Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Nov. 15, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | GENERAL STEEL HOLDINGS INC | |
Entity Central Index Key | 1,239,188 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | GSIH | |
Entity Common Stock, Shares Outstanding | 24,774,881 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash | $ 11,514 | $ 3,797 |
Other receivables, net | 3,100 | 598 |
Other receivables - related parties | 41,081,505 | 40,749,746 |
Current assets held for sale | 21,759,395 | 30,581,807 |
TOTAL CURRENT ASSETS | 62,855,514 | 71,335,948 |
EQUIPMENT, NET | 217 | 214 |
INVESTMENT IN UNCONSOLIDATED ENTITIES | 12,160,625 | 12,758,610 |
TOTAL ASSETS | 75,016,356 | 84,094,772 |
CURRENT LIABILITIES: | ||
Other payables and accrued liabilities | 1,990,385 | 732,054 |
Other payables - related parties | 50,258,510 | 49,830,622 |
Current liabilities held for sale | 23,875,730 | 29,006,872 |
TOTAL CURRENT LIABILITIES | 76,124,625 | 79,569,548 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY (DEFICIENCY): | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 20,694,670 and 20,494,670 shares issued, 20,200,208 and 20,000,208 shares outstanding as of March 31, 2017 and December 31, 2016, respectively | 20,695 | 20,495 |
Treasury stock, at cost, 494,462 shares as of March 31, 2017 and December 31, 2016 | (839,686) | (839,686) |
Additional paid-in-capital | 1,253,624,014 | 1,253,384,214 |
Statutory reserves | 1,107,010 | 1,107,010 |
Accumulated deficit | (1,257,824,958) | (1,250,521,814) |
Accumulated other comprehensive income | 2,801,563 | 1,371,912 |
TOTAL GENERAL STEEL HOLDINGS, INC. EQUITY (DEFICIENCY) | (1,108,269) | 4,525,224 |
TOTAL EQUITY (DEFICIENCY) | (1,108,269) | 4,525,224 |
TOTAL LIABILITIES AND EQUITY (DEFICIENCY) | 75,016,356 | 84,094,772 |
Series A Preferred Stock [Member] | ||
EQUITY (DEFICIENCY): | ||
Preferred stock | 3,093 | 3,093 |
Series B Preferred Stock [Member] | ||
EQUITY (DEFICIENCY): | ||
Preferred stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Common Stock, par or stated value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 20,694,670 | 20,494,670 |
Common stock, shares, outstanding | 20,200,208 | 20,000,208 |
Treasury stock, shares | 494,462 | 494,462 |
Series A Preferred Stock [Member] | ||
Preferred Stock, par or stated value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,092,899 | 3,092,899 |
Preferred stock, shares outstanding | 3,092,899 | 3,092,899 |
Series B Preferred Stock [Member] | ||
Preferred Stock, par or stated value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
GENERAL AND ADMINISTRATIVE EXPENSES | $ 94,243 | $ 1,358,197 |
LOSS FROM OPERATIONS | (94,243) | (1,358,197) |
OTHER INCOME (EXPENSE) | ||
Loss from equity investment | (701,757) | (115,621) |
Finance/interest expense | (2,010) | (50) |
Gain from disposal of Catalon | 6,268,930 | |
Other income (expense), net | (703,767) | 6,153,259 |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (798,010) | 4,795,062 |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (798,010) | 4,795,062 |
DISCONTINUED OPERATIONS - Note 2(n): | ||
NET LOSS FROM OPERATIONS TO BE DISPOSED, net of applicable income taxes | (6,505,134) | 322,990 |
NET LOSS FROM OPERATIONS DISPOSED, net of applicable income taxes | 0 | (2,568,936) |
NET INCOME (LOSS) | (7,303,144) | 2,549,116 |
Less: Net loss attributable to noncontrolling interest from operations disposed | 0 | (25,689) |
NET INCOME (LOSS) ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | (7,303,144) | 2,574,805 |
NET INCOME (LOSS) | (7,303,144) | 2,549,116 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||
Foreign currency translation adjustments | 1,429,651 | (76,930) |
COMPREHENSIVE INCOME (LOSS) | (5,873,493) | 2,472,186 |
Less: Comprehensive loss attributable to noncontrolling interest | 0 | (33,689) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ (5,873,493) | $ 2,505,875 |
WEIGHTED AVERAGE NUMBER OF SHARES | 20,000,208 | 17,568,611 |
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | ||
Continuing operations | $ (0.04) | $ 0.27 |
Operations to be disposed | (0.33) | 0.02 |
Operations disposed | 0 | (0.14) |
Net income (loss) per share | $ (0.37) | $ 0.15 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (loss) | $ (7,303,144) | $ 2,549,116 |
Net loss from operations to be disposed | (6,505,134) | 322,990 |
Net loss from operations disposed | 0 | (2,568,936) |
Net income (loss) from continuing operations | (798,010) | 4,795,062 |
Adjustments to reconcile net loss to cash provided by (used in) operating activities from continuing operations: | ||
Bad debt expenses | 0 | 167,055 |
Share-based compensation | 0 | 440,838 |
Loss from equity investment | 701,757 | 115,621 |
Gain from disposal of Catalon | (6,268,930) | |
Changes in operating assets and liabilities | ||
Other receivables | (2,502) | (6,300) |
Other payables and accrued liabilities | 46,598 | 524,045 |
Taxes payable | 0 | (214) |
Net cash used in operating activities from operations to be disposed/ operations disposed | (4,939,858) | 16,676 |
Net cash used in operating activities | (4,992,015) | (216,147) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | 0 | (1,000) |
Net cash used in investing activities | 0 | (1,000) |
CASH FLOWS FINANCING ACTIVITIES: | ||
Borrowings from related parties | 61,331 | 249,501 |
Net cash provided by financing activities from operations to be disposed / operations disposed | 4,972,827 | 0 |
Net cash provided by financing activities | 5,034,158 | 249,501 |
EFFECTS OF EXCHANGE RATE CHANGE IN CASH | 24,324 | (12,587) |
INCREASE (DECREASE) IN CASH | 66,467 | 19,767 |
CASH, beginning of period | 3,797 | 42,391 |
CASH, end of period | 70,264 | 62,158 |
Less: cash from operations disposed, end of period | (58,750) | (57,102) |
CASH FROM CONTINUING OPERATIONS, end of period | $ 11,514 | $ 5,056 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 – Organization and Operations General Steel Holdings, Inc. (the “Company”) was incorporated on August 5, 2002 in the state of Nevada. The Company through its 100% owned subsidiary, General Steel Investment Co., Ltd, has been operating steel companies serving various industries in the People’s Republic of China (“PRC”). The Company’s main operation, since its disposal of its significant steel producing operating assets at December 31, 2016 and the disposal of its final steel producing operating assets on March 21, 2016, has been its trading business in iron ore, nickel-iron-manganese alloys, and other steel-related products. The Company, together with its subsidiaries, majority owned subsidiaries and variable interest entity, is referred to as the “Group”. In view of the challenges for the steel manufacturing sector, the Company strategically accelerated its business transformation. The Company’s transformation strategy was to pursue opportunities that offer compelling benefits to the Company’s organization and shareholders, including: • First, strengthen the Company’s financials while providing the financial flexibility to pursue higher return, higher growth opportunities; • Second, reduce the complexity of the Company’s business structure, which is consistent with the Company’s objectives for internal simplification and operating efficiency; • Third, diversify operating risk in order to lower the Company’s high reliance on steel business, while at the same time leverage on the Company’s vast vertical resources in the steel industry; and • Fourth, pursue opportunities for additional value creation. On March 21, 2016, the Company sold its interest in Maoming Hengda Steel Co., Ltd, thereby fully completing the divestiture of its steel manufacturing business as planned. As a result, Maoming Hengda’s financial information was presented as operation disposed and assets and liabilities held for sales for the three months ended March 31, 2017 in the unaudited condensed consolidated financial statements. Certain prior period data has been reclassified to conform to the current year presentation and to reflect the results of operations disposed. See Notes 2(a) and 2(n) for details. The Company’s remaining business is primarily comprised of Tianjin Shuangsi Trading Co., Ltd. (“Tianjin Shuangsi”), a trading company in which the Company acquired 100% equity interest on February 16, 2016 for consideration of $0.03 million as Tianjin Shuangsi was established by the chief executive officer of the Company’s related entity and his relative. Tianjin Shuangsi primarily trades iron ore, nickel-iron-manganese alloys, and other steel-related products. On December 31, 2017, the Company sold Tianjin Shuangsi to Wendler Investment & Management Group Co., Ltd, a related party, no consideration was received. Therefore the result of operations was presented as operations to be disposed on March 31, 2017 in the consolidated financial statements See Note 2(n) – Operations held for sale and operations disposed/to be disposed. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 – Summary of significant accounting policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial statements include the accounts of all directly, indirectly owned subsidiaries and the variable interest entity listed below. All material intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial statements have been included. Interim results are not necessarily indicative of results to be expected for the full year. The information included in this Form 10-Q should be read in conjunction with information included in the 2016 annual report on Form 10-K filed on December 4, 2018 . (a) Basis of presentation The consolidated financial statements of the Company reflect the activities of the following major directly owned subsidiaries as of March 31, 2017: Subsidiary Percentage of Ownership General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”) PRC 100.0 % * Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. (b) Principles of consolidation – subsidiaries The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, its variable interest entity (“VIE”) for which the Company is the ultimate primary beneficiary, and the VIE’s subsidiaries. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. All significant inter-company transactions and balances have been eliminated upon consolidation. (c) Going concern Pursuant to ASU 2014-15, the Company has assessed its ability to continue as a going concern for a period of one year from the date of the issuance of these consolidated financial statements. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year from the financial statement issuance date. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. The Company currently has an accumulated deficit, working capital deficit, and incurred negative cash flows from operating activities. These conditions raise substantial doubt as to its ability to continue as a going concern. These consolidated financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on its ability to obtain financial support and credit guarantee from the Company’s shareholders or other available resources from the PRC banks and other financial institutions given the Company’s credit history. