Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 11, 2014 | Jun. 28, 2013 | |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Trading Symbol | 'kndi | ' | ' |
Entity Registrant Name | 'Kandi Technologies Group, Inc. | ' | ' |
Entity Central Index Key | '0001316517 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 40,105,321 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $108,038,543 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $12,762,369 | $12,135,096 |
Restricted cash | 1,636 | 15,835,364 |
Accounts receivable | 31,370,862 | 33,557,534 |
Inventories (net of provision for slow moving inventory of $352,734 and $56,248 as of December 31, 2013 and 2012 respectively | 9,187,714 | 7,630,715 |
Notes receivable | 13,794,094 | 9,562,429 |
Other receivables | 556,904 | 501,448 |
Prepayments and prepaid expenses | 505,513 | 563,861 |
Due from employees | 34,272 | 40,936 |
Advances to suppliers | 8,867,074 | 4,769,825 |
Amount due from JV Company, net | 2,917,592 | 0 |
Deferred tax | 13,706 | 0 |
Deposit for acquisition | 0 | 24,397,967 |
Total Current Assets | 80,011,736 | 108,995,175 |
LONG-TERM ASSETS | ' | ' |
Plant and equipment, net | 29,333,516 | 35,725,740 |
Land use rights, net | 14,453,191 | 14,337,691 |
Construction in progress | 16,356 | 0 |
Deferred taxes | 81,076 | 695 |
Investment in associated company | 96,838 | 161,507 |
Investment in JV Company | 79,331,930 | 0 |
Goodwill | 322,591 | 322,591 |
Intangible assets | 659,496 | 741,591 |
Total Long-Term Assets | 124,294,994 | 51,289,815 |
TOTAL ASSETS | 204,306,730 | 160,284,990 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 22,843,143 | 8,668,478 |
Other payables and accrued expenses | 2,422,613 | 3,092,045 |
Short-term bank loans | 34,020,281 | 32,615,063 |
Customer deposits | 44,404 | 292,389 |
Notes payable | 16,683,023 | 25,332,088 |
Income tax payable | 1,362,828 | 680,253 |
Due to employees | 10,297 | 7,132 |
Due to related party | 0 | 841,251 |
Deferred taxes | 0 | 55,166 |
Financial derivate - liability | 9,256,827 | 1,513,013 |
Total Current Liabilities | 86,643,416 | 73,096,878 |
LONG-TERM LIABILITIES | ' | ' |
Deferred tax | 1,009,477 | 0 |
Bond payable | 13,084,724 | 12,666,044 |
Financial derivatives - liability | 15,042,994 | 0 |
Total Long-Term Liabilities | 29,137,195 | 12,666,044 |
TOTAL LIABILITIES | 115,780,611 | 85,762,922 |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $0.001 par value; 100,000,000 shares authorized; 37,012,904 and 31,696,794 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 37,013 | 31,697 |
Additional paid-in capital | 76,754,774 | 43,728,218 |
Retained earnings (the restricted portion is $3,807,551 and $2,831,005 at December 31, 2013 and December 31, 2012, respectively) | 4,119,086 | 25,259,809 |
Accumulated other comprehensive income | 7,615,246 | 5,502,344 |
TOTAL STOCKHOLDERS' EQUITY | 88,526,119 | 74,522,068 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $204,306,730 | $160,284,990 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve for slow moving inventory | $352,734 | $56,248 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 37,012,904 | 31,696,794 |
Common stock, shares outstanding (in shares) | 37,012,904 | 31,696,794 |
Restricted Retained Earnings | $3,807,551 | $2,831,005 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES, NET | $94,536,045 | $64,513,670 |
COST OF GOODS SOLD | -72,793,517 | -51,620,280 |
GROSS PROFIT | 21,742,528 | 12,893,390 |
Research and development | -3,728,730 | -2,877,283 |
Selling and marketing | -399,504 | -455,983 |
General and administrative | -16,056,107 | -4,250,832 |
INCOME FROM CONTINUING OPERATIONS | 1,558,187 | 5,309,292 |
Interest income | 1,516,477 | 2,658,104 |
Interest (expense) | -4,395,353 | -2,775,891 |
Government grants | 228,396 | 132,139 |
Other, net | 676,257 | 332,936 |
Change in fair value of financial instruments | -16,647,283 | 1,986,063 |
Share of (loss) in associated companies | -69,056 | -69,429 |
Share of profit after tax of JV | -2,414,354 | 0 |
INCOME (LOSS) BEFORE INCOME TAXES | -19,546,729 | 7,573,214 |
INCOME TAX EXPENSE | -1,593,994 | -1,523,735 |
NET (LOSS) INCOME | -21,140,723 | 6,049,479 |
OTHER COMPREHENSIVE INCOME | ' | ' |
Foreign currency translation | 2,112,902 | 424,623 |
COMPREHENSIVE INCOME | ($19,027,821) | $6,474,102 |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 34,707,973 | 29,439,328 |
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 34,707,973 | 29,677,325 |
NET INCOME PER SHARE, BASIC | ($0.61) | $0.21 |
NET INCOME PER SHARE, DILUTED | ($0.61) | $0.20 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net (loss) income | ($21,140,723) | $6,049,479 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 7,708,923 | 4,978,626 |
Assets impairments | 355,876 | 465,199 |
Deferred taxes | 876,255 | 92,521 |
Change in value of financial instruments | 16,647,283 | -1,986,063 |
Loss in investment in associated company | 69,056 | 69,429 |
Share of profit after tax of JV | 2,414,354 | 0 |
Option cost | 0 | 19,053 |
(Increase) Decrease In: | ' | ' |
Accounts receivable | 3,251,168 | -20,513,099 |
Inventories | -1,287,045 | -904,355 |
Other receivables | -38,491 | 1,955,055 |
Due from employees | 10,797 | 37,117 |
Prepayments and prepaid expenses | -3,810,447 | -4,285,489 |
Amount due from JV | -2,877,972 | 0 |
Increase (Decrease) In: | ' | ' |
Accounts payable | 13,699,528 | 3,566,354 |
Other payables and accrued liabilities | -746,838 | -50,333 |
Customer deposits | -254,151 | -740,419 |
Income tax payable | 651,124 | 525,030 |
Due to related party | -841,251 | 0 |
Net cash (used in) provided by operating activities | 14,687,446 | -10,721,895 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
(Purchases)/Disposal of plant and equipment, net | -158,830 | -9,072,230 |
Purchases of construction in progress | -16,134 | 0 |
Deposit for acquisition | 0 | -24,383,529 |
Asset acquisition, net of deposit | -39,673,000 | 0 |
Disposal of subsidiary | 64,535,177 | 0 |
Issuance of notes receivable | -4,174,247 | -1,011,821 |
Repayments of notes receivable | 311,844 | 29,603,171 |
Investment in JV | -80,668,972 | 0 |
Cash acquired in acquisition | 0 | 112,551 |
Net cash provided by (used in) investing activities | -59,844,162 | -4,751,858 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Restricted cash | 16,135,044 | -9,143,907 |
Proceeds from short-term bank loans | 52,918,845 | 41,504,215 |
Repayments of short-term bank loans | -52,596,170 | -45,539,128 |
Proceeds from notes payable | 83,251,992 | 40,491,531 |
Repayments of notes payable | -92,609,593 | -21,063,559 |
Proceeds from bond payable | 12,907,035 | 12,658,548 |
Repayments of bond payable | -12,907,035 | 0 |
Fund raising through issuing common stock and warrants | 26,387,498 | 0 |
Option exercise, stock award & other financing | 9,659,103 | 1,258,231 |
Warrant exercise | 3,171,259 | 1,672,739 |
Common stock issued for acquisition, net of cost of capital | 0 | 3,784,149 |
Net cash provided by financing activities | 46,317,978 | 25,622,819 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,161,262 | 10,149,066 |
Effect of exchange rate changes on cash | -533,989 | -308,322 |
Cash and cash equivalents at beginning of year | 12,135,096 | 2,294,352 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 12,762,369 | 12,135,096 |
SUPPLEMENTARY CASH FLOW INFORMATION | ' | ' |
Income taxes paid | 942,870 | 998,706 |
Interest paid | 3,565,496 | 2,570,691 |
Issuance of Common stock for acquisition | $0 | $8,616,416 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Beginning Balance at Dec. 31, 2011 | $27,446 | $31,533,378 | $19,210,330 | $5,077,721 | $55,848,875 |
Beginning Balance (Shares) at Dec. 31, 2011 | 27,445,600 | ' | ' | ' | ' |
Stock issuance, warrant and stock option exercise | 4,251 | 11,543,320 | ' | ' | 11,547,571 |
Stock issuance, warrant and stock option exercise (Shares) | 4,251,194 | ' | ' | ' | ' |
Deferred tax effect | ' | -78,689 | ' | ' | -78,689 |
Stock option issued | ' | 19,053 | ' | ' | 19,053 |
Acquisition of SCROU | ' | 711,156 | ' | ' | 711,156 |
Foreign currency translation gain | ' | ' | ' | 424,623 | 424,623 |
Net (loss) income | ' | ' | 6,049,479 | ' | 6,049,479 |
Ending Balance at Dec. 31, 2012 | 31,697 | 43,728,218 | 25,259,809 | 5,502,344 | 74,522,068 |
Ending Balance (Shares) at Dec. 31, 2012 | 31,696,794 | ' | ' | ' | ' |
Stock issuance and award | 4,396 | 28,983,299 | ' | ' | 28,987,695 |
Stock issuance and award (Shares) | 4,396,036 | ' | ' | ' | ' |
Warrant exercise | 920 | 4,089,720 | ' | ' | 4,090,640 |
Warrant exercise (Shares) | 920,074 | ' | ' | ' | ' |
Deferred tax effect | ' | -46,463 | ' | ' | -46,463 |
Foreign currency translation gain | ' | ' | ' | 2,112,902 | 2,112,902 |
Net (loss) income | ' | ' | -21,140,723 | ' | -21,140,723 |
Ending Balance at Dec. 31, 2013 | $37,013 | $76,754,774 | $4,119,086 | $7,615,246 | $88,526,119 |
Ending Balance (Shares) at Dec. 31, 2013 | 37,012,904 | ' | ' | ' | ' |
ORGANIZATION_AND_PRINCIPAL_ACT
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES [Text Block] | ' |
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES | |
The Company was incorporated under the laws of the State of Delaware on March 31, 2004. The Company changed its name from Stone Mountain Resources, Inc. to Kandi Technologies, Corp. on August 13, 2007. On December 21, 2012, the Company changed its name to Kandi Technologies Group, Inc. | |
Headquartered in the Jinhua city, Zhejiang Province, China, the Company is one of China’s leading producers and manufacturers of electrical vehicles, all-terrain vehicles, go-karts, specialized utility vehicles and a variety of other specialty vehicles for sale in the PRC and global markets. The Company conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) and the partial and wholly-owned subsidiaries of Kandi Vehicles. | |
The Company’s organizational chart is as follows: | |
[Image was removed for XBRL purpose] | |
Operating Subsidiaries | |
In January 2011, pursuant to relevant agreements, Kandi Vehicles is entitled to 100% of the economic benefits, voting rights and residual interests ( 100% profits and loss absorption rate) of Kandi New Energy. | |
Jinhua Three Parties New Energy Vehicles Service Co., ltd. (“Jinhua Service”) was formed as a joint venture, by and among our wholly-owned subsidiary, Kandi Vehicles, the State Grid Power Corporation and Tianneng Power International. The Company, indirectly through Kandi Vehicles, has a 30% ownership interest in Jinhua Service. | |
In April 2012, pursuant to a share exchange agreement, the Company acquired 100% of Yongkang Scrou Electric Co. (“Yongkang Scrou”), a manufacturer of driving motor, air-conditioning and controllers for electric vehicles and auto generators. | |
In March 2013, pursuant to a joint venture agreement (the “JV Agreement”) entered into between Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd. (“Shanghai Maple”), a 99% owned subsidiary of Geely Automobile Holdings Ltd. (“Geely”), the parties established Zhejiang Kandi Electric Vehicles Co., Ltd. (the “JV Company”) in connection with developing, manufacturing and selling electrical vehicles (“EVs”) and related auto parts. Each of Kandi Vehicles and Shanghai Maple has a 50% ownership interest in the JV Company. | |
In March 2013, Kandi Vehicles formed Kandi Electric Vehicles (Changxing) Co., Ltd. (“Kandi Changxing”) in the Changxing (National) Economic and Technological Development Zone. Kandi Changxing specializes in the production of EVs. In fourth quarter of 2013, Kandi Vehicle entered into an ownership transfer agreement with JV Company to transfer 100% ownership to Kandi Changxing to the JV Company. Company, indirectly, through its wholly-owned subsidiary, Kandi Vehicles, has a 50% ownership interest in Kandi Changxing. | |
In April 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) was formed by Kandi Vehicles and Jinhua Kandi New Energy Vehicles Co., Ltd. (“Kandi New Energy”) in Wanning City of Hainan Province. Kandi Vehicles has a 90% ownership in Kandi Wanning, and Kandi New Energy has the remaining 10% interest. However, Kandi Vehicles is, effectively, entitled to 100% of the economic benefits, voting rights and residual interests ( 100% profits and loss absorption rate) of Kandi Wanning, since it is entitled to 100% of the economic benefits, voting rights and residual interests ( 100% profits and loss absorption rate) of Kandi New Energy. | |
In July 2013, Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the “Service Company”) was formed. The JV Company has a 19% ownership interest in the Service Company. The Company, indirectly, through its wholly-owned subsidiary, Kandi Vehicles, has a 9.5% ownership interest in the Service Company. | |
In November 2013, Zhejiang Kandi Electric Vehicles Jinhua Co., Ltd. (“Kandi Jinhua”) was formed by the JV Company. The JV Company has 100% ownership interest in Kandi Jinhua, and the Company, indirectly, through its wholly-owned subsidiary, Kandi Vehicles, has a 50% ownership interest in Kandi Jinhua. | |
In November 2013, Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”) was formed by the JV Company. The JV Company has 100% ownership interest in JiHeKang, and the Company, indirectly, through its wholly-owned subsidiary, Kandi Vehicles, has a 50% ownership interest in JiHeKang. | |
In December 2013, the JV Company entered into an ownership transfer agreement with Shanghai Maple in connection with acquiring 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. (“Kandi Shanghai”). Kandi Shanghai is a wholly-owned subsidiary of the JV Company, and the Company, indirectly, through its 50% ownership interest in the JV Company owns 50% of Kandi Shanghai. | |
The Company’s primary business operations are the design, development, manufacturing, and commercialization of EVs, all-terrain vehicles (“ATVs”), go-karts, and other related specialized automobiles. As part of our strategic objective to become a leader in electric vehicles manufacturing and related services, we have increased our focus on fuel efficient, pure electrical vehicles with a particular emphasis on expanding our market share in China. |
LIQUIDITY
LIQUIDITY | 12 Months Ended |
Dec. 31, 2013 | |
LIQUIDITY [Text Block] | ' |
NOTE 2 - LIQUIDITY | |
The Company had a working capital deficit of ($6,631,680) as of December 31, 2013, decrease from a working capital surplus of $35,898,297 as of December 31, 2012. | |
As of December 31, 2013, the amount of advances to suppliers was $8,867,074, which included the advance of a RMB47 million ($7,687,275) deposit by Kandi Electric Vehicles (Wanning) Co., Ltd (“Kandi Wanning”) to Nanjing Shangtong Auto Technologies Co., Ltd. (“Nanjing Shangton”) for an equipment purchase. Kandi Wanning and Nanjing Shangtong entered into a letter of intent contemplating the purchase of equipment up to RMB180 million. The equipment will be purchased and delivered according to the construction schedule and development of Kandi Wanning. This advance will be used to off-set the equipment purchase price upon delivery. | |
In fiscal year 2013, Kandi Changxing prepaid RMB130 million to Zhejiang New Energy Auto System Co., Ltd. (“Zhejiang New Energy”) with the intent to acquire molds and equipment from Zhejiang New Energy, but the transaction did not close, and the advance was returned in full to Kandi Changxing. | |
As of December 31, 2013, the Company had credit lines from commercial banks for $56,100,752, of which $34,020,281 had been used as of December 31, 2013. The Company believes that its cash flows generated internally may not be sufficient to support growth of future operations and repay short-term bank loans for the next twelve (12) months, if needed. However, the Company believes its access to existing financing sources and established relationships with PRC banks will enable it to meet its obligations and fund its ongoing operations. | |
The Company has historically financed itself through short-term commercial bank loans from PRC banks. The term of these loans is typically for one year, and upon the payment of all outstanding principal and interest in a respective loan, the banks have typically rolled over the loans for additional one-year terms, with adjustments made to the interest rate to reflect prevailing market rates. The Company believes this situation has not changed and the short-term bank loans will be available on normal trade terms if needed. | |
On June 26, 2013, the Company entered into a securities purchase agreement with certain institutional investors (the “Investors”) that closed on July 1, 2013, pursuant to which the Company sold to the Investors, in a registered direct offering, an aggregate of 4,376,036 shares of our common stock at a negotiated purchase price of $6.03 per share, for aggregate gross proceeds of approximately $26,387,500, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the Investors also received Series A warrants for the purchase of up to 1,750,415 shares of our Common Stock at an exercise price of $7.24 per share and an option to make an additional investment in the form of Series B warrants and Series C warrants: Series B warrants to purchase a maximum aggregate of 728,936 shares of our common stock at an exercise price of $7.24 per share and the Series C warrants to purchase a maximum aggregate of 291,574 shares of our common stock at an exercise price of $8.69. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2013 | |
BASIS OF PRESENTATION [Text Block] | ' |
NOTE 3 - BASIS OF PRESENTATION | |
The Company maintains its general ledger and journals with the accrual method accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States and have been consistently applied in the presentation of financial statements. |
PRINCIPLES_OF_CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 12 Months Ended | |
Dec. 31, 2013 | ||
PRINCIPLES OF CONSOLIDATION [Text Block] | ' | |
NOTE 4 – PRINCIPLES OF CONSOLIDATION | ||
The consolidated financial statements reflect the accounts of the Company and its ownership interest in following subsidiaries: | ||
(i) | Continental Development, Ltd. (“Continental”) (a wholly-owned subsidiary of the Company) | |
(ii) | Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) (a wholly-owned subsidiary of Continental) | |
(iii) | Jinhua Three Parties New Energy Vehicles Service Co., Ltd. (“Jinhua Service”) (a 30% owned subsidiary of Kandi Vehicles) | |
(iv) | Jinhua Kandi New Energy Vehicles Co., Ltd. (“Kandi New Energy”) (a 50% owned subsidiary of Kandi Vehicles) | |
(v) | Yongkang Scrou Electric. Co., Ltd (“Yongkang Scrou”) (a wholly-owned subsidiary of Kandi Vehicles) | |
(vi) | Kandi Electric Vehicles (Changxing) Co., Ltd. (“Kandi Changxing”) (a wholly-owned subsidiary of the JV Company) | |
(vii) | Zhejiang Kandi Electric Vehicles Co.,Ltd. (the “JV Company”) (a 50% owned subsidiary of Kandi Vehicles) | |
(viii) | Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) (a subsidiary 10% owned by Kandi New Energy and 90% owned by Kandi Vehicles) | |
