Quarterly report pursuant to sections 13 or 15(d)

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

v2.4.0.8
CONDENSED PARENT COMPANY FINANCIAL INFORMATION
6 Months Ended
Jun. 30, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
27.
CONDENSED PARENT COMPANY FINANCIAL INFORMATION
 
For the purpose of preparing these supplemental condensed parent company (unconsolidated) financial statements, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC Topic 323, “Investments - Equity Method and Joint Ventures”. Such investment and long-term loans to subsidiaries are presented on the balance sheet as “Investments in subsidiaries” and the income of the subsidiaries is presented as “Equity in income of subsidiaries” on the statements of income.
 
These supplemental condensed parent company (unconsolidated) financial statements should be read in conjunction with the notes to the Company’s consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
 
As of June 30, 2013, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Company’s consolidated financial statements, if any.
 
CONDENSED BALANCE SHEETS
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
Prepaid expenses
 
$
24,000
 
$
-
 
Investments in subsidiaries
 
 
600,368,265
 
 
400,298,968
 
Total assets
 
$
600,392,265
 
$
400,298,968
 
 
 
 
 
 
 
 
 
Liabilities and equity
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
Accrued liabilities and other payables
 
$
356,113
 
$
-
 
Advance from a shareholder
 
 
256,000
 
 
-
 
Total current liabilities
 
 
612,113
 
 
-
 
 
 
 
 
 
 
 
 
Other liabilities
 
 
 
 
 
 
 
Note payable
 
 
155,166,195
 
 
-
 
Total liabilities
 
 
155,778,308
 
 
-
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
 
 
Total shareholders' equity
 
 
444,613,957
 
 
400,298,968
 
Total liabilities and equity
 
$
600,392,265
 
$
400,298,968
 
 
CONDENSED STATEMENTS OF INCOME
 
 
 
For the Three Months Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative expenses
 
$
(704,137)
 
$
-
 
$
(714,178)
 
$
-
 
Other expenses
 
 
(204,054)
 
 
-
 
 
(204,054)
 
 
-
 
Equity in income of subsidiaries
 
 
25,685,944
 
 
-
 
 
39,478,526
 
 
-
 
Net income
 
$
24,777,753
 
$
-
 
$
38,560,294
 
$
-
 
 
CONDENSED STATEMENTS OF CASH FLOWS
 
 
 
For the Six Months Ended
 
 
 
June 30,
 
 
 
2013
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
Net cash used in operating activities
 
$
(562,137)
 
$
-
 
Net cash used in investing activities
 
 
(3,501,355)
 
 
-
 
Net cash provided by financing activities
 
 
498,137
 
 
-
 
Net decrease in cash
 
 
(3,565,355)
 
 
-
 
Cash at the beginning of the period
 
 
3,565,355
 
 
-
 
Cash at the end of the period
 
$
-
 
$
-