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable to continue as a going concern. (d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and footnotes. Actual results could differ from these estimates. (e) Concentration of risks and other uncertainties The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. One of the Company’s customers, a related party individually accounted for 99.6% of total sales from operation disposed for the three months ended March 31, 2017, and two of the Company’s customers, both of which are related parties, accounted for 95% of total sales for the three months ended March 31, 2016, respectively. One of the Company’s customer, a related party from operation disposed individually accounted for 99.8% of total accounts receivable as of March 31, 2017 and one of the Company’s customers, a related parties, accounted for 100.0% of the total accounts receivable as of December 31, 2016. Three of the Company’s suppliers, all related parties accounted for more than 99.7% of the total purchases for the three months ended March 31, 2017 and one of the Company’s suppliers, a non related party, individually accounted for 99.2% of the total purchases for the three months ended March 31, 2016. One of the Company’s suppliers individually accounted for more than 100.0% of total accounts payable as of March 31, 2017 and three of the Company’s suppliers, all related parties accounted for 100.0% of total accounts payable as of December 31, 2016. (f) Foreign currency translation and other comprehensive income The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries and VIE in China use the local currency, Renminbi (“RMB”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included in accumulated other comprehensive income amounted to $2.80 million and $1.37 million as of March 31, 2017 and December 31, 2016, respectively. The balance sheet amounts, with the exception of equity at March 31, 2017 and December 31, 2016 were translated at 6.89 RMB and 6.94 RMB to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of operations accounts for the three months ended March 31, 2017 and 2016 were 6.89 RMB and 6.54 RMB, respectively. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions. (g) Financial instruments The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, other receivables, other payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value. (h) Cash Cash includes cash on hand and demand deposits in banks with original maturities of less than three months. (i) Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers and other receivables from cash advances to employees, related parties or third parties. An allowance for doubtful accounts is established and recorded based on managements’ assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. (j) Inventories Inventories are mainly finished goods and are stated at the lower of cost or market using the first-in, first-out method. Management reviews inventories for obsolescence and cost in excess of net realizable value at least annually and records a reserve against the inventory and additional cost of goods sold when the carrying value exceeds net realizable value. (k) Equipment, net Equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3%-5% residual value. The depreciation expense on assets acquired under capital leases is included with depreciation expense on owned assets. The estimated useful lives are as follows: Office equipment 5 Years The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. (l) Investments in unconsolidated entities Entities in which the Company has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. The Company accounts for investments with ownership less than 20% using the cost method. On December 28, 2015 General Steel (China) Co., Ltd sold its 32% equity interest in Tianwu General Steel Material Trading Co., Ltd. (“Tianwu” ) to Tongyong Shengyuan, one of the Company’s wholly owned subsidiaries, for $14.9 million (RMB 96.6 million). As of March 31, 2017, Tongyong Shengyuan’s net investment in the unconsolidated entity was $12.1 million. Total investment income (loss) in unconsolidated subsidiaries amounted to $0.7 million and $0.12 million for the three months ended March 31, 2017 and 2016, respectively, which was included in “Loss from equity investment” in the consolidated statements of operations and comprehensive loss. The Company performed significance test in accordance with SEC Rule 1-02(w) of Regulation S-X and determined Tianwu qualify as significant equity investee, the condensed income statement of Tianwu is presented as follows: CONDENSED STATEMENT OF OPERATIONS (In thousands) March 31, 2017 NET SALES $ 574 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 38 FINANCE EXPENSES 1,681 OTHER EXPENSES (INCOME) 10 TOTAL EXPENSES 1,729 INCOME BEFORE PROVISION FOR INCOME TAXES (1,155 ) PROVISION FOR INCOME TAXES 1 NET LOSS FOR CONTINUING OPERATIONS (1,156 ) NET LOSS FROM OPERATIONS HELD FOR SALE (1,041 ) NET LOSS $ (2,197 ) (m) Revenue recognition Sales is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, the Company has no other significant obligations and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits. Sales represent the invoiced value of goods, net of value-added tax (VAT). All of the Company’s products sold in the PRC are subject to a Chinese value-added tax at a rate of 13% or 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing the finished product. Gross versus Net Revenue Reporting Starting from January 1 st For the three months ended March 31, 2017, the Company reported gross sales of $13.0 million, 99.6% of which was related party sales and the Company had $19.5 million in purchases, of which 99.7% were related party purchases resulting in net cost of sales of $6.5 million in operations held for sale. See details of related party sales and purchases in Note 6. For the three months ended March 31, 2016, the Company reported gross sales of $43 million, all of which was related party sales and the Company had $42 million in purchases, of which $0.33 million were related party purchases resulting in net revenue of $0.45 million in operations held for sale. See details of related party sales and purchases in Note 6. (n) Operations held for sale and operations disposed/to be disposed In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations classified as held for sale in the consolidated balance sheets which include Tianjin Shuangsi’ operations as of March 31, 2017 and December 31, 2016. Carrying amounts of major classes of assets included as part of discontinued operations: March 31, December 31, (In thousands) 2017 2016 CURRENT ASSETS: Cash $ 59 $ 26 Accounts receivable, net 26 1 Accounts receivable related parties, net 2,807 - Other receivables, net 15 - Other receivables – related parties, net 3,172 30,554 Advance on inventory purchase 10 - Advance on inventory purchase – related parties 14,588 - Prepaid taxes 1,082 - Property and equipment, net 1 1 Total current assets held for sale 21,760 30,582 Total assets of the disposal group classified as held for sale $ 21,760 $ 30,582 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable, related parties $ 14,892 $ 13,448 Other payables and accrued liabilities 3,194 2,448 Other payables - related parties 5,751 773 Customer deposits- related parties - 12,242 Taxes payable 39 97 Total current liabilities held for sale 23,876 29,008 Total liabilities of the disposal group classified as held for sale $ 23,876 $ 29,008 Reconciliation of the amounts of major classes of income and losses from operations disposed in the unaudited condensed consolidated statements of operations and comprehensive loss which include Tianjin Shuangsi’s operations for the three months ended March 31, 2017 and Catalon and Maoming’s operation for the three months ended March 31, 2016. Operations Disposed – Catalon and Maoming: For the three months ended March 31, (In thousands) 2017 2016 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ - $ (949 ) (LOSS) INCOME FROM OPERATIONS - (949 ) OTHER INCOME (EXPENSE) Finance/interest expense - (414 ) Other non-operating income (expense), net - (1,206 ) Other expense, net - (1,620 ) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - (2,569 ) PROVISION FOR INCOME TAXES - - NET LOSS FROM OPERATIONS DISPOSED - (2,569 ) Less: Net loss attributable to noncontrolling interest from operations disposed - (26 ) NET LOSS FROM OPERATIONS DISPOSED $ - $ (2,543 ) Operations held for sale – Tianjin Shuangsi: For the three months ended March 31, (In thousands) 2017 2016 NET PROFIT/(LOSS) (6,499 ) 454 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 6 23 (LOSS) INCOME FROM OPERATIONS (6,505 ) 431 OTHER INCOME (EXPENSE) Finance/interest expense - 1 Other expense, net - 1 LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - 430 PROVISION FOR INCOME TAXES - 107 NET LOSS FROM OPERATIONS TO BE DISPOSED (6,505 ) 323 Less: Net loss attributable to noncontrolling interest from operations to be disposed - - NET LOSS FROM OPERATIONS TO BE DISPOSED $ (6,505 ) $ 323 Maoming Hengda On March 21, 2016, the Company, along with its 1% minority interest holder, have jointly signed an equity transfer agreement (the "Agreement") to sell 100% of the equity interest in Maoming Hengda to Tianwu Tongyong, for which the Company has 32% equity interest in, a related party. The agreement was further amended in April 2017 to set the sale price at RMB 155.3 million or approximately $23.9 million. The Company expected to receive its 99% ownership for the total proceeds of RMB 154.0 million (approximately $23.8 million), of which the full amount would be paid within one year after the signing of the Agreement. Accordingly, the Company recorded the total amount of net consideration of $45.7 million in additional-paid-in capital. The net deficiency of Maoming Hengda as of March 21, 2016 is as follows: (In thousands) March 21, 2016 CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 Total current assets 361 PROPERTY AND EQUIPMENT, NET 16,321 LONG-TERM DEFERRED EXPENSE 2 INTANGIBLE ASSETS, NET OF ACCUMULATED AMORTIZATION 2,023 Total assets $ 18,707 CURRENT LIABILITIES: Accounts payable 6,377 Short-term loans - other 464 Other payables and accrued liabilities 3,033 Other payables - related parties 430 Other payables - intercompany 30,650 Total current liabilities 40,954 NON-CONTROLLING INTEREST (16 ) Total net deficiency (22,232 ) Net consideration (23,507 ) Currency translation adjustment 81 Total addition to paid-in capital $ (45,658 ) Catalon: Due to operational issues, Catalon was not able to meet the minimum sales target or minimum net profit applicable as stipulated in the Stock Exchange agreement, therefore Management decided to cancel the shares that were placed in escrow for the selling shareholders. As such the Company deconsolidated Catalon as of March 31, 2016. The net deficiency of Catalon as of March 31, 2016 is as follows: (In thousands) March 31, 2016 CURRENT ASSETS: Cash $ 24 Total current 24 CURRENT LIABILITIES: Other payables - related parties 2,279 Total current liabilities 2,279 NON-CONTROLLING INTEREST (358 ) Total net deficiency (1,953 ) Net consideration (4,316 ) Gain in disposal of subsidiary $ (6,269 ) (o) Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications have no effect on the accompanying consolidated statements of operations and cash flows. (p) Non-controlling interest Non-controlling interest mainly consists of an individual’s 1% interest in Maoming Hengda prior to March 21, 2016, and two individuals’ 15.5% interest in Catalon prior to March 31, 2016. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statement of operations as an allocation of the total income or loss for the year between non-controlling interest holders and the shareholders of the Company. (q) Earnings (loss) per share The Company has adopted the accounting principles generally accepted in the United States regarding earnings per share (“EPS”), which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share. Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. (r) Treasury Stock Treasury stock consists of shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. As of both March 31, 2017 and December 31, 2016, the Company had repurchased 494,462 total shares of its common stock, given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015, under the share repurchase plan approved by the Board of Directors in December 2010. (s) Income taxes The Company accounts for income taxes in accordance with the accounting principles generally accepted in the United States for income taxes. