Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Trading Symbol | kndi | ||
Entity Registrant Name | Kandi Technologies Group, Inc. | ||
Entity Central Index Key | 1316517 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 46,284,855 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $400,034,259 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ||
Cash and cash equivalents | $26,379,460 | $12,762,369 |
Restricted cash | 13,000,731 | 1,636 |
Accounts receivable | 15,736,805 | 31,370,862 |
Inventories (net of provision for slow moving inventory of $315,584 and $352,734 as of December 31, 2014 and 2013 respectively | 15,403,840 | 9,187,714 |
Notes receivable | 9,060,441 | 13,794,094 |
Other receivables | 238,567 | 556,904 |
Prepayments and prepaid expenses | 120,761 | 505,513 |
Due from employees | 34,475 | 34,272 |
Advances to suppliers | 6,901,505 | 8,867,074 |
Amount due from JV Company, net | 51,450,612 | 2,917,592 |
Deferred tax | 0 | 13,706 |
Total Current Assets | 138,327,197 | 80,011,736 |
LONG-TERM ASSETS | ||
Plant and equipment, net | 26,215,356 | 29,333,516 |
Land use rights, net | 15,649,152 | 14,453,191 |
Construction in progress | 58,510,051 | 16,356 |
Deferred taxes | 0 | 81,076 |
Investment in associated company | 0 | 96,838 |
Investment in JV Company | 83,309,095 | 79,331,930 |
Goodwill | 322,591 | 322,591 |
Intangible assets | 577,401 | 659,496 |
Other long-term assets | 162,509 | 0 |
Total Long-Term Assets | 184,746,155 | 124,294,994 |
TOTAL ASSETS | 323,073,352 | 204,306,730 |
CURRENT LIABILITIES | ||
Accounts payable | 45,772,481 | 22,843,143 |
Other payables and accrued expenses | 5,101,740 | 2,422,613 |
Short-term bank loans | 35,589,502 | 34,020,281 |
Customer deposits | 2,630,723 | 44,404 |
Notes payable | 5,702,121 | 16,683,023 |
Income tax payable | 1,835,685 | 1,362,828 |
Due to employees | 15,787 | 10,297 |
Deferred taxes | 230,864 | 0 |
Financial derivate - liability | 2,245,610 | 9,256,827 |
Total Current Liabilities | 99,124,513 | 86,643,416 |
LONG-TERM LIABILITIES | ||
Deferred tax | 2,266,725 | 1,009,477 |
Bond payable | 0 | 13,084,724 |
Financial derivatives - liability | 10,097,275 | 15,042,994 |
Total Long-Term Liabilities | 12,364,000 | 29,137,195 |
TOTAL LIABILITIES | 111,488,513 | 115,780,611 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 46,274,855 and 37,012,904 shares issued and outstanding at December 31, 2014 and 2013, respectively | 46,275 | 37,013 |
Additional paid-in capital | 190,258,037 | 76,754,774 |
Retained earnings (the restricted portion is $4,172,324 and $3,807,551 at December 31, 2014 and 2013, respectively) | 16,390,424 | 4,119,086 |
Accumulated other comprehensive income | 4,890,103 | 7,615,246 |
TOTAL STOCKHOLDERS' EQUITY | 211,584,839 | 88,526,119 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $323,073,352 | $204,306,730 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Reserve for slow moving inventory | $315,584 | $352,734 |
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) | 46,274,855 | 37,012,904 |
Common stock, shares outstanding (in shares) | 46,274,855 | 37,012,904 |
Restricted Retained Earnings | $4,172,324 | $3,807,551 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES, NET | $170,229,006 | $94,536,045 | $64,513,670 |
COST OF GOODS SOLD | -146,825,073 | -72,793,517 | -51,620,280 |
GROSS PROFIT | 23,403,933 | 21,742,528 | 12,893,390 |
OPERATING EXPENSES: | |||
Research and development | -2,755,637 | -3,728,730 | -2,877,283 |
Selling and marketing | -1,345,588 | -399,504 | -455,983 |
General and administrative | -14,058,548 | -16,056,107 | -4,250,832 |
Total operating expenses | -18,159,773 | -20,184,341 | -7,584,098 |
INCOME FROM OPERATIONS | 5,244,160 | 1,558,187 | 5,309,292 |
OTHER INCOME (EXPENSE): | |||
Interest income | 1,701,121 | 1,516,477 | 2,658,104 |
Interest (expense) | -3,480,646 | -4,395,353 | -2,775,891 |
Change in fair value of financial instruments | 6,531,308 | -16,647,283 | 1,986,063 |
Government grants | 288,498 | 228,396 | 132,139 |
Share of (loss) in associated companies | -54,308 | -69,056 | -69,429 |
Share of profit (loss) after tax of JV | 4,490,266 | -2,414,354 | 0 |
Other income (expense), net | -34,649 | 676,257 | 332,936 |
Total other income (expense), net | 9,441,590 | -21,104,916 | 2,263,922 |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 14,685,750 | -19,546,729 | 7,573,214 |
PROVISION FOR INCOME TAXES | -2,414,412 | -1,593,994 | -1,523,735 |
NET INCOME (LOSS) | 12,271,338 | -21,140,723 | 6,049,479 |
OTHER COMPREHENSIVE INCOME | |||
Foreign currency translation | -2,725,143 | 2,112,902 | 424,623 |
COMPREHENSIVE INCOME (LOSS) | $9,546,195 | ($19,027,821) | $6,474,102 |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 42,583,495 | 34,707,973 | 29,439,328 |
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 42,715,818 | 34,707,973 | 29,677,325 |
NET INCOME (LOSS) PER SHARE, BASIC | $0.29 | ($0.61) | $0.21 |
NET INCOME (LOSS) PER SHARE, DILUTED | $0.29 | ($0.61) | $0.20 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $12,271,338 | ($21,140,723) | $6,049,479 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,571,465 | 7,708,923 | 4,978,626 |
Assets impairments | 0 | 355,876 | 465,199 |
Deferred taxes | 1,579,855 | 876,255 | 92,521 |
Change in value of financial instruments | -6,531,308 | 16,647,283 | -1,986,063 |
Loss in investment in associated company | 54,308 | 69,056 | 69,429 |
Share of profit after tax of JV | -4,490,266 | 2,414,354 | 0 |
Decrease in reserve for fixed assets | -302,023 | 0 | 0 |
Option cost | 0 | 0 | 19,053 |
(Increase) Decrease In: | |||
Accounts receivable | 15,445,962 | 3,251,168 | -20,513,099 |
Inventories | -6,280,502 | -1,287,045 | -904,355 |
Other receivables | 315,071 | -38,491 | 1,955,055 |
Due from employees | 5,139 | 10,797 | 37,117 |
Prepayments and prepaid expenses | -5,360,637 | -3,810,447 | -4,285,489 |
Amount due from JV | -48,593,522 | -2,877,972 | 0 |
Increase (Decrease) In: | |||
Accounts payable | 23,095,825 | 13,699,528 | 3,566,354 |
Other payables and accrued liabilities | 2,694,689 | -746,838 | -50,333 |
Customer deposits | 2,588,830 | -254,151 | -740,419 |
Income tax payable | 482,020 | 651,124 | 525,030 |
Due to related party | 0 | -841,251 | 0 |
Net cash (used in) provided by operating activities | -7,453,756 | 14,687,446 | -10,721,895 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
(Purchases)/Disposal of plant and equipment, net | -2,101,355 | -158,830 | -9,072,230 |
Purchases of land use rights | -1,668,534 | 0 | 0 |
Purchases of construction in progress | -50,891,170 | -16,134 | 0 |
Deposit for acquisition | 0 | 0 | -24,383,529 |
Asset acquisition, net of deposit | 0 | -39,673,000 | 0 |
Disposal of subsidiary | -96,299 | 64,535,177 | 0 |
Issuance of notes receivable | -24,705,489 | -4,174,247 | -1,011,821 |
Repayments of notes receivable | 29,354,592 | 311,844 | 29,603,171 |
Investment in JV | 0 | -80,668,972 | 0 |
Cash acquired in acquisition | 0 | 0 | 112,551 |
Net cash (used in) investing activities | -50,108,255 | -59,844,162 | -4,751,858 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Restricted cash | -13,010,291 | 16,135,044 | -9,143,907 |
Proceeds from short-term bank loans | 48,306,743 | 52,918,845 | 41,504,215 |
Repayments of short-term bank loans | -46,517,604 | -52,596,170 | -45,539,128 |
Proceeds from notes payable | 18,718,944 | 83,251,992 | 40,491,531 |
Repayments of notes payable | -29,602,112 | -92,609,593 | -21,063,559 |
Proceeds from bond payable | 0 | 12,907,035 | 12,658,548 |
Repayments of bond payable | -13,011,917 | -12,907,035 | 0 |
Fund raising through issuing common stock and warrants | 78,358,991 | 26,387,498 | 0 |
Warrant exercise | 21,101,039 | 3,171,259 | 1,672,739 |
Common stock issued for acquisition, net of cost of capital | 0 | 0 | 3,784,149 |
Option exercise, stock award & other financing | 8,431,247 | 9,659,103 | 1,258,231 |
Net cash provided by financing activities | 72,775,040 | 46,317,978 | 25,622,819 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 15,213,029 | 1,161,262 | 10,149,066 |
Effect of exchange rate changes on cash | -1,595,938 | -533,989 | -308,322 |
Cash and cash equivalents at beginning of year | 12,762,369 | 12,135,096 | 2,294,352 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 26,379,460 | 12,762,369 | 12,135,096 |
SUPPLEMENTARY CASH FLOW INFORMATION | |||
Income taxes paid | 1,932,392 | 942,870 | 998,706 |
Interest paid | 3,475,893 | 3,565,496 | 2,570,691 |
Issuance of Common stock for acquisition | 0 | 0 | 8,616,416 |
SUPPLEMENTAL NON-CASH DISCLOSURES: | |||
Prepayments transferred to construction in progress | 7,652,959 | 0 | 0 |
Construction in progress transferred to plant and equipment | $0 | $0 | $10,078,637 |
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 income (loss) | 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 income (loss) | -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 | ||||
Stock issuance and award | 6,170 | 91,058,441 | 91,064,611 | ||
Stock issuance and award (Shares) | 6,169,534 | ||||
Warrant exercise | 3,092 | 22,444,822 | 22,447,914 | ||
Warrant exercise (Shares) | 3,092,417 | ||||
Foreign currency translation gain | -2,725,143 | -2,725,143 | |||
Net income (loss) | 12,271,338 | 12,271,338 | |||
Ending Balance at Dec. 31, 2014 | $46,275 | $190,258,037 | $16,390,424 | $4,890,103 | $211,584,839 |
Ending Balance (Shares) at Dec. 31, 2014 | 46,274,855 |
ORGANIZATION_AND_PRINCIPAL_ACT
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2014 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES [Text Block] | NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES |
Kandi Technologies Group, Inc. (“Kandi Technologies”) was incorporated under the laws of the State of Delaware on March 31, 2004. Kandi Technologies changed its name from Stone Mountain Resources, Inc. to Kandi Technologies, Corp. on August 13, 2007. On December 21, 2012, Kandi Technologies changed its name to Kandi Technologies Group, Inc. As used herein, the term the “Company” means Kandi Technologies and its operating subsidiaries, as described below. | |
Headquartered in the Jinhua city, Zhejiang Province, China, the Company is one of China’s leading producers and manufacturers of electrical vehicle products, electrical vehicle parts and off-road vehicles for sale in the People’s Republic of China (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: | |
**PLEASE REFER TO HTML FOR ORGANIZATIONAL CHART** | |
* The box with dotted-line border represents the entity that has ceased operation and was dissolved in July 2014. | |
Operating Subsidiaries: | |
Pursuant to relevant agreements executed in January 2011, Kandi Vehicles is entitled to 100% of the economic benefits, voting rights and residual interests ( 100% profits and loss absorption rate) of Jinhua Kandi New Energy Vehicles Co., Ltd. (“Kandi New Energy”), a company in which Kandi Vehicles has a 50% interest. Mr. Hu Xiaoming owns the other 50% which he entrusted Kandi Vehicles to manage Kandi New Energy. Kandi New Energy was established in accordance with relevant Chinese government regulations on automobile manufacturing enterprises, which prohibit foreign ownership of greater than 50%. Kandi New Energy currently holds vehicle production rights (license) on manufacturing Kandi brand electric utility vehicles (”Special-purpose Vehicles”) and production rights (license) on manufacturing battery packs used in Kandi brand electric vehicles (“EVs”). Kandi New Energy supplies battery packs for Kandi brand EVs. | |
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, had a 30% ownership interest in Jinhua Service. Jinhua Service was established in order to provide public charging stations for lead-acid batteries for EVs in Jinhua city. Currently, most of EV customers in Jinhua have the ability to charge their EVs by themselves. Since self-charging is more cost-efficient and most of the customers have switched from public-charging to self-charging, Jinhua Service ceased its operations and was dissolved accordingly in July 2014. | |
In April 2012, pursuant to a share exchange agreement, the Company acquired 100% of Yongkang Scrou Electric Co, Ltd. (“Yongkang Scrou”), a manufacturer of automobile and EV parts. Yongkang Scrou currently manufactures and sells EV drive motors, EV controllers, air conditioners and other electrical products to the JV Company (defined below). | |
In March 2013, pursuant to a joint venture agreement (the “JV Agreement”) entered into by Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd. (“Shanghai Guorun”), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. (“Geely”), the parties established Zhejiang Kandi Electric Vehicles Co., Ltd. (the “JV Company”) to develop, manufacture and sell EVs and related auto parts. Each of Kandi Vehicles and Shanghai Guorun has a 50% ownership interest in the JV Company. In March 2014, the JV Company changed its name to Kandi Electric Vehicles Group Co., Ltd. At present, the JV Company is a holding company with products that are manufactured by its subsidiaries. | |
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 is engaged in the production of EVs. In the fourth quarter of 2013, Kandi Vehicles entered into an ownership transfer agreement with the JV Company pursuant to which Kandi Vehicles transferred 100% of its ownership in Kandi Changxing to the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Changxing. | |
In April 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) was formed in Wanning City of Hainan Province by Kandi Vehicles and Kandi New Energy. Kandi Vehicles has a 90% ownership in Kandi Wanning, and Kandi New Energy holds the remaining 10% interest. However, by contract, Kandi Vehicles is, effectively, entitled to 100% of the economic benefits, voting rights and residual interests ( 100% profits and losses) of Kandi Wanning. According to the JV Agreement, once Kandi Wanning becomes fully operational, its entire equity interests will be transferred to the JV Company. | |