(ix) | Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the “Service Company”) (a 19% owned subsidiary of the JV Company). | |
(x) | Zhejiang Kandi Electric Vehicles Jinhua Co., Ltd. (“Kandi Jinhua”) (a wholly-owned subsidiary of the JV Company) | |
(xi) | Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”) (a wholly-owned subsidiary of the JV Company) | |
(xii) | Kandi Electric Vehicles (Shanghai) Co., Ltd. (“Kandi Shanghai”) (a wholly-owned subsidiary of the JV Company) | |
Inter-company accounts and transactions have been eliminated in consolidation. |
USE_OF_ESTIMATES
USE OF ESTIMATES | 12 Months Ended |
Dec. 31, 2013 | |
USE OF ESTIMATES [Text Block] | ' |
NOTE 5 – USE OF ESTIMATES | |
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results when ultimately realized could differ from those estimates. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' | ||||||||||||
NOTE 6 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
(a) Economic and Political Risks | |||||||||||||
The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC economy. | |||||||||||||
The Company’s operations are conducted mainly in the PRC. As such, its earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is the functional currency. Accordingly, the Company’s operation results are affected by changes in the exchange rate between the U.S. dollar and those currencies. | |||||||||||||
The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s performance may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. | |||||||||||||
(b) Fair Value of Financial Instruments | |||||||||||||
ASC 820 “Fair Value Measurement and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. | |||||||||||||
These tiers include: | |||||||||||||
Level 1—defined as observable inputs such as quoted prices in active markets; | |||||||||||||
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||||||||||
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||
The assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of December 31, 2013 are as follows: | |||||||||||||
Fair Value Measurements at Reporting Date Using Quoted Prices in | |||||||||||||
Active | Significant | ||||||||||||
Markets for | Other | ||||||||||||
Carrying value as | Identical | Observable | Significant | ||||||||||
of December 31, | Assets | Inputs | Unobservable Inputs | ||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Cash and cash equivalents | $ | 12,762,369 | $ | 12,762,369 | - | - | |||||||
Restricted cash | $ | 1,636 | 1,636 | - | - | ||||||||
Warrants (liability) | $ | 24,299,821 | - | - | $ | 24,299,821 | |||||||
Cash and cash equivalents consist primarily of high-rated money market funds at a variety of well-known institutions with original maturities of three months or less. Restricted cash represents time deposits on account, some of which is used to secure short-term bank loans and notes payable. The original cost of these assets approximates fair value due to their short-term maturity. | |||||||||||||
Warrants which are accounted as liabilities, are treated as derivative instruments, which will be measured at each reporting date for their fair value using Level 3 inputs. Also see Note 6 section (t) and (u). | |||||||||||||
(c) Cash and Cash Equivalents | |||||||||||||
The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents. | |||||||||||||
Restricted cash on December 31, 2013 and 2012 represent time deposits on account, some of which were used to secure short-term bank loans and notes payable. As of December 31, 2013, our restricted cash was as set forth on the table below: | |||||||||||||
Purpose | Amount | ||||||||||||
Used to secure short-term bank loans (also see Note 15) | $ | - | |||||||||||
Used to secure note payable (also see Note 16) | - | ||||||||||||
Pure time deposits | 1,636 | ||||||||||||
Total | 1,636 | ||||||||||||
(d) Inventories | |||||||||||||
Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the weighted average basis and comprises direct materials, direct labor and an appropriate proportion of overhead. | |||||||||||||
Net realizable value is based on estimated selling prices less any further costs expected to be incurred for completion and selling expense. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. | |||||||||||||
(e) Accounts Receivable | |||||||||||||
Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts will be recorded in the period when a loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging, ongoing business relation and other factors. Accounts are written off after exhaustive efforts at collection. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. At December 31, 2013 and 2012, the Company has no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. | |||||||||||||
In year 2013 and 2012, the credit term usually was 90 to 120 days after delivery.. | |||||||||||||
(f) Notes Receivable | |||||||||||||
Notes receivable represent short-term loans to third parties with the maximum term of one year. Interest income will be recognized according to each agreement between a borrower and the Company on accrual basis. If notes receivable are paid back, or written off, that will be recognized in the relevant year if the loan default is probable, reasonably assured and the loss can be reasonably estimated. The Company will recognize income if the written-off loan is recovered at a future date. In case of any foreclosure proceedings or legal actions being taken, the Company will provide accrual for the related foreclosure expenses and related litigation expenses. | |||||||||||||
(g) Prepayments | |||||||||||||
Prepayments represent cash paid in advance to suppliers. As of December 31, 2013, prepayments included cash paid advances to raw material suppliers, mold manufactures, and suppliers of equipment. The Company intends to purchase, as a prepaid expense, certain other expenses such as water and electricity fees. | |||||||||||||
As of December 31, 2013, a significant prepayment made by the Company was the advance of a RMB47 million ($7,687,275) deposit by Kandi Wanning to Nanjing Shangtong as described in Note 2. | |||||||||||||
Other advances for raw materials purchases which usually are settled within two (2) months by receiving raw materials. | |||||||||||||
(h) Plant and Equipment | |||||||||||||
Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. Estimated useful lives are as follows: | |||||||||||||
Buildings | 30 years | ||||||||||||
Machinery | 10 years | ||||||||||||
Motor vehicles | 5 years | ||||||||||||
Office equipment | 5 years | ||||||||||||
Molds | 5 years | ||||||||||||
The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to expense as incurred, whereas significant renewals and betterments are capitalized. | |||||||||||||
(i) Construction in Progress | |||||||||||||
Construction in progress represents direct costs of construction or the acquisition cost of buildings or machinery and design fees. Capitalization of these costs ceases and the construction in progress is transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until the assets are completed and ready for their intended use. | |||||||||||||
(j) Land Use Rights | |||||||||||||
According to the laws of China, land in the PRC is owned by the government and it ownership cannot be sold to an individual or a private company. However, the government grants the user a “land use right” to use the land. The land use rights granted to the Company are being amortized using the straight-line method over the lease term of fifty (50) years. | |||||||||||||
(k) Accounting for the Impairment of Long-Lived Assets | |||||||||||||
The Company periodically evaluates the carrying value of long-lived assets to be held and used, including intangible assets subject to amortization, when events and circumstances warrant such a review, pursuant to the guidelines established in Statement of Financial Accounting Standards (“SFAS”) No. 144 (now known as “ASC 360”). The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose. | |||||||||||||
(l) Revenue Recognition | |||||||||||||
Revenues represent the invoiced value of goods sold recognized upon the shipment of goods to customers. Revenues are recognized when all of the following criteria are met: | |||||||||||||
Persuasive evidence of an arrangement exists; | |||||||||||||
Delivery has occurred or services have been rendered; | |||||||||||||
The seller’s price to the buyer is fixed or determinable; and | |||||||||||||
Collectability is reasonably assured. | |||||||||||||
When the products are transferred to the other party, the risks are transferred to them too, and at that time the Company recognizes revenue. | |||||||||||||
(m) Research and Development | |||||||||||||
Expenditures relating to the development of new products and processes, including significant improvement to existing products, are expensed as incurred. Research and development expenses were $3,728,730 and $2,877,283 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
(n) Government Grant | |||||||||||||
Grants received from the PRC Government for assisting in the Company’s technical research and development efforts are recorded when the proceeds are received or collectible. | |||||||||||||
During 2013 and 2012, $228,396 and $132,139, respectively, were received from the PRC government as a reward for the Company’s contribution to the local economy. | |||||||||||||
(o) Income Taxes | |||||||||||||
The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The accounting for deferred tax calculation represents the management’s best estimate on the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. | |||||||||||||
(p) Foreign Currency Translation | |||||||||||||
The accompanying consolidated financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). Capital accounts of the consolidated financial statements are translated into United States dollars from RMB at their historical exchange rates when the capital transactions occur. | |||||||||||||
Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the year, which obtained from website: http://www.oanda.com | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Year-end RMB : USD exchange rate | 6.114 | 6.3161 | |||||||||||
Average yearly RMB : USD exchange rate | 6.1982 | 6.3198 | |||||||||||
(q) Comprehensive Income | |||||||||||||
Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes for the year in which such are obtained. | |||||||||||||
(r) Segments | |||||||||||||
In accordance with ASC subtopic 280-10 (“ASC 280-10”), Segment Reporting: Overall, the Company’s chief operating decision makers rely upon consolidated results of operations when making decisions about allocating resources and assessing performance of the Company; hence, the Company has only one single operating segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. | |||||||||||||
(s) Stock Option Cost | |||||||||||||
The Company’s stock option cost is recorded in accordance with ASC 718 and ASC 505. | |||||||||||||
The fair value of stock options is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the option. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||
Stock option expense recognized is based on awards expected to vest, and there were no estimated forfeitures. ASC standards require forfeitures to be estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from those estimates. | |||||||||||||
The stock option based expense for the year ended December 31, 2013 and 2012 is $0 and $19,053 respectively. Also see Note 20. | |||||||||||||
(t) Warrant Cost | |||||||||||||
The Company’s warrant costs are recorded in liabilities and equities, respectively, in accordance with ASC 480, ASC 505 and ASC 815. | |||||||||||||
The fair value of a warrant, which is classified as a liability, is estimated using the Black-Scholes-Merton model and the lattice valuation model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the warrant is based on the U.S. Treasury yield curve in effect at the time of measurement. The warrants, which are freestanding derivatives and are classified as liabilities on the balance sheet, will be measured at fair value on each reporting date, with decreases in fair value recognized in earnings and increases in fair values were recognized in expenses. | |||||||||||||
The fair value of equity-based warrants, which are not considered derivatives under ASC 815, is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||
(u) Fair Value of Conversion features | |||||||||||||
In accordance with ASC 815, the conversion feature of the convertible notes is separated from the debt instrument and accounted for separately as a derivative instrument. On the date the convertible notes are issued, the conversion feature is recorded as a liability at its fair value, and future decreases in fair value are recognized in earnings while increases in fair values are recognized in expenses. | |||||||||||||
The Company used the Black-Scholes-Merton option-pricing model to obtain the fair value of the conversion feature. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the conversion features. The risk-free interest rate for the expected term of the conversion features is based on the U.S. Treasury yield curve in effect at the time of measurement. | |||||||||||||
(v) Goodwill | |||||||||||||
We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. | |||||||||||||
Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We first assess qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, we perform a quantitative impairment test. At December 31, 2013, the Company determined that goodwill was not impaired. | |||||||||||||
(w) Intangible assets | |||||||||||||
Intangible assets consist of the trade name and customer relations associated with the purchase price allocation of Yongkang Scrou. Such assets are being amortized over their estimated useful lives of 9.7 years. Intangible assets are amortized as of December 31, 2013. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended | |
Dec. 31, 2013 | ||
NEW ACCOUNTING PRONOUNCEMENTS [Text Block] | ' | |
NOTE 7 – NEW ACCOUNTING PRONOUNCEMENTS | ||
In January 2013, FASB has issued Accounting Standards Update (ASU) No. 2013-01,Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Specifically, ASU 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the FASB Accounting Standards Codification™ (Codification) or subject to a master netting arrangement or similar agreement. The FASB undertook this clarification project in response to concerns expressed by U.S. stakeholders about the standard’s broad definition of financial instruments. After the standard was finalized, companies realized that many contracts have standard commercial provisions that would equate to a master netting arrangement, significantly increasing the cost of compliance at minimal value to financial statement users. An entity is required to apply the amendments in ASU 2013-01 for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of ASU 2011-11. | ||
In February 2013, FASB has issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU improves the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in this ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. | ||
The new amendments will require an organization to: | ||
Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. | ||
Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. | ||
The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). A private company is required to meet the reporting requirements of the amended paragraphs about the roll forward of accumulated other comprehensive income for both interim and annual reporting periods. However, private companies are only required to provide the information about the effect of reclassifications on line items of net income for annual reporting periods, not for interim reporting periods. The amendments are effective for reporting periods beginning after December 15, 2012, for public companies and are effective for reporting periods beginning after December 15, 2013, for private companies. Early adoption is permitted. | ||
In February 2013, FASB issued Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825). This ASU clarifies the scope and applicability of a disclosure exemption that resulted from the issuance of Accounting Standards Update No. 2011-04,Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendment clarifies that the requirement to disclose"the level of the fair value hierarchy within which the fair value measurements are categorized in their entirety (Level 1, 2, or 3)" does not apply to nonpublic entities for items that are not measured at fair value in the statement of financial position, but for which fair value is disclosed. This ASU is the final version of Proposed Accounting Standards Update 2013-200—Financial Instruments (Topic 825) which has been deleted. The amendments are effective upon issuance. | ||
In February 2013, FASB has issued Accounting Standards Update (ASU) No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years ending after December 15, 2014, and interim periods and annual periods thereafter. The amendments in this ASU should be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the ASU’s scope that exist at the beginning of an entity’s fiscal year of adoption. An entity may elect to use hindsight for the comparative periods (if it changed its accounting as a result of adopting the amendments in this ASU) and should disclose that fact. Early adoption is permitted. | ||
In March 2013, FASB has issued Accounting Standards Update (ASU) No. 2013-05, Foreign Currency Matters (Topic 830). This ASU resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights)within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. This ASU is the final version of Proposed Accounting Standards Update EITF11Ar—Foreign Currency Matters (Topic 830), which has been deleted. The amendments in this Update are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. For nonpublic entities the amendments in this Update are effective prospectively for the first annual period beginning after December 15, 2014, and interim and annual periods thereafter. The amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not be adjusted. Early adoption is permitted. If an entity elects to early adopt the amendments, it should apply them as of the beginning of the entity’s fiscal year of adoption. | ||
In July 2013,The FASB has issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carry forward Exists (a consensus of the FASB Emerging Issues Task Force). | ||
U.S. GAAP does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU state that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. | ||
This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
CONCENTRATIONS [Text Block] | ' | ||||||||||||
NOTE 8 – CONCENTRATIONS | |||||||||||||
(a) Customers | |||||||||||||
The Company’s major customers, each of whom accounted for more than 10% of our consolidated revenue, were as follows: | |||||||||||||
Sales | Accounts Receivable | ||||||||||||
Twelve | Twelve | ||||||||||||
Months | Months | ||||||||||||
Ended | Ended | ||||||||||||