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes. The accounting principles generally accepted in the United States for accounting for uncertainty in income taxes clarify the accounting and disclosure for uncertain tax positions. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of March 31, 2017, the Company’s income tax returns filed for December 31, 2015, 2014, 2013, 2012 and 2011 remain subject to examination by the taxing authorities. (t) Share-based compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with the accounting standards regarding accounting for stock-based compensation and accounting for equity instruments that are issued to other than employees for acquiring or in conjunction with selling goods or services. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by these accounting standards. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. (u) Recently issued accounting pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The update requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It eliminated the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value that is require to be disclosed for financial instruments measured at amortized cost on the balance sheet. For public entities, the ASU is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In April 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. Implementation and administration may present challenges for companies with significant share-based payment activities. The ASU is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The objective is to clarify the two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The ASU affects the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for this ASU are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by ASU 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of ASU 2014-09 by one year. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”, The amendments rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: 1) Revenue and Expense Recognition for Freight Services in Process, which is codified in paragraph 605-20-S99-2; 2) Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; 3) Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor's Products), which is codified in paragraph 605-50-S99-1; 4) Accounting for Gas-Balancing Arrangements (i.e., use of the "entitlements method"), which is codified in paragraph 932-10-S99-5, which is effective upon adoption of ASU 2014-09 |
Other receivables (including re
Other receivables (including related parties), net | 3 Months Ended |
Mar. 31, 2017 | |
Other Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 3– Other receivables (including related parties), net Other receivables, including related party receivables, net of allowance for doubtful accounts consists of the following: March 31, 2017 December 31, 2016 (in thousands) (in thousands) Other receivables $ 141 $ 170 Other receivables – related party 44,253 71,304 Less: allowance for doubtful accounts (122 ) (169 ) Net other receivables 44,272 71,305 Less: other receivables – held for sale (3,187 ) (30,554 ) Net other receivables – continuing operations $ 41,085 $ 40,751 Movement of allowance for doubtful accounts, including related parties, is as follows: March 31, 2017 December 31, 2016 (in thousands) (in thousands) Beginning balance $ 169 $ - Write off (47 ) 169 Ending balance 122 169 Less: balance – held for sale - - Ending balance – continuing operations $ 122 $ 169 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Supplemental Disclosures [Text Block] | Note 4 - Supplemental disclosure of cash flow information During the three months ended March 31, 2016, the Company increased additional paid-in capital of $45.6 million result from gain on sale of subsidiary to a related party. As of March 31, 2016, the unpaid receivable resulted from this transaction amounted to $23.8 million. During the three months ended March 31, 2016, the Company incurred $0.2 million share-based compensation expense to prepay for future services. During the three months ended March 31, 2016, the Company incurred $0.4 million share-based compensation expense to pay off its accrued liabilities. The Company offset $10.6 million of other receivable – related parties with other payable – related parties for the three months ended March 31, 2016. During the three months ended March 31, 2016, the Company incurred $0.06 million share-based compensation expense for consulting services. During the three months ended March 31, 2017, the Company incurred $0.2 million share-based compensation expense to pay off its accrued liabilities. |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 5– Taxes Income tax Significant components of the provision for income taxes on earnings and deferred taxes on net operating losses from operations for the three months ended March 31, 2017 and 2016 are as follows: (In thousands) The three months ended March 31, 2017 The three months ended March 31, 2016 Current $ - $ 108 Total provision for income taxes $ - $ 108 Less: Income taxes from operations disposed - (108 ) Income taxes – continuing operations $ - $ - Under the Income Tax Laws of the PRC, Tianjin Shuangsi and Maoming Hengda (located in Guangdong province) are subject to income tax at a rate of 25%. Deferred taxes assets – China According to Chinese tax regulations, net operating losses can be carried forward to offset operating income for the next five years. Management took into consideration its operating forecast for the next five years and concluded that the beginning-of-the-year balance of deferred tax assets mainly relating to the net operating loss carry forward may not be fully realizable due to the reduction in the projection of income to be available in the next 5 years. Management therefore decided to provide 100% valuation allowance for the deferred tax assets. Deferred taxes assets – U.S. General Steel Holdings, Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes for the three months ended March 31, 2017. The net operating loss carry forwards for United States income taxes amounted to $7.0 million, which may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, starting from 2027 through 2037. Management believes that the realization of the benefits from these losses appears uncertain due to the Company’s limited operating history and continuing losses for United States income tax purposes. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset benefit to reduce the asset to zero. The valuation allowance as of March 31, 2017 was $2.5 million. The net change in the valuation allowance for the three months ended March 31, 2017 was $0.1 million. Management will review this valuation allowance periodically and make adjustments as warranted The Company has no cumulative proportionate retained earnings from profitable subsidiaries as of March 31, 2017. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if we concluded that such earnings will be remitted in the future. |
Related party transactions and
Related party transactions and balances | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 6 – Related party transactions and balances Related party transactions a. The following chart summarized revenue from related parties for the three months ended March 31, 2017 and 2016. Name of related parties Relationship For the three months ended March 31, 2017 For the three months ended March 31, 2016 (in thousands) (in thousands) Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding* (44 ) 21 Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding - 276 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 12,969 157 Total $ 12,925 $ 454 Less: Sales to related parties from operations disposed (12,925 ) (454 ) Sales–related parties – continuing operations $ - $ - *The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. Mr. Zuosheng Yu. Sales to related parties in trading transactions from disposed operations, which were netted against the corresponding cost of goods sold, amounted to $6.5 million net cost of sales and $0.5 million net revenue for the three months ended March 31, 2017 and 2016, respectively. b. The following charts summarize purchases from related parties for the three months ended March 31, 2017 and 2016. Name of related parties Relationship For the three months ended March 31, 2017 For the three months ended March 31, 2016 (in thousands) (in thousands) Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding 2,998 - Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding 7,035 - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 207 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 9,427 122 Total $ 19,460 $ 329 Less Purchases from related parties from operations disposed (19,460 ) (329 ) Purchases–related parties–continuing operations $ - $ - c. On March 21, 2016, the Company, along with its 1% minority interest holder, have jointly signed an equity transfer agreement (the "Agreement") to sell 100% of the equity interest in Maoming Hengda to Tianwu Tongyong (Tianjin) International Trade Co., Ltd, ("Tianwu Tongyong"), for which the Company has 32% equity interest in, a related party, for RMB 331.3 million or approximately $51.0 million. Related party balances a. Accounts receivable – related party: Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding $ - $ - Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding - - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 2,807 - Accounts receivable – related party 2,807 - Less: account receivable – related parties - held for sale (2,807 ) - Total $ - $ - b. Other receivable – related parties: Other receivables - related parties are those nontrade receivables arising from transactions through the sales of its subsidiary, which was bought by its related party or arising from transactions through accumulated intercompany payable upon the disposal of its subsidiary. Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Wendler Investment & Management Group Co., Ltd Common control under CEO $ 2,855 $ 43 Tianwu General Steel Material Trading Co., Ltd.* Investee of General Steel (China) 22,137 22,137 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding - 30,396 Beijing Shenghua Xinyuan Metal Materials Co., Ltd Partially owned by CEO through indirect shareholding 115 116 Maoming Hengda Wholly owned by Tianwu Tongyong 19,146 18,612 Other receivable – related party 44,253 71,304 Less: other receivable – related parties - held for sale (3,172 ) (30,554 ) Other receivable – related parties – continuing operations $ 41,081 $ 40,750 * The Company collected the balance in April 2017. c. Accounts payable – related parties: Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Tianjin Dazhen Industry Co., Ltd Partially owned by CEO through indirect shareholding $ 14,892 $ 6,289 Wendlar Tianjin Industry Co., Ltd.(Formerly known as Qiu Steel) Partially owned by CEO through indirect shareholding - 2,171 Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding - 4,988 Total 14,892 13,448 Less: accounts payable – related parties - held for sale (14,892 ) (13,448 ) Accounts payable – related parties - continuing operations $ - $ - d. Other payables – related parties: Other payables – related parties are those nontrade payables arising from transactions between the Company and its related parties, such as advances or payments from these related parties on behalf of the Group. Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Wendlar Investment & Management Group Co., Ltd Common control under CEO $ 2,791 $ 32 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 95 95 Tianjin Jingqiu Steel Co., Ltd Partially owned by CEO through indirect shareholding 55 - Tianjin Qiu Steel Investment Co., Ltd Partially owned by CEO through indirect shareholding 2,905 - Wendlar Tianjin Industry Co., Ltd (Formerly known as Qiu Steel) Partially owned by CEO through indirect shareholding 9 - Tianjin Dazhen Industry Co., Ltd Partially owned by CEO through indirect shareholding - 773 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 48,746 48,376 Zuosheng Yu CEO 1,409 1,329 Total 56,010 50,605 Less: other payables – related parties - held for sale (5,751 ) (773 ) Other payables – related parties – continuing operations $ 50,259 $ 49,832 e. Customer deposit – related parties: Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Tianjin Hengying Trading Co, Ltd Partially owned by CEO through indirect shareholding $ - $ 12,242 Total - 12,242 Less: customer deposit – related parties - held for sale - (12,242 ) Customer deposits – related parties – continuing operations $ - $ - |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7 – Equity On January 20, 2016, the Company granted 242,466 restricted shares of common stock for financial reporting consulting services. The shares were valued at $1.80 per share, based on the contract if the stock price is less than $1.80, the Company will pay the difference in one year. On March 16, 2016, the Company granted 30,000 restricted shares of common stock for financial advisory and research coverage services. The shares were valued at $1.26 per share, based on the closing price at the date the Company signed the contract. On September 30, 2016, the Company issued 127,120 restricted shares of common stock for financial reporting services. The shares were valued at $1.18 per share, based on a negotiated price between the Company and the consultant. On August 19, 2016, the Company executed a debt cancellation agreement with Oriental Ace Limited, an unrelated third party, in conversion of short-term loan payable of $3.6 million into 3,272,727 shares of Common Stock at $0.35 per share resulting in a gain on debt extinguishment of $2,454,546. These shares have not been issued as the date of the filing. On September 30, 2016, the Company completed a private placement through the issuance of 1,500,000 shares of the Company’s common stock at $1.00 per shares and raised capital of RMB 10.0 million (approximately $1.5 million). The Company received proceeds in October 2016. In , the board approved to issue restricted shares to a consultant pursuant to consulting services performed in . |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 8 – Acquisition Tianjin Shuangsi Acquisition On February 16, 2016, the Company received 100% equity interest for a consideration of $0.03 million as Tianjin Shuangsi was established by the chief executive office of the Company’s related entity and his relative. Tianjin Shuangsi primarily trades iron ore, nickel-iron-manganese alloys, and other steel-related products, which the Company would continue on its trading business after the disposition of General Steel (China) and Maoming Hengda. |
Subsequent event
Subsequent event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 9 – Subsequent event On August 19, 2016, the Company signed a debt cancellation agreement with GS China, a related party, in conversion of the other payables – related party of approximately $21.6 million into 100,000 shares of Common Stock at $1.10 per share and 19,565,758 shares of Series B Preferred Stock at $1.10 per share, which Series B Stock. This agreement was subsequently cancelled and the board approved the cancellation in September 2017. On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 35% to 21%. Additionally, the Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The Company does not believe the Act will have any material effect on the Company’s financials as the Company has sufficient NOL to offset any tax impact and has provided full valuation allowance to its deferred tax assets. On December 31, 2017, the Company sold Tianjin Shuangsi to Wendler Investment & Management Group Co., Ltd, a related party, no consideration was received. Therefore the result of operations was presented as operations to be disposed on the consolidated financial statements for the year ended December 31, 2016. See Note 2(n) – Operations held for sale and operations disposed/to be disposed. On August 24, 2018, the Company entered into a subscription agreement with Hummingbird Holdings Limited, a BVI entity. Pursuant to the Subscription Agreement, the Investor purchased 7,352,941 shares of the Company’s common stock, par value $0.001 per share, at a purchase price of $0.034 per share for aggregate gross proceeds of $250,000. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of presentation The consolidated financial statements of the Company reflect the activities of the following major directly owned subsidiaries as of March 31, 2017: Subsidiary Percentage of Ownership General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”) PRC 100.0 % * Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. |
Consolidation, Policy [Policy Text Block] | (b) Principles of consolidation – subsidiaries The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, its variable interest entity (“VIE”) for which the Company is the ultimate primary beneficiary, and the VIE’s subsidiaries. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. All significant inter-company transactions and balances have been eliminated upon consolidation. |
Going Concern Policy [Policy Text Block] | (c) Going concern Pursuant to ASU 2014-15, the Company has assessed its ability to continue as a going concern for a period of one year from the date of the issuance of these consolidated financial statements. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year from the financial statement issuance date. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. The Company currently has an accumulated deficit, working capital deficit, and incurred negative cash flows from operating activities. These conditions raise substantial doubt as to its ability to continue as a going concern. These consolidated financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on its ability to obtain financial support and credit guarantee from the Company’s shareholders or other available resources from the PRC banks and other financial institutions given the Company’s credit history. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable to continue as a going concern. |
Use of Estimates, Policy [Policy Text Block] | (d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and footnotes. Actual results could differ from these estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (e) Concentration of risks and other uncertainties The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. One of the Company’s customers, a related party individually accounted for 99.6% of total sales from operation disposed for the three months ended March 31, 2017, and two of the Company’s customers, both of which are related parties, accounted for 95% of total sales for the three months ended March 31, 2016, respectively. One of the Company’s customer, a related party from operation disposed individually accounted for 99.8% of total accounts receivable as of March 31, 2017 and one of the Company’s customers, a related parties, accounted for 100.0% of the total accounts receivable as of December 31, 2016. Three of the Company’s suppliers, all related parties accounted for more than 99.7% of the total purchases for the three months ended March 31, 2017 and one of the Company’s suppliers, a non related party, individually accounted for 99.2% of the total purchases for the three months ended March 31, 2016. One of the Company’s suppliers individually accounted for more than 100.0% of total accounts payable as of March 31, 2017 and three of the Company’s suppliers, all related parties accounted for 100.0% of total accounts payable as of December 31, 2016. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (f) Foreign currency translation and other comprehensive income The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries and VIE in China use the local currency, Renminbi (“RMB”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included in accumulated other comprehensive income amounted to $2.80 million and $1.37 million as of March 31, 2017 and December 31, 2016, respectively. The balance sheet amounts, with the exception of equity at March 31, 2017 and December 31, 2016 were translated at 6.89 RMB and 6.94 RMB to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of operations accounts for the three months ended March 31, 2017 and 2016 were 6.89 RMB and 6.54 RMB, respectively. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (g) Financial instruments The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, other receivables, other payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (h) Cash Cash includes cash on hand and demand deposits in banks with original maturities of less than three months. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | (i) Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers and other receivables from cash advances to employees, related parties or third parties. An allowance for doubtful accounts is established and recorded based on managements’ assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. |
Inventory, Policy [Policy Text Block] | (j) Inventories Inventories are mainly finished goods and are stated at the lower of cost or market using the first-in, first-out method. Management reviews inventories for obsolescence and cost in excess of net realizable value at least annually and records a reserve against the inventory and additional cost of goods sold when the carrying value exceeds net realizable value. |
Equipment net, Policy [Policy Text Block] | (k) Equipment, net Equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3%-5% residual value. The depreciation expense on assets acquired under capital leases is included with depreciation expense on owned assets. The estimated useful lives are as follows: Office equipment 5 Years The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. |
Investment, Policy [Policy Text Block] | (l) Investments in unconsolidated entities Entities in which the Company has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. The Company accounts for investments with ownership less than 20% using the cost method. On December 28, 2015 General Steel (China) Co., Ltd sold its 32% equity interest in Tianwu General Steel Material Trading Co., Ltd. (“Tianwu” ) to Tongyong Shengyuan, one of the Company’s wholly owned subsidiaries, for $14.9 million (RMB 96.6 million). As of March 31, 2017, Tongyong Shengyuan’s net investment in the unconsolidated entity was $12.1 million. Total investment income (loss) in unconsolidated subsidiaries amounted to $0.7 million and $0.12 million for the three months ended March 31, 2017 and 2016, respectively, which was included in “Loss from equity investment” in the consolidated statements of operations and comprehensive loss. The Company performed significance test in accordance with SEC Rule 1-02(w) of Regulation S-X and determined Tianwu qualify as significant equity investee, the condensed income statement of Tianwu is presented as follows: CONDENSED STATEMENT OF OPERATIONS (In thousands) March 31, 2017 NET SALES $ 574 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 38 FINANCE EXPENSES 1,681 OTHER EXPENSES (INCOME) 10 TOTAL EXPENSES 1,729 INCOME BEFORE PROVISION FOR INCOME TAXES (1,155 ) PROVISION FOR INCOME TAXES 1 NET LOSS FOR CONTINUING OPERATIONS (1,156 ) NET LOSS FROM OPERATIONS HELD FOR SALE (1,041 ) NET LOSS $ (2,197 ) |