In July 2013, Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the “Service Company”) was formed. The Service Company is engaged in various pure EV leasing businesses. The JV Company has a 19% ownership interest in the Service Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 9.5% economic 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 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jinhua. Kandi Jinhua is engaged in EV manufacturing business. | |
In November 2013, Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”) was formed by the JV Company and is engaged in the car sales business. The JV Company has 100% ownership interest in JiHeKang, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in JiHeKang. | |
In December 2013, the JV Company entered into an ownership transfer agreement with Shanghai Guorun pursuant to which the JV Company acquired 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. (“Kandi Shanghai”). As a result, Kandi Shanghai is a wholly-owned subsidiary of the JV Company, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Shanghai. The company is mainly engaged in EV research and development, manufacturing and sales. | |
In January 2014, Zhejiang Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”) was formed by the JV Company. The JV Company has 100% ownership interest in Kandi Jiangsu, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jiangsu. The company is mainly engaged in EV research and development, manufacturing and sales. | |
The Company’s primary business operations are the design, development, manufacturing and commercialization of EV products, EV parts and off road vehicles. As part of its strategic objective to become a leading manufacturer of EV products and related services, the Company has increased its focus on fuel efficient, pure EV products with a particular emphasis on expanding its market share in China. |
LIQUIDITY
LIQUIDITY | 12 Months Ended |
Dec. 31, 2014 | |
LIQUIDITY [Text Block] | NOTE 2 - LIQUIDITY |
The Company had a working capital surplus of $39,202,684 as of December 31, 2014, an increase of $45,834,364 from a working capital deficit of ($6,631,680) as of December 31, 2013. | |
As of December 31, 2014, the Company had credit lines from commercial banks of $42,739,904, of which $35,589,502 was used as of December 31, 2014. The Company believes that its cash flows generated internally may not be sufficient to support the growth of future operations and to repay short-term bank loans for the next twelve (12) months. However, the Company believes its cash reserves, including the proceeds of its $71 million registered direct offering financing completed on September 4, 2014 and its access to existing financing sources, including established relationships with PRC banks, will enable it to fund its ongoing operations. | |
The Company has historically financed its operations 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 particular loan, the banks have typically rolled over the loan 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 that short-term bank loans remain available on normal trade terms if needed. | |
On March 24, 2014, the Company raised approximately $11.05 million from the sale to two institutional investors of an aggregate of 606,000 shares of its common stock at a price of $18.24 per share. As part of the transaction, the Company also issued to the investors warrants for the purchase of up to 90,900 shares of common stock at an exercise price of $22.80 per share, with a term of 18 months from the date of issuance. | |
On September 4, 2014, the Company raised approximately $71.00 million before deducting fees to the placement agent and other offering expenses incurred from the sale to six institutional investors of an aggregate of 4,127,908 shares of its common stock at a price of $17.20 per share. As part of the transaction terms, the Company also issued to the investors warrants for the purchase of up to 743,024 shares of common stock at an exercise price of $21.50 per share, with a term of 17 months from the date of issuance. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | ||
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 the following subsidiaries: | ||
(i) | Continental, a wholly-owned subsidiary of the Company | |
(ii) | Kandi Vehicles, a wholly-owned subsidiary of Continental | |
(iii) | Kandi New Energy, a 50% owned subsidiary of Kandi Vehicles. Pursuant to relevant agreements executed in January 2011, Kandi Vehicles is entitled to 100% of the economic benefits, voting rights and residual interests of Kandi New Energy) | |
(iv) | Yongkang Scrou,a wholly-owned subsidiary of Kandi Vehicles | |
(v) | Kandi Wanning, a subsidiary 10% owned by Kandi New Energy and 90% owned by Kandi Vehicles) | |
All inter-company accounts and transactions have been eliminated in consolidation. | ||
Equity Method Investees | ||
The consolidated net income also includes the Company’s proportionate share of the net income or loss of its equity method investees as following: | ||
(vi) | The JV Company, a 50% owned subsidiary of Kandi Vehicles; | |
(vii) | Kandi Changxing, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; | |
(viii) | Kandi Jinhua, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; | |
(ix) | JiHeKang, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; | |
(x) | Kandi Shanghai, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; | |
(xi) | Kandi Jiangsu, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; | |
(xii) | The Service Company, a 19%-ow ned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 9.5% economic interest; | |
(xiii) | Jinhua Service, a 30% owned subsidiary of Kandi Vehicles, which was dissolved in July 2014. | |
All intra-entity profits and losses with the Company’s equity method investees have been eliminated. |
USE_OF_ESTIMATES
USE OF ESTIMATES | 12 Months Ended |
Dec. 31, 2014 | |
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 the 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, 2014 | |||||||||||||
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. As a result, 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. In addition, the Company’s earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is the Company’s functional currency. Accordingly, the Company’s operating results are affected by changes in the exchange rate between the U.S. dollar and the RMB. | |||||||||||||
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 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. | ||||||||||||
As of December 31, 2014, the Company’s assets, measured at fair value, on a recurring basis, subject to the disclosure requirements of ASC 820, were as follows: | |||||||||||||
Fair Value | |||||||||||||
Measurements | Active | Significant | |||||||||||
at Reporting | Markets | Other | Significant | ||||||||||
Date Using | for Identical | Observable | Unobservable | ||||||||||
Quoted Prices | Assets | Inputs | Inputs | ||||||||||
in Carrying | |||||||||||||
Value as of | |||||||||||||
December 31, | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Cash and cash equivalents | $ | 26,379,460 | $ | 26,379,460 | - | - | |||||||
Restricted cash | 13,000,731 | 13,000,731 | - | - | |||||||||
Warrants | 12,342,885 | - | - | 12,342,885 | |||||||||
Cash and cash equivalents consist primarily of highly-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 are 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 and are measured at each reporting date for their fair value using Level 3 inputs. Also see Note 6 (t). | |||||||||||||
(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, as of December 31, 2014 and 2013, represented time deposits on account for earning interest income. As of December 31, 2014 and 2013, the Company’s restricted cash were $13,000,731, which reflects a one-year Certificate of Time Deposit (CD) with Hangzhou Bank Jinhua Branch, and $1,636, respectively. | |||||||||||||
(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 selling expenses and any further costs expected to be incurred for completion. 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 is recorded in periods in which the Company determines a loss is probable, based on its assessment of specific factors, such as troubled collections, historical experience, accounts aging, ongoing business relations and other factors. Accounts are written off after an exhaustive collection effort. If accounts receivable are to be provided for, or written off, they are recognized in the consolidated statement of operations within the operating expenses line item. As of December 31, 2014 and 2013, the Company had no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. | |||||||||||||
As of December 31, 2014 and 2013, the credit terms with the Company’s customers were typically 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 an accrual basis. If notes receivable are paid back, or written off, that transaction 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 provides an accrual for the related foreclosure expenses and related litigation expenses. | |||||||||||||
(g) Prepayments | |||||||||||||
Prepayments represent cash paid in advance to suppliers. As of December 31, 2014, prepayments included advances to raw material suppliers, mold manufacturers, and suppliers of equipment. | |||||||||||||
As of December 31, 2013, the Company recorded a significant prepayment made by the Company to a supplier as an advance of RMB47 million ($7,687,275) and deposited by Kandi Wanning to Nanjing Shangtong. As of December 31, 2014, the advance to Nanjing Shangtong was transferred to “construction-in-progress” as described in Note 15. | |||||||||||||
Advances for raw materials purchases typically are settled within two months by the Company’s receipt of raw materials. Prepayment is offset against purchase amount after equipment or materials are delivered. | |||||||||||||
(h) Plant and Equipment | |||||||||||||
Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the assets, 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 and equipment | 10 years | ||||||||||||
Office equipment | 5 years | ||||||||||||
Motor vehicles | 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 the direct costs of construction, 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 Chinese laws, land in the PRC is owned by the government and land ownership rights cannot be sold to an individual or to 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 term of fifty 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. | |||||||||||||
During the reporting period, no impairment loss was recognized. | |||||||||||||
(l) Revenue Recognition | |||||||||||||
Revenue represents the invoiced value of goods sold. Revenue is recognized when the Company ships the goods to its customers and 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. | ||||||||||||
The Company recognized revenue when the products and the risk they carry are transferred to the other party. | |||||||||||||
(m) Research and Development | |||||||||||||
Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. Research and development expenses were $2,755,637, $3,728,730 and $2,877,283 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
(n) Government Grants | |||||||||||||
Grants and subsidies received from the PRC Government are recognized when the proceeds are received or collectible. | |||||||||||||
For the years ended December 31, 2014, 2013and 2012, $288,498, $228,396 and $132,139, respectively, were received by Kandi Vehicle from the PRC government. | |||||||||||||
(o) Income Taxes | |||||||||||||
The Company accounts for income tax using an asset and liability approach, which allows for the 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 U. S. dollars. The functional currency of the Company is the 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 occurred. | |||||||||||||
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 reporting period, which rates are obtained from the website: http://www.oanda.com | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Period end RMB : USD exchange rate | 6.1535 | 6.114 | |||||||||||
Average RMB : USD exchange rate | 6.14821 | 6.19817 | |||||||||||
(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. | |||||||||||||
(r) Segments | |||||||||||||
In accordance with ASC 280-10, Segment Reporting (“ASC 280-10”), the Company’s chief operating decision makers rely upon the consolidated results of operations when making decisions about allocating resources and assessing performance of the Company. As a result of the assessment made by the chief operating decision makers, 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 Expenses | |||||||||||||
The Company’s stock option expenses are 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 common 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. | |||||||||||||
The recognition of the stock option expenses is based on awards expected to vest, and there were no estimated forfeitures. ASC standards require forfeitures to be estimated at the time of grants and revised in subsequent periods, if necessary, if actual forfeitures differ from those estimates. | |||||||||||||
The stock-based option expenses for the years ended December 31, 2014, 2013 and 2012 were $0, $0 and $19,053, respectively. 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 common 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 common 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) Goodwill | |||||||||||||