December, 31, | December, 31, | December 31, | December 31, | ||||||||||
Major Customers | 2013 | 2012 | 2013 | 2012 | |||||||||
Jinhua Baoxiang Import & Export Co., Ltd | 24% | 33% | 15% | 21% | |||||||||
Shanghai Huapu Auto Co., Ltd | 23% | - | 52% | - | |||||||||
Zhejiang Jin Li Ma Trading Co., Ltd. | 14% | 12% | 8% | 8% | |||||||||
Jinhua Chaoneng Auto Sales Co., Ltd. | 10% | 7% | 7% | 8% | |||||||||
(b) Suppliers | |||||||||||||
The Company’s material suppliers, each of whom accounted for more than 10% of our total purchases, were as follows: | |||||||||||||
Purchases | Accounts Payable | ||||||||||||
Twelve | Twelve | ||||||||||||
Months | Months | ||||||||||||
Ended | Ended | ||||||||||||
December, 31, | December, 31, | December 31, | December 31, | ||||||||||
Major Suppliers | 2013 | 2012 | 2013 | 2012 | |||||||||
Zhejiang New Energy Auto System Co., Ltd. | 33% | 26% | 12% | - | |||||||||
Zhejiang Mengdeli Electric Co., Ltd. | 32% | 32% | 13% | 4% |
INCOME_PER_SHARE
INCOME PER SHARE | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INCOME PER SHARE [Text Block] | ' | ||||||
NOTE 9 – INCOME PER SHARE | |||||||
The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share, which requires a dual presentation of basic and diluted earnings per share. Basic earnings per share are computed using the weighted average number of shares outstanding during the fiscal year. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options, warrants and convertible note (using the if-converted method). For the fiscal year ended December 31, 2013, there are 0 potentially dilutive common shares because the Company recorded a net loss in 2013. | |||||||
The following table sets forth the computation of basic and diluted net income per common share: | |||||||
Twelve months Ended December 31, | 2013 | 2012 | |||||
Net (loss) income | $ | (21,140,723 | ) | $ | 6,049,479 | ||
Weighted – average shares of common stock outstanding | |||||||
Basic | 34,707,973 | 29,439,328 | |||||
Dilutive shares | 0 | 237,997 | |||||
Diluted | 34,707,973 | 29,677,325 | |||||
Basic earnings per share | $ | (0.61 | ) | $ | 0.21 | ||
Diluted earnings per share | $ | (0.61 | ) | $ | 0.2 | ||
Also see Note 19. |
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INVENTORIES [Text Block] | ' | ||||||
NOTE 10 - INVENTORIES | |||||||
Inventories are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Raw material | $ | 2,646,041 | $ | 2,278,096 | |||
Work-in-progress | 5,065,126 | 3,649,414 | |||||
Finished goods | 1,829,281 | 1,759,453 | |||||
Total inventories | 9,540,448 | 7,686,963 | |||||
Less: provision for slowing moving inventories | (352,734 | ) | (56,248 | ) | |||
Inventories, net | $ | 9,187,714 | $ | 7,630,715 |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
ACCOUNTS RECEIVABLE [Text Block] | ' | ||||||
NOTE 11 - ACCOUNTS RECEIVABLE | |||||||
Accounts receivable are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Accounts receivable | $ | 31,370,862 | $ | 33,557,534 | |||
Less: Provision for doubtful debts | - | - | |||||
Accounts receivable, net | $ | 31,370,862 | $ | 33,557,534 | |||
During fiscal year ended December 31, 2013, the Company sold products to Kandi USA Inc. carrying trade name of Eliteway Motorsports (“Eliteway”) amounting to $6,906,807 (2012:$5,297,548).At the fiscal year ended 2013, outstanding receivable due from Eliteway was $2,800,958 (2012:$2,678,349). | |||||||
Mr. Hu Wangyuan was the sole shareholder and officer of Eliteway which served as a US importer of the Company’s products. Mr. Hu Wangyuan is the adult son of the Company’s chairman and Chief Executive Officer, Mr. Hu Xiaoming. As of and for the year ended December 31, 2013, Eliteway and Mr. Hu Wangyuan were financially independent from the Company. The transactions between the Company and Eliteway were carried at arm’s-length without preferential terms comparing with other customers at the comparative order size or volume. |
NOTES_RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
NOTES RECEIVABLE [Text Block] | ' | ||||||
NOTE 12 - NOTES RECEIVABLE | |||||||
Notes receivable are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Notes receivable from unrelated companies: | |||||||
Due September 30, 2014, interest at 9.6% per annum 1 | 13,794,094 | 9,562,429 | |||||
Notes receivable from unrelated companies | 13,794,094 | 9,562,429 | |||||
Bank acceptance notes: | |||||||
Bank acceptance notes | - | - | |||||
Notes receivable | $ | 13,794,094 | $ | 9,562,429 | |||
Notes receivable are unsecured. | |||||||
Details of Notes receivable from unrelated parties as of December 31, 2012 | |||||||
Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | |||
1) | 9,562,429 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Repaid part in cash and renewed on the due date | ||
Details of Notes receivable from unrelated parties as of December 31, 2013 | |||||||
Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | |||
1) | 13,794,094 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Not Due |
LAND_USE_RIGHTS
LAND USE RIGHTS | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
LAND USE RIGHTS [Text Block] | ' | ||||||
NOTE 13 – LAND USE RIGHTS | |||||||
Land use rights consist of the following: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Cost of land use rights | $ | 16,223,208 | $ | 15,697,132 | |||
Less: Accumulated amortization | (1,770,017 | ) | (1,359,441 | ) | |||
Land use rights, net | $ | 14,453,191 | $ | 14,337,691 | |||
As of December 31, 2013 and 2012, the net book value of land use rights pledged as collateral for the Company’s bank loans was $9,983,647 and $7,313,642 respectively. Also see Note 16. | |||||||
As of December 31, 2013 and 2012, the net book value of land use rights pledged as collateral for bank loans borrowed by Zhejiang Mengdeli Electric Co., Ltd (“ZMEC”), an unrelated party of the Company was $0 and $3,500,426, respectively. Also see Note 24. | |||||||
It is a common business practice among companies in the region of China where Kandi is located to exchange guarantees for bank debt with no consideration given. It is considered a “favor for favor” business practice and is commonly required by the lending banks as in these cases. ZMEC has provided a guarantee for certain of the Company’s bank loans. As of December 31, 2013, ZMEC had guaranteed bank loan of the Company for a total of $16,028,786. | |||||||
The amortization expense for the years ended December 31, 2013 and 2012 was $353,568 and $346,761, respectively. | |||||||
Amortization expense for the next five years and thereafter is as follows: | |||||||
2014 | $ | 353,568 | |||||
2015 | 353,568 | ||||||
2016 | 353,568 | ||||||
2017 | 353,568 | ||||||
2018 | 353,568 | ||||||
Thereafter | 12,685,351 | ||||||
Total | $ | 14,453,191 |
PLANT_AND_EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
PLANT AND EQUIPMENT [Text Block] | ' | ||||||
NOTE 14 – PLANT AND EQUIPMENT | |||||||
Plant and equipment consist of the following: | |||||||
31-Dec-13 | 31-Dec-12 | ||||||
At cost: | |||||||
Buildings | $ | 14,514,873 | $ | 14,204,698 | |||
Machinery and equipment | 10,771,899 | 10,396,243 | |||||
Office equipment | 251,690 | 230,073 | |||||
Motor vehicles | 288,004 | 255,648 | |||||
Moulds | 34,230,014 | 33,947,746 | |||||
60,056,480 | 59,034,408 | ||||||
Less : Accumulated depreciation | |||||||
Buildings | $ | (3,010,451 | ) | $ | (2,439,546 | ) | |
Machinery and equipment | (10,278,409 | ) | (9,154,890 | ) | |||
Office equipment | (196,303 | ) | (163,833 | ) | |||
Motor vehicles | (228,442 | ) | (200,741 | ) | |||
Moulds | (16,648,583 | ) | (11,349,658 | ) | |||
(30,362,188 | ) | (23,308,668 | ) | ||||
Less: provision for impairment for fixed assets | (360,776 | ) | - | ||||
Plant and equipment, net | $ | 29,333,516 | $ | 35,725,740 | |||
As of December 31, 2013 and 2012, the net book value of plant and equipment pledged as collateral for the Company’s bank loans was $11,292,649 and $8,711,583, respectively. | |||||||
As of December 31, 2013 and 2012, the net book value of plant and equipment pledged as collateral for bank loans borrowed by Zhejiang Mengdeli Electric Co., Ltd. (“ZMEC”), an unrelated party of the Company was $0 and $2,834,569, respectively. Also see Note 24. | |||||||
Also see Note 15. Depreciation expense for the years ended December 31, 2013 and 2012 was $7,273,260 and $4,577,092, respectively. |
DUE_TOFROM_RELATED_PARTIES
DUE TO/FROM RELATED PARTIES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
DUE TO/FROM RELATED PARTIES [Text Block] | ' | ||||||
NOTE 15 - DUE TO/FROM RELATED PARTIES | |||||||
Due to Related Party | |||||||
2013 | 2012 | ||||||
ELIL(a) | $ | - | $ | 841,251 | |||
Total due to a related party | $ | - | $ | 841,251 | |||
___________ | |||||||
(a) | This amount payable represents certain costs during share exchange transaction, which were orally agreed to be borne by the former shareholder - Ever Lotts Investment Limited (“ELIL”). The Company’s previous auditor determined that the amount should be represented as a payable, because there was no written documentation underlying the oral agreement. However, consistent with the Company’s oral agreement, ELIL has never requested payment. The Company recently tried to contact ELIL in order to put our oral agreement in writing to release the Company’s obligation for this payment, but we are unable to reach ELIL. Given the fact that several years have passed since initially recording the payable, combined with the lack of a payment claim by ELIL, the Company believes that it is no longer required to record the amount as a payable, because any potential, future claim would be barred by the applicable statute of limitations. Therefore, the Company wrote off this amount to non-operating income at the end of 2013. |
SHORT_TERM_BANK_LOANS
SHORT TERM BANK LOANS | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
SHORT TERM BANK LOANS [Text Block] | ' | ||||||
NOTE 16 – SHORT-TERM BANK LOANS | |||||||
Short-term loans are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Loans from China Communication Bank-Jinhua Branch | |||||||
Monthly interest only payments at 7.50% per annum, due December 24, 2013 | $ | - | $ | 474,977 | |||
Loans from Jinhua Bank (Called Commercial Bank in the past) | |||||||
Monthly interest only payments at 6.89% per annum, due January 5, 2013, guaranteed by Zhejiang Kangli Metal Manufacturing Company, Mr. Hu Xiaoming, Ms. Ling Jiajia, and Ms. Ling Yueping. and secured by the assets of Jingdezheng De’er Investment Industrial Co., Ltd. (subsequently repaid on due date) | - | 3,166,511 | |||||
Monthly interest only payments at 6.30% per annum, due October 10, 2013, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. | - | 1,583,256 | |||||
Monthly interest only payments at 6.30% per annum, due November 25, 2013, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. | - | 791,628 | |||||
Monthly interest only payments at 6.30% per annum, due October 10, 2014, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. Also see Note 13 and Note 14 | 1,635,590 | - | |||||
Monthly interest only payments at 6.30% per annum, due December 2, 2014, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. Also see Note 13 and Note 14 | 817,795 | - | |||||
Monthly interest only payments at 6.30% per annum, due December 2, 2014, guaranteed by Zhejiang Kangli Metal Manufacturing Company, Mr. Hu Xiaoming, Ms. Ling Yueping, Mr. Lv Qingbo, Mr. Lv Qingjiang, and secured by the assets of the Company. Also see Note 13 and Note 14 | 3,271,181 | - | |||||
Loans from Yongkang Rural Cooperative Bank | |||||||
Monthly interest only payments at 1.026% per month, due March 31, 2014, guaranteed by Yonnkang Sanli Metal Co., Ltd. | 817,795 | - | |||||
Loans from China Ever-bright Bank | |||||||
Monthly interest only payments at 6.94% per annum, due January 25, 2013, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. | - | 4,749,766 | |||||
Monthly interest only payments at 6.94% per annum, due February 13, 2013, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. | - | 4,749,766 | |||||
Monthly interest only payments at 7.08% per annum, due December 4, 2013, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Mr. Hu Wangyuan, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. | - | 2,849,860 | |||||
Monthly interest only payments at 6.94% per annum, due May 14, 2014, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Mr. Hu Wangyuan, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. Also see Note 13 and Note 14. | 12,757,606 | - | |||||
Loans from Shanghai Pudong Development Bank | |||||||
Monthly interest only payments at 6.94% per annum, due June 27, 2013, secured by the property of Ms. Ling Yueping, guaranteed by Yongkang KangBang auto parts Co., Ltd. and Mr. Hu Xiaoming. | - | 3,166,511 | |||||
Monthly interest only payments at 6.60% per annum, due July 18, 2013, secured by the property of Ms. Ling Yueping, guaranteed by Yongkang KangBang auto parts Co., Ltd. and Mr. Hu Xiaoming. | - | 3,166,511 | |||||
Monthly interest only payments at 6.60% per annum, due September 4, 2014, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming. Also see Note 13 and Note 14. | 6,542,362 | - | |||||
Loans from Bank of Shanghai | |||||||
Monthly interest only payments at 6.60% per annum, due December 26, 2013, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Kangli Metal Manufacturing Company and Nanlong Group Co., Ltd. | - | 4,749,766 | |||||
Monthly interest only payments at 6.60% per annum, due December 27, 2014, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Kangli Metal Manufacturing Company and Nanlong Group Co., Ltd. | 4,906,771 | - | |||||
Loans from China Ever-growing Bank | |||||||
Monthly interest only payments at 7.57% per annum, due April 24, 2013, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Shuguang industrial Co., Ltd. and Zhejiang Mengdeli Electric Company. | - | 3,166,511 | |||||
Monthly interest only payments at 7.20% per annum, due April 22, 2014, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Shuguang industrial Co., Ltd. and Zhejiang Mengdeli Electric Company. | 3,271,181 | - | |||||
Total | $ | 34,020,281 | $ | 32,615,063 | |||
Short-term bank loan interest expense for the years ended December 31, 2013 and 2012 was $2,302,389, and $2,556,967, respectively. | |||||||
As of December 31, 2013, the aggregate amount of short-term loans that were guaranteed or secured by various third parties was $27,477,919. The breakdown is as follows: | |||||||
- $16,028,786 is guaranteed by Zhejiang Mengdeli Electric Co Ltd (“ZMEC”). | |||||||
- $8,177,952 is guaranteed by Zhejiang Kangli Metal Manufacturing Company, whose bank loan of $4,906,771 is guaranteed by the Company. Also see Note 23. $3,271,181 of the $8,177,952 is guaranteed by Lv Qingjiang and Lv Qingbo, two major shareholders of Zhejiang Kangli Metal Manufacturing Company. Also see Note 24. | |||||||
- $3,271,181 is guaranteed by Zhejiang Shuguang industrial Co., Ltd., whose bank loan of $4,906,771 is guaranteed by the Company. Also see Note 24. | |||||||
- $17,664,376 is guaranteed by Nanlong Group Co., Ltd. whose bank loans of $9,813,543 is also guaranteed by the Company. Also see Note 24. | |||||||
- $817,795 is guaranteed by Yonnkang Sanli Metal Co., Ltd. |
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
NOTES PAYABLE [Text Block] | ' | ||||||
NOTE 17 – NOTES PAYABLE | |||||||
By issuing bank note payables rather than paying cash to suppliers, the Company can defer the payments until the date the bank note payable is due. Simultaneously, depending on the requirements of the bank, the Company may need to deposit restricted cash in banks to back up the bank note payable, while the restricted cash deposited in banks will generate interest income. | |||||||
Notes payable are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Bank acceptance notes: | |||||||
Due March 26, 2013 | $ | - | $ | 1,583,255 | |||
Due March 26, 2013 | - | 1,583,255 | |||||
Due June 24, 2013 | - | 3,166,511 | |||||
Due June 24, 2013 | - | 6,333,023 | |||||
Due June 25, 2013 | - | 2,533,209 | |||||
Due June 25, 2013 | - | 10,132,835 | |||||
Due March 18, 2014 | 1,962,709 | - | |||||
Due May 19, 2014 | 8,177,952 | - | |||||
Due May 21, 2014 | 6,542,362 | - | |||||
Subtotal | $ | 16,683,023 | $ | 25,332,088 | |||
Notes payable to unrelated companies: | |||||||
$ | - | $ | - | ||||
Subtotal | $ | - | $ | - | |||
Total | $ | 16,683,023 | $ | 25,332,088 | |||
All the bank acceptance notes do not bear interest, but are subject to bank charges of 0.05% of the principal as commission on each transaction. Bank charges for notes payable were $21,136 and $20,246 in 2013 and 2012, respectively. | |||||||
No restricted cash is held as collateral for the notes payable at December 31, 2013. |
BOND_PAYABLE
BOND PAYABLE | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
BOND PAYABLE [Text Block] | ' | ||||
NOTE 18 – BOND PAYABLE | |||||
Due Date | Face Value | Coupon rate | Interest record date | Interest pay date | |
27-Dec-16 | 13,084,724 | 11.50% | 27-Dec | 27-Dec | |
Total face value | 13,084,724 | ||||
On December 27, 2012, the Company borrowed RMB80,000,000 from China Ever-bright Securities Co. Ltd. The maturity date is December 27, 2015 and no principal payments are required prior to maturity. The interest rate was 12% and interest was payable on December 27 in each of 2013, 2014 and 2015. The obligation was secured by an unrelated third party. | |||||
In August 2013, the Company repaid, without a prepayment penalty, all principal and interest to China Ever-bright Securities Co. Ltd. | |||||
On December 27, 2013, the Company issued the bond of RMB80,000,000 ($13,084,724) to China Ever-bright Securities Co. Ltd. and CITIC Securities Company Limited. The maturity of this bond is 3 years, and the material terms of this bond are similar as the terms of the bond issued in 2012 and repaid in August 2013, except that the interest rate is reduced to 11.5% . Bond interest was payable on December 27 in each of 2014, 2015 and 2016. |
TAXES
TAXES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
TAXES [Text Block] | ' | ||||||
NOTE 19 – TAXES | |||||||
(a) Corporation Income Tax | |||||||
In accordance with the relevant tax laws and regulations of the PRC, applicable corporate income tax rate is 25%. However, the Kandi Vehicle, qualified as a high technology company in China, was entitled to pay a reduced income tax rate of 15%. | |||||||
Kandi New Energy is a subsidiary of the Company and its applicable corporate income tax rate is 25%. | |||||||
Yongkang Scrou Electric. Co., Ltd is a subsidiary of the Company and its applicable corporate income tax rate was 25%. | |||||||
Kandi Electric Vehicles (Wanning) Co., Ltd. is a subsidiary of the Company and its applicable corporate income tax rate is 25%. | |||||||
Zhejiang Kandi Electric Vehicles Co., Ltd is a joint venture company (the “JV Company”). The Company has a 50% ownership interest in the JV Company and its applicable corporate income tax is 25%. | |||||||