Revenue Recognition, Policy [Policy Text Block] | (m) Revenue recognition Sales is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, the Company has no other significant obligations and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits. Sales represent the invoiced value of goods, net of value-added tax (VAT). All of the Company’s products sold in the PRC are subject to a Chinese value-added tax at a rate of 13% or 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing the finished product. Gross versus Net Revenue Reporting Starting from January 1 st For the three months ended March 31, 2017, the Company reported gross sales of $13.0 million, 99.6% of which was related party sales and the Company had $19.5 million in purchases, of which 99.7% were related party purchases resulting in net cost of sales of $6.5 million in operations held for sale. See details of related party sales and purchases in Note 6. For the three months ended March 31, 2016, the Company reported gross sales of $43 million, all of which was related party sales and the Company had $42 million in purchases, of which $0.33 million were related party purchases resulting in net revenue of $0.45 million in operations held for sale. See details of related party sales and purchases in Note 6. |
Discontinued Operations, Policy [Policy Text Block] | (n) Operations held for sale and operations disposed/to be disposed In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations classified as held for sale in the consolidated balance sheets which include Tianjin Shuangsi’ operations as of March 31, 2017 and December 31, 2016. Carrying amounts of major classes of assets included as part of discontinued operations: March 31, December 31, (In thousands) 2017 2016 CURRENT ASSETS: Cash $ 59 $ 26 Accounts receivable, net 26 1 Accounts receivable related parties, net 2,807 - Other receivables, net 15 - Other receivables – related parties, net 3,172 30,554 Advance on inventory purchase 10 - Advance on inventory purchase – related parties 14,588 - Prepaid taxes 1,082 - Property and equipment, net 1 1 Total current assets held for sale 21,760 30,582 Total assets of the disposal group classified as held for sale $ 21,760 $ 30,582 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable, related parties $ 14,892 $ 13,448 Other payables and accrued liabilities 3,194 2,448 Other payables - related parties 5,751 773 Customer deposits- related parties - 12,242 Taxes payable 39 97 Total current liabilities held for sale 23,876 29,008 Total liabilities of the disposal group classified as held for sale $ 23,876 $ 29,008 Reconciliation of the amounts of major classes of income and losses from operations disposed in the unaudited condensed consolidated statements of operations and comprehensive loss which include Tianjin Shuangsi’s operations for the three months ended March 31, 2017 and Catalon and Maoming’s operation for the three months ended March 31, 2016. Operations Disposed – Catalon and Maoming: For the three months ended March 31, (In thousands) 2017 2016 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ - $ (949 ) (LOSS) INCOME FROM OPERATIONS - (949 ) OTHER INCOME (EXPENSE) Finance/interest expense - (414 ) Other non-operating income (expense), net - (1,206 ) Other expense, net - (1,620 ) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - (2,569 ) PROVISION FOR INCOME TAXES - - NET LOSS FROM OPERATIONS DISPOSED - (2,569 ) Less: Net loss attributable to noncontrolling interest from operations disposed - (26 ) NET LOSS FROM OPERATIONS DISPOSED $ - $ (2,543 ) Operations held for sale – Tianjin Shuangsi: For the three months ended March 31, (In thousands) 2017 2016 NET PROFIT/(LOSS) (6,499 ) 454 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 6 23 (LOSS) INCOME FROM OPERATIONS (6,505 ) 431 OTHER INCOME (EXPENSE) Finance/interest expense - 1 Other expense, net - 1 LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - 430 PROVISION FOR INCOME TAXES - 107 NET LOSS FROM OPERATIONS TO BE DISPOSED (6,505 ) 323 Less: Net loss attributable to noncontrolling interest from operations to be disposed - - NET LOSS FROM OPERATIONS TO BE DISPOSED $ (6,505 ) $ 323 Maoming Hengda On March 21, 2016, the Company, along with its 1% minority interest holder, have jointly signed an equity transfer agreement (the "Agreement") to sell 100% of the equity interest in Maoming Hengda to Tianwu Tongyong, for which the Company has 32% equity interest in, a related party. The agreement was further amended in April 2017 to set the sale price at RMB 155.3 million or approximately $23.9 million. The Company expected to receive its 99% ownership for the total proceeds of RMB 154.0 million (approximately $23.8 million), of which the full amount would be paid within one year after the signing of the Agreement. Accordingly, the Company recorded the total amount of net consideration of $45.7 million in additional-paid-in capital. The net deficiency of Maoming Hengda as of March 21, 2016 is as follows: (In thousands) March 21, 2016 CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 Total current assets 361 PROPERTY AND EQUIPMENT, NET 16,321 LONG-TERM DEFERRED EXPENSE 2 INTANGIBLE ASSETS, NET OF ACCUMULATED AMORTIZATION 2,023 Total assets $ 18,707 CURRENT LIABILITIES: Accounts payable 6,377 Short-term loans - other 464 Other payables and accrued liabilities 3,033 Other payables - related parties 430 Other payables - intercompany 30,650 Total current liabilities 40,954 NON-CONTROLLING INTEREST (16 ) Total net deficiency (22,232 ) Net consideration (23,507 ) Currency translation adjustment 81 Total addition to paid-in capital $ (45,658 ) Catalon: Due to operational issues, Catalon was not able to meet the minimum sales target or minimum net profit applicable as stipulated in the Stock Exchange agreement, therefore Management decided to cancel the shares that were placed in escrow for the selling shareholders. As such the Company deconsolidated Catalon as of March 31, 2016. The net deficiency of Catalon as of March 31, 2016 is as follows: (In thousands) March 31, 2016 CURRENT ASSETS: Cash $ 24 Total current 24 CURRENT LIABILITIES: Other payables - related parties 2,279 Total current liabilities 2,279 NON-CONTROLLING INTEREST (358 ) Total net deficiency (1,953 ) Net consideration (4,316 ) Gain in disposal of subsidiary $ (6,269 ) |
Reclassification, Policy [Policy Text Block] | (o) Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications have no effect on the accompanying consolidated statements of operations and cash flows. |
Non Controlling Interest [Policy Text Block] | (p) Non-controlling interest Non-controlling interest mainly consists of an individual’s 1% interest in Maoming Hengda prior to March 21, 2016, and two individuals’ 15.5% interest in Catalon prior to March 31, 2016. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statement of operations as an allocation of the total income or loss for the year between non-controlling interest holders and the shareholders of the Company. |
Earnings Per Share, Policy [Policy Text Block] | (q) Earnings (loss) per share The Company has adopted the accounting principles generally accepted in the United States regarding earnings per share (“EPS”), which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share. Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. |
Treasury Stock [Policy Text Block] | (r) Treasury Stock Treasury stock consists of shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. As of both March 31, 2017 and December 31, 2016, the Company had repurchased 494,462 total shares of its common stock, given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015, under the share repurchase plan approved by the Board of Directors in December 2010. |
Income Tax, Policy [Policy Text Block] | (s) Income taxes The Company accounts for income taxes in accordance with the accounting principles generally accepted in the United States for income taxes. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes. The accounting principles generally accepted in the United States for accounting for uncertainty in income taxes clarify the accounting and disclosure for uncertain tax positions. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of March 31, 2017, the Company’s income tax returns filed for December 31, 2015, 2014, 2013, 2012 and 2011 remain subject to examination by the taxing authorities. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (t) Share-based compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with the accounting standards regarding accounting for stock-based compensation and accounting for equity instruments that are issued to other than employees for acquiring or in conjunction with selling goods or services. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by these accounting standards. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. |
New Accounting Pronouncements, Policy [Policy Text Block] | (u) Recently issued accounting pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The update requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It eliminated the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value that is require to be disclosed for financial instruments measured at amortized cost on the balance sheet. For public entities, the ASU is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In April 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. Implementation and administration may present challenges for companies with significant share-based payment activities. The ASU is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The objective is to clarify the two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The ASU affects the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for this ASU are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by ASU 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of ASU 2014-09 by one year. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”, The amendments rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: 1) Revenue and Expense Recognition for Freight Services in Process, which is codified in paragraph 605-20-S99-2; 2) Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; 3) Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor's Products), which is codified in paragraph 605-50-S99-1; 4) Accounting for Gas-Balancing Arrangements (i.e., use of the "entitlements method"), which is codified in paragraph 932-10-S99-5, which is effective upon adoption of ASU 2014-09. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The object is to address certain issues identified by the FASB-IASB Joint Transition Resource Group for Revenue Recognition. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In August 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4)Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In October 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-17, Consolidation (Topic 810): Interests held through related parties that are under common control. The amendments in this ASU require that the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The Company has evaluated and determined that the adoption would not have a material effect on the Company’s financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business. The amendments in this ASU is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Management does not believe the adoption of this ASU would have a material effect on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting, which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, this ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company does not believe the adoption of this ASU would have a material effect on the Company’s financial statements. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815). The amendments in Part I of the Update change the reclassification analysis of certain equity-lined financial instruments (or embedded features) with down round features. The amendments in Part II of this Update re-characterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. Management plans to adopt this ASU during the year ending December 2019. The Company does not believe the adoption of this ASU would have a material effect on the Company’s financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would have a material effect on the Company’s financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block] | The consolidated financial statements of the Company reflect the activities of the following major directly owned subsidiaries as of March 31, 2017: Subsidiary Percentage of Ownership General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”) PRC 100.0 % * Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. |