The Company allocates goodwill from business combinations to reporting units based on the expectation that the reporting unit is to benefit from the business combination. The Company evaluates its reporting units on an annual basis and, if necessary, reassigns 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 judgments, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of each reporting unit. The Company first assesses qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, the Company performs a quantitative impairment test. As of December 31, 2014 and 2013, the Company determined that its goodwill was not impaired. | |||||||||||||
(v) Intangible assets | |||||||||||||
Intangible assets consist of tradenames and customer relations associated with the purchase price from the 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, 2014 and 2013. | |||||||||||||
(w) Accounting for Sale of Common Stock and Warrants | |||||||||||||
Gross proceeds are firstly allocated according to the initial fair value of the freestanding derivative instruments (i.e. the warrants issued to the Company’s investors in its previous offerings, or the “Investor Warrants”). The remaining proceeds are allocated to common stock. The related issuance expenses, including the placement agent cash fees, legal fees, the initial fair value of the warrants issued to the placement agent, etc, were allocated between the common stock and the Investor Warrants based on how the proceeds allocated to these instruments. Expenses related to the issuance of common stock were charged to paid-in capital. | |||||||||||||
Expenses related to issuance of the derivative instruments were expensed upon issuance. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2014 | |
NEW ACCOUNTING PRONOUNCEMENTS [Text Block] | NOTE 7 – NEW ACCOUNTING PRONOUNCEMENTS |
The FASB has issued Accounting Standards Update (ASU) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in this ASU enhance convergence between U.S. GAAP and International Financial Reporting Standards (IFRS). Part of the new definition of discontinued operation is based on elements of the definition of discontinued operations in IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. The Company does not expect ASU 2014 - 08 to have a significant impact on its consolidated results of operations and financial condition. | |
The FASB has issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. According to the FASB, the new guidance aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. The guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement, which has resulted in outcomes referred to as off-balance-sheet accounting. ASU 2014-11 also brings U.S. GAAP into greater alignment with IFRS for repurchase-to-maturity transactions. The amendments in the ASU require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The amendments in the ASU also require expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for public companies for the first interim or annual period beginning after December 15, 2014. In addition, for public companies, the disclosure for certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. For all other entities, all changes are effective for annual periods beginning after December 15, 2014, and interim periods beginning after December 15, 2015. Earlier application for a public company is prohibited, but all other companies and organizations may elect to apply the requirements for interim periods beginning after December 15, 2014. The Company does not expect ASU 2014-11 to have a significant impact on its consolidated results of operations and financial condition. | |
The FASB has issued Accounting Standards Update (ASU) No. 2014-17, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force). The amendments in this ASU apply to the separate financial statements of an acquired entity and its subsidiaries that are a business or nonprofit activity (either public or nonpublic) upon the occurrence of an event in which an acquirer (an individual or an entity) obtains control of the acquired entity. The amendments in this ASU provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. The amendments in this ASU are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company does not expect ASU 2014-17 to have a significant impact on its consolidated results of operations and financial condition. | |
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
CONCENTRATIONS [Text Block] | NOTE 8 – CONCENTRATIONS | ||||||||||||||||||
(a) Customers | |||||||||||||||||||
The Company's major customers, each of whom accounted for more than 10% of the Company’s consolidated revenue, were as follows: | |||||||||||||||||||
Sales | Accounts Receivable and Amount Due | ||||||||||||||||||
from JV Company, Net (1) | |||||||||||||||||||
Year | Year | Year | |||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||
December, | December, | December, | December | December | December | ||||||||||||||
31, | 31, | 31, | 31, | 31, | 31, | ||||||||||||||
Major Customers | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Kandi Electric Vehicles (Changxing) Co., Ltd. | 38% | - | - | 17% | - | - | |||||||||||||
Kandi Electric Vehicles (Shanghai) Co., Ltd. | 23% | - | - | 16% | - | - | |||||||||||||
Shanghai Maple Auto Co., Ltd. | 10% | 23% | - | 3% | 47% | - | |||||||||||||
-1 | The balance at December 31, 2014 didn’t include the one-year entrusted loan of $24,376,371 that Kandi Vehicle lent to the JV Company. | ||||||||||||||||||
(b) Suppliers | |||||||||||||||||||
The Company's material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows: | |||||||||||||||||||
Purchases | Accounts Payable | ||||||||||||||||||
Year | Year | Year | |||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||
December, 31, | December, 31, | December, 31, | December, 31, | December, 31, | December, 31, | ||||||||||||||
Major Suppliers | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Zhejiang New Energy Auto System Co., Ltd. | 31% | 33% | 26% | 12% | 12% | ||||||||||||||
Shandong Henyuan New Energy Tech Co., Ltd. | 25% | - | - | 32% | - | ||||||||||||||
Zhongju (Tianjin) New Energy Investment Co., Ltd. | 11% | - | - | 29% | - |
INCOME_PER_SHARE
INCOME PER SHARE | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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 reporting period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options, warrants and convertible notes (using the if-converted method). For the year ended December 31, 2014, 2013 and 2012, the number of potentially dilutive common shares were 132,323, 0 and 237,997, respectively. The following table sets forth the computation of basic and diluted net income per common share: | ||||||||||
Twelve months Ended December 31, | 2014 | 2013 | 2012 | |||||||
Net (loss) income | $ | 12,271,338 | $ | -21,140,723 | $ | 6,049,479 | ||||
Weighted – average shares of common stock outstanding | ||||||||||
Basic | 42,583,495 | 34,707,973 | 29,439,328 | |||||||
Dilutive shares | 132,323 | 0 | 237,997 | |||||||
Diluted | 42,715,818 | 34,707,973 | 29,677,325 | |||||||
Basic earnings per share | $ | 0.29 | $ | -0.61 | $ | 0.21 | ||||
Diluted earnings per share | $ | 0.29 | $ | -0.61 | $ | 0.2 | ||||
Also see Note 19. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
ACCOUNTS RECEIVABLE [Text Block] | NOTE 10 - ACCOUNTS RECEIVABLE | ||||||
Accounts receivable are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Accounts receivable | $ | 15,736,805 | $ | 31,370,862 | |||
Less: Provision for doubtful debts | - | - | |||||
Accounts receivable, net | $ | 15,736,805 | $ | 31,370,862 | |||
During the fiscal years ended December 31, 2014, 2013 and 2012, the Company sold products to Kandi USA Inc., a company that operates under the trade name of Eliteway Motorsports (“Eliteway”), amounting to $2,981,944, $6,906,807 and $5,297,548, respectively. As of December 31, 2014 and 2013, the outstanding receivable due from Eliteway were $620,410 and $2,800,958, respectively. | |||||||
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. For the years ended December 31, 2014, 2013 and 2012, Eliteway and Mr. Hu Wangyuan were financially independent from the Company. The transactions between the Company and Eliteway were carried out at arm's-length without any preferential terms when compared with other customers at the comparative order size or volume. |
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
INVENTORIES [Text Block] | NOTE 11 - INVENTORIES | ||||||
Inventories are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Raw material | $ | 3,621,428 | $ | 2,646,041 | |||
Work-in-progress | 3,104,678 | 5,065,126 | |||||
Finished goods | 8,993,318 | 1,829,281 | |||||
Total inventories | 15,719,424 | 9,540,448 | |||||
Less: provision for slowing moving inventories | -315,584 | -352,734 | |||||
Inventories, net | $ | 15,403,840 | $ | 9,187,714 |
NOTES_RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
NOTES RECEIVABLE [Text Block] | NOTE 12 - NOTES RECEIVABLE | ||||||
Notes receivable are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Notes receivable from unrelated companies: | |||||||
Due September 30, 2015, interest at 9.6% per annum 1 | $ | 8,117,888 | $ | 13,794,094 | |||
Bank acceptance notes: | |||||||
Bank acceptance notes | 942,553 | - | |||||
Notes receivable | $ | 9,060,441 | $ | 13,794,094 | |||
Notes receivable are unsecured. | |||||||
Details of Notes receivable from unrelated parties as of December 31, 2014 | |||||||
Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | |||
1) | 8,117,888 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Not Due. | ||
Details of Notes receivable from unrelated parties as of December 31, 2013 | |||||||
Amount($) | 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 |
PLANT_AND_EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
PLANT AND EQUIPMENT [Text Block] | NOTE 13 – PLANT AND EQUIPMENT | ||||||
Plant and equipment consisted of the following: | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
At cost: | |||||||
Buildings | $ | 14,492,949 | $ | 14,514,873 | |||
Machinery and equipment | 7,916,281 | 10,771,899 | |||||
Office equipment | 283,494 | 251,690 | |||||
Motor vehicles | 355,547 | 288,004 | |||||
Moulds | 34,523,167 | 34,230,014 | |||||
57,571,438 | 60,056,480 | ||||||
Less : Accumulated depreciation | |||||||
Buildings | $ | -3,480,417 | $ | -3,010,451 | |||
Machinery and equipment | -7,371,047 | -10,278,409 | |||||
Office equipment | -220,944 | -196,303 | |||||
Motor vehicles | -254,331 | -228,442 | |||||
Moulds | -19,972,647 | -16,648,583 | |||||
-31,299,386 | -30,362,188 | ||||||
Less: provision for impairment for fixed assets | -56,696 | -360,776 | |||||
Plant and equipment, net | $ | 26,215,356 | $ | 29,333,516) | |||
As of December 31, 2014 and 2013, the net book value of plant and equipment pledged as collateral for the Company's bank loans were $10,816,480 and $11,292,649, respectively. | |||||||
Depreciation expenses for the years ended December 31, 2014, 2013 and 2012 were $5,110,681, $7,273,260 and $4,577,092, respectively. |
LAND_USE_RIGHTS
LAND USE RIGHTS | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
LAND USE RIGHTS [Text Block] | NOTE 14 – LAND USE RIGHTS | ||||||
The Company’s land use rights consist of the following: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Cost of land use rights | $ | 17,786,170 | $ | 16,223,208 | |||
Less: Accumulated amortization | -2,137,018 | -1,770,017 | |||||
Land use rights, net | $ | 15,649,152 | $ | 14,453,191 | |||
As of December 31, 2014 and 2013, the net book value of the land use rights pledged as collateral for the Company's bank loans were $9,665,834 and $9,983,647 respectively. Also see Note 16. | |||||||
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. Zhejiang Mengdeli Electric Co., Ltd (“ZMEC”) has provided a guarantee for certain of the Company's bank loans. As of December 31, 2014 and 2013, ZMEC had guaranteed bank loans of the Company for a total of $12,675,713 and $16,028,786, respectively. | |||||||
The amortization expense for the years ended December 31, 2014, 2013 and 2012 were $378,689, $353,568 and $346,761, respectively. | |||||||
Amortization expense for the next five years and thereafter is as follows: | |||||||
2015 | $ | 378,689 | |||||
2016 | 378,689 | ||||||
2017 | 378,689 | ||||||
2018 | 378,689 | ||||||
2019 | 378,689 | ||||||
Thereafter | 13,755,707 | ||||||
Total | $ | 15,649,152 |
CONSTRUCTIONINPROGRESS
CONSTRUCTION-IN-PROGRESS | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
CONSTRUCTION-IN-PROGRESS [Text Block] | NOTE 15 - CONSTRUCTION-IN-PROGRESS | |||||||||||||
Construction-in-progress (“CIP”) relates to facility being built in Wanning City of Hainan Province. | ||||||||||||||
Kandi Wanning facility | ||||||||||||||
In April 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) was formed in Wanning City of Hainan Province. The Company signed an agreement with Wanning city government and planned to invest a total of RMB1 billion, or $162,509,141, to develop a factory in Wanning with an annual production of 100,000 EVs. In 2013, the Company contracted with an unrelated third party equipment supplier, Nanjing Shangtong Auto Technologies Co., Ltd. (“Nanjing Shangtong”), to purchase equipment. The equipment was purchased and delivered according to the construction schedule and development of Kandi Wanning. As of December 31, 2014, a total amount of advances to suppliers of RMB360,041,600, or $58,510,051, made by Kandi Wanning to Nanjing Shangtong for equipment purchases was transferred to CIP. None of construction-in-progress was transferred to property, plant and equipment during the years ended December 31, 2014 and 2013, respectively. The Company expects the purchase and installation of the equipment will be completed and the trial production will be launched by the end of 2015. | ||||||||||||||