Kandi Electric Vehicles (Changxing) Co., Ltd. is a subsidiary of the JV Company and its applicable corporate income tax rate is 25%. | |||||||
Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. is a 19% investment of the JV Company and its applicable corporate income tax rate is 25%. | |||||||
Zhejiang Kandi Electric Vehicles Jinhua Co., Ltd. is a subsidiary of the JV Company and its applicable corporate income tax rate is 25%. | |||||||
Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. is a subsidiary of the JV Company and its applicable corporate income tax rate is 25%. | |||||||
Kandi Electric Vehicles (Shanghai) Co., Ltd. is a subsidiary of the JV Company and its applicable corporate income tax rate is 25%. | |||||||
The Company, qualified as a high technology company in China, was entitled to pay an effective income tax rate of 16.68% and a research and development tax credit of 25%, resulting in a total tax benefit of 50.1% for our 2013 corporate income tax. | |||||||
According to the PRC CIT reporting system, the CIT sales cut-off base is concurrent with the value-added tax (“VAT”), which will be reported to the State Administration of Taxation (“SAT”) on a quarterly basis. Since the VAT and CIT are accounted for on a VAT tax basis that recorded all sales on a “State provided official invoices” reporting system, the Company is reporting the CIT according to the SAT prescribed tax reporting rules. Under the VAT tax reporting system, sales cut-off is not done on an accrual basis but rather on a VAT taxable reporting basis. Therefore, when the company adopted U.S. GAAP using an accrual basis, the sales cut-off CIT timing (due to the VAT reporting system) creates a temporary sales cut-off timing difference. This difference is reflected in the deferred tax assets or liabilities calculations on the income tax estimate reported on our Form 10-K. | |||||||
Effective January 1, 2007, the Company adopted ASC 740, Income Taxes. The interpretation addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. | |||||||
Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2013, the Company does not have a liability for unrecognized tax benefits. The Company files income tax returns to the U.S. Internal Revenue Services (“IRS”) and states where the Company has operations. The Company is subject to U.S. federal or state income tax examinations by the IRS and relevant state tax authorities for years after 2006. During the periods open to examination, the Company has net operating loss carry forwards (“NOLs”) for U.S. federal and state tax purposes that have attributes from closed periods. Since these NOLs may be utilized in future periods, they remain subject to examination. The Company also files certain tax returns in China. As of December 31, 2013, the Company was not aware of any pending income tax examinations by U.S. and China tax authorities. The Company’s policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of December 31, 2013, the Company has no accrued interest or penalties related to uncertain tax positions. The Company has not recorded a provision for U.S. federal income tax for the year ended December 31, 2013 due to the net operating loss in 2013 and an accumulated net operating loss carry forward from prior years in the United States. | |||||||
Income tax expense for the years ended December 31, 2013 and 2012 is summarized as follows: | |||||||
For the Year Ended | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Current: | |||||||
Provision for CIT | $ | 1,593,994 | $ | 1,523,735 | |||
Provision for Federal Income Tax | |||||||
Deferred: | |||||||
Provision for CIT | |||||||
Income tax expense | $ | 1,593,994 | $ | 1,523,735 | |||
The Company’s income tax expense differs from the “expected” tax expense for the years ended December 31, 2013 and 2012 (computed by applying the U.S. Federal Income Tax rate of 34% and PRC Corporation Income Tax rate of 25%, respectively to income before income taxes) as follows: | |||||||
For the Year Ended | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Computed “expected” income (expense) | $ | (1,381,713 | ) | $ | 651,245 | ||
Favorable tax rate | (1,378,429 | ) | (1,232,306 | ) | |||
Permanent differences | 361,230 | 932,699 | |||||
Valuation Allowance | 3,992,906 | 1,172,097 | |||||
Income tax expense | $ | 1,593,994 | $ | 1,523,735 | |||
The tax effects of temporary differences that give rise to the Company’s net deferred tax assets and liabilities as of December 31, 2013 and 2012 are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Current portion: | |||||||
Deferred tax assets (liabilities): | |||||||
Expense | $ | 47,224 | $ | (193,777 | ) | ||
Subtotal | 47,224 | (193,777 | ) | ||||
Deferred tax assets (liabilities): | |||||||
Sales cut-off difference derived from Value Added Tax reporting system to calculate PRC Corporation Income Tax in accordance with the PRC State Administration of Taxation | (33,518 | ) | 138,661 | ||||
Other | |||||||
Subtotal | (33,518 | ) | 138,661 | ||||
Total deferred tax assets (liabilities) – current portion | 13,706 | (55,166 | ) | ||||
Non-current portion: | |||||||
Deferred tax assets: | |||||||
Depreciation | 81,076 | 223,409 | |||||
Loss carried forward | 3,992,906 | 1,172,097 | |||||
Valuation allowance | (3,992,906 | ) | (1,172,097 | ) | |||
Subtotal | 81,076 | 223,409 | |||||
Deferred tax liabilities: | |||||||
Accumulated other comprehensive gain | (1,009,477 | ) | (222,714 | ) | |||
Subtotal | (1,009,477 | ) | (222,714 | ) | |||
Total deferred tax assets – non-current portion | (928,401 | ) | 695 | ||||
Net deferred tax (liabilities) assets | $ | (914,695 | ) | $ | (54,471 | ) | |
(b) Tax Holiday Effect | |||||||
For the years ended December 31, 2013 and 2012, the PRC corporate income tax rate was 25%. Certain subsidiaries of the Company are entitled to tax exemptions (tax holidays) for the years ended December 31, 2013 and 2012. | |||||||
The combined effects of the income tax expense exemptions and reductions available to the Company for the years ended December 31, 2013 and 2012 are as follows: | |||||||
For the Year Ended | |||||||
31-Dec | |||||||
2013 | 2012 | ||||||
Tax holiday effect | $ | 1,378,429 | $ | 1,232,306 | |||
Basic net income per share effect | $ | 0.04 | $ | 0.04 |
STOCK_OPTIONS_WARRANTS_AND_CON
STOCK OPTIONS, WARRANTS AND CONVERTIBLE NOTES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
STOCK OPTIONS, WARRANTS AND CONVERTIBLE NOTES [Text Block] | ' | ||||||||||||
NOTE 20 - STOCK OPTIONS, WARRANTS AND CONVERTIBLE NOTES | |||||||||||||
(a) Stock Options | |||||||||||||
On February 11, 2009, the Compensation Committee of the Board of Directors of the Company approved the grant of stock options for 2,600,000 shares of common stock to ten of the Company’s employees and directors. The stock options vest ratably over three years and expire in ten years from the grant date. The Company valued the stock options at $2,062,964 and amortized the stock compensation expense using the straight-line method over the service period from February 11, 2009 through February 11, 2012. The value of the options was estimated using the Black Scholes Model with an expected volatility of 164%, expected life of 10 years, risk-free interest rate of 2.76% and expected dividend yield of 0.00% . On June 30, 2011, one of the Company’s directors resigned, and his 6,668 unexercised options were forfeited. As of December 31, 2013, options for 2,366,672 shares have been exercised and 6,668 options have been forfeited. | |||||||||||||
On October 6, 2009, the Company executed an agreement with Wang Rui and Li Qiwen, third-party consultants, whereby Mr. Wang and Mr. Li are to provide business development services in China to the Company in exchange for options to purchase 350,000 shares of the Company’s common stock at an exercise price of $1.50 per share. Per the agreement, 250,000 of these options vested and become exercisable on March 6, 2010, and 100,000 vested and become exercisable on June 6, 2010. The options will expire after ten years. The options are issued under and subject to the terms of the Company’s 2008 Omnibus Long-Term Incentive Plan. | |||||||||||||
The following is a summary of the stock option activities of the Company: | |||||||||||||
Weighted Average | |||||||||||||
Activity | Exercise Price | ||||||||||||
Outstanding as of January 1, 2013 | 326,660 | $ | 1.01 | ||||||||||
Granted | - | - | |||||||||||
Exercised | - | - | |||||||||||
Cancelled | - | - | |||||||||||
Outstanding as of December 31, 2013 | 326,660 | 1.01 | |||||||||||
The following table summarizes information about stock options outstanding as of December 31, 2013: | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Remaining | |||||||||||||
Number of | Exercise | Contractual life | Number of | Exercise | |||||||||
shares | Price | (in years) | shares | Price | |||||||||
226,660 | $ | 0.8 | 5.25 | 226,660 | $ | 0.8 | |||||||
100,000 | 1.5 | 5.75 | 100,000 | 1.5 | |||||||||
The fair value per share of the 2,600,000 options issued to the employees and directors is $0.7934 per share. The fair value per share of the unexercised 100,000 options issued to Wang Rui and Li Qiwen, which became exercisable on June 6, 2010, is $3.44. | |||||||||||||
(b) Warrants and Convertible Notes | |||||||||||||
On September 21, 2009, the Company executed an agreement with a third-party consultant, whereby the consultant is to provide management consulting and advisory services for a period of 12 months, beginning on September 22, 2009, and ending on September 22, 2010. As compensation for the services provided, the Company agreed to issue 200,000 warrants to purchase the Company’s common stock, with 100,000 of these warrants issued at an exercise price of $2.00 per share and 100,000 of these warrants issued at an exercise price of $2.50 per share. All of the warrants have a five year contractual term and were granted on October 22, 2009. The warrants vested in full and became exercisable on January 21, 2010, upon the closing of an initial round of financing. By the end of 2012, the consultant had cashless exercised all the 200,000 warrants. | |||||||||||||
Under a Securities Purchase Agreement, dated as of January 21, 2010 (the “2010 Securities Purchase Agreement”), by and among the Company and certain investors thereto, the Company issued a total of $10 million of senior secured convertible notes (the “Convertible Notes”) and warrants exercisable for an aggregate of 800,000 shares of the Company’s common stock (the “Investor Warrants”), for gross proceeds of $10 million. The Convertible Notes, which accrue interest at a rate of 6% per annum, will mature in two years following the closing date of the offering and are initially convertible, at the option of the holders, into shares of common stock at $6.25 per share. As of January 21, 2010, the Convertible Notes were convertible into 1,600,000 shares of common stock at the price of $6.25 per share. The Investor Warrants, which are exercisable for a period of three years following the closing date, were initially exercisable upon entering into the 2010 Securities Purchase Agreement at an exercise price of $6.5625 per share. Included in the associated issuance costs is the fair value of 80,000 warrants issued to a placement agent. These warrants have the same terms and conditions as the Investor Warrants issued to the investors. | |||||||||||||
Pursuant to the terms of the Convertible Notes and the Investor Warrants, on May 18, 2010, the conversion price of the Convertible Notes was adjusted to $3.5924 per share and the exercise price of the Investor Warrants and warrants issued to the placement agent was adjusted to $4.3907 per share. On August 19, 2010, the conversion price of the Convertible Notes was adjusted to $3.1146 per share and the exercise price of the Investor Warrants and warrants issued to the placement agent was adjusted to $3.8067 per share. As a result, the number of Investor Warrants and warrants issued to the placement agent was adjusted to 1,379,148 and 137,915 respectively. As of December 31, 2013, the investors had converted all $10 million principal amount and $159,522 accrued interest of the Convertible Notes into an aggregate of 3,121,121 shares of Common Stock. | |||||||||||||
As of December 31, 2013, 1,162,073 Investor Warrants and 124,123 warrants issued to the placement agent have been exercised. The remaining 217,075 Investor Warrants and 13,792 placement agent warrants were forfeited. | |||||||||||||
On December 21, 2010, the Company agreed to sell to certain institutional investors up to 3,027,272 shares of the Company’s common stock and warrants to purchase up to 1,210,912 shares of the Company’s common stock in fixed combination, with each combination consisting of one share of common stock and a warrant to purchase 0.40 shares of common stock in a registered direct public offering (the “Second Round Warrants”). The warrants became exercisable immediately following the closing date of the offering and remain exercisable for three years thereafter at an exercise price of $6.30 per share. The exercise price of the Second Round Warrants was adjusted to $5.40 on September 9, 2013 as a result of the registered direct offering that closed on July 1, 2013. On December 12, 2013, the expiration date of the Second Round Warrants was extended to June 30, 2014. As of December 31, 2013, the fair value of the Second Round Warrants is $6.54 per share, and 327,272 of the Second Round Warrants have been exercised. | |||||||||||||
On June 26, 2013, the Company entered into a Securities Purchase Agreement (the “2013 Securities Purchase Agreement”) with certain institutional investors (the “Third Round Investors”) that closed on July 1, 2013 pursuant to which the Company sold to the Third Round Investors, in a registered direct offering, an aggregate of 4,376,036 shares of our common stock at a negotiated purchase price of $6.03 per share. Under the 2013 Securities Purchase Agreement, the Third Round Investors also received Series A warrants for the purchase of up to 1,750,415 shares of our common stock at an exercise price of $7.24 per share and an option to make an additional investment in the form of Series B warrants and Series C warrants: Series B warrants to purchase a maximum aggregate of 728,936 shares of our common stock at an exercise price of $7.24 per share and the Series C warrants to purchase a maximum aggregate of 291,574 shares of our common stock at an exercise price of $8.69 (the “Third Round Warrants”). In addition, the placement agent for this transaction also received warrants for the purchase of up to 262,562 shares of our common stock at an exercise price of $7.24 per share (the “Third Round Placement Agent Warrants”). As of December 31, 2013, the fair value of Series A warrants is $6.55 per share, the fair value of Series B warrants is $4.77 per share, the fair value of Series C warrants is $5.93 per share, and the Third Round Placement Agent Warrants’ fair value is $7.04 per share. In January 2014, all the Third Round Warrants were exercised on a cash basis. |
STOCK_AWARD
STOCK AWARD | 12 Months Ended |
Dec. 31, 2013 | |
STOCK AWARD [Text Block] | ' |
NOTE 21 – STOCK AWARD | |
In connection with his appointment to the Board of Directors, and as compensation for serving, the Board of Directors authorized the Company to provide Mr. Henry Yu with 5,000 shares of Company’s restricted common stock every six months, par value $0.001, beginning in July 2011. | |
As compensation for his services, the Board of Directors authorized the Company to provide Mr. Jerry Lewin with 5,000 shares of Company’s restricted common stock every six months, par value $0.001, beginning in August 2011. | |
As compensation for her services, the Board of Directors authorized the Company to provide Ms. Kewa Luo with 5,000 shares of Company’s common stock every six months, par value $0.001, beginning in September 2013. | |
The fair value of stock award based on service is determined based on closing price of the day that the shares are granted every six months. The compensation cost for awards of stock would be recognized over the requisite service period of six months. | |
On December 30, 2013, the Board of Directors approved a proposal (as submitted by the Compensation Committee) of an award for selected executives and other key employees comprising a total of 335,000 for each fiscal year beginning with the 2013 fiscal year under the Company’s 2008 Omnibus Long-Term Incentive Plan (the “Plan”) to be delivered upon the Company’s determination that the Company’s “Non-GAAP Net Income” for the fiscal year increased by 10%. “Non-GAAP Net Income” means the Company’s net income for a particular year calculated in accordance with GAAP, excluding option-related expenses, stock award expenses, and the effects caused by the change of fair value of financial derivatives. For example, if Non-GAAP Net Income for the 2013 fiscal year increases by 10% compared to the Non-GAAP Net Income for the 2012 fiscal year, the selected executives and other key employees will each be granted his or her target amount of common stock of the Company at the end of March 2014. If Non-GAAP Net Income in 2013 is less than Non-GAAP Net Income in 2012, then no common stock will be granted. If Non-GAAP Net Income in 2013 increases compared to Non-GAAP Net Income in 2012 but the increase is less than 10%, then the target amount of the common stock grant will be proportionately decreased. If Non-GAAP Net Income in 2013 increases compared to Non- GAAP Net Income in 2012 but the increase is more than 10%, then the target amount of the common stock grant will be proportionately increased. | |
The fair value of each award granted under Plan is determined based on the closing price of the Company’s stock on the date of grant of the award. To the extent that the performance goal is not met and so no shares become due, no compensation cost is recognized and any recognized compensation cost during the applicable year is reversed. The number of shares of common stock granted under the Plan during 2013 would be 801,163 shares. The compensation is recognized in General and Administrative Expenses. |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INTANGIBLE ASSETS [Text Block] | ' | ||||||
NOTE 22 – INTANGIBLE ASSETS | |||||||
The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets other than goodwill: | |||||||
Remaining useful life | 31-Dec-13 | ||||||
Gross carrying amount: | |||||||
Trade name | 8 years | $ | 492,235 | ||||
Customer relations | 8 years | 304,086 | |||||
796,321 | |||||||
Less : Accumulated amortization | |||||||
Trade name | $ | (84,576 | ) | ||||
Customer relations | (52,249 | ) | |||||
(136,825 | ) | ||||||
Intangible assets, net | $ | 659,496 | |||||
The aggregate amortization expense for those intangible assets that continue to be amortized is reflected in amortization of intangible assets in the Consolidated Statements of Income and comprehensive Income and was $82,095 and $54,730 for the years ended December 31, 2013 and 2012, respectively. | |||||||