Schedule Of Property Plant and Equipment Estimated Useful Life [Table Text Block] | The estimated useful lives are as follows: Office equipment 5 Years |
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENT OF OPERATIONS (In thousands) March 31, 2017 NET SALES $ 574 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 38 FINANCE EXPENSES 1,681 OTHER EXPENSES (INCOME) 10 TOTAL EXPENSES 1,729 INCOME BEFORE PROVISION FOR INCOME TAXES (1,155 ) PROVISION FOR INCOME TAXES 1 NET LOSS FOR CONTINUING OPERATIONS (1,156 ) NET LOSS FROM OPERATIONS HELD FOR SALE (1,041 ) NET LOSS $ (2,197 ) |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations classified as held for sale in the consolidated balance sheets which include Tianjin Shuangsi’ operations as of March 31, 2017 and December 31, 2016. Carrying amounts of major classes of assets included as part of discontinued operations: March 31, December 31, (In thousands) 2017 2016 CURRENT ASSETS: Cash $ 59 $ 26 Accounts receivable, net 26 1 Accounts receivable related parties, net 2,807 - Other receivables, net 15 - Other receivables – related parties, net 3,172 30,554 Advance on inventory purchase 10 - Advance on inventory purchase – related parties 14,588 - Prepaid taxes 1,082 - Property and equipment, net 1 1 Total current assets held for sale 21,760 30,582 Total assets of the disposal group classified as held for sale $ 21,760 $ 30,582 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable, related parties $ 14,892 $ 13,448 Other payables and accrued liabilities 3,194 2,448 Other payables - related parties 5,751 773 Customer deposits- related parties - 12,242 Taxes payable 39 97 Total current liabilities held for sale 23,876 29,008 Total liabilities of the disposal group classified as held for sale $ 23,876 $ 29,008 Reconciliation of the amounts of major classes of income and losses from operations disposed in the unaudited condensed consolidated statements of operations and comprehensive loss which include Tianjin Shuangsi’s operations for the three months ended March 31, 2017 and Catalon and Maoming’s operation for the three months ended March 31, 2016. Operations Disposed – Catalon and Maoming: For the three months ended March 31, (In thousands) 2017 2016 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ - $ (949 ) (LOSS) INCOME FROM OPERATIONS - (949 ) OTHER INCOME (EXPENSE) Finance/interest expense - (414 ) Other non-operating income (expense), net - (1,206 ) Other expense, net - (1,620 ) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - (2,569 ) PROVISION FOR INCOME TAXES - - NET LOSS FROM OPERATIONS DISPOSED - (2,569 ) Less: Net loss attributable to noncontrolling interest from operations disposed - (26 ) NET LOSS FROM OPERATIONS DISPOSED $ - $ (2,543 ) Operations held for sale – Tianjin Shuangsi: For the three months ended March 31, (In thousands) 2017 2016 NET PROFIT/(LOSS) (6,499 ) 454 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 6 23 (LOSS) INCOME FROM OPERATIONS (6,505 ) 431 OTHER INCOME (EXPENSE) Finance/interest expense - 1 Other expense, net - 1 LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - 430 PROVISION FOR INCOME TAXES - 107 NET LOSS FROM OPERATIONS TO BE DISPOSED (6,505 ) 323 Less: Net loss attributable to noncontrolling interest from operations to be disposed - - NET LOSS FROM OPERATIONS TO BE DISPOSED $ (6,505 ) $ 323 Maoming Hengda On March 21, 2016, the Company, along with its 1% minority interest holder, have jointly signed an equity transfer agreement (the "Agreement") to sell 100% of the equity interest in Maoming Hengda to Tianwu Tongyong, for which the Company has 32% equity interest in, a related party. The agreement was further amended in April 2017 to set the sale price at RMB 155.3 million or approximately $23.9 million. The Company expected to receive its 99% ownership for the total proceeds of RMB 154.0 million (approximately $23.8 million), of which the full amount would be paid within one year after the signing of the Agreement. Accordingly, the Company recorded the total amount of net consideration of $45.7 million in additional-paid-in capital. The net deficiency of Maoming Hengda as of March 21, 2016 is as follows: (In thousands) March 21, 2016 CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 Total current assets 361 PROPERTY AND EQUIPMENT, NET 16,321 LONG-TERM DEFERRED EXPENSE 2 INTANGIBLE ASSETS, NET OF ACCUMULATED AMORTIZATION 2,023 Total assets $ 18,707 CURRENT LIABILITIES: Accounts payable 6,377 Short-term loans - other 464 Other payables and accrued liabilities 3,033 Other payables - related parties 430 Other payables - intercompany 30,650 Total current liabilities 40,954 NON-CONTROLLING INTEREST (16 ) Total net deficiency (22,232 ) Net consideration (23,507 ) Currency translation adjustment 81 Total addition to paid-in capital $ (45,658 ) Catalon: Due to operational issues, Catalon was not able to meet the minimum sales target or minimum net profit applicable as stipulated in the Stock Exchange agreement, therefore Management decided to cancel the shares that were placed in escrow for the selling shareholders. As such the Company deconsolidated Catalon as of March 31, 2016. The net deficiency of Catalon as of March 31, 2016 is as follows: (In thousands) March 31, 2016 CURRENT ASSETS: Cash $ 24 Total current 24 CURRENT LIABILITIES: Other payables - related parties 2,279 Total current liabilities 2,279 NON-CONTROLLING INTEREST (358 ) Total net deficiency (1,953 ) Net consideration (4,316 ) Gain in disposal of subsidiary $ (6,269 ) |
Other receivables (including _2
Other receivables (including related parties), net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Other receivables, including related party receivables, net of allowance for doubtful accounts consists of the following: March 31, 2017 December 31, 2016 (in thousands) (in thousands) Other receivables $ 141 $ 170 Other receivables – related party 44,253 71,304 Less: allowance for doubtful accounts (122 ) (169 ) Net other receivables 44,272 71,305 Less: other receivables – held for sale (3,187 ) (30,554 ) Net other receivables – continuing operations $ 41,085 $ 40,751 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Movement of allowance for doubtful accounts, including related parties, is as follows: March 31, 2017 December 31, 2016 (in thousands) (in thousands) Beginning balance $ 169 $ - Write off (47 ) 169 Ending balance 122 169 Less: balance – held for sale - - Ending balance – continuing operations $ 122 $ 169 |
Taxes (Tables)
Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Significant components of the provision for income taxes on earnings and deferred taxes on net operating losses from operations for the three months ended March 31, 2017 and 2016 are as follows: (In thousands) The three months ended March 31, 2017 The three months ended March 31, 2016 Current $ - $ 108 Total provision for income taxes $ - $ 108 Less: Income taxes from operations disposed - (108 ) Income taxes – continuing operations $ - $ - |
Related party transactions an_2
Related party transactions and balances (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Sales [Table Text Block] | The following chart summarized revenue from related parties for the three months ended March 31, 2017 and 2016. Name of related parties Relationship For the three months ended March 31, 2017 For the three months ended March 31, 2016 (in thousands) (in thousands) Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding* (44 ) 21 Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding - 276 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 12,969 157 Total $ 12,925 $ 454 Less: Sales to related parties from operations disposed (12,925 ) (454 ) Sales–related parties – continuing operations $ - $ - *The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. Mr. Zuosheng Yu. |
Schedule Of Related Party Purchases [Table Text Block] | The following charts summarize purchases from related parties for the three months ended March 31, 2017 and 2016. Name of related parties Relationship For the three months ended March 31, 2017 For the three months ended March 31, 2016 (in thousands) (in thousands) Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding 2,998 - Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding 7,035 - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 207 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 9,427 122 Total $ 19,460 $ 329 Less Purchases from related parties from operations disposed (19,460 ) (329 ) Purchases–related parties–continuing operations $ - $ - |
Schedule Of Related Party Transactions, Accounts Receivables From Related Party [Table Text Block] | a. Accounts receivable – related party: Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding $ - $ - Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding - - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 2,807 - Accounts receivable – related party 2,807 - Less: account receivable – related parties - held for sale (2,807 ) - Total $ - $ - |
Schedule Of Related Party Transactions, Other Receivables Related Parties [Table Text Block] | b. Other receivable – related parties: Other receivables - related parties are those nontrade receivables arising from transactions through the sales of its subsidiary, which was bought by its related party or arising from transactions through accumulated intercompany payable upon the disposal of its subsidiary. Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Wendler Investment & Management Group Co., Ltd Common control under CEO $ 2,855 $ 43 Tianwu General Steel Material Trading Co., Ltd.* Investee of General Steel (China) 22,137 22,137 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding - 30,396 Beijing Shenghua Xinyuan Metal Materials Co., Ltd Partially owned by CEO through indirect shareholding 115 116 Maoming Hengda Wholly owned by Tianwu Tongyong 19,146 18,612 Other receivable – related party 44,253 71,304 Less: other receivable – related parties - held for sale (3,172 ) (30,554 ) Other receivable – related parties – continuing operations $ 41,081 $ 40,750 * The Company collected the balance in April 2017. |
Schedule Of Related Party Transactions, Accounts Payable Related Parties [Table Text Block] | c. Accounts payable – related parties: Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Tianjin Dazhen Industry Co., Ltd Partially owned by CEO through indirect shareholding $ 14,892 $ 6,289 Wendlar Tianjin Industry Co., Ltd.(Formerly known as Qiu Steel) Partially owned by CEO through indirect shareholding - 2,171 Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding - 4,988 Total 14,892 13,448 Less: accounts payable – related parties - held for sale (14,892 ) (13,448 ) Accounts payable – related parties - continuing operations $ - $ - |