No depreciation is provided for construction-in-progress until such time when the assets are completed and placed into operation. | ||||||||||||||
The construction project the Company was in the progress of completing is as follow: | ||||||||||||||
Total in CIP | ||||||||||||||
as of | ||||||||||||||
December 31, | Estimated Cost to | Estimated | Estimated | |||||||||||
Project | 2014 | Complete | Total Cost | Completion Date | ||||||||||
Kandi Wanning facility | $ | 58,510,051 | $ | 103,999,090 | $ | 162,509,141 | Dec-15 | |||||||
Total | $ | 58,510,051 | $ | 103,999,090 | $ | 162,509,141 | ||||||||
As of December 31, 2014 and 2013, the Company had construction in progress amounting to $58,510,051 and $16,356, respectively. | ||||||||||||||
No interest expense has been capitalized for construction-in-progress for the years ended December 31, 2014, 2013 and 2012, respectively. |
SHORT_TERM_BANK_LOANS
SHORT TERM BANK LOANS | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
SHORT TERM BANK LOANS [Text Block] | NOTE 16 – SHORT-TERM BANK LOANS | ||||||
Short-term loans are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Loans from Jinhua Bank | |||||||
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. The loan was fully repaid. 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. The loan was fully repaid. 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 | - | 3,271,181 | |||||
Yueping, Mr. Lv Qingbo and Mr. Lv Qingjiang, and secured by the assets of the Company. The loan was fully repaid. Also see Note 13 and Note 14. | |||||||
Loans from Yongkang Rural Cooperative Bank | |||||||
Monthly interest only payments at 1.026% per month, due March 31, 2014, guaranteed by Yongkang Sanli Metal Co., Ltd. The loan was fully repaid. | - | 817,795 | |||||
Loans from China Ever-bright Bank | |||||||
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, | - | 12,757,606 | |||||
Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. The loan was fully repaid. Also see Note 13 and Note 14. | |||||||
Monthly interest only payments at 7.08% per annum, due May 11, 2015, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Mr. Hu Wangyuan, | 12,675,713 | - | |||||
Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. Also see Note 13 and Note 14. | |||||||
Loans from Shanghai Pudong Development Bank | |||||||
Monthly interest only payments at 6.60% per annum, due September 4, 2014, secured by the assets of the Company, guaranteed by Mr. HuXiaoming. The loan was fully | - | 6,542,362 | |||||
repaid. Also see Note 13 and Note 14. | |||||||
Loans from Bank of Shanghai | |||||||
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 | - | 4,906,771 | |||||
Company and Nanlong Group Co., Ltd. The loan was fully repaid. | |||||||
Loans from China Ever-growing Bank | |||||||
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 | - | 3,271,181 | |||||
Zhejiang Mengdeli Electric Company. The loan was fully repaid. | |||||||
Monthly interest only payments at 7.20% per annum, due April 22, 2015, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, and Zhejiang Shuguang industrial Co., Ltd. | 3,250,183 | - | |||||
Loans from Hangzhou Bank | |||||||
Monthly interest only payments at 6.00% per annum, due October 20, 2015, secured by the assets of the Company. Also see Note 13 and Note 14. | 7,930,446 | - | |||||
Monthly interest only payments at 6.00% per annum, due November 17, 2015, secured by the assets of the Company. Also see Note 13 and Note 14. | 11,733,160 | - | |||||
$ | 35,589,502 | $ | 34,020,281 | ||||
The interest expense of the short-term bank loans for the years ended December 31, 2014, 2013 and 2012 were $3,480,646, $2,302,389 and $2,556,967, respectively. | |||||||
As of December 31, 2014, the aggregate amount of short-term loans that was guaranteed by various third parties was $15,925,896 | |||||||
- $12,675,713 was guaranteed by Zhejiang Mengdeli Electric Co Ltd (“ZMEC”). | |||||||
- $3,250,183 was guaranteed by Zhejiang Shuguang industrial Co., Ltd., whose bank loan of $4,875,274 was guaranteed by the Company. Also see Note 24. | |||||||
- $12,675,713 was guaranteed by Nanlong Group Co., Ltd., whose bank loans of $9,750,548 was also guaranteed by the Company. Also see Note 24. | |||||||
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 was guaranteed by Zhejiang Mengdeli Electric Co Ltd (“ZMEC”). | |||||||
- $8,177,952 was guaranteed by Zhejiang Kangli Metal Manufacturing Company, whose bank loan of $4,906,771 is guaranteed by the Company. $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 was 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 was 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 was guaranteed by Yonnkang Sanli Metal Co., Ltd. | |||||||
It is a common business practice among companies in the region of the PRC in which the Company is located to exchange guarantees for bank debt with no additional consideration given. It is considered a “favor for favor” business practice and is commonly required by Chinese lending banks, as in these cases. |
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
NOTES PAYABLE [Text Block] | NOTE 17 – NOTES PAYABLE | ||||||
By issuing bank notes payables rather than paying cash to suppliers, the Company can defer the payments until the date the bank notes payable is due. Simultaneously, depending on the requirements of the banks, the Company may need to deposit restricted cash in banks to back up the bank notes payable, while the restricted cash deposited in the banks will generate interest income. | |||||||
Notes payable are summarized as follows: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
Bank acceptance notes: | |||||||
Due March 18, 2014 | $ | - | $ | 1,962,709 | |||
Due May 19, 2014 | - | 8,177,952 | |||||
Due May 21, 2014 | - | 6,542,362 | |||||
Due April 30, 2015 | 4,062,729 | - | |||||
Due May 4, 2015 | 826,846 | - | |||||
Due June 2, 2015 | 812,546 | - | |||||
Total | $ | 5,702,121 | $ | 16,683,023 | |||
A bank acceptance note, is a promised future payment, or time draft, which is accepted and guaranteed by a bank and drawn on a deposit at the bank. The banker's acceptance specifies the amount of money, the date, and the person to which the payment is due. | |||||||
After acceptance, the draft becomes an unconditional liability of the bank. But the holder of the draft can sell (exchange) it for cash at a discount to a buyer who is willing to wait until the maturity date for the funds in the deposit. | |||||||
All the bank acceptance notes do not bear interest, but are subject to bank’s charges of 0.05% of the principal as commission on each transaction. Bank charges for notes payable were $9,359, $21,136 and $20,246 in 2014, 2013 and 2012, respectively. | |||||||
No restricted cash is held as collateral for the notes payable at December 31, 2014 and 2013. |
BOND_PAYABLE
BOND PAYABLE | 12 Months Ended |
Dec. 31, 2014 | |
BOND PAYABLE [Text Block] | NOTE 18 – BOND PAYABLE |
On December 27, 2013, the Company issued the bond of RMB80,000,000, or $13,000,731, to China Ever-bright Securities Co. Ltd. and CITIC Securities Company Limited. The maturity of this bond was 3 years, and the material terms of this bond were similar to the terms of the bond issued in 2012 and repaid in August 2013, except that the interest rate was reduced to 11.5% . Bond interest was payable on December 27 in each of 2014, 2015 and 2016. In October, 2014, the Company repaid, without a prepayment penalty, all principal and interest to China Ever-bright Securities Co. Ltd. and CITIC Securities Company Limited. For the year ended December 31, 2014, $1,262,691 of interest expense was paid. | |
The Company did not issue any bond during the year ended December 31, 2014. |
TAXES
TAXES | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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 (“CIT”) 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%. The applicable corporate income tax rate of each of the Company’s three subsidiaries, Kandi New Energy, Yongkang Scrou and Kandi Wanning, the JV Company and its subsidiaries and the Service Company was 25%. | ||||||||||
The Company, qualified as a high technology company in China, was entitled to pay a reduced CIT rate of 15%. After combining with the research and development tax credit of 25% on certain qualified research and development expenses, the final effective reduced income tax rate was 18.40% . The combined tax benefits were 60.38% . The actual effective income tax rate was reduced from 25% to 9.91% of the 2014 taxable corporate income. | ||||||||||
According to the PRC CIT reporting system, the CIT sales cut-off base is concurrent with the value-added tax (“VAT”), which should 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 elsewhere on the this report. | ||||||||||
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, 2014, 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, 2014, 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, 2014, 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, 2014 due to the net operating loss in 2014 and an accumulated net operating loss carry forward from prior years in the United States. | ||||||||||
Income tax expenses for the years ended December 31, 2014, 2013 and 2012 is summarized as follows: | ||||||||||
For the Year Ended | ||||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Provision for CIT | $ | 2,414,412 | $ | 1,593,994 | $ | 1,523,735 | ||||
Provision for Federal Income Tax | ||||||||||
Deferred: | ||||||||||
Provision for CIT | ||||||||||
Income tax expense | $ | 2,414,412 | $ | 1,593,994 | $ | 1,523,735 | ||||
The Company's income tax expense differs from the “expected” tax expense for the years ended December 31, 2014, 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, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Computed “expected” income (expense) | $ | 929,405 | $ | -1,381,713 | $ | 651,245 | ||||
Favorable tax rate | -611,672 | -1,378,429 | -1,232,306 | |||||||
Permanent differences | -929,318 | 361,230 | 932,699 | |||||||
Valuation Allowance | 3,025,997 | 3,992,906 | 1,172,097 | |||||||
Income tax expense | $ | 2,414,412 | $ | 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, 2014, 2013 and 2012 are summarized as follows: | ||||||||||
December 31, | December 31, | December 31, | ||||||||
2014 | 2013 | 2012 | ||||||||
Current portion: | ||||||||||
Deferred tax assets (liabilities): | ||||||||||
Expense | $ | -80,016 | $ | 47,224 | $ | -193,777 | ||||
Subtotal | -80,016 | 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 | -26,226 | -33,518 | 138,611 | |||||||
Administration of Taxation | ||||||||||
Other | -124,622 | |||||||||
Subtotal | -150,848 | -33,518 | 138,611 | |||||||
Total deferred tax assets (liabilities) – current portion | -230,864 | 13,706 | -55,166 | |||||||
Non-current portion: | ||||||||||
Deferred tax assets: | ||||||||||
Depreciation | -551,697 | 81,076 | 223,409 | |||||||
Loss carried forward | 3,025,997 | 3,992,906 | 1,172,097 | |||||||
Valuation allowance | -3,025,997 | -3,992,906 | -1,172,097 | |||||||
Subtotal | -551,697 | 81,076 | 223,409 | |||||||
Deferred tax liabilities: | ||||||||||
Accumulated other comprehensive gain | -1,715,028 | -1,009,477 | -222,714 | |||||||
Subtotal | (1,715,028 | -1,009,477 | -222,714 | |||||||
Total deferred tax assets – non-current portion | -2,266,725 | -928,401 | 695 | |||||||
Net deferred tax (liabilities) assets | -2,497,589 | $ | -914,695 | $ | -54,471 | |||||
(b) Tax Holiday Effect | ||||||||||
For the years ended December 31, 2014, 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, 2014, 2013 and 2012. | ||||||||||
The combined effects of the income tax expense exemptions and reductions available to the Company for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||
For the Year Ended | ||||||||||
31-Dec | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax holiday effect | $ | 611,672 | $ | 1,378,429 | $ | 1,232,306 | ||||
Basic net income per share effect | $ | 0.01 | $ | 0.04 | $ | 0.04 |
STOCK_OPTIONS_AND_WARRANTS
STOCK OPTIONS AND WARRANTS | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
STOCK OPTIONS AND WARRANTS [Text Block] | NOTE 20 - STOCK OPTIONS AND WARRANTS | ||||||
(a) Stock Options | |||||||
On February 11, 2009, the Compensation Committee of the Board of Directors of the Company approved the grant of stock options to purchase 2,600,000 shares of common stock at an exercise price of $0.80 per share to ten of the Company’s employees and directors. The stock options vested ratably over three years and expire on the tenth anniversary of 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 had been forfeited. As of December 31, 2014, options for 2,593,332 shares had been exercised and options for 6,668 shares had 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 were to provide to the Company business development services in China 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, options to purchase 250,000 shares vested and became exercisable on March 6, 2010, and options to purchase 100,000 shares vested and became exercisable on June 6, 2010. The options are issued under and subject to the terms of the Company’s 2008 Omnibus Long-Term Incentive Plan. As of December 31, 2014, options for 250,000 shares had been exercised and 100,000 shares were forfeited due to the non-performance of services. | |||||||
The following is a summary of the stock option activities of the Company: | |||||||