Amortization expense for the next five years and thereafter is as follows: | |||||||
2014 | $ | 82,095 | |||||
2015 | 82,095 | ||||||
2016 | 82,095 | ||||||
2017 | 82,095 | ||||||
2018 | 82,095 | ||||||
Thereafter | 249,021 | ||||||
Total | $ | 659,496 |
SUMMARIZED_INFORMATION_OF_INVE
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY [Text Block] | ' | ||||||
NOTE 23 – SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY | |||||||
The Company’s investment in the JV Company is accounted for using the equity method of accounting. The JV Company has consolidated the following: (1) 100% interest in Kandi Changxing; (2) 100% interest in Kandi Jinhua; (3) 100% interest in JiHeKang; (4) 100% interest in Kandi Shanghai; and 19% interest in the Service Company. | |||||||
The combined results of operations and financial position of the JV Company are summarized below: | |||||||
2013 | 2012 | ||||||
Condensed income statement information: | |||||||
Net sales | $ | 15,212,347 | $ | - | |||
Gross (loss) | (1,279,914 | ) | - | ||||
Net (loss) | (3,020,756 | ) | - | ||||
Company’s equity in net income of JV | (1,510,378 | ) | - | ||||
Condensed balance sheet information: | |||||||
Current assets | 108,139,053 | - | |||||
Noncurrent assets | 146,130,466 | - | |||||
Total assets | 254,269,519 | - | |||||
Current liabilities | 93,772,816 | - | |||||
Noncurrent liabilities | - | - | |||||
Equity | 160,496,703 | - | |||||
Total liabilities and equity | 254,269,519 | - | |||||
Note: The following table illustrates the captions used in the Company’s Income Statements for its equity basis investments in the JV Company. | |||||||
Changes in the Company’s investment in JV Company for the year ended December 31, 2013 and 2012 are as follows: | |||||||
2013 | 2012 | ||||||
Condensed income statement information: | |||||||
Investment in JV Company, beginning of the year, | $ | 81,779,522 | $ | - | |||
(Loss) from equity investment | (1,510,378 | ) | - | ||||
Intercompany transaction unrealized gain elimination | (903,976 | ) | - | ||||
Exchange difference | (33,238 | ) | - | ||||
Investment in JV Company, end of the year | 79,331,930 | - | |||||
The following tables summarize the effects of transactions including sales and purchases with the JV Company: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Sales to Kandi Electric Vehicles (Changxing) Co., Ltd. | $ | 11,223,823 | $ | - | |||
Purchase from Kandi Electric Vehicles (Changxing) Co., Ltd. | 487,453 | - | |||||
During fiscal year ended December 31, 2013, the Company sold and purchased products to and from Kandi Electric Vehicles (Changxing) Co., Ltd., one of the 100% owned subsidiary of the 50% joint venture investment of the Company, amounting to $11,223,823 (2012:$0) and $487,453 (2012:$0) respectively. | |||||||
As of December 31, 2012 and 2013, significant balances with the JV Company were as follows: | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Due from Kandi Electric Vehicles (Changxing) Co., Ltd. | $ | 1,576,408 | $ | - | |||
Due from Zhejiang Kandi Electric Vehicles Co.,Ltd | 4,121,688 | - | |||||
Due (to) Zhejiang Kandi Electric Vehicles Jinhua Co.,Ltd | (2,780,504 | ) | - | ||||
$ | 2,917,592 | $ | - | ||||
The amounts due from the JV Company as of December 31, 2012 and 2013 are not collateralized, interest-free and have normal business payment terms. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
COMMITMENTS AND CONTINGENCIES [Text Block] | ' | |||
NOTE 24 - COMMITMENTS AND CONTINGENCIES | ||||
Guarantees and pledged collateral for third party bank loans | ||||
As of December 31, 2013, the Company provided guarantees for the following third parties: | ||||
(1) Guarantees for bank loans | ||||
Guarantee provided to | Amount | |||
Zhejiang Kangli Metal Manufacturing Company. | $ | 4,906,771 | ||
Zhejiang Shuguang industrial Co., Ltd. | 4,906,771 | |||
Yongkang Angtai Trade Co., Ltd. | 817,795 | |||
Nanlong Group Co., Ltd. | 9,813,543 | |||
Total | $ | 20,444,880 | ||
On December 27, 2013, the Company entered into a guarantee contract to serve as the guarantor for the bank loan borrowed from Shanghai Bank Hangzhou branch in the amount of $4,906,771 by Zhejiang Kangli Metal Manufacturing Company. (“ZKMMC”) for the period from December 27, 2013 to December 27, 2014. ZKMMC is not related to the Company. Under this guarantee contract, the Company agrees to perform all obligations of ZKMMC under the loan contract if ZKMMC fails to perform its obligations as set forth therein. | ||||
On February 26, 2013, the Company entered into a guarantee contract to serve as the guarantor for the bank loan borrowed from PingAn Bank in the amount of $4,906,771 by Zhejiang Shuguang industrial Co., Ltd. (“ZSICL”) for the period from February 26, 2013 to February 26, 2014. ZSICL is not related to the Company. Under this guarantee contract, the Company agrees to perform all obligations of ZSICL under the loan contracts if ZSICL fails to perform its obligations as set forth therein. | ||||
On January 6, 2013, the Company entered into a guarantee contract to serve as the guarantor for the bank loans borrowed from China Communication Bank Jinhua Branch in the amount of $817,795 by Yongkang Angtai Trade Co., Ltd. (“YATCL”) for the period from January 6, 2013 to January 6, 2014. YATCL is not related to the Company. Under this guarantee contract, the Company agrees to perform all obligations of YATCL under the loan contracts if YATCL fails to perform its obligations as set forth therein. | ||||
On March 15, 2013 and December 27, 2013, the Company entered into two guarantee contracts to serve as the guarantor for the bank loans borrowed from Shanghai Pudong Development Bank Jinhua Branch and Shanghai Bank Hangzhou branch in the amount of $3,271,181 and $6,542,362 respectively by Nanlong Group Co., Ltd. (“NGCL”) for the period from March 15, 2013 to March 15, 2016, and December 27, 2013 to December 27, 2014 respectively. NGCL is not related to the Company. Under these guarantee contracts, the Company agrees to perform all obligations of NGCL under the loan contract if NGCL fails to perform its obligations as set forth therein. | ||||
(2) Pledged collateral for a third party’s bank loans | ||||
As of December 31, 2013, none of the Company’s land use rights or plant and equipment were pledged as collateral securing bank loans to third parties. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Text Block] | ' | ||||||||||||
NOTE 25 – SEGMENT REPORTING | |||||||||||||
The Company has only one single operating segment. The Company’s revenue and long-lived assets are primarily derived from and located in the PRC. The Company only has operations in China. | |||||||||||||
The following table sets forth revenues by geographic area | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
Sales Revenue | Long Lived Assets | Sales Revenue | Long Lived Assets | ||||||||||
North America | $ | 6,906,807 | - | $ | 7,243,257 | - | |||||||
Europe and other region | 2,394,948 | - | 1,639,990 | - | |||||||||
China | 85,234,290 | 124,294,994 | 55,630,423 | 51,289,815 | |||||||||
Total | $ | 94,536,045 | 124,294,994 | $ | 64,513,670 | 51,289,815 |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENT [Text Block] | ' |
NOTE 26 - SUBSEQUENT EVENT | |
On January 15, 2014, the Company sold to the Investors warrants to purchase an aggregate of 1,429,393 shares of the Company’s common stock, par value $0.001 per share at an exercise price equal to $15 (the “Fourth Round Warrants”) for a total purchase price paid by certain institution investors to the Company of approximately $14,294. The Fourth Round Warrants became exercisable immediately following the closing date of this offering and will expire on January 30, 2015. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Economic and Political Risks [Policy Text Block] | ' | ||||||
(a) Economic and Political Risks | |||||||
The Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC economy. | |||||||
The Company’s operations are conducted mainly in the PRC. As such, its earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is the functional currency. Accordingly, the Company’s operation results are affected by changes in the exchange rate between the U.S. dollar and those currencies. | |||||||
The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s performance may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. | |||||||
Fair Value of Financial Instruments [Policy Text Block] | ' | ||||||
(b) Fair Value of Financial Instruments | |||||||
ASC 820 “Fair Value Measurement and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. | |||||||
These tiers include: | |||||||
Level 1—defined as observable inputs such as quoted prices in active markets; | |||||||
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||||
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||
The assets measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of December 31, 2013 are as follows: | |||||||
Cash and Cash Equivalents [Policy Text Block] | ' | ||||||
(c) Cash and Cash Equivalents | |||||||
The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents. | |||||||
Restricted cash on December 31, 2013 and 2012 represent time deposits on account, some of which were used to secure short-term bank loans and notes payable. As of December 31, 2013, our restricted cash was as set forth on the table below: | |||||||
Purpose | Amount | ||||||
Used to secure short-term bank loans (also see Note 15) | $ | - | |||||
Used to secure note payable (also see Note 16) | - | ||||||
Pure time deposits | 1,636 | ||||||
Total | 1,636 | ||||||
Inventories [Policy Text Block] | ' | ||||||
(d) Inventories | |||||||
Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the weighted average basis and comprises direct materials, direct labor and an appropriate proportion of overhead. | |||||||
Net realizable value is based on estimated selling prices less any further costs expected to be incurred for completion and selling expense. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. | |||||||
Accounts Receivable [Policy Text Block] | ' | ||||||
(e) Accounts Receivable | |||||||
Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts will be recorded in the period when a loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging, ongoing business relation and other factors. Accounts are written off after exhaustive efforts at collection. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. At December 31, 2013 and 2012, the Company has no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. | |||||||
In year 2013 and 2012, the credit term usually was 90 to 120 days after delivery.. | |||||||
Note receivable [Policy Text Block] | ' | ||||||
(f) Notes Receivable | |||||||
Notes receivable represent short-term loans to third parties with the maximum term of one year. Interest income will be recognized according to each agreement between a borrower and the Company on accrual basis. If notes receivable are paid back, or written off, that will be recognized in the relevant year if the loan default is probable, reasonably assured and the loss can be reasonably estimated. The Company will recognize income if the written-off loan is recovered at a future date. In case of any foreclosure proceedings or legal actions being taken, the Company will provide accrual for the related foreclosure expenses and related litigation expenses. | |||||||
Prepayments [Policy Text Block] | ' | ||||||
(g) Prepayments | |||||||
Prepayments represent cash paid in advance to suppliers. As of December 31, 2013, prepayments included cash paid advances to raw material suppliers, mold manufactures, and suppliers of equipment. The Company intends to purchase, as a prepaid expense, certain other expenses such as water and electricity fees. | |||||||
As of December 31, 2013, a significant prepayment made by the Company was the advance of a RMB47 million ($7,687,275) deposit by Kandi Wanning to Nanjing Shangtong as described in Note 2. | |||||||
Other advances for raw materials purchases which usually are settled within two (2) months by receiving raw materials. | |||||||
Plant and Equipment [Policy Text Block] | ' | ||||||
(h) Plant and Equipment | |||||||
Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. Estimated useful lives are as follows: | |||||||
Buildings | 30 years | ||||||
Machinery | 10 years | ||||||
Motor vehicles | 5 years | ||||||
Office equipment | 5 years | ||||||
Molds | 5 years | ||||||
Construction in Progress [Policy Text Block] | ' | ||||||
(i) Construction in Progress | |||||||
Construction in progress represents direct costs of construction or the acquisition cost of buildings or machinery and design fees. Capitalization of these costs ceases and the construction in progress is transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until the assets are completed and ready for their intended use. | |||||||
Land Use Rights [Policy Text Block] | ' | ||||||
(j) Land Use Rights | |||||||
According to the laws of China, land in the PRC is owned by the government and it ownership cannot be sold to an individual or a private company. However, the government grants the user a “land use right” to use the land. The land use rights granted to the Company are being amortized using the straight-line method over the lease term of fifty (50) years. | |||||||
Accounting for the Impairment of Long-Lived Assets [Policy Text Block] | ' | ||||||
(k) Accounting for the Impairment of Long-Lived Assets | |||||||
The Company periodically evaluates the carrying value of long-lived assets to be held and used, including intangible assets subject to amortization, when events and circumstances warrant such a review, pursuant to the guidelines established in Statement of Financial Accounting Standards (“SFAS”) No. 144 (now known as “ASC 360”). The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose. | |||||||
Revenue Recognition [Policy Text Block] | ' | ||||||
(l) Revenue Recognition | |||||||
Revenues represent the invoiced value of goods sold recognized upon the shipment of goods to customers. Revenues are recognized when all of the following criteria are met: | |||||||
Persuasive evidence of an arrangement exists; | |||||||
Delivery has occurred or services have been rendered; | |||||||
The seller’s price to the buyer is fixed or determinable; and | |||||||
Collectability is reasonably assured. | |||||||
Research and Development [Policy Text Block] | ' | ||||||
(m) Research and Development | |||||||
Expenditures relating to the development of new products and processes, including significant improvement to existing products, are expensed as incurred. Research and development expenses were $3,728,730 and $2,877,283 for the years ended December 31, 2013 and 2012, respectively. | |||||||
Government Grant [Policy Text Block] | ' | ||||||
(n) Government Grant | |||||||
Grants received from the PRC Government for assisting in the Company’s technical research and development efforts are recorded when the proceeds are received or collectible. | |||||||
During 2013 and 2012, $228,396 and $132,139, respectively, were received from the PRC government as a reward for the Company’s contribution to the local economy. | |||||||
Income Taxes [Policy Text Block] | ' | ||||||
(o) Income Taxes | |||||||
The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The accounting for deferred tax calculation represents the management’s best estimate on the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. | |||||||
Foreign Currency Translation [Policy Text Block] | ' | ||||||
(p) Foreign Currency Translation | |||||||
The accompanying consolidated financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). Capital accounts of the consolidated financial statements are translated into United States dollars from RMB at their historical exchange rates when the capital transactions occur. | |||||||
Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the year, which obtained from website: http://www.oanda.com | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Year-end RMB : USD exchange rate | 6.114 | 6.3161 | |||||
Average yearly RMB : USD exchange rate | 6.1982 | 6.3198 | |||||
Comprehensive Income [Policy Text Block] | ' | ||||||
(q) Comprehensive Income | |||||||
Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes for the year in which such are obtained. | |||||||
Segments [Policy Text Block] | ' | ||||||
(r) Segments | |||||||
In accordance with ASC subtopic 280-10 (“ASC 280-10”), Segment Reporting: Overall, the Company’s chief operating decision makers rely upon consolidated results of operations when making decisions about allocating resources and assessing performance of the Company; hence, the Company has only one single operating segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. | |||||||
Stock Option Cost [Policy Text Block] | ' | ||||||
(s) Stock Option Cost | |||||||
The Company’s stock option cost is recorded in accordance with ASC 718 and ASC 505. | |||||||
The fair value of stock options is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the option. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||
Stock option expense recognized is based on awards expected to vest, and there were no estimated forfeitures. ASC standards require forfeitures to be estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from those estimates. | |||||||
The stock option based expense for the year ended December 31, 2013 and 2012 is $0 and $19,053 respectively. Also see Note 20. | |||||||
Warrant Cost [Policy Text Block] | ' | ||||||
(t) Warrant Cost | |||||||
The Company’s warrant costs are recorded in liabilities and equities, respectively, in accordance with ASC 480, ASC 505 and ASC 815. | |||||||
The fair value of a warrant, which is classified as a liability, is estimated using the Black-Scholes-Merton model and the lattice valuation model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the warrant is based on the U.S. Treasury yield curve in effect at the time of measurement. The warrants, which are freestanding derivatives and are classified as liabilities on the balance sheet, will be measured at fair value on each reporting date, with decreases in fair value recognized in earnings and increases in fair values were recognized in expenses. | |||||||
The fair value of equity-based warrants, which are not considered derivatives under ASC 815, is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||
Fair Value of Conversion features [Policy Text Block] | ' | ||||||
(u) Fair Value of Conversion features | |||||||
In accordance with ASC 815, the conversion feature of the convertible notes is separated from the debt instrument and accounted for separately as a derivative instrument. On the date the convertible notes are issued, the conversion feature is recorded as a liability at its fair value, and future decreases in fair value are recognized in earnings while increases in fair values are recognized in expenses. | |||||||