Schedule Of Related Party Transactions, Other Payable Related Parties [Table Text Block] | d. Other payables – related parties: Other payables – related parties are those nontrade payables arising from transactions between the Company and its related parties, such as advances or payments from these related parties on behalf of the Group. Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Wendlar Investment & Management Group Co., Ltd Common control under CEO $ 2,791 $ 32 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 95 95 Tianjin Jingqiu Steel Co., Ltd Partially owned by CEO through indirect shareholding 55 - Tianjin Qiu Steel Investment Co., Ltd Partially owned by CEO through indirect shareholding 2,905 - Wendlar Tianjin Industry Co., Ltd (Formerly known as Qiu Steel) Partially owned by CEO through indirect shareholding 9 - Tianjin Dazhen Industry Co., Ltd Partially owned by CEO through indirect shareholding - 773 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 48,746 48,376 Zuosheng Yu CEO 1,409 1,329 Total 56,010 50,605 Less: other payables – related parties - held for sale (5,751 ) (773 ) Other payables – related parties – continuing operations $ 50,259 $ 49,832 |
Schedule Of Related Party Transactions, Customer Deposits Related Parties [Table Text Block] | e. Customer deposit – related parties: Name of related parties Relationship March 31, 2017 December 31, 2016 (in thousands) (in thousands) Tianjin Hengying Trading Co, Ltd Partially owned by CEO through indirect shareholding $ - $ 12,242 Total - 12,242 Less: customer deposit – related parties - held for sale - (12,242 ) Customer deposits – related parties – continuing operations $ - $ - |
Organization and Operations (De
Organization and Operations (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Feb. 16, 2016 |
General Steel Investment Co Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Tianjin Shuangsi Trading Co [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Equity Method Investment, Aggregate Cost | $ 30 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) | 3 Months Ended | |
Mar. 31, 2017 | ||
General Steel Investment Co., Ltd. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | British Virgin Islands | |
Equity Method Investment, Ownership Percentage | 100.00% | |
Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | [1] |
Equity Method Investment, Ownership Percentage | 100.00% | [1] |
Tianjin Shuangsi Trading Co. Ltd. ("Tianjin Shuangsi") [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 100.00% | |
[1] | Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. |
Summary of significant accoun_5
Summary of significant accounting policies (Details 1) | 3 Months Ended |
Mar. 31, 2017 | |
Other equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Summary of significant accoun_6
Summary of significant accounting policies (Details 2) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | $ 94,243 | $ 1,358,197 |
FINANCE EXPENSES | 2,010 | 50 |
INCOME BEFORE PROVISION FOR INCOME TAXES | (798,010) | 4,795,062 |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET LOSS FROM OPERATIONS HELD FOR SALE | 0 | (2,568,936) |
NET LOSS | (7,303,144) | $ 2,574,805 |
Tianwu General Steel Material Trading Co Ltd [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
NET SALES | 574,000 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 38,000 | |
FINANCE EXPENSES | 1,681,000 | |
OTHER EXPENSES (INCOME) | 10,000 | |
TOTAL EXPENSES | 1,729,000 | |
INCOME BEFORE PROVISION FOR INCOME TAXES | (1,155,000) | |
PROVISION FOR INCOME TAXES | 1,000 | |
NET LOSS FOR CONTINUING OPERATIONS | (1,156,000) | |
NET LOSS FROM OPERATIONS HELD FOR SALE | (1,041,000) | |
NET LOSS | $ (2,197,000) |
Summary of significant accoun_7
Summary of significant accounting policies (Details 3) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Mar. 21, 2016 | |
CURRENT ASSETS: | ||||
Cash | $ 58,750 | $ 57,102 | ||
Total current assets | 21,759,395 | $ 30,581,807 | ||
CURRENT LIABILITIES: | ||||
Customer deposits- related parties | 0 | 12,242,000 | ||
Total current liabilities | 23,875,730 | 29,006,872 | ||
Gain in disposal of subsidiary | 6,268,930 | |||
Maoming Hengda - operation disposed | ||||
CURRENT ASSETS: | ||||
Cash | $ 2,000 | |||
Accounts receivable, net | 344,000 | |||
Other receivables, net | 15,000 | |||
Total current assets | 361,000 | |||
Property and equipment, net | 16,321,000 | |||
OTHER ASSETS: | ||||
Long-term deferred expense | 2,000 | |||
Intangible assets, net of accumulated amortization | 2,023,000 | |||
Total assets of the disposal group classified as held for sale | 18,707,000 | |||
CURRENT LIABILITIES: | ||||
Accounts payable | 6,377,000 | |||
Short term loans - others | 464,000 | |||
Other payables and accrued liabilities | 3,033,000 | |||
Other payables - related parties | 430,000 | |||
Other payables - intercompany | 30,650,000 | |||
Total current liabilities | 40,954,000 | |||
NON-CONTROLLING INTEREST | (16,000) | |||
Total net deficiency | (22,232,000) | |||
Net consideration | (23,507,000) | |||
Currency translation adjustment | 81,000 | |||
Total addition to paid-in capital | $ (45,658,000) | |||
Catalon Chemical Corp [Member] | ||||
CURRENT ASSETS: | ||||
Cash | 24,000 | |||
Total current assets | 24,000 | |||
CURRENT LIABILITIES: | ||||
Other payables - related parties | 2,279,000 | |||
Total current liabilities | 2,279,000 | |||
NON-CONTROLLING INTEREST | (358,000) | |||
Total net deficiency | (1,953,000) | |||
Net consideration | (4,316,000) | |||
Gain in disposal of subsidiary | $ (6,269,000) | |||
Discontinued Operations [Member] | ||||
CURRENT ASSETS: | ||||
Cash | 59,000 | 26,000 | ||
Accounts receivable, net | 26,000 | 1,000 | ||
Accounts receivable related parties, net | 2,807,000 | 0 | ||
Other receivables, net | 15,000 | 0 | ||
Other receivables – related parties, net | 3,172,000 | 30,554,000 | ||
Advance on inventory purchase | 10,000 | 0 | ||
Advance on inventory purchase – related parties | 14,588,000 | 0 | ||
Prepaid taxes | 1,082,000 | 0 | ||
Property and equipment, net | 1,000 | 1,000 | ||
Total current assets held for sale | 21,760,000 | 30,582,000 | ||
OTHER ASSETS: | ||||
Total assets of the disposal group classified as held for sale | 21,760,000 | 30,582,000 | ||
CURRENT LIABILITIES: | ||||
Accounts payable - related parties | 14,892,000 | 13,448,000 | ||
Other payables and accrued liabilities | 3,194,000 | 2,448,000 | ||
Other payables - related parties | 5,751,000 | 773,000 | ||
Customer deposits- related parties | 0 | 12,242,000 | ||
Taxes payable | 39,000 | 97,000 | ||
Total current liabilities | 23,876,000 | 29,008,000 | ||
Total liabilities of the disposal group classified as held for sale | $ 23,876,000 | $ 29,008,000 |
Summary of significant accoun_8
Summary of significant accounting policies (Details 4) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
NET PROFIT/(LOSS) | $ 450,000 | |
OTHER INCOME (EXPENSE) | ||
PROVISION FOR INCOME TAXES | $ 0 | 108,000 |
NET LOSS FROM OPERATIONS DISPOSED | 0 | (2,568,936) |
Less: Net loss attributable to noncontrolling interest from operations to be disposed | 0 | (25,689) |
Catalon and Maoming [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 0 | (949,000) |
(LOSS) INCOME FROM OPERATIONS | 0 | (949,000) |
OTHER INCOME (EXPENSE) | ||
Finance/interest expense | 0 | (414,000) |
Other non-operating income, net | 0 | (1,206,000) |
Other income (expense), net | 0 | (1,620,000) |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | 0 | (2,569,000) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET LOSS FROM OPERATIONS DISPOSED | 0 | (2,569,000) |
Less: Net loss attributable to noncontrolling interest from operations to be disposed | (26,000) | |
NET LOSS FROM OPERATIONS DISPOSED | 0 | (2,543,000) |
Tianjin Shuangsi [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
NET PROFIT/(LOSS) | (6,499,000) | 454,000 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 6,000 | 23,000 |
(LOSS) INCOME FROM OPERATIONS | (6,505,000) | 431,000 |
OTHER INCOME (EXPENSE) | ||
Finance/interest expense | 0 | 1,000 |
Other income (expense), net | 0 | 1,000 |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | 0 | 430,000 |
PROVISION FOR INCOME TAXES | 0 | 107,000 |
NET LOSS FROM OPERATIONS TO BE DISPOSED | (6,505,000) | 323,000 |
Less: Net loss attributable to noncontrolling interest from operations to be disposed | 0 | 0 |
NET LOSS FROM OPERATIONS DISPOSED | $ (6,505,000) | $ 323,000 |
Summary of significant accoun_9
Summary of significant accounting policies (Details Textual) ¥ / shares in Units, $ / shares in Units, ¥ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 21, 2016USD ($) | Mar. 21, 2016CNY (¥) | Mar. 31, 2017USD ($)shares | Mar. 31, 2017USD ($)¥ / sharesshares | Mar. 31, 2016USD ($) | Mar. 31, 2016¥ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Apr. 30, 2017USD ($) | Apr. 30, 2017CNY (¥) | Mar. 31, 2017¥ / shares | Dec. 31, 2016¥ / shares | Feb. 16, 2016 | Dec. 28, 2015USD ($) | Dec. 28, 2015CNY (¥) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | $ 2,800,000 | $ 1,370,000 | ||||||||||||
Foreign Currency Exchange Translation Rate Balance Sheet Items | (per share) | $ 1 | ¥ 6.89 | ¥ 6.94 | |||||||||||
Foreign Currency Exchange Average Translation Rate | ¥ / shares | ¥ 6.89 | ¥ 6.54 | ||||||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | $ 700,000 | $ 120,000 | ||||||||||||
Treasury Stock, Shares | shares | 494,462 | 494,462 | 494,462 | |||||||||||
Due from Related Parties | $ 44,253,000 | ¥ 44,253,000 | $ 71,304,000 | |||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 12,160,625 | ¥ 12,160,625 | $ 12,758,610 | |||||||||||
Revenue Gross | 13,000,000 | 43,000,000 | ||||||||||||
Cost of Purchases | 19,500,000 | 42,000,000 | ||||||||||||
Related Party Transaction, Purchases from Related Party | 19,460,000 | 329,000 | ||||||||||||
Proceeds from Sale of Equity Method Investments | $ 23,800,000 | ¥ 154 | ||||||||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | $ 6,500,000 | |||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 450,000 | |||||||||||||
Related Party Transaction Sales To Related Party Percentage | 99.60% | |||||||||||||
Related Party Transaction Purchases From Related Party Percentage | 99.70% | |||||||||||||
Scenario, Forecast [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Equity Method Investments | $ 23,900,000 | ¥ 155.3 | ||||||||||||
Accounts Receivable [Member] | Supplier Concentration Risk [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 100.00% | |||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 100.00% | |||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 99.80% | 100.00% | ||||||||||||
Purchases [Member] | Supplier One Concentration Risk[] [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 99.70% | 99.20% | ||||||||||||
Sales Revenue, Net [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Concentration Risk, Percentage | 99.60% | 95.00% | ||||||||||||
Maximum [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 5.00% | 5.00% | ||||||||||||
Percentage Of Ownership, Significant Influence | 50.00% | 50.00% | ||||||||||||
Value Added Tax Rate | 17.00% | |||||||||||||
Minimum [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 3.00% | 3.00% | ||||||||||||
Percentage Of Ownership, Significant Influence | 20.00% | 20.00% | ||||||||||||
Value Added Tax Rate | 13.00% | |||||||||||||
Maoming Hengda [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Additional Paid in Capital, Net Consideration | $ 45,700,000 | |||||||||||||
Maoming Hengda - operation disposed | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | 1.00% | 1.00% | |||||||||||
Maoming Hengda - operation disposed | Agreement [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||||||||||||
Maoming Hengda - operation disposed | Catalon Chemical Corp [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.50% | 15.50% | ||||||||||||
