Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current assets    
Cash $ 8,156,599 $ 6,860,785
Notes receivable (banker's acceptances) transferred from related parties 0 3,645,817
Accounts receivable 9,133,130 11,478,436
Inventories 9,095,736 194,331
Prepaid expenses 4,309,574 386,966
Other receivables 11,665 29,885
Advances to related parties 0 49,802,821
Assets of discontinued operations 0 361,460,444
Total current assets 30,706,704 433,859,485
Other assets    
Long-term investment 3,468,953 3,328,789
Deposit on potential Joint Venture 0 6,090,302
Prepaid fixed asset deposits 33,985,148 0
Property, plant and equipment, net 101,970,707 37,748,241
Total other assets 139,424,808 47,167,332
Total assets 170,131,512 481,026,817
Current liabilities    
Accounts payable - third parties 2,184,964 70,732
Accounts payable - related parties 13,807,605 5,765,632
Receipt in advance - third parties 297,034 0
Receipt in advance - related parties 0 12,681,102
Short-term loans 9,085,353 25,169,260
Long-term loans - current portion 20,252,077 8,094,308
Accrued liabilities and other payables 4,643,272 1,033,766
Advances from related parties 0 153,961
Deferred income 520,045 0
Liabilities of discontinued operations 0 14,052,751
Total current liabilities 50,790,350 67,021,512
Other liabilities    
Long-term loans, net of current portion 54,499,727 16,689,321
Total other liabilities 54,499,727 16,689,321
Total liabilities 105,290,077 83,710,833
Shareholders' equity    
Ordinary shares, 225,000,000 shares authorized with $0.001 per share; 79,055,053 shares and 77,215,000 issued and outstanding as of December 31, 2013 and 2012, respectively 79,055 77,215
Additional paid-in capital 117,525,377 135,427,182
Statutory reserves 6,412,892 19,421,017
Retained earnings (deficit) (63,654,445) 220,196,974
Accumulated other comprehensive income 4,478,556 22,193,596
Total shareholders' equity 64,841,435 397,315,984
Total liabilities and shareholders' equity $ 170,131,512 $ 481,026,817