The Company used the Black-Scholes-Merton option-pricing model to obtain the fair value of the conversion feature. The Company’s expected volatility assumption is based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on the expiration date of the conversion features. The risk-free interest rate for the expected term of the conversion features is based on the U.S. Treasury yield curve in effect at the time of measurement. | |||||||
Goodwill [Policy Text Block] | ' | ||||||
(v) Goodwill | |||||||
We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. | |||||||
Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We first assess qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, we perform a quantitative impairment test. At December 31, 2013, the Company determined that goodwill was not impaired. | |||||||
Intangible assets [Policy Text Block] | ' | ||||||
(w) Intangible assets | |||||||
Intangible assets consist of the trade name and customer relations associated with the purchase price allocation of Yongkang Scrou. Such assets are being amortized over their estimated useful lives of 9.7 years. Intangible assets are amortized as of December 31, 2013. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||
Fair Value Measurements at Reporting Date Using Quoted Prices in | |||||||||||||
Active | Significant | ||||||||||||
Markets for | Other | ||||||||||||
Carrying value as | Identical | Observable | Significant | ||||||||||
of December 31, | Assets | Inputs | Unobservable Inputs | ||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Cash and cash equivalents | $ | 12,762,369 | $ | 12,762,369 | - | - | |||||||
Restricted cash | $ | 1,636 | 1,636 | - | - | ||||||||
Warrants (liability) | $ | 24,299,821 | - | - | $ | 24,299,821 | |||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | ||||||||||||
Purpose | Amount | ||||||||||||
Used to secure short-term bank loans (also see Note 15) | $ | - | |||||||||||
Used to secure note payable (also see Note 16) | - | ||||||||||||
Pure time deposits | 1,636 | ||||||||||||
Total | 1,636 | ||||||||||||
Schedule of Property and Equipment Estimated Useful Lives [Table Text Block] | ' | ||||||||||||
Buildings | 30 years | ||||||||||||
Machinery | 10 years | ||||||||||||
Motor vehicles | 5 years | ||||||||||||
Office equipment | 5 years | ||||||||||||
Molds | 5 years | ||||||||||||
Schedule of Average Foreign Currency Exchange Rates [Table Text Block] | ' | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Year-end RMB : USD exchange rate | 6.114 | 6.3161 | |||||||||||
Average yearly RMB : USD exchange rate | 6.1982 | 6.3198 |
CONCENTRATIONS_Tables
CONCENTRATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Revenue and Accounts Receivable Percentage by Major Customers [Table Text Block] | ' | ||||||||||||
Sales | Accounts Receivable | ||||||||||||
Twelve | Twelve | ||||||||||||
Months | Months | ||||||||||||
Ended | Ended | ||||||||||||
December, 31, | December, 31, | December 31, | December 31, | ||||||||||
Major Customers | 2013 | 2012 | 2013 | 2012 | |||||||||
Jinhua Baoxiang Import & Export Co., Ltd | 24% | 33% | 15% | 21% | |||||||||
Shanghai Huapu Auto Co., Ltd | 23% | - | 52% | - | |||||||||
Zhejiang Jin Li Ma Trading Co., Ltd. | 14% | 12% | 8% | 8% | |||||||||
Jinhua Chaoneng Auto Sales Co., Ltd. | 10% | 7% | 7% | 8% | |||||||||
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers [Table Text Block] | ' | ||||||||||||
Purchases | Accounts Payable | ||||||||||||
Twelve | Twelve | ||||||||||||
Months | Months | ||||||||||||
Ended | Ended | ||||||||||||
December, 31, | December, 31, | December 31, | December 31, | ||||||||||
Major Suppliers | 2013 | 2012 | 2013 | 2012 | |||||||||
Zhejiang New Energy Auto System Co., Ltd. | 33% | 26% | 12% | - | |||||||||
Zhejiang Mengdeli Electric Co., Ltd. | 32% | 32% | 13% | 4% |
INCOME_PER_SHARE_Tables
INCOME PER SHARE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||
Twelve months Ended December 31, | 2013 | 2012 | |||||
Net (loss) income | $ | (21,140,723 | ) | $ | 6,049,479 | ||
Weighted – average shares of common stock outstanding | |||||||
Basic | 34,707,973 | 29,439,328 | |||||
Dilutive shares | 0 | 237,997 | |||||
Diluted | 34,707,973 | 29,677,325 | |||||
Basic earnings per share | $ | (0.61 | ) | $ | 0.21 | ||
Diluted earnings per share | $ | (0.61 | ) | $ | 0.2 |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Inventories [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Raw material | $ | 2,646,041 | $ | 2,278,096 | |||
Work-in-progress | 5,065,126 | 3,649,414 | |||||
Finished goods | 1,829,281 | 1,759,453 | |||||
Total inventories | 9,540,448 | 7,686,963 | |||||
Less: provision for slowing moving inventories | (352,734 | ) | (56,248 | ) | |||
Inventories, net | $ | 9,187,714 | $ | 7,630,715 |
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Accounts Receivable [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Accounts receivable | $ | 31,370,862 | $ | 33,557,534 | |||
Less: Provision for doubtful debts | - | - | |||||
Accounts receivable, net | $ | 31,370,862 | $ | 33,557,534 |
NOTES_RECEIVABLE_Tables
NOTES RECEIVABLE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Notes Receivable [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Notes receivable from unrelated companies: | |||||||
Due September 30, 2014, interest at 9.6% per annum 1 | 13,794,094 | 9,562,429 | |||||
Notes receivable from unrelated companies | 13,794,094 | 9,562,429 | |||||
Bank acceptance notes: | |||||||
Bank acceptance notes | - | - | |||||
Notes receivable | $ | 13,794,094 | $ | 9,562,429 | |||
Schedule of Detailed Unrelated Party Notes Receivable as of December 31, 2012 [Table Text Block] | ' | ||||||
Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | |||
1) | 9,562,429 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Repaid part in cash and renewed on the due date | ||
Schedule of Detailed Unrelated Party Notes Receivable as of December 31, 2013 [Table Text Block] | ' | ||||||
Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | |||
1) | 13,794,094 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Not Due |
LAND_USE_RIGHTS_Tables
LAND USE RIGHTS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Land Use Rights [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Cost of land use rights | $ | 16,223,208 | $ | 15,697,132 | |||
Less: Accumulated amortization | (1,770,017 | ) | (1,359,441 | ) | |||
Land use rights, net | $ | 14,453,191 | $ | 14,337,691 | |||
Schedule of Land Use Rights Expected Amortization Expense [Table Text Block] | ' | ||||||
2014 | $ | 353,568 | |||||
2015 | 353,568 | ||||||
2016 | 353,568 | ||||||
2017 | 353,568 | ||||||
2018 | 353,568 | ||||||
Thereafter | 12,685,351 | ||||||
Total | $ | 14,453,191 |
PLANT_AND_EQUIPMENT_Tables
PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Plant and Equipment [Table Text Block] | ' | ||||||
31-Dec-13 | 31-Dec-12 | ||||||
At cost: | |||||||
Buildings | $ | 14,514,873 | $ | 14,204,698 | |||
Machinery and equipment | 10,771,899 | 10,396,243 | |||||
Office equipment | 251,690 | 230,073 | |||||
Motor vehicles | 288,004 | 255,648 | |||||
Moulds | 34,230,014 | 33,947,746 | |||||
60,056,480 | 59,034,408 | ||||||
Less : Accumulated depreciation | |||||||
Buildings | $ | (3,010,451 | ) | $ | (2,439,546 | ) | |
Machinery and equipment | (10,278,409 | ) | (9,154,890 | ) | |||
Office equipment | (196,303 | ) | (163,833 | ) | |||
Motor vehicles | (228,442 | ) | (200,741 | ) | |||
Moulds | (16,648,583 | ) | (11,349,658 | ) | |||
(30,362,188 | ) | (23,308,668 | ) | ||||
Less: provision for impairment for fixed assets | (360,776 | ) | - | ||||
Plant and equipment, net | $ | 29,333,516 | $ | 35,725,740 |
DUE_TOFROM_RELATED_PARTIES_Tab
DUE TO/FROM RELATED PARTIES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||
2013 | 2012 | ||||||
ELIL(a) | $ | - | $ | 841,251 | |||
Total due to a related party | $ | - | $ | 841,251 |
SHORT_TERM_BANK_LOANS_Tables
SHORT TERM BANK LOANS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Short-term Bank Loans [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Loans from China Communication Bank-Jinhua Branch | |||||||
Monthly interest only payments at 7.50% per annum, due December 24, 2013 | $ | - | $ | 474,977 | |||
Loans from Jinhua Bank (Called Commercial Bank in the past) | |||||||
Monthly interest only payments at 6.89% per annum, due January 5, 2013, guaranteed by Zhejiang Kangli Metal Manufacturing Company, Mr. Hu Xiaoming, Ms. Ling Jiajia, and Ms. Ling Yueping. and secured by the assets of Jingdezheng De’er Investment Industrial Co., Ltd. (subsequently repaid on due date) | - | 3,166,511 | |||||
Monthly interest only payments at 6.30% per annum, due October 10, 2013, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. | - | 1,583,256 | |||||
Monthly interest only payments at 6.30% per annum, due November 25, 2013, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. | - | 791,628 | |||||
Monthly interest only payments at 6.30% per annum, due October 10, 2014, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. Also see Note 13 and Note 14 | 1,635,590 | - | |||||
Monthly interest only payments at 6.30% per annum, due December 2, 2014, guaranteed by Mr. Hu Xiaoming, and Ms. Ling Yueping, and secured by the assets of the Company. Also see Note 13 and Note 14 | 817,795 | - | |||||
Monthly interest only payments at 6.30% per annum, due December 2, 2014, guaranteed by Zhejiang Kangli Metal Manufacturing Company, Mr. Hu Xiaoming, Ms. Ling Yueping, Mr. Lv Qingbo, Mr. Lv Qingjiang, and secured by the assets of the Company. Also see Note 13 and Note 14 | 3,271,181 | - | |||||
Loans from Yongkang Rural Cooperative Bank | |||||||
Monthly interest only payments at 1.026% per month, due March 31, 2014, guaranteed by Yonnkang Sanli Metal Co., Ltd. | 817,795 | - | |||||
Loans from China Ever-bright Bank | |||||||
Monthly interest only payments at 6.94% per annum, due January 25, 2013, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. | - | 4,749,766 | |||||
Monthly interest only payments at 6.94% per annum, due February 13, 2013, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. | - | 4,749,766 | |||||
Monthly interest only payments at 7.08% per annum, due December 4, 2013, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Mr. Hu Wangyuan, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. | - | 2,849,860 | |||||
Monthly interest only payments at 6.94% per annum, due May 14, 2014, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Mr. Hu Wangyuan, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. Also see Note 13 and Note 14. | 12,757,606 | - | |||||
Loans from Shanghai Pudong Development Bank | |||||||
Monthly interest only payments at 6.94% per annum, due June 27, 2013, secured by the property of Ms. Ling Yueping, guaranteed by Yongkang KangBang auto parts Co., Ltd. and Mr. Hu Xiaoming. | - | 3,166,511 | |||||
Monthly interest only payments at 6.60% per annum, due July 18, 2013, secured by the property of Ms. Ling Yueping, guaranteed by Yongkang KangBang auto parts Co., Ltd. and Mr. Hu Xiaoming. | - | 3,166,511 | |||||
Monthly interest only payments at 6.60% per annum, due September 4, 2014, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming. Also see Note 13 and Note 14. | 6,542,362 | - | |||||
Loans from Bank of Shanghai | |||||||
Monthly interest only payments at 6.60% per annum, due December 26, 2013, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Kangli Metal Manufacturing Company and Nanlong Group Co., Ltd. | - | 4,749,766 | |||||
Monthly interest only payments at 6.60% per annum, due December 27, 2014, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Kangli Metal Manufacturing Company and Nanlong Group Co., Ltd. | 4,906,771 | - | |||||
Loans from China Ever-growing Bank | |||||||
Monthly interest only payments at 7.57% per annum, due April 24, 2013, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Shuguang industrial Co., Ltd. and Zhejiang Mengdeli Electric Company. | - | 3,166,511 | |||||
Monthly interest only payments at 7.20% per annum, due April 22, 2014, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, Zhejiang Shuguang industrial Co., Ltd. and Zhejiang Mengdeli Electric Company. | 3,271,181 | - | |||||
Total | $ | 34,020,281 | $ | 32,615,063 |
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Notes Payable [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Bank acceptance notes: | |||||||
Due March 26, 2013 | $ | - | $ | 1,583,255 | |||
Due March 26, 2013 | - | 1,583,255 | |||||
Due June 24, 2013 | - | 3,166,511 | |||||
Due June 24, 2013 | - | 6,333,023 | |||||
Due June 25, 2013 | - | 2,533,209 | |||||
Due June 25, 2013 | - | 10,132,835 | |||||
Due March 18, 2014 | 1,962,709 | - | |||||
Due May 19, 2014 | 8,177,952 | - | |||||
Due May 21, 2014 | 6,542,362 | - | |||||
Subtotal | $ | 16,683,023 | $ | 25,332,088 | |||
Notes payable to unrelated companies: | |||||||
$ | - | $ | - | ||||
Subtotal | $ | - | $ | - | |||
Total | $ | 16,683,023 | $ | 25,332,088 |
BOND_PAYABLE_Tables
BOND PAYABLE (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Schedule of Bond Payable [Table Text Block] | ' | ||||
Due Date | Face Value | Coupon rate | Interest record date | Interest pay date | |
27-Dec-16 | 13,084,724 | 11.50% | 27-Dec | 27-Dec | |
Total face value | 13,084,724 |
TAXES_Tables
TAXES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||
For the Year Ended | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Current: | |||||||
Provision for CIT | $ | 1,593,994 | $ | 1,523,735 | |||
Provision for Federal Income Tax | |||||||
Deferred: | |||||||
Provision for CIT | |||||||
Income tax expense | $ | 1,593,994 | $ | 1,523,735 | |||
Schedule of Expected Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||
For the Year Ended | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
Computed “expected” income (expense) | $ | (1,381,713 | ) | $ | 651,245 | ||
Favorable tax rate | (1,378,429 | ) | (1,232,306 | ) | |||
Permanent differences | 361,230 | 932,699 | |||||
Valuation Allowance | 3,992,906 | 1,172,097 | |||||
Income tax expense | $ | 1,593,994 | $ | 1,523,735 | |||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Current portion: | |||||||
Deferred tax assets (liabilities): | |||||||
Expense | $ | 47,224 | $ | (193,777 | ) | ||
Subtotal | 47,224 | (193,777 | ) | ||||
Deferred tax assets (liabilities): | |||||||
Sales cut-off difference derived from Value Added Tax reporting system to calculate PRC Corporation Income Tax in accordance with the PRC State Administration of Taxation | (33,518 | ) | 138,661 | ||||
Other | |||||||
Subtotal | (33,518 | ) | 138,661 | ||||
Total deferred tax assets (liabilities) – current portion | 13,706 | (55,166 | ) | ||||
Non-current portion: | |||||||
Deferred tax assets: | |||||||
Depreciation | 81,076 | 223,409 | |||||
Loss carried forward | 3,992,906 | 1,172,097 | |||||
Valuation allowance | (3,992,906 | ) | (1,172,097 | ) | |||
Subtotal | 81,076 | 223,409 | |||||
Deferred tax liabilities: | |||||||
Accumulated other comprehensive gain | (1,009,477 | ) | (222,714 | ) | |||
Subtotal | (1,009,477 | ) | (222,714 | ) | |||
Total deferred tax assets – non-current portion | (928,401 | ) | 695 | ||||
Net deferred tax (liabilities) assets | $ | (914,695 | ) | $ | (54,471 | ) | |
Summary of Income Tax Holiday [Table Text Block] | ' | ||||||
For the Year Ended | |||||||
31-Dec | |||||||
2013 | 2012 | ||||||
Tax holiday effect | $ | 1,378,429 | $ | 1,232,306 | |||
Basic net income per share effect | $ | 0.04 | $ | 0.04 |
STOCK_OPTIONS_WARRANTS_AND_CON1
STOCK OPTIONS, WARRANTS AND CONVERTIBLE NOTES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Weighted Average | |||||||||||||
Activity | Exercise Price | ||||||||||||
Outstanding as of January 1, 2013 | 326,660 | $ | 1.01 | ||||||||||
Granted | - | - | |||||||||||
Exercised | - | - | |||||||||||
Cancelled | - | - | |||||||||||
Outstanding as of December 31, 2013 | 326,660 | 1.01 | |||||||||||
Schedule of Disclosure of Share-based Compensation, Stock Option Outstanding Summary [Table Text Block] | ' | ||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Remaining | |||||||||||||
Number of | Exercise | Contractual life | Number of | Exercise | |||||||||
shares | Price | (in years) | shares | Price | |||||||||
226,660 | $ | 0.8 | 5.25 | 226,660 | $ | 0.8 | |||||||
100,000 | 1.5 | 5.75 | 100,000 | 1.5 |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Intangible Assets [Table Text Block] | ' | ||||||
Remaining useful life | 31-Dec-13 | ||||||
Gross carrying amount: | |||||||
Trade name | 8 years | $ | 492,235 | ||||
Customer relations | 8 years | 304,086 | |||||
796,321 | |||||||
Less : Accumulated amortization | |||||||
Trade name | $ | (84,576 | ) | ||||
Customer relations | (52,249 | ) | |||||
(136,825 | ) | ||||||
Intangible assets, net | $ | 659,496 | |||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||
2014 | $ | 82,095 | |||||
2015 | 82,095 | ||||||
2016 | 82,095 | ||||||
2017 | 82,095 | ||||||
2018 | 82,095 | ||||||
Thereafter | 249,021 | ||||||
Total | $ | 659,496 |
SUMMARIZED_INFORMATION_OF_INVE1
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Combined Results of Operations and Financial Position [Table Text Block] | ' | ||||||
2013 | 2012 | ||||||
Condensed income statement information: | |||||||
Net sales | $ | 15,212,347 | $ | - | |||
Gross (loss) | (1,279,914 | ) | - | ||||
Net (loss) | (3,020,756 | ) | - | ||||
Company’s equity in net income of JV | (1,510,378 | ) | - | ||||
Condensed balance sheet information: | |||||||
Current assets | 108,139,053 | - | |||||
Noncurrent assets | 146,130,466 | - | |||||
Total assets | 254,269,519 | - | |||||
Current liabilities | 93,772,816 | - | |||||
Noncurrent liabilities | - | - | |||||
Equity | 160,496,703 | - | |||||
Total liabilities and equity | 254,269,519 | - | |||||
Schedule of Changes in the Companys Investment [Table Text Block] | ' | ||||||
2013 | 2012 | ||||||
Condensed income statement information: | |||||||
Investment in JV Company, beginning of the year, | $ | 81,779,522 | $ | - | |||
(Loss) from equity investment | (1,510,378 | ) | - | ||||
Intercompany transaction unrealized gain elimination | (903,976 | ) | - | ||||
Exchange difference | (33,238 | ) | - | ||||
Investment in JV Company, end of the year | 79,331,930 | - | |||||
Schedule of Effects of Transactions Including Sales and Purchases [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Sales to Kandi Electric Vehicles (Changxing) Co., Ltd. | $ | 11,223,823 | $ | - | |||
Purchase from Kandi Electric Vehicles (Changxing) Co., Ltd. | 487,453 | - | |||||
Schedule of Significant Balances [Table Text Block] | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Due from Kandi Electric Vehicles (Changxing) Co., Ltd. | $ | 1,576,408 | $ | - | |||
Due from Zhejiang Kandi Electric Vehicles Co.,Ltd | 4,121,688 | - | |||||
Due (to) Zhejiang Kandi Electric Vehicles Jinhua Co.,Ltd | (2,780,504 | ) | - | ||||
$ | 2,917,592 | $ | - |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Schedule of Guarantees For Bank Loans [Table Text Block] | ' | |||
Guarantee provided to | Amount | |||
Zhejiang Kangli Metal Manufacturing Company. | $ | 4,906,771 | ||