Weighted | |||||||
Average | |||||||
Number of | Exercise | ||||||
Shares | Price | ||||||
Outstanding as of January 1, 2013 | 326,660 | $ | 1.01 | ||||
Granted | - | - | |||||
Exercised | - | - | |||||
Cancelled | - | - | |||||
Outstanding as of January 1, 2014 | 326,660 | 1.01 | |||||
Granted | - | - | |||||
Exercised | -226,660 | 0.8 | |||||
Cancelled | -100,000 | 1.5 | |||||
Outstanding as of December 31, 2014 | - | $ | - | ||||
The fair value per share of the 2,600,000 options issued to the employees and directors in February 2009 is $0.7934 per share. | |||||||
(b) Warrants | |||||||
On June 26, 2013, the Company entered into a 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 the Company’s 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 the Company’s 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 the Company’s 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 the Company’s 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 the Company’s common stock at an exercise price of $7.24 per share (the “Third Round Placement Agent Warrants”). As of December 31, 2014 all the Third Round Series A, Series B and Series C warrants had been exercised on a cash basis and the Third Round Placement Agent Warrants, which will expire on July 1, 2016, had a fair value of $8.36 per share. | |||||||
On January 15, 2014, the Company sold to certain institutional investors warrants to purchase an aggregate of 1,429,393 shares of the Company’s common stock at an exercise price of $15 per share (the “Fourth Round Warrants”) for a total purchase price of approximately $14,294. According to the warrant subscription agreement by and among the Company and the holders, the exercise price shall be reduced by a credit of $0.01, which reflects the price per warrant share paid in connection with the issuance of the Fourth Round Warrants. Consequently, the effective exercise price per warrant share shall be $14.99. The Fourth Round Warrants were immediately exercisable and will expire on January 30, 2015. As of December 31, 2014, the fair value of the Fourth Round Warrants was $1.57 per share. | |||||||
On March 19, 2014, the Company entered into a securities purchase agreement with certain purchasers (the “Fourth Round Investors”), pursuant to which the Company sold to the Fourth Round Investors, in a registered direct offering, an aggregate of 606,000 shares of common stock, at a negotiated purchase price of $18.24 per share, for aggregate gross proceeds to the Company of approximately $11,053,440, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the Fourth Round Investors also received warrants for the purchase of up to 90,900 shares of the Company’s common stock at an exercise price of $22.80 per share (the “Fifth Round Warrants”). In addition, the placement agent for this transaction also received warrants for the purchase of up to 36,360 shares of the Company’s common stock at an exercise price of $22.80 per share. The Fourth Round Warrants have a term of eighteen months and are exercisable by the holders at any time after the date of issuance. As of December 31, 2014, the fair value of the Fourth Round Warrants was $4.28 per share. | |||||||
On September 4, 2014, the Company entered in a securities purchase agreement with certain purchasers (the “Fifth Round Investors”), pursuant to which the Company sold to the Fifth Round Investors, in a registered direct offering, an aggregate of 4,127,908 shares of its common stock at a price of $17.20 per share, for aggregate gross proceeds to the Company of approximately $71 million (the “Fifth Round Offering”), before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the Fifth Round Investors also received warrants for the purchase of up to 743,024 shares of the Company’s common stock at an exercise price of $21.50 per share (the “Fifth Round Warrants”). The Fifth Round Warrants have a term of seventeen months and are exercisable by the holders at any time after the date of issuance. In addition, the placement agent for this transaction also received warrants for the purchase of up to 206,395 shares of the Company’s common stock at an exercise price of $20.64 per share (the “Fifth Round Placement Agent Warrants”). The placement agent’s warrants are exercisable for a term of seventeen months after the six months from the issuance. As of December 31, 2014, the fair value of the Fifth Round Warrants was $7.37 per share and the Fifth Round Placement Agent Warrants had a fair value of $9.13 per share. | |||||||
In addition, any Fifth Round Investor that invests more than $30 million in the initial offering of shares and warrants in the Fifth Round Offering would have an option to purchase its pro rata share of up to a $30 million of shares, or 1,744,186 shares of common stock and its pro rata share of warrants to purchase an aggregate of up to 313,954 shares of our comment stock at $17.20 for a period commencing from September 4, 2014 and ending on November 17, 2014. None of the Fifth Round Investors that invests more than $30 million in the Fifth Round Offering exercised this option. |
STOCK_AWARD
STOCK AWARD | 12 Months Ended |
Dec. 31, 2014 | |
STOCK AWARD [Text Block] | NOTE 21 – STOCK AWARD |
In connection with the appointment of Mr. Henry Yu as a member of the Board of Directors (the “Board”), and as compensation, the Board 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 having Mr. Jerry Lewin to serve as a member of the Board, the Board 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 having Ms. Kewa Luo to serve as the Company’s investor relation officer, the Board 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. | |
As compensation for having Mr. Wei Chen to serve CFO assistant the Board authorized the issuance by the Company to Mr. Wei Chen of 10,000 shares of Company’s common stock every year beginning in January 2012 and 2,500 shares of Company’s common stock every three months, beginning in January 2014. As of June 1, 2014, Mr. Chen was no longer with the Company. | |
The fair value of stock awards based on service is determined based on closing price of the common stock on the date the shares are granted. The compensation costs for awards of common stock are recognized over the requisite service period of six months. | |
On December 30, 2013, the Board 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 shares of common stock for each fiscal year, beginning with the 2013 fiscal year, under the Company’s 2008 Omnibus Long-Term Incentive Plan (the “Plan”), if the Company’s determination that the Company’s “Non-GAAP Net Income” for the current fiscal year increased by 10% comparing to that of the prior year. The specific number of shares of common stock to be issued in respect of such award could proportionally increase or decrease if the actual Non-GAAP Net Income increase is more or less than 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 2014 fiscal year increases by 10% compared to the Non-GAAP Net Income for the 2013 fiscal year, the selected executives and other key employees each will be granted his or her target amount of common stock of the Company. If Non-GAAP Net Income in 2014 is less than Non-GAAP Net Income in 2013, then no common stock will be granted. If Non-GAAP Net Income in 2014 increases compared to Non-GAAP Net Income in 2013 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 2014 increases compared to Non- GAAP Net Income in 2013 but the increase is more than 10%, then the target amount of the common stock grant will be proportionately increased up to 200% of the target amount. | |
The fair value of each award granted under the 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 does not meet 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 with respect to fiscal 2014 would be 670,000 shares based on the Non-GAAP Net Income of the year of 2014. The compensation expense is recognized in General and Administrative Expenses. |
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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-14 | 31-Dec-13 | ||||||||
Gross carrying amount: | ||||||||||
Trade name | 7 years | $ | 492,235 | $ | 492,235 | |||||
Customer relations | 7 years | 304,086 | 304,086 | |||||||
796,321 | 796,321 | |||||||||
Less : Accumulated amortization | ||||||||||
Trade name | $ | -135,323 | $ | -84,576 | ||||||
Customer relations | -83,597 | -52,249 | ||||||||
-218,920 | -136,825 | |||||||||
Intangible assets, net | $ | 577,401 | $ | 659,496 | ||||||
The aggregate amortization expenses 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 were $82,095, $82,095 and $54,730 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||
Amortization expenses for the next five years and thereafter is as follows: | ||||||||||
2015 | $ | 82,095 | ||||||||
2016 | 82,095 | |||||||||
2017 | 82,095 | |||||||||
2018 | 82,095 | |||||||||
2019 | 82,095 | |||||||||
Thereafter | 166,926 | |||||||||
Total | $ | 577,401 |
SUMMARIZED_INFORMATION_OF_INVE
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY [Text Block] | NOTE 23 – SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY | |||||||||
The Company’s consolidated net income includes the Company’s proportionate share of the net income or loss of the Company’s equity method investees. When the Company records its proportionate share of net income, it increases equity income (loss) – net in the Company’s consolidated statements of income and the Company’s carrying value in that investment. Conversely, when the Company records its proportionate share of a net loss, it decreases equity income (loss) – net in the Company’s consolidated statements of income and the Company’s carrying value in that investment. All intra-entity profits and losses with the Company’s equity method investees have been eliminated. | ||||||||||
Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”) | ||||||||||
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 Guorun”), a 99%-ow ned subsidiary of Geely Automobile Holdings Ltd. (“Geely”), the parties established Zhejiang Kandi Electric Vehicles Co., Ltd. (the “JV Company”) to develop, manufacture and sell electric vehicles (“EVs”) and related auto parts. Each of Kandi Vehicles and Shanghai Guorun has a 50% ownership interest in the JV Company. In the fourth quarter of 2013, Kandi Vehicles entered into an ownership transfer agreement with the JV Company pursuant to which Kandi Vehicles transferred 100% of its ownership in Kandi Changxing to the JV Company. As a result, the Company indirectly has a 50% economic interest in Kandi Changxing through its 50% ownership interest in the JV Company after this transfer. 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 50% ownership interest in the JV Company, has a 50% economic 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 50% ownership interest in the JV Company, has a 50% economic interest in JiHeKang. In December 2013, the JV Company entered into an ownership transfer agreement with Shanghai Guorun pursuant to which the JV Company acquired 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. (“Kandi Shanghai”). As a result, Kandi Shanghai is a wholly-owned subsidiary of the JV Company, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Shanghai. In January 2014, Zhejiang Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”) was formed by the JV Company. The JV Company has 100% ownership interest in Kandi Jiangsu, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jiangsu. In addition, 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 50% ownership interest in the JV Company, has a 9.5% of economic interest in the Service Company. In March 2014, the JV Company changed its name to Kandi Electric Vehicles Group Co., Ltd. | ||||||||||
As of December 31, 2014, the JV Company consolidated the following entities on its financial statements: (1) 100% interest in Kandi Changxing; (2) 100% interest in Kandi Jinhua; (3) 100% interest in JiHeKang; (4) 100% interest in Kandi Shanghai; and (5) 100% interest in Kandi Jiangsu. | ||||||||||
The Company accounted for its investments in the JV Company under the equity method of accounting as the Company has a 50% ownership interest in the JV Company. Therefore, the Company’s consolidated net income for the year Ended December 31, 2014 and 2013 included equity income from the JV Company during such periods. | ||||||||||
The combined results of operations and financial position of the JV Company are summarized below: | ||||||||||
Year ended | ||||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Condensed income statement information: | ||||||||||
Net sales | $ | 215,537,203 | $ | 15,212,347 | $ | - | ||||
Gross income (loss) | 41,889,144 | -1,279,914 | - | |||||||
Net income (loss) | 7,526,164 | -3,020,756 | - | |||||||
Company’s equity in net income of the JVCompany | $ | 3,763,082 | $ | -1,510,378 | $ | - | ||||
Three Months ended | ||||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Condensed income statement information: | ||||||||||
Net sales | $ | 88,773,410 | $ | 15,212,347 | $ | - | ||||
Gross income (loss) | 27,944,246 | -1,279,914 | - | |||||||
Net income (loss) | 743,892 | -2,780,723 | - | |||||||
Company’s equity in net income of the JV Company | $ | 371,946 | $ | -1,390,362 | $ | - | ||||
December 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Condensed balance sheet information: | ||||||||||
Current assets | $ | 262,543,256 | $ | 108,139,053 | ||||||
Noncurrent assets | 194,229,114 | 146,130,466 | ||||||||
Total assets | $ | 456,772,370 | $ | 254,269,519 | ||||||
Current liabilities | 280,779,432 | 93,772,816 | ||||||||
Noncurrent liabilities | 9,006,787 | - | ||||||||
