASH     (34,579 )     (228,520 )     153,165  
CASH - beginning of year     171,329       399,849       246,684  
CASH - end of year   $ 136,750     $ 171,329     $ 399,849