Tianwu General Steel Material Trading Co Ltd [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | ||||||||||||
Due from Related Parties | $ 14,900,000 | ¥ 96.6 | ||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 12,100,000 | ¥ 12,100,000 | ||||||||||||
Tianjin Shuangsi Trading Co [Member] | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Other receivables (including _3
Other receivables (including related parties), net (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other receivables | $ 141 | $ 170 |
Other receivables – related party | 44,253 | 71,304 |
Less: allowance for doubtful accounts | (122) | (169) |
Net other receivables | 44,272 | 71,305 |
Less: other receivables – held for sale | (3,187) | (30,554) |
Net other receivables – continuing operations | $ 41,085 | $ 40,751 |
Other receivables (including _4
Other receivables (including related parties), net (Details 1) - Other Receivables [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 169 | $ 0 |
Write off | (47) | 169 |
Ending balance | 122 | 169 |
Less: balance – held for sale | 0 | 0 |
Ending balance – continuing operations | $ 122 | $ 169 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Notes Receivable Converted To Cash | $ 23,800,000 | |
Gain (Loss) on Disposition of Stock in Subsidiary | 45,600,000 | |
Share-based Compensation | $ 0 | 440,838 |
Other Payables, Offset | 10,600,000 | |
Accrued Liabilities [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Share-based Compensation | $ 200,000 | 400,000 |
Prepayments [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Share-based Compensation | 200,000 | |
Consultancy Services [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Share-based Compensation | $ 60,000 |
Taxes (Details)
Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Taxes [Line Items] | ||
Current | $ 0 | $ 108,000 |
Total provision for income taxes | 0 | 108,000 |
Less: Income taxes from operations disposed | 0 | (108,000) |
Income taxes – continuing operations | $ 0 | $ 0 |
Taxes (Details Textual)
Taxes (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation, Percent | 35.00% |
Percentage Of Deferred Tax Asset | 100.00% |
Deferred Tax Assets Valuation Period | 5 years |
UNITED STATES [Member] | |
Taxes [Line Items] | |
Percentage Of Deferred Tax Asset | 100.00% |
Net operating (losses) carried forward | $ (7) |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 0.1 |
Deferred Tax Assets Valuation Period | 2 years 6 months |
Subsidiaries [Member] | |
Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
Related party transactions an_3
Related party transactions and balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 12,925 | $ 454 | |
Less: Sales to related parties from operations disposed | (12,925) | (454) | |
Sales-related parties - continuing operations | $ 0 | 0 | |
Tianjin Hengying Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Revenue from Related Parties | $ 12,969 | 157 | |
Wendlar Tianjin Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Revenue from Related Parties | $ 0 | 276 | |
Tianjin Dazhen Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Revenue from Related Parties | [1] | $ (44) | $ 21 |
[1] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. Mr. Zuosheng Yu. |
Related party transactions an_4
Related party transactions and balances (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Purchases from Related Party | $ 19,460 | $ 329 |
Less Purchases from related parties from operations disposed | (19,460) | (329) |
Purchases-related parties-continuing operations | $ 0 | 0 |
Tianjin Dazhan Industry Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Purchases from Related Party | $ 7,035 | 0 |
Tianjin Hengying Trading Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Purchases from Related Party | $ 0 | 207 |
General Steel China Co Ltds [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Purchases from Related Party | $ 9,427 | 122 |
Wendlar Tianjin Industry Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Purchases from Related Party | $ 2,998 | $ 0 |
Related party transactions an_5
Related party transactions and balances (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Accounts receivable – related party | $ 2,807 | $ 0 |
Less: account receivable – related parties - held for sale | (2,807) | 0 |
Total | $ 0 | 0 |
Wendlar Tianjin Industry Co., Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts receivable – related party | $ 0 | 0 |
Tianjin Dazhen Trading Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts receivable – related party | $ 0 | 0 |
Tianjin Hengying Trading Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts receivable – related party | $ 2,807 | $ 0 |
Related party transactions an_6
Related party transactions and balances (Details 3) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Other receivable - related party | $ 44,253,000 | $ 71,304,000 | |
Less: other receivable – related parties - held for sale | (3,172,000) | (30,554,000) | |
Other receivable – related parties – continuing operations | $ 41,081,505 | 40,749,746 | |
Tianwu General Steel Material Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Investee of General Steel (China) | |
Other receivable - related party | [1] | $ 22,137,000 | 22,137,000 |
Maoming Hengda [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Wholly owned by Tianwu Tongyong | ||
Other receivable - related party | $ 19,146,000 | 18,612,000 | |
Wendlar Investment Management Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Common control under CEO | ||
Other receivable - related party | $ 2,855,000 | 43,000 | |
General Steel China Co Ltds [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other receivable - related party | $ 0 | 30,396,000 | |
Beijing Shenghua Xinyuan Metal Materials co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other receivable - related party | $ 115,000 | $ 116,000 | |
[1] | The Company collected the balance in April 2017. |
Related party transactions an_7
Related party transactions and balances (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Accounts payable - related party | $ 14,892 | $ 13,448 |
Less: accounts payable – related parties - held for sale | (14,892) | (13,448) |
Accounts payable – related parties - continuing operations | $ 0 | 0 |
Tianjin Dazhan Industry Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts payable - related party | $ 14,892 | 6,289 |
Wendlar Tianjin Industry Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts payable - related party | $ 0 | 2,171 |
Tianjin Daqiuzhuang Steel Plates Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts payable - related party | $ 0 | $ 4,988 |
Related party transactions an_8
Related party transactions and balances (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Other payables - related parties | $ 56,010 | $ 50,605 |
Less: other payables - related parties - held for sale | (5,751) | (773) |
Other payables - related parties - continuing operations | $ 50,259 | 49,832 |
Wendlar Investment Management Group Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Common control under CEO | |
Other payables - related parties | $ 2,791 | 32 |
Yangpu Capital Automobile [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 95 | 95 |
Tianjin Qiu Steel Investment Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 2,905 | 0 |
Zuosheng Yu [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | CEO | |
Other payables - related parties | $ 1,409 | 1,329 |
Tianjin Jingqiu Steel Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 55 | 0 |
Wendlar Tianjin Industry Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 9 | 0 |
Tianjin Dazhen Industry Co., Ltd | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 0 | 773 |
General Steel China Co Ltds [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 48,746 | $ 48,376 |
Related party transactions an_9
Related party transactions and balances (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Customer deposits - related parties | $ 0 | $ 12,242 |
Less: customer deposit – related parties - held for sale | 0 | (12,242) |
Customer deposits – related parties – continuing operations | $ 0 | 0 |
Tianjin Hengying Trading Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Customer deposits - related parties | $ 0 | $ 12,242 |
Related party transactions a_10
Related party transactions and balances (Details Textual) ¥ in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 21, 2016USD ($) | Mar. 21, 2016CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | ||
Noncontrolling Interest [Member] | Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | 1.00% | ||
Tianwu Tongyong [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investments | $ 51 | ¥ 331.3 | ||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | ||
Discontinued Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost Of Goods Sold From Related Parties | $ 6.5 | $ 0.5 | ||
Maoming Hengda Steel Company Ltd Member [Member] | Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 100.00% |
Equity (Details Textual)
Equity (Details Textual) $ / shares in Units, ¥ in Millions | 1 Months Ended | 3 Months Ended | |||||
Sep. 30, 2016$ / sharesshares | Aug. 19, 2016USD ($)$ / sharesshares | Mar. 16, 2016$ / sharesshares | Jan. 20, 2016$ / sharesshares | Mar. 31, 2017shares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016CNY (¥)shares | |
Stock Issued During Period, Shares, Issued for Services | 30,000 | 242,466 | |||||
Shares Issued, Price Per Share | $ / shares | $ 1.26 | $ 1.80 | |||||
Proceeds from Issuance of Private Placement | $ 1,500,000 | ¥ 10 | |||||
Debt Conversion, Original Debt, Amount | $ | $ 3,600,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,272,727 | ||||||
Share Price | $ / shares | $ 0.35 | ||||||
Gain (Loss) on Extinguishment of Debt | $ | $ 2,454,546 | ||||||
Private Placement [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 127,120 | ||||||
Shares Issued, Price Per Share | $ / shares | $ 1.18 | $ 1.18 | |||||
Sale of Stock, Number of Shares Issued in Transaction | 1,500,000 | 1,500,000 | |||||
Sale of Stock, Price Per Share | $ / shares | $ 1 | $ 1 | |||||
Restricted Stock [Member] | |||||||
Stock Issued During Period, Shares, Issued for Services | 200,000 |
Acquisition (Details Textual)
Acquisition (Details Textual) - Tianjin Shuangsi Trading Co Ltd [Member] $ in Thousands | 1 Months Ended |
Feb. 16, 2016USD ($) | |
Business Acquisition [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Business Combination, Consideration Transferred | $ 30 |
Subsequent event (Details Textu
Subsequent event (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 24, 2018 | Aug. 19, 2016 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | Mar. 16, 2016 | Jan. 20, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||
Shares Issued, Price Per Share | $ 1.26 | $ 1.80 | |||||
Debt Conversion, Original Debt, Amount | $ 3,600,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,272,727 | ||||||
Effective Income Tax Rate Reconciliation, Percent | 35.00% | ||||||
Scenario, Forecast [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||||||
Shares Issued, Price Per Share | $ 0.034 | ||||||
Stock Issued During Period, Shares, New Issues | 7,352,941 | ||||||
Stock Issued During Period, Value, New Issues | $ 250,000 | ||||||
Scenario, Plan [Member] | |||||||
Effective Income Tax Rate Reconciliation, Percent | 21.00% | ||||||
GS China [Member] | |||||||
Shares Issued, Price Per Share | $ 1.10 | ||||||
Debt Conversion, Original Debt, Amount | $ 21,600,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 100,000 | ||||||
GS China [Member] | Series B Preferred Stock [Member] | |||||||
Shares Issued, Price Per Share | $ 1.10 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 19,565,758 |