Zhejiang Shuguang industrial Co., Ltd. | 4,906,771 | |||
Yongkang Angtai Trade Co., Ltd. | 817,795 | |||
Nanlong Group Co., Ltd. | 9,813,543 | |||
Total | $ | 20,444,880 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | ||||||||||||
Sales Revenue | Long Lived Assets | Sales Revenue | Long Lived Assets | ||||||||||
North America | $ | 6,906,807 | - | $ | 7,243,257 | - | |||||||
Europe and other region | 2,394,948 | - | 1,639,990 | - | |||||||||
China | 85,234,290 | 124,294,994 | 55,630,423 | 51,289,815 | |||||||||
Total | $ | 94,536,045 | 124,294,994 | $ | 64,513,670 | 51,289,815 |
ORGANIZATION_AND_PRINCIPAL_ACT1
ORGANIZATION AND PRINCIPAL ACTIVITIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Organization And Principal Activities 1 | 100.00% |
Organization And Principal Activities 2 | 100.00% |
Organization And Principal Activities 3 | 30.00% |
Organization And Principal Activities 4 | 100.00% |
Organization And Principal Activities 5 | 99.00% |
Organization And Principal Activities 6 | 50.00% |
Organization And Principal Activities 7 | 100.00% |
Organization And Principal Activities 8 | 50.00% |
Organization And Principal Activities 9 | 90.00% |
Organization And Principal Activities 10 | 10.00% |
Organization And Principal Activities 11 | 100.00% |
Organization And Principal Activities 12 | 100.00% |
Organization And Principal Activities 13 | 100.00% |
Organization And Principal Activities 14 | 100.00% |
Organization And Principal Activities 15 | 19.00% |
Organization And Principal Activities 16 | 9.50% |
Organization And Principal Activities 17 | 100.00% |
Organization And Principal Activities 18 | 50.00% |
Organization And Principal Activities 19 | 100.00% |
Organization And Principal Activities 20 | 50.00% |
Organization And Principal Activities 21 | 100.00% |
Organization And Principal Activities 22 | 50.00% |
Organization And Principal Activities 23 | 50.00% |
LIQUIDITY_Narrative_Details
LIQUIDITY (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | CNY | |
Liquidity 1 | $6,631,680 | ' |
Liquidity 2 | 35,898,297 | ' |
Liquidity 3 | 8,867,074 | ' |
Liquidity 4 | ' | 47,000,000 |
Liquidity 5 | 7,687,275 | ' |
Liquidity 6 | ' | 180,000,000 |
Liquidity 7 | ' | 130,000,000 |
Liquidity 8 | 56,100,752 | ' |
Liquidity 9 | 34,020,281 | ' |
Liquidity 10 | 4,376,036 | 4,376,036 |
Liquidity 11 | $6.03 | ' |
Liquidity 12 | 26,387,500 | ' |
Liquidity 13 | 1,750,415 | 1,750,415 |
Liquidity 14 | $7.24 | ' |
Liquidity 15 | 728,936 | 728,936 |
Liquidity 16 | $7.24 | ' |
Liquidity 17 | 291,574 | 291,574 |
Liquidity 18 | $8.69 | ' |
PRINCIPLES_OF_CONSOLIDATION_Na
PRINCIPLES OF CONSOLIDATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Principles Of Consolidation 1 | 30.00% |
Principles Of Consolidation 2 | 50.00% |
Principles Of Consolidation 3 | 50.00% |
Principles Of Consolidation 4 | 10.00% |
Principles Of Consolidation 5 | 90.00% |
Principles Of Consolidation 6 | 19.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | CNY | |
Y | ||
D | ||
Summary Of Significant Accounting Policies 1 | 90 | 90 |
Summary Of Significant Accounting Policies 2 | 120 | 120 |
Summary Of Significant Accounting Policies 3 | ' | 47,000,000 |
Summary Of Significant Accounting Policies 4 | 7,687,275 | ' |
Summary Of Significant Accounting Policies 5 | 228,396 | ' |
Summary Of Significant Accounting Policies 6 | 132,139 | ' |
Summary Of Significant Accounting Policies 7 | 0 | ' |
Summary Of Significant Accounting Policies 8 | $19,053 | ' |
Summary Of Significant Accounting Policies 9 | 9.7 | 9.7 |
CONCENTRATIONS_Narrative_Detai
CONCENTRATIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations 1 | 10.00% |
Concentrations 2 | 10.00% |
INCOME_PER_SHARE_Narrative_Det
INCOME PER SHARE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Income (loss) Per Share 1 | 0 |
ACCOUNTS_RECEIVABLE_Narrative_
ACCOUNTS RECEIVABLE (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Accounts Receivable 1 | $6,906,807 |
Accounts Receivable 2 | 5,297,548 |
Accounts Receivable 3 | 2,800,958 |
Accounts Receivable 4 | $2,678,349 |
LAND_USE_RIGHTS_Narrative_Deta
LAND USE RIGHTS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Land Use Rights 1 | $9,983,647 |
Land Use Rights 2 | 7,313,642 |
Land Use Rights 3 | 0 |
Land Use Rights 4 | 3,500,426 |
Land Use Rights 5 | 16,028,786 |
Land Use Rights 6 | 353,568 |
Land Use Rights 7 | $346,761 |
PLANT_AND_EQUIPMENT_Narrative_
PLANT AND EQUIPMENT (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Plant And Equipment 1 | $11,292,649 |
Plant And Equipment 2 | 8,711,583 |
Plant And Equipment 3 | 0 |
Plant And Equipment 4 | 2,834,569 |
Plant And Equipment 5 | 7,273,260 |
Plant And Equipment 6 | $4,577,092 |
SHORT_TERM_BANK_LOANS_Narrativ
SHORT TERM BANK LOANS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Short Term Bank Loans 1 | $2,302,389 |
Short Term Bank Loans 2 | 2,556,967 |
Short Term Bank Loans 3 | 27,477,919 |
Short Term Bank Loans 4 | 16,028,786 |
Short Term Bank Loans 5 | 8,177,952 |
Short Term Bank Loans 6 | 4,906,771 |
Short Term Bank Loans 7 | 3,271,181 |
Short Term Bank Loans 8 | 8,177,952 |
Short Term Bank Loans 9 | 3,271,181 |
Short Term Bank Loans 10 | 4,906,771 |
Short Term Bank Loans 11 | 17,664,376 |
Short Term Bank Loans 12 | 9,813,543 |
Short Term Bank Loans 13 | $817,795 |
NOTES_PAYABLE_Narrative_Detail
NOTES PAYABLE (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes Payable 1 | 0.05% |
Notes Payable 2 | $21,136 |
Notes Payable 3 | $20,246 |
BOND_PAYABLE_Narrative_Details
BOND PAYABLE (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | CNY | |
Y | ||
Bond Payable 1 | ' | 80,000,000 |
Bond Payable 2 | 12.00% | 12.00% |
Bond Payable 3 | ' | 80,000,000 |
Bond Payable 4 | $13,084,724 | ' |
Bond Payable 5 | 3 | 3 |
Bond Payable 6 | 11.50% | 11.50% |
TAXES_Narrative_Details
TAXES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Taxes 1 | 25.00% |
Taxes 2 | 15.00% |
Taxes 3 | 25.00% |
Taxes 4 | 25.00% |
Taxes 5 | 25.00% |
Taxes 6 | 50.00% |
Taxes 7 | 25.00% |
Taxes 8 | 25.00% |
Taxes 9 | 19.00% |
Taxes 10 | 25.00% |
Taxes 11 | 25.00% |
Taxes 12 | 25.00% |
Taxes 13 | 25.00% |
Taxes 14 | 16.68% |
Taxes 15 | 25.00% |
Taxes 16 | 50.10% |
Taxes 17 | 34.00% |
Taxes 18 | 25.00% |
Taxes 19 | 25.00% |
STOCK_OPTIONS_WARRANTS_AND_CON2
STOCK OPTIONS, WARRANTS AND CONVERTIBLE NOTES (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Y | |
M | |
Stock Options, Warrants And Convertible Notes 1 | 2,600,000 |
Stock Options, Warrants And Convertible Notes 2 | $2,062,964 |
Stock Options, Warrants And Convertible Notes 3 | 164.00% |
Stock Options, Warrants And Convertible Notes 4 | 10 |
Stock Options, Warrants And Convertible Notes 5 | 2.76% |
Stock Options, Warrants And Convertible Notes 6 | 0.00% |
Stock Options, Warrants And Convertible Notes 7 | 6,668 |
Stock Options, Warrants And Convertible Notes 8 | 2,366,672 |
Stock Options, Warrants And Convertible Notes 9 | 6,668 |
Stock Options, Warrants And Convertible Notes 10 | 350,000 |
Stock Options, Warrants And Convertible Notes 11 | $1.50 |
Stock Options, Warrants And Convertible Notes 12 | 250,000 |
Stock Options, Warrants And Convertible Notes 13 | 100,000 |
Stock Options, Warrants And Convertible Notes 14 | 2,600,000 |
Stock Options, Warrants And Convertible Notes 15 | $0.79 |
Stock Options, Warrants And Convertible Notes 16 | 100,000 |
Stock Options, Warrants And Convertible Notes 17 | 3.44 |
Stock Options, Warrants And Convertible Notes 18 | 12 |
Stock Options, Warrants And Convertible Notes 19 | 200,000 |
Stock Options, Warrants And Convertible Notes 20 | 100,000 |
Stock Options, Warrants And Convertible Notes 21 | $2 |
Stock Options, Warrants And Convertible Notes 22 | 100,000 |
Stock Options, Warrants And Convertible Notes 23 | $2.50 |
Stock Options, Warrants And Convertible Notes 24 | 200,000 |
Stock Options, Warrants And Convertible Notes 25 | 10,000,000 |
Stock Options, Warrants And Convertible Notes 26 | 800,000 |
Stock Options, Warrants And Convertible Notes 27 | 10,000,000 |
Stock Options, Warrants And Convertible Notes 28 | 6.00% |
Stock Options, Warrants And Convertible Notes 29 | $6.25 |
Stock Options, Warrants And Convertible Notes 30 | 1,600,000 |
Stock Options, Warrants And Convertible Notes 31 | $6.25 |
Stock Options, Warrants And Convertible Notes 32 | $6.56 |
Stock Options, Warrants And Convertible Notes 33 | 80,000 |
Stock Options, Warrants And Convertible Notes 34 | $3.59 |
Stock Options, Warrants And Convertible Notes 35 | $4.39 |
Stock Options, Warrants And Convertible Notes 36 | $3.11 |
Stock Options, Warrants And Convertible Notes 37 | $3.81 |
Stock Options, Warrants And Convertible Notes 38 | 1,379,148 |
Stock Options, Warrants And Convertible Notes 39 | 137,915 |
Stock Options, Warrants And Convertible Notes 40 | 10,000,000 |
Stock Options, Warrants And Convertible Notes 41 | 159,522 |
Stock Options, Warrants And Convertible Notes 42 | 3,121,121 |
Stock Options, Warrants And Convertible Notes 43 | 1,162,073 |
Stock Options, Warrants And Convertible Notes 44 | 124,123 |
Stock Options, Warrants And Convertible Notes 45 | 217,075 |
Stock Options, Warrants And Convertible Notes 46 | 13,792 |
Stock Options, Warrants And Convertible Notes 47 | 3,027,272 |
Stock Options, Warrants And Convertible Notes 48 | 1,210,912 |
Stock Options, Warrants And Convertible Notes 49 | 0.4 |
Stock Options, Warrants And Convertible Notes 50 | $6.30 |
Stock Options, Warrants And Convertible Notes 51 | 5.4 |
Stock Options, Warrants And Convertible Notes 52 | $6.54 |
Stock Options, Warrants And Convertible Notes 53 | 327,272 |
Stock Options, Warrants And Convertible Notes 54 | 4,376,036 |
Stock Options, Warrants And Convertible Notes 55 | $6.03 |
Stock Options, Warrants And Convertible Notes 56 | 1,750,415 |
Stock Options, Warrants And Convertible Notes 57 | $7.24 |
Stock Options, Warrants And Convertible Notes 58 | 728,936 |
Stock Options, Warrants And Convertible Notes 59 | $7.24 |
Stock Options, Warrants And Convertible Notes 60 | 291,574 |
Stock Options, Warrants And Convertible Notes 61 | $8.69 |
Stock Options, Warrants And Convertible Notes 62 | 262,562 |
Stock Options, Warrants And Convertible Notes 63 | $7.24 |
Stock Options, Warrants And Convertible Notes 64 | $6.55 |
Stock Options, Warrants And Convertible Notes 65 | $4.77 |
Stock Options, Warrants And Convertible Notes 66 | $5.93 |
Stock Options, Warrants And Convertible Notes 67 | $7.04 |
STOCK_AWARD_Narrative_Details
STOCK AWARD (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Award 1 | 5,000 |
Stock Award 2 | $0.00 |
Stock Award 3 | 5,000 |
Stock Award 4 | 0.001 |
Stock Award 5 | 5,000 |
Stock Award 6 | $0.00 |
Stock Award 7 | 335,000 |
Stock Award 8 | 10.00% |
Stock Award 9 | 10.00% |
Stock Award 10 | 10.00% |
Stock Award 11 | 10.00% |
Stock Award 12 | 801,163 |
INTANGIBLE_ASSETS_Narrative_De
INTANGIBLE ASSETS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Intangible Assets 1 | $82,095 |
Intangible Assets 2 | $54,730 |
SUMMARIZED_INFORMATION_OF_INVE2
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summarized Information Of Investment In The Jv Company 1 | 100.00% |
Summarized Information Of Investment In The Jv Company 2 | 100.00% |
Summarized Information Of Investment In The Jv Company 3 | 100.00% |
Summarized Information Of Investment In The Jv Company 4 | 100.00% |
Summarized Information Of Investment In The Jv Company 5 | 19.00% |
Summarized Information Of Investment In The Jv Company 6 | 100.00% |
Summarized Information Of Investment In The Jv Company 7 | 50.00% |
Summarized Information Of Investment In The Jv Company 8 | $11,223,823 |
Summarized Information Of Investment In The Jv Company 9 | 0 |
Summarized Information Of Investment In The Jv Company 10 | 487,453 |
Summarized Information Of Investment In The Jv Company 11 | $0 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies 1 | $4,906,771 |
Commitments And Contingencies 2 | 4,906,771 |
Commitments And Contingencies 3 | 817,795 |
Commitments And Contingencies 4 | 3,271,181 |
Commitments And Contingencies 5 | $6,542,362 |
SUBSEQUENT_EVENT_Narrative_Det
SUBSEQUENT EVENT (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event 1 | 1,429,393 |
Subsequent Event 2 | $0.00 |
Subsequent Event 3 | $15 |
Subsequent Event 4 | $14,294 |
Schedule_of_Fair_Value_by_Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 1 | $12,762,369 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 2 | 12,762,369 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 3 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 4 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 5 | 1,636 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 6 | 1,636 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 7 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 8 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 9 | 24,299,821 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 10 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 11 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 12 | $24,299,821 |
Schedule_of_Cash_and_Cash_Equi
Schedule of Cash and Cash Equivalents (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies Schedule Of Cash And Cash Equivalents 1 | $0 |
Summary Of Significant Accounting Policies Schedule Of Cash And Cash Equivalents 2 | 0 |
Summary Of Significant Accounting Policies Schedule Of Cash And Cash Equivalents 3 | 1,636 |
Summary Of Significant Accounting Policies Schedule Of Cash And Cash Equivalents 4 | $1,636 |
Schedule_of_Property_and_Equip
Schedule of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Y | |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 1 | 30 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 2 | 10 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 3 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 4 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 5 | 5 |
Schedule_of_Average_Foreign_Cu
Schedule of Average Foreign Currency Exchange Rates (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 1 | 6.114 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 2 | 6.3161 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 3 | 6.1982 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 4 | 6.3198 |
Schedule_of_Revenue_and_Accoun
Schedule of Revenue and Accounts Receivable Percentage by Major Customers (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 1 | 24.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 2 | 33.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 3 | 15.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 4 | 21.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 5 | 23.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 6 | $0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 7 | 52.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 8 | $0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 9 | 14.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 10 | 12.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 11 | 8.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 12 | 8.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 13 | 10.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 14 | 7.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 15 | 7.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 16 | 8.00% |
Schedule_of_Purchases_and_Acco
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 1 | 33.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 2 | 26.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 3 | 12.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 4 | $0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 5 | 32.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 6 | 32.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 7 | 13.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 8 | 4.00% |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | ($21,140,723) |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | 6,049,479 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | 34,707,973 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | 29,439,328 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 0 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 237,997 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 34,707,973 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | $29,677,325 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | -0.61 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | 0.21 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | -0.61 |
Income (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | 0.2 |
Schedule_of_Inventories_Detail
Schedule of Inventories (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Inventories Schedule Of Inventories 1 | $2,646,041 |
Inventories Schedule Of Inventories 2 | 2,278,096 |
Inventories Schedule Of Inventories 3 | 5,065,126 |
Inventories Schedule Of Inventories 4 | 3,649,414 |
Inventories Schedule Of Inventories 5 | 1,829,281 |
Inventories Schedule Of Inventories 6 | 1,759,453 |
Inventories Schedule Of Inventories 7 | 9,540,448 |
Inventories Schedule Of Inventories 8 | 7,686,963 |
Inventories Schedule Of Inventories 9 | -352,734 |
Inventories Schedule Of Inventories 10 | -56,248 |
Inventories Schedule Of Inventories 11 | 9,187,714 |
Inventories Schedule Of Inventories 12 | $7,630,715 |
Schedule_of_Accounts_Receivabl
Schedule of Accounts Receivable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Accounts Receivable Schedule Of Accounts Receivable 1 | $31,370,862 |
Accounts Receivable Schedule Of Accounts Receivable 2 | 33,557,534 |
Accounts Receivable Schedule Of Accounts Receivable 3 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 4 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 5 | 31,370,862 |
Accounts Receivable Schedule Of Accounts Receivable 6 | $33,557,534 |
Schedule_of_Notes_Receivable_D
Schedule of Notes Receivable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes Receivable Schedule Of Notes Receivable 1 | 9.60% |
Notes Receivable Schedule Of Notes Receivable 2 | $13,794,094 |
Notes Receivable Schedule Of Notes Receivable 3 | 9,562,429 |
Notes Receivable Schedule Of Notes Receivable 4 | 13,794,094 |
Notes Receivable Schedule Of Notes Receivable 5 | 9,562,429 |
Notes Receivable Schedule Of Notes Receivable 6 | 0 |
Notes Receivable Schedule Of Notes Receivable 7 | 0 |
Notes Receivable Schedule Of Notes Receivable 8 | 13,794,094 |
Notes Receivable Schedule Of Notes Receivable 9 | $9,562,429 |
Schedule_of_Detailed_Unrelated
Schedule of Detailed Unrelated Party Notes Receivable as of December 31, 2012 (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes Receivable Schedule Of Detailed Unrelated Party Notes Receivable As Of December 31, 2012 1 | $9,562,429 |
Schedule_of_Detailed_Unrelated1
Schedule of Detailed Unrelated Party Notes Receivable as of December 31, 2013 (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes Receivable Schedule Of Detailed Unrelated Party Notes Receivable As Of December 31, 2013 1 | $13,794,094 |
Schedule_of_Land_Use_Rights_De
Schedule of Land Use Rights (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Land Use Rights Schedule Of Land Use Rights 1 | $16,223,208 |