Equity | 166,986,151 | 160,496,703 | ||||||||
Total liabilities and equity | $ | 456,772,370 | $ | 254,269,519 | ||||||
For the year ended December 31, 2014, the JV Company’s revenues were $215,537,203, an increase of 1317% from $15,212,347 for the year ended December 31, 2013. For the three months ended December 31, 2014, the JV Company’s revenues were $88,773,410, an increase of 483% from $15,212,347 for the three months ended December 31, 2013. The revenue was primarily derived from the sales of EV products in the PRC with a total of 10,935 units sold during the year 2014, among which, a total of 3,656 units of EV products were sold during the three months ended December 31, 2014. The growth of sales of EV products was mainly driven by the demand by the EV-Share Program). For the year ended December 31, 2014, the JV Company recorded a net profit of $7,526,164 as compared to a net loss of $3,020,756 for the year ended December 31, 2013. For the three months ended December 31, 2014, the JV Company recorded a net profit of $743,892 as compared to a net loss of $2,780,723 for the three months ended December 31, 2013. As the Company only has a 50% ownership interest in the JV Company and accounted for its investments in the JV Company under the equity method of accounting, the Company didn’t consolidate the JV Company’s financial results but included equity income from the JV Company during such periods, which were a share of profit of $3,763,082 and a share of loss of $1,510,378 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||
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 equity method investment in JV Company for the year ended December 31, 2014 and 2013 are as follows: | ||||||||||
Year ended | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Investment in the JV Company, beginning of the period, | $ | 79,331,930 | $ | - | ||||||
Investment in the JV Company | - | 81,779,522 | ||||||||
Share of profit (loss) | 3,763,082 | -1,510,378 | ||||||||
Intercompany transaction unrealized gain elimination | -184,138 | -903,976 | ||||||||
Year 2013 unrealized profit realized | 911,322 | - | ||||||||
Exchange difference | -513,101 | -33,238 | ||||||||
Investment in the JV Company, end of the period | $ | 83,309,095 | $ | 79,331,930 | ||||||
Sales to the Company’s customers, the JV Company, for the year ended December 31, 2014 were $117,707,152 or 69% of the Company’s total revenue for the year, an increase of 948.7% of the sales to the JV Company from the previous year. Sales to the JV Company for the three months ended December 31, 2014 were $39,166,994 or 74% of total revenue for that three months period. The sales to the JV Company were primarily the sales of battery packs, body parts, EV drive motors, EV controllers, air conditioning units and other auto parts, of which the majority of the sales were to Kandi Changxing amounted to $14,071,221 and $65,342,342, respectively, for the three months and the year ended December 31, 2014, Kandi Shanghai amounted to $15,292,090 and $39,412,740, respectively, for the three months and the year ended December 31, 2014, and Kandi Jinhua amounted to $10,394,324 and $12,952,070, respectively, for the three months and the year ended December 31, 2014. These EV parts were used in manufacturing of pure EV products by the JV Company’s subsidiaries to sell entirely to the JV Company’s customer via Shanghai Maple Automobile Company, Limited.(“Shanghai Maple”) and Zhejiang Geely Automobile Company Limited ("Zhejiang Geely"). Shanghai Maple and Zhejiang Geely hold the country’s vehicle production rights of sedan, equivalent to license, that qualifies it to sell the EV products to the end customers. Both Shanghai Maple and Zhejiang Geely are 90% owned by Zhejiang Geely Holding Group Company Limited and 10% owned by Zhejiang Maple Asset Management Co. Ltd. According to the JV agreement, before the JV Company receives vehicle production rights (license), the JV Company and its subsidiaries all may sell their products through the channel of Shanghai Maple’s vehicle production rights (license) to the end customers or the Service Company, which purchased and used the cars in EV-Share Program. Under the JV Agreement, the Company’s EV product manufacturing business will be gradually transferred to the JV Company. The Company will be mainly responsible for supplying the JV Company with EV parts in the future and the JV Company will be responsible to produce EV products and to sell finished goods through channel to its end customers. | ||||||||||
The following tables summarize the effects of transactions including sales and purchases with the JV Company: | ||||||||||
Year ended | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Sales to JV Company | $ | 117,707,152 | $ | 11,223,823 | ||||||
Purchase from JV Company | $ | 356,609 | $ | 487,453 | ||||||
As of December 31, 2014 and 2013, the amount due from the JV Company, net were $51,450,612 and $2,917,592, respectively, of which the majority were the balances with the JV Company and its subsidiaries Kandi Changxing, Kandi Jinhua and Kandi Shanghai. As of December 31, 2014 and 2013, the amount due from the JV Company, net were $24,376,371 and $4,121,688, respectively, the amount due from Kandi Changxing, net were $7,359,202 and $1,576,408, respectively, the amount due from (to) Kandi Jinhua, net were $12,736,420 and ($2,780,504), respectively, and the amount due from Kandi Shanghai, net were $6,978,618 and $0, respectively. | ||||||||||
The amount due from the JV Company of $24,376,371 is a one-year entrusted loan that Kandi Vehicle lent to the JV Company from December 16, 2014 to December 15, 2015 carrying an annual interest rate determined by using the People's Bank of China floating benchmark lending rate over the same period plus 5% of that rate, which was 5.88% on December 31, 2014. The loan was organized by Bank of Communications Hangzhou Zhongan Branch as the agent bank between Kandi Vehicle and the JV Company. Entrusted loans are commonly found in China, which restricts direct borrowing and lending between commercial enterprises. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 24 - COMMITMENTS AND CONTINGENCIES | ||||||
Guarantees and pledged collateral for third party bank loans | |||||||
As of December 31, 2014 and 2013, the Company provided guarantees for the following third parties: | |||||||
(1) Guarantees for bank loans | |||||||
Guarantee provided to: | 31-Dec-14 | 31-Dec-13 | |||||
Yongkang Angtai Trade Co., Ltd. | $ | - | $ | 817,795 | |||
Nanlong Group Co., Ltd. | 9,750,548 | 9,813,543 | |||||
Zhejiang Shuguang industrial Co., Ltd. | 4,875,274 | 4,906,771 | |||||
Zhejiang Kangli Metal Manufacturing Company | 4,875,274 | 4,906,771 | |||||
Total | $ | 19,501,096 | $ | 20,444,880 | |||
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. YATCL repaid the loan on the maturity date and the Company obligations under this guarantee contract extinguished thereafter. | |||||||
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. On March 4, 2014, the Company entered into a guarantee contract to serve as the guarantor for the bank loan borrowed from PingAn Bank in the amount of $4,875,274 by Zhejiang Shuguang industrial Co., Ltd. (“ZSICL”) for the period from March 4, 2014 to March 4, 2015. ZSICL is not related to the Company. Under these guarantee contracts, 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 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 $3,250,183 and $6,500,366 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. The guarantee contract to serve as the guarantor for the bank loan borrowed from Shanghai Bank Hangzhou branch was extended for four months to April 27, 2015 with the same terms after its original contract ended on December 27, 2014. 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. | |||||||
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 $4,875,274 by Zhejiang Kangli Metal Manufacturing Company (“ZKMMC”) for the period from December 27, 2013 to December 27, 2014. The guarantee contract was extended for six months to June 27, 2015 with the same terms after its original contract ended on 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. | |||||||
(2) Pledged collateral for a third party's bank loans | |||||||
As of December 31, 2014 and 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, 2014 | |||||||||||||||||||
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 operates in China. | |||||||||||||||||||
The following table sets forth revenues by geographic area: | |||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Long | Long | Long | |||||||||||||||||
Sales | Lived | Sales | Lived | Sales | Lived | ||||||||||||||
Revenue | Assets | Revenue | Assets | Revenue | Assets | ||||||||||||||
North America | $ | 2,900,789 | $ | - | $ | 6,906,807 | $ | - | $ | 7,243,257 | $ | - | |||||||
Europe and other region | 5,729,035 | - | 2,394,948 | - | 1,639,990 | - | |||||||||||||
China | 161,599,182 | 184,746,155 | 85,234,290 | 124,294,994 | 55,630,423 | 51,289,815 | |||||||||||||
Total | $ | 170,229,006 | $ | 184,746,155 | $ | 94,536,045 | $ | 124,294,994 | $ | 64,513,670 | $ | 51,289,815 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Economic and Political Risks [Policy Text Block] | (a) Economic and Political Risks | ||||||||||||
The Company’s operations are conducted in the PRC. As a result, 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. In addition, the Company’s earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is the Company’s functional currency. Accordingly, the Company’s operating results are affected by changes in the exchange rate between the U.S. dollar and the RMB. | |||||||||||||
Fair Value of Financial Instruments [Policy Text Block] | (b) Fair Value of Financial Instruments | ||||||||||||
ASC 820 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. | ||||||||||||
As of December 31, 2014, the Company’s assets, measured at fair value, on a recurring basis, subject to the disclosure requirements of ASC 820, were as follows: | |||||||||||||
Fair Value | |||||||||||||
Measurements | Active | Significant | |||||||||||
at Reporting | Markets | Other | Significant | ||||||||||
Date Using | for Identical | Observable | Unobservable | ||||||||||
Quoted Prices | Assets | Inputs | Inputs | ||||||||||
in Carrying | |||||||||||||
Value as of | |||||||||||||
December 31, | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Cash and cash equivalents | $ | 26,379,460 | $ | 26,379,460 | - | - | |||||||
Restricted cash | 13,000,731 | 13,000,731 | - | - | |||||||||
Warrants | 12,342,885 | - | - | 12,342,885 | |||||||||
Cash and cash equivalents consist primarily of highly-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 are 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 and are measured at each reporting date for their fair value using Level 3 inputs. Also see Note 6 (t). | |||||||||||||
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, as of December 31, 2014 and 2013, represented time deposits on account for earning interest income. As of December 31, 2014 and 2013, the Company’s restricted cash were $13,000,731, which reflects a one-year Certificate of Time Deposit (CD) with Hangzhou Bank Jinhua Branch, and $1,636, respectively. | |||||||||||||
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 selling expenses and any further costs expected to be incurred for completion. 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 is recorded in periods in which the Company determines a loss is probable, based on its assessment of specific factors, such as troubled collections, historical experience, accounts aging, ongoing business relations and other factors. Accounts are written off after an exhaustive collection effort. If accounts receivable are to be provided for, or written off, they are recognized in the consolidated statement of operations within the operating expenses line item. As of December 31, 2014 and 2013, the Company had no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. | |||||||||||||
As of December 31, 2014 and 2013, the credit terms with the Company’s customers were typically 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 an accrual basis. If notes receivable are paid back, or written off, that transaction 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 provides an 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, 2014, prepayments included advances to raw material suppliers, mold manufacturers, and suppliers of equipment. | |||||||||||||
As of December 31, 2013, the Company recorded a significant prepayment made by the Company to a supplier as an advance of RMB47 million ($7,687,275) and deposited by Kandi Wanning to Nanjing Shangtong. As of December 31, 2014, the advance to Nanjing Shangtong was transferred to “construction-in-progress” as described in Note 15. | |||||||||||||
Advances for raw materials purchases typically are settled within two months by the Company’s receipt of raw materials. Prepayment is offset against purchase amount after equipment or materials are delivered. | |||||||||||||
Plant and Equipment [Policy Text Block] | (h) Plant and Equipment | ||||||||||||
Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the estimated useful lives of the assets, 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 and equipment | 10 years | ||||||||||||
Office equipment | 5 years | ||||||||||||
Motor vehicles | 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. | |||||||||||||
Construction in Progress [Policy Text Block] | (i) Construction in Progress | ||||||||||||