Land Use Rights Schedule Of Land Use Rights 2 | 15,697,132 |
Land Use Rights Schedule Of Land Use Rights 3 | -1,770,017 |
Land Use Rights Schedule Of Land Use Rights 4 | -1,359,441 |
Land Use Rights Schedule Of Land Use Rights 5 | 14,453,191 |
Land Use Rights Schedule Of Land Use Rights 6 | $14,337,691 |
Schedule_of_Land_Use_Rights_Ex
Schedule of Land Use Rights Expected Amortization Expense (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 1 | $353,568 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 2 | 353,568 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 3 | 353,568 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 4 | 353,568 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 5 | 353,568 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 6 | 12,685,351 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 7 | $14,453,191 |
Schedule_of_Plant_and_Equipmen
Schedule of Plant and Equipment (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Plant And Equipment Schedule Of Plant And Equipment 1 | $14,514,873 |
Plant And Equipment Schedule Of Plant And Equipment 2 | 14,204,698 |
Plant And Equipment Schedule Of Plant And Equipment 3 | 10,771,899 |
Plant And Equipment Schedule Of Plant And Equipment 4 | 10,396,243 |
Plant And Equipment Schedule Of Plant And Equipment 5 | 251,690 |
Plant And Equipment Schedule Of Plant And Equipment 6 | 230,073 |
Plant And Equipment Schedule Of Plant And Equipment 7 | 288,004 |
Plant And Equipment Schedule Of Plant And Equipment 8 | 255,648 |
Plant And Equipment Schedule Of Plant And Equipment 9 | 34,230,014 |
Plant And Equipment Schedule Of Plant And Equipment 10 | 33,947,746 |
Plant And Equipment Schedule Of Plant And Equipment 11 | 60,056,480 |
Plant And Equipment Schedule Of Plant And Equipment 12 | 59,034,408 |
Plant And Equipment Schedule Of Plant And Equipment 13 | -3,010,451 |
Plant And Equipment Schedule Of Plant And Equipment 14 | -2,439,546 |
Plant And Equipment Schedule Of Plant And Equipment 15 | -10,278,409 |
Plant And Equipment Schedule Of Plant And Equipment 16 | -9,154,890 |
Plant And Equipment Schedule Of Plant And Equipment 17 | -196,303 |
Plant And Equipment Schedule Of Plant And Equipment 18 | -163,833 |
Plant And Equipment Schedule Of Plant And Equipment 19 | -228,442 |
Plant And Equipment Schedule Of Plant And Equipment 20 | -200,741 |
Plant And Equipment Schedule Of Plant And Equipment 21 | -16,648,583 |
Plant And Equipment Schedule Of Plant And Equipment 22 | -11,349,658 |
Plant And Equipment Schedule Of Plant And Equipment 23 | -30,362,188 |
Plant And Equipment Schedule Of Plant And Equipment 24 | -23,308,668 |
Plant And Equipment Schedule Of Plant And Equipment 25 | -360,776 |
Plant And Equipment Schedule Of Plant And Equipment 26 | 0 |
Plant And Equipment Schedule Of Plant And Equipment 27 | 29,333,516 |
Plant And Equipment Schedule Of Plant And Equipment 28 | $35,725,740 |
Schedule_of_Related_Party_Tran
Schedule of Related Party Transactions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Due To/from Related Parties Schedule Of Related Party Transactions 1 | $0 |
Due To/from Related Parties Schedule Of Related Party Transactions 2 | 841,251 |
Due To/from Related Parties Schedule Of Related Party Transactions 3 | 0 |
Due To/from Related Parties Schedule Of Related Party Transactions 4 | $841,251 |
Schedule_of_Shortterm_Bank_Loa
Schedule of Short-term Bank Loans (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Short Term Bank Loans Schedule Of Short-term Bank Loans 1 | 7.50% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 2 | $0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 3 | 474,977 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 4 | 6.89% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 5 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 6 | 3,166,511 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 7 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 8 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 9 | 1,583,256 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 10 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 11 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 12 | 791,628 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 13 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 14 | 1,635,590 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 15 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 16 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 17 | 817,795 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 18 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 19 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 20 | 3,271,181 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 21 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 22 | 1.03% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 23 | 817,795 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 24 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 25 | 6.94% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 26 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 27 | 4,749,766 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 28 | 6.94% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 29 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 30 | 4,749,766 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 31 | 7.08% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 32 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 33 | 2,849,860 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 34 | 6.94% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 35 | 12,757,606 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 36 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 37 | 6.94% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 38 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 39 | 3,166,511 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 40 | 6.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 41 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 42 | 3,166,511 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 43 | 6.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 44 | 6,542,362 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 45 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 46 | 6.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 47 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 48 | 4,749,766 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 49 | 6.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 50 | 4,906,771 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 51 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 52 | 7.57% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 53 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 54 | 3,166,511 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 55 | 7.20% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 56 | 3,271,181 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 57 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 58 | 34,020,281 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 59 | $32,615,063 |
Schedule_of_Notes_Payable_Deta
Schedule of Notes Payable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Notes Payable Schedule Of Notes Payable 1 | $0 |
Notes Payable Schedule Of Notes Payable 2 | 1,583,255 |
Notes Payable Schedule Of Notes Payable 3 | 0 |
Notes Payable Schedule Of Notes Payable 4 | 1,583,255 |
Notes Payable Schedule Of Notes Payable 5 | 0 |
Notes Payable Schedule Of Notes Payable 6 | 3,166,511 |
Notes Payable Schedule Of Notes Payable 7 | 0 |
Notes Payable Schedule Of Notes Payable 8 | 6,333,023 |
Notes Payable Schedule Of Notes Payable 9 | 0 |
Notes Payable Schedule Of Notes Payable 10 | 2,533,209 |
Notes Payable Schedule Of Notes Payable 11 | 0 |
Notes Payable Schedule Of Notes Payable 12 | 10,132,835 |
Notes Payable Schedule Of Notes Payable 13 | 1,962,709 |
Notes Payable Schedule Of Notes Payable 14 | 0 |
Notes Payable Schedule Of Notes Payable 15 | 8,177,952 |
Notes Payable Schedule Of Notes Payable 16 | 0 |
Notes Payable Schedule Of Notes Payable 17 | 6,542,362 |
Notes Payable Schedule Of Notes Payable 18 | 0 |
Notes Payable Schedule Of Notes Payable 19 | 16,683,023 |
Notes Payable Schedule Of Notes Payable 20 | 25,332,088 |
Notes Payable Schedule Of Notes Payable 21 | 0 |
Notes Payable Schedule Of Notes Payable 22 | 0 |
Notes Payable Schedule Of Notes Payable 23 | 0 |
Notes Payable Schedule Of Notes Payable 24 | 0 |
Notes Payable Schedule Of Notes Payable 25 | 16,683,023 |
Notes Payable Schedule Of Notes Payable 26 | $25,332,088 |
Schedule_of_Bond_Payable_Detai
Schedule of Bond Payable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Bond Payable Schedule Of Bond Payable 1 | $13,084,724 |
Bond Payable Schedule Of Bond Payable 2 | 11.50% |
Bond Payable Schedule Of Bond Payable 3 | 27 |
Bond Payable Schedule Of Bond Payable 4 | 27 |
Bond Payable Schedule Of Bond Payable 5 | $13,084,724 |
Schedule_of_Components_of_Inco
Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $1,593,994 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 1,523,735 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 1,593,994 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | $1,523,735 |
Schedule_of_Expected_Component
Schedule of Expected Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 1 | ($1,381,713) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 2 | 651,245 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 3 | -1,378,429 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 4 | -1,232,306 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 5 | 361,230 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 6 | 932,699 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 7 | 3,992,906 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 8 | 1,172,097 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 9 | 1,593,994 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 10 | $1,523,735 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $47,224 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | -193,777 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 47,224 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | -193,777 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | -33,518 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 138,661 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | -33,518 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | 138,661 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | 13,706 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | -55,166 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | 81,076 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | 223,409 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | 3,992,906 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | 1,172,097 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | -3,992,906 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | -1,172,097 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 17 | 81,076 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 18 | 223,409 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 19 | -1,009,477 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 20 | -222,714 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 21 | -1,009,477 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 22 | -222,714 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 23 | -928,401 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 24 | 695 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 25 | -914,695 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 26 | ($54,471) |
Summary_of_Income_Tax_Holiday_
Summary of Income Tax Holiday (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Taxes Summary Of Income Tax Holiday 1 | $1,378,429 |
Taxes Summary Of Income Tax Holiday 2 | $1,232,306 |
Taxes Summary Of Income Tax Holiday 3 | 0.04 |
Taxes Summary Of Income Tax Holiday 4 | 0.04 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 1 | $326,660 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 2 | 1.01 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 3 | 0 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 5 | 0 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 7 | 0 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 9 | $326,660 |
Stock Options, Warrants And Convertible Notes Schedule Of Share-based Compensation, Stock Options, Activity 10 | 1.01 |
Schedule_of_Disclosure_of_Shar
Schedule of Disclosure of Share-based Compensation, Stock Option Outstanding Summary (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 1 | $226,660 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 2 | 0.8 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 3 | 5.25 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 4 | 226,660 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 5 | 0.8 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 6 | 100,000 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 7 | 1.5 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 8 | 5.75 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 9 | $100,000 |
Stock Options, Warrants And Convertible Notes Schedule Of Disclosure Of Share-based Compensation, Stock Option Outstanding Summary 10 | 1.5 |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Y | |
Intangible Assets Schedule Of Intangible Assets 1 | 8 |
Intangible Assets Schedule Of Intangible Assets 2 | $492,235 |
Intangible Assets Schedule Of Intangible Assets 3 | 8 |
Intangible Assets Schedule Of Intangible Assets 4 | 304,086 |
Intangible Assets Schedule Of Intangible Assets 5 | 796,321 |
Intangible Assets Schedule Of Intangible Assets 6 | -84,576 |
Intangible Assets Schedule Of Intangible Assets 7 | -52,249 |
Intangible Assets Schedule Of Intangible Assets 8 | -136,825 |
Intangible Assets Schedule Of Intangible Assets 9 | $659,496 |
Schedule_of_FiniteLived_Intang
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 1 | $82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 2 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 3 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 4 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 5 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 6 | 249,021 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 7 | $659,496 |
Schedule_of_Combined_Results_o
Schedule of Combined Results of Operations and Financial Position (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 1 | $15,212,347 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 2 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 3 | -1,279,914 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 4 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 5 | -3,020,756 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 6 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 7 | -1,510,378 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 8 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 9 | 108,139,053 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 10 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 11 | 146,130,466 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 12 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 13 | 254,269,519 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 14 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 15 | 93,772,816 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 16 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 17 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 18 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 19 | 160,496,703 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 20 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 21 | 254,269,519 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 22 | $0 |
Schedule_of_Changes_in_the_Com
Schedule of Changes in the Companys Investment (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 1 | $81,779,522 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 2 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 3 | -1,510,378 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 4 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 5 | -903,976 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 6 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 7 | -33,238 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 8 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 9 | 79,331,930 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 10 | $0 |
Schedule_of_Effects_of_Transac
Schedule of Effects of Transactions Including Sales and Purchases (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 1 | $11,223,823 |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 2 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 3 | 487,453 |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 4 | $0 |
Schedule_of_Significant_Balanc
Schedule of Significant Balances (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 1 | $1,576,408 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 2 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 3 | 4,121,688 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 4 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 5 | -2,780,504 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 6 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 7 | 2,917,592 |
Summarized Information Of Investment In The Jv Company Schedule Of Significant Balances 8 | $0 |
Schedule_of_Guarantees_For_Ban
Schedule of Guarantees For Bank Loans (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 1 | $4,906,771 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 2 | 4,906,771 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 3 | 817,795 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 4 | 9,813,543 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 5 | $20,444,880 |
Schedule_of_Revenue_from_Exter
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | $6,906,807 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 2 | 0 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 3 | 7,243,257 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 4 | 0 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 5 | 2,394,948 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 6 | 0 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 7 | 1,639,990 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 8 | 0 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 9 | 85,234,290 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 10 | 124,294,994 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 11 | 55,630,423 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 12 | 51,289,815 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 13 | 94,536,045 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 14 | 124,294,994 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 15 | 64,513,670 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 16 | $51,289,815 |