Construction in progress represents the direct costs of construction, 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 Chinese laws, land in the PRC is owned by the government and land ownership rights cannot be sold to an individual or to 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 term of fifty 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. | |||||||||||||
During the reporting period, no impairment loss was recognized. | |||||||||||||
Revenue Recognition [Policy Text Block] | (l) Revenue Recognition | ||||||||||||
Revenue represents the invoiced value of goods sold. Revenue is recognized when the Company ships the goods to its customers and 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. | ||||||||||||
The Company recognized revenue when the products and the risk they carry are transferred to the other party. | |||||||||||||
Research and Development [Policy Text Block] | (m) Research and Development | ||||||||||||
Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. Research and development expenses were $2,755,637, $3,728,730 and $2,877,283 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Government Grant [Policy Text Block] | (n) Government Grants | ||||||||||||
Grants and subsidies received from the PRC Government are recognized when the proceeds are received or collectible. | |||||||||||||
For the years ended December 31, 2014, 2013and 2012, $288,498, $228,396 and $132,139, respectively, were received by Kandi Vehicle from the PRC government. | |||||||||||||
Income Taxes [Policy Text Block] | (o) Income Taxes | ||||||||||||
The Company accounts for income tax using an asset and liability approach, which allows for the 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 U. S. dollars. The functional currency of the Company is the 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 occurred. | |||||||||||||
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 reporting period, which rates are obtained from the website: http://www.oanda.com | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Period end RMB : USD exchange rate | 6.1535 | 6.114 | |||||||||||
Average RMB : USD exchange rate | 6.14821 | 6.19817 | |||||||||||
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. | |||||||||||||
Segments [Policy Text Block] | (r) Segments | ||||||||||||
In accordance with ASC 280-10, Segment Reporting (“ASC 280-10”), the Company’s chief operating decision makers rely upon the consolidated results of operations when making decisions about allocating resources and assessing performance of the Company. As a result of the assessment made by the chief operating decision makers, 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 Expenses | ||||||||||||
The Company’s stock option expenses are 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 common 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. | |||||||||||||
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 common 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 common 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. | |||||||||||||
Goodwill [Policy Text Block] | (u) Goodwill | ||||||||||||
The Company allocates goodwill from business combinations to reporting units based on the expectation that the reporting unit is to benefit from the business combination. The Company evaluates its reporting units on an annual basis and, if necessary, reassigns 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 judgments, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of each reporting unit. The Company first assesses qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, the Company performs a quantitative impairment test. As of December 31, 2014 and 2013, the Company determined that its goodwill was not impaired. | |||||||||||||
Intangible assets [Policy Text Block] | (v) Intangible assets | ||||||||||||
Intangible assets consist of tradenames and customer relations associated with the purchase price from the 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, 2014 and 2013. | |||||||||||||
Accounting for Sale of Common Stock and Warrants [Policy Text Block] | (w) Accounting for Sale of Common Stock and Warrants | ||||||||||||
Gross proceeds are firstly allocated according to the initial fair value of the freestanding derivative instruments (i.e. the warrants issued to the Company’s investors in its previous offerings, or the “Investor Warrants”). The remaining proceeds are allocated to common stock. The related issuance expenses, including the placement agent cash fees, legal fees, the initial fair value of the warrants issued to the placement agent, etc, were allocated between the common stock and the Investor Warrants based on how the proceeds allocated to these instruments. Expenses related to the issuance of common stock were charged to paid-in capital. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value | ||||||||||||
Measurements | Active | Significant | |||||||||||
at Reporting | Markets | Other | Significant | ||||||||||
Date Using | for Identical | Observable | Unobservable | ||||||||||
Quoted Prices | Assets | Inputs | Inputs | ||||||||||
in Carrying | |||||||||||||
Value as of | |||||||||||||
December 31, | |||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Cash and cash equivalents | $ | 26,379,460 | $ | 26,379,460 | - | - | |||||||
Restricted cash | 13,000,731 | 13,000,731 | - | - | |||||||||
Warrants | 12,342,885 | - | - | 12,342,885 | |||||||||
Schedule of Property and Equipment Estimated Useful Lives [Table Text Block] | Buildings | 30 years | |||||||||||
Machinery and equipment | 10 years | ||||||||||||
Office equipment | 5 years | ||||||||||||
Motor vehicles | 5 years | ||||||||||||
Molds | 5 years | ||||||||||||
Schedule of Average Foreign Currency Exchange Rates [Table Text Block] | December 31, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Period end RMB : USD exchange rate | 6.1535 | 6.114 | |||||||||||
Average RMB : USD exchange rate | 6.14821 | 6.19817 |
CONCENTRATIONS_Tables
CONCENTRATIONS (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Schedule of Revenue and Accounts Receivable Percentage by Major Customers [Table Text Block] | Sales | Accounts Receivable and Amount Due | |||||||||||||||||
from JV Company, Net (1) | |||||||||||||||||||
Year | Year | Year | |||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||
December, | December, | December, | December | December | December | ||||||||||||||
31, | 31, | 31, | 31, | 31, | 31, | ||||||||||||||
Major Customers | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Kandi Electric Vehicles (Changxing) Co., Ltd. | 38% | - | - | 17% | - | - | |||||||||||||
Kandi Electric Vehicles (Shanghai) Co., Ltd. | 23% | - | - | 16% | - | - | |||||||||||||
Shanghai Maple Auto Co., Ltd. | 10% | 23% | - | 3% | 47% | - | |||||||||||||
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers [Table Text Block] | Purchases | Accounts Payable | |||||||||||||||||
Year | Year | Year | |||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||
December, 31, | December, 31, | December, 31, | December, 31, | December, 31, | December, 31, | ||||||||||||||
Major Suppliers | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Zhejiang New Energy Auto System Co., Ltd. | 31% | 33% | 26% | 12% | 12% | ||||||||||||||
Shandong Henyuan New Energy Tech Co., Ltd. | 25% | - | - | 32% | - | ||||||||||||||
Zhongju (Tianjin) New Energy Investment Co., Ltd. | 11% | - | - | 29% | - |
INCOME_PER_SHARE_Tables
INCOME PER SHARE (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Twelve months Ended December 31, | 2014 | 2013 | 2012 | ||||||
Net (loss) income | $ | 12,271,338 | $ | -21,140,723 | $ | 6,049,479 | ||||
Weighted – average shares of common stock outstanding | ||||||||||
Basic | 42,583,495 | 34,707,973 | 29,439,328 | |||||||
Dilutive shares | 132,323 | 0 | 237,997 | |||||||
Diluted | 42,715,818 | 34,707,973 | 29,677,325 | |||||||
Basic earnings per share | $ | 0.29 | $ | -0.61 | $ | 0.21 | ||||
Diluted earnings per share | $ | 0.29 | $ | -0.61 | $ | 0.2 |
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Accounts Receivable [Table Text Block] | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Accounts receivable | $ | 15,736,805 | $ | 31,370,862 | |||
Less: Provision for doubtful debts | - | - | |||||
Accounts receivable, net | $ | 15,736,805 | $ | 31,370,862 |
NOTES_RECEIVABLE_Tables
NOTES RECEIVABLE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Schedule of Notes Receivable [Table Text Block] | December 31, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Notes receivable from unrelated companies: | |||||||||||||
Due September 30, 2015, interest at 9.6% per annum 1 | $ | 8,117,888 | $ | 13,794,094 | |||||||||
Bank acceptance notes: | |||||||||||||
Bank acceptance notes | 942,553 | - | |||||||||||
Notes receivable | $ | 9,060,441 | $ | 13,794,094 | |||||||||
Schedule of Notes Receivable from Unrelated Parties [Table Text Block] | Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | Amount($) | Counter party | Relationship | Purpose of Loan | Manner of settlement | |||
1) | 8,117,888 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Not Due. | 1) | 13,794,094 | Yongkang HuiFeng Guarantee Co., Ltd | No relationship beyond loan | Receive interest income | Not Due |
PLANT_AND_EQUIPMENT_Tables
PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Plant and Equipment [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||
At cost: | |||||||
Buildings | $ | 14,492,949 | $ | 14,514,873 | |||
Machinery and equipment | 7,916,281 | 10,771,899 | |||||
Office equipment | 283,494 | 251,690 | |||||
Motor vehicles | 355,547 | 288,004 | |||||
Moulds | 34,523,167 | 34,230,014 | |||||
57,571,438 | 60,056,480 | ||||||
Less : Accumulated depreciation | |||||||
Buildings | $ | -3,480,417 | $ | -3,010,451 | |||
Machinery and equipment | -7,371,047 | -10,278,409 | |||||
Office equipment | -220,944 | -196,303 | |||||
Motor vehicles | -254,331 | -228,442 | |||||
Moulds | -19,972,647 | -16,648,583 | |||||
-31,299,386 | -30,362,188 | ||||||
Less: provision for impairment for fixed assets | -56,696 | -360,776 | |||||
Plant and equipment, net | $ | 26,215,356 | $ | 29,333,516) |
LAND_USE_RIGHTS_Tables
LAND USE RIGHTS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Land Use Rights [Table Text Block] | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Cost of land use rights | $ | 17,786,170 | $ | 16,223,208 | |||
Less: Accumulated amortization | -2,137,018 | -1,770,017 | |||||
Land use rights, net | $ | 15,649,152 | $ | 14,453,191 | |||
Schedule of Land Use Rights Expected Amortization Expense [Table Text Block] | 2015 | $ | 378,689 | ||||
2016 | 378,689 | ||||||
2017 | 378,689 | ||||||
2018 | 378,689 | ||||||
2019 | 378,689 | ||||||
Thereafter | 13,755,707 | ||||||
Total | $ | 15,649,152 |
CONSTRUCTIONINPROGRESS_Tables
CONSTRUCTION-IN-PROGRESS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Schedule of Construction in Progress [Table Text Block] | Total in CIP | |||||||||||||
as of | ||||||||||||||
December 31, | Estimated Cost to | Estimated | Estimated | |||||||||||
Project | 2014 | Complete | Total Cost | Completion Date | ||||||||||
Kandi Wanning facility | $ | 58,510,051 | $ | 103,999,090 | $ | 162,509,141 | Dec-15 | |||||||
Total | $ | 58,510,051 | $ | 103,999,090 | $ | 162,509,141 |
SHORT_TERM_BANK_LOANS_Tables
SHORT TERM BANK LOANS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Short-term Bank Loans [Table Text Block] | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Loans from Jinhua Bank | |||||||
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. The loan was fully repaid. 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. The loan was fully repaid. 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 | - | 3,271,181 | |||||
Yueping, Mr. Lv Qingbo and Mr. Lv Qingjiang, and secured by the assets of the Company. The loan was fully repaid. Also see Note 13 and Note 14. | |||||||
Loans from Yongkang Rural Cooperative Bank | |||||||
Monthly interest only payments at 1.026% per month, due March 31, 2014, guaranteed by Yongkang Sanli Metal Co., Ltd. The loan was fully repaid. | - | 817,795 | |||||
Loans from China Ever-bright Bank | |||||||
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, | - | 12,757,606 | |||||
Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. The loan was fully repaid. Also see Note 13 and Note 14. | |||||||
Monthly interest only payments at 7.08% per annum, due May 11, 2015, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Mr. Hu Wangyuan, | 12,675,713 | - | |||||
Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. Also see Note 13 and Note 14. | |||||||
Loans from Shanghai Pudong Development Bank | |||||||
Monthly interest only payments at 6.60% per annum, due September 4, 2014, secured by the assets of the Company, guaranteed by Mr. HuXiaoming. The loan was fully | - | 6,542,362 | |||||
repaid. Also see Note 13 and Note 14. | |||||||
Loans from Bank of Shanghai | |||||||
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 | - | 4,906,771 | |||||
Company and Nanlong Group Co., Ltd. The loan was fully repaid. | |||||||
Loans from China Ever-growing Bank | |||||||
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 | - | 3,271,181 | |||||
Zhejiang Mengdeli Electric Company. The loan was fully repaid. | |||||||
Monthly interest only payments at 7.20% per annum, due April 22, 2015, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, and Zhejiang Shuguang industrial Co., Ltd. | 3,250,183 | - | |||||
Loans from Hangzhou Bank | |||||||
Monthly interest only payments at 6.00% per annum, due October 20, 2015, secured by the assets of the Company. Also see Note 13 and Note 14. | 7,930,446 | - | |||||
Monthly interest only payments at 6.00% per annum, due November 17, 2015, secured by the assets of the Company. Also see Note 13 and Note 14. | 11,733,160 | - | |||||
$ | 35,589,502 | $ | 34,020,281 |
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Notes Payable [Table Text Block] | December 31, | December 31, | |||||
2014 | 2013 | ||||||
Bank acceptance notes: | |||||||
Due March 18, 2014 | $ | - | $ | 1,962,709 | |||
Due May 19, 2014 | - | 8,177,952 | |||||
Due May 21, 2014 | - | 6,542,362 | |||||
Due April 30, 2015 | 4,062,729 | - | |||||
Due May 4, 2015 | 826,846 | - | |||||
Due June 2, 2015 | 812,546 | - | |||||
Total | $ | 5,702,121 | $ | 16,683,023 |
TAXES_Tables
TAXES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended | |||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Provision for CIT | $ | 2,414,412 | $ | 1,593,994 | $ | 1,523,735 | ||||
Provision for Federal Income Tax | ||||||||||
Deferred: | ||||||||||
Provision for CIT | ||||||||||
Income tax expense | $ | 2,414,412 | $ | 1,593,994 | $ | 1,523,735 | ||||
Schedule of Expected Components of Income Tax Expense (Benefit) [Table Text Block] | For the Year Ended | |||||||||
December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Computed “expected” income (expense) | $ | 929,405 | $ | -1,381,713 | $ | 651,245 | ||||
Favorable tax rate | -611,672 | -1,378,429 | -1,232,306 | |||||||
Permanent differences | -929,318 | 361,230 | 932,699 | |||||||
Valuation Allowance | 3,025,997 | 3,992,906 | 1,172,097 | |||||||
Income tax expense | $ | 2,414,412 | $ | 1,593,994 | $ | 1,523,735 | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | December 31, | December 31, | |||||||
2014 | 2013 | 2012 | ||||||||
Current portion: | ||||||||||
Deferred tax assets (liabilities): | ||||||||||
Expense | $ | -80,016 | $ | 47,224 | $ | -193,777 | ||||
Subtotal | -80,016 | 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 | -26,226 | -33,518 | 138,611 | |||||||
Administration of Taxation | ||||||||||
Other | -124,622 | |||||||||
Subtotal | -150,848 | -33,518 | 138,611 | |||||||
Total deferred tax assets (liabilities) – current portion | -230,864 | 13,706 | -55,166 | |||||||
Non-current portion: | ||||||||||
Deferred tax assets: | ||||||||||
Depreciation | -551,697 | 81,076 | 223,409 | |||||||
Loss carried forward | 3,025,997 | 3,992,906 | 1,172,097 | |||||||
Valuation allowance | -3,025,997 | -3,992,906 | -1,172,097 | |||||||
Subtotal | -551,697 | 81,076 | 223,409 | |||||||
Deferred tax liabilities: | ||||||||||
Accumulated other comprehensive gain | -1,715,028 | -1,009,477 | -222,714 | |||||||
Subtotal | (1,715,028 | -1,009,477 | -222,714 | |||||||
Total deferred tax assets – non-current portion | -2,266,725 | -928,401 | 695 | |||||||
Net deferred tax (liabilities) assets | -2,497,589 | $ | -914,695 | $ | -54,471 | |||||
Summary of Income Tax Holiday [Table Text Block] | For the Year Ended | |||||||||
31-Dec | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax holiday effect | $ | 611,672 | $ | 1,378,429 | $ | 1,232,306 | ||||
Basic net income per share effect | $ | 0.01 | $ | 0.04 | $ | 0.04 |
STOCK_OPTIONS_AND_WARRANTS_Tab
STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted | ||||||
Average | |||||||
Number of | Exercise | ||||||
Shares | Price | ||||||
Outstanding as of January 1, 2013 | 326,660 | $ | 1.01 | ||||
Granted | - | - | |||||
Exercised | - | - | |||||
Cancelled | - | - | |||||
Outstanding as of January 1, 2014 | 326,660 | 1.01 | |||||
Granted | - | - | |||||
Exercised | -226,660 | 0.8 | |||||
Cancelled | -100,000 | 1.5 | |||||
Outstanding as of December 31, 2014 | - | $ | - |
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Schedule of Intangible Assets [Table Text Block] | Remaining useful life | 31-Dec-14 | 31-Dec-13 | |||||||
Gross carrying amount: | ||||||||||
Trade name | 7 years | $ | 492,235 | $ | 492,235 | |||||
Customer relations | 7 years | 304,086 | 304,086 | |||||||
796,321 | 796,321 | |||||||||
Less : Accumulated amortization | ||||||||||
Trade name | $ | -135,323 | $ | -84,576 | ||||||
Customer relations | -83,597 | -52,249 | ||||||||
-218,920 | -136,825 | |||||||||
Intangible assets, net | $ | 577,401 | $ | 659,496 | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | $ | 82,095 | |||||||
2016 | 82,095 | |||||||||
2017 | 82,095 | |||||||||
2018 | 82,095 | |||||||||
2019 | 82,095 | |||||||||
Thereafter | 166,926 | |||||||||
Total | $ | 577,401 |
SUMMARIZED_INFORMATION_OF_INVE1
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | |||||||||||||||||||
Schedule of Combined Results of Condensed Balance Sheet Information [Table Text Block] | December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Condensed balance sheet information: | ||||||||||||||||||||
Current assets | $ | 262,543,256 | $ | 108,139,053 | ||||||||||||||||
Noncurrent assets | 194,229,114 | 146,130,466 | ||||||||||||||||||
Total assets | $ | 456,772,370 | $ | 254,269,519 | ||||||||||||||||
Current liabilities | 280,779,432 | 93,772,816 | ||||||||||||||||||
Noncurrent liabilities | 9,006,787 | - | ||||||||||||||||||
Equity | 166,986,151 | 160,496,703 | ||||||||||||||||||
Total liabilities and equity | $ | 456,772,370 | $ | 254,269,519 | ||||||||||||||||
Schedule of Combined Results of Operations and Financial Position [Table Text Block] | Three Months ended | Year ended | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||
Condensed income statement information: | Condensed income statement information: | |||||||||||||||||||
Net sales | $ | 88,773,410 | $ | 15,212,347 | $ | - | Net sales | $ | 215,537,203 | $ | 15,212,347 | $ | - | |||||||
Gross income (loss) | 27,944,246 | -1,279,914 | - | Gross income (loss) | 41,889,144 | -1,279,914 | - | |||||||||||||
Net income (loss) | 743,892 | -2,780,723 | - | Net income (loss) | 7,526,164 | -3,020,756 | - | |||||||||||||
Company’s equity in net income of the JV Company | $ | 371,946 | $ | -1,390,362 | $ | - | Company’s equity in net income of the JVCompany | $ | 3,763,082 | $ | -1,510,378 | $ | - | |||||||
Schedule of Changes in the Companys Investment [Table Text Block] | Year ended | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Investment in the JV Company, beginning of the period, | $ | 79,331,930 | $ | - | ||||||||||||||||
Investment in the JV Company | - | 81,779,522 | ||||||||||||||||||
Share of profit (loss) | 3,763,082 | -1,510,378 | ||||||||||||||||||
Intercompany transaction unrealized gain elimination | -184,138 | -903,976 | ||||||||||||||||||
Year 2013 unrealized profit realized | 911,322 | - | ||||||||||||||||||
Exchange difference | -513,101 | -33,238 | ||||||||||||||||||
Investment in the JV Company, end of the period | $ | 83,309,095 | $ | 79,331,930 | ||||||||||||||||
Schedule of Effects of Transactions Including Sales and Purchases [Table Text Block] | Year ended | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Sales to JV Company | $ | 117,707,152 | $ | 11,223,823 | ||||||||||||||||
Purchase from JV Company | $ | 356,609 | $ | 487,453 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Schedule of Guarantees For Bank Loans [Table Text Block] | Guarantee provided to: | 31-Dec-14 | 31-Dec-13 | ||||
Yongkang Angtai Trade Co., Ltd. | $ | - | $ | 817,795 | |||
Nanlong Group Co., Ltd. | 9,750,548 | 9,813,543 | |||||
Zhejiang Shuguang industrial Co., Ltd. | 4,875,274 | 4,906,771 | |||||
Zhejiang Kangli Metal Manufacturing Company | 4,875,274 | 4,906,771 | |||||
Total | $ | 19,501,096 | $ | 20,444,880 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended December 31 | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Long | Long | Long | |||||||||||||||||
Sales | Lived | Sales | Lived | Sales | Lived | ||||||||||||||
Revenue | Assets | Revenue | Assets | Revenue | Assets | ||||||||||||||
North America | $ | 2,900,789 | $ | - | $ | 6,906,807 | $ | - | $ | 7,243,257 | $ | - | |||||||
Europe and other region | 5,729,035 | - | 2,394,948 | - | 1,639,990 | - | |||||||||||||
China | 161,599,182 | 184,746,155 | 85,234,290 | 124,294,994 | 55,630,423 | 51,289,815 | |||||||||||||
Total | $ | 170,229,006 | $ | 184,746,155 | $ | 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, 2014 | |
Organization And Principal Activities 1 | 100.00% |
Organization And Principal Activities 2 | 100.00% |
Organization And Principal Activities 3 | 50.00% |
Organization And Principal Activities 4 | 50.00% |
Organization And Principal Activities 5 | 50.00% |
Organization And Principal Activities 6 | 30.00% |
Organization And Principal Activities 7 | 100.00% |
Organization And Principal Activities 8 | 99.00% |
Organization And Principal Activities 9 | 50.00% |
Organization And Principal Activities 10 | 100.00% |
Organization And Principal Activities 11 | 50.00% |
Organization And Principal Activities 12 | 50.00% |
Organization And Principal Activities 13 | 90.00% |
Organization And Principal Activities 14 | 10.00% |
Organization And Principal Activities 15 | 100.00% |
Organization And Principal Activities 16 | 100.00% |
Organization And Principal Activities 17 | 19.00% |
Organization And Principal Activities 18 | 50.00% |
Organization And Principal Activities 19 | 9.50% |
Organization And Principal Activities 20 | 100.00% |
Organization And Principal Activities 21 | 50.00% |
Organization And Principal Activities 22 | 50.00% |
Organization And Principal Activities 23 | 100.00% |
Organization And Principal Activities 24 | 50.00% |
Organization And Principal Activities 25 | 50.00% |
Organization And Principal Activities 26 | 100.00% |
Organization And Principal Activities 27 | 50.00% |
Organization And Principal Activities 28 | 50.00% |
Organization And Principal Activities 29 | 100.00% |
Organization And Principal Activities 30 | 50.00% |
Organization And Principal Activities 31 | 50.00% |
LIQUIDITY_Narrative_Details
LIQUIDITY (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
M | |
Liquidity 1 | $39,202,684 |
Liquidity 2 | 45,834,364 |
Liquidity 3 | 6,631,680 |
Liquidity 4 | 42,739,904 |
Liquidity 5 | 35,589,502 |
Liquidity 6 | 71,000,000 |
Liquidity 7 | 11,050,000 |
Liquidity 8 | 606,000 |
Liquidity 9 | $18.24 |
Liquidity 10 | 90,900 |
Liquidity 11 | $22.80 |
Liquidity 12 | 18 |
Liquidity 13 | $71,000,000 |
Liquidity 14 | 4,127,908 |
Liquidity 15 | $17.20 |
Liquidity 16 | 743,024 |
Liquidity 17 | $21.50 |
Liquidity 18 | 17 |
PRINCIPLES_OF_CONSOLIDATION_Na
PRINCIPLES OF CONSOLIDATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Principles Of Consolidation 1 | 50.00% |
Principles Of Consolidation 2 | 100.00% |
Principles Of Consolidation 3 | 10.00% |
Principles Of Consolidation 4 | 90.00% |
Principles Of Consolidation 5 | 50.00% |
Principles Of Consolidation 6 | 50.00% |
Principles Of Consolidation 7 | 50.00% |
Principles Of Consolidation 8 | 50.00% |
Principles Of Consolidation 9 | 50.00% |
Principles Of Consolidation 10 | 50.00% |
Principles Of Consolidation 11 | 50.00% |
Principles Of Consolidation 12 | 50.00% |
Principles Of Consolidation 13 | 50.00% |
Principles Of Consolidation 14 | 50.00% |
Principles Of Consolidation 15 | 50.00% |
Principles Of Consolidation 16 | 19 |
Principles Of Consolidation 17 | 50.00% |
Principles Of Consolidation 18 | 9.50% |
Principles Of Consolidation 19 | 30.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | CNY | |
Y | ||
D | ||
Summary Of Significant Accounting Policies 1 | $13,000,731 | |
Summary Of Significant Accounting Policies 2 | 1,636 | |
Summary Of Significant Accounting Policies 3 | 90 | 90 |
Summary Of Significant Accounting Policies 4 | 120 | 120 |
Summary Of Significant Accounting Policies 5 | 47,000,000 | |
Summary Of Significant Accounting Policies 6 | 7,687,275 | |
Summary Of Significant Accounting Policies 7 | 2,755,637 | |
Summary Of Significant Accounting Policies 8 | 3,728,730 | |
Summary Of Significant Accounting Policies 9 | 2,877,283 | |
Summary Of Significant Accounting Policies 10 | 288,498 | |
Summary Of Significant Accounting Policies 11 | 228,396 | |
Summary Of Significant Accounting Policies 12 | 132,139 | |
Summary Of Significant Accounting Policies 13 | 0 | |
Summary Of Significant Accounting Policies 14 | 0 | |
Summary Of Significant Accounting Policies 15 | $19,053 | |
Summary Of Significant Accounting Policies 16 | 9.7 | 9.7 |
CONCENTRATIONS_Narrative_Detai
CONCENTRATIONS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Concentrations 1 | 10.00% |
Concentrations 2 | $24,376,371 |
Concentrations 3 | 10.00% |
INCOME_PER_SHARE_Narrative_Det
INCOME PER SHARE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Income Per Share 1 | 132,323 |
Income Per Share 2 | 0 |
Income Per Share 3 | 237,997 |
ACCOUNTS_RECEIVABLE_Narrative_
ACCOUNTS RECEIVABLE (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Accounts Receivable 1 | $2,981,944 |
Accounts Receivable 2 | 6,906,807 |
Accounts Receivable 3 | 5,297,548 |
Accounts Receivable 4 | 620,410 |
Accounts Receivable 5 | $2,800,958 |
INVENTORIES_Narrative_Details
INVENTORIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Inventories 1 | 3,621,428 |
Inventories 2 | 2,646,041 |
Inventories 3 | 3,104,678 |
Inventories 4 | 5,065,126 |
Inventories 5 | 8,993,318 |
Inventories 6 | 1,829,281 |
Inventories 7 | 15,719,424 |
Inventories 8 | 9,540,448 |
Inventories 9 | -315,584 |
Inventories 10 | -352,734 |
Inventories 11 | 15,403,840 |
Inventories 12 | 9,187,714 |
PLANT_AND_EQUIPMENT_Narrative_
PLANT AND EQUIPMENT (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Plant And Equipment 1 | $10,816,480 |
Plant And Equipment 2 | 11,292,649 |
Plant And Equipment 3 | 5,110,681 |
Plant And Equipment 4 | 7,273,260 |
Plant And Equipment 5 | $4,577,092 |
LAND_USE_RIGHTS_Narrative_Deta
LAND USE RIGHTS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Land Use Rights 1 | $9,665,834 |
Land Use Rights 2 | 9,983,647 |
Land Use Rights 3 | 12,675,713 |
Land Use Rights 4 | 16,028,786 |
Land Use Rights 5 | 378,689 |
Land Use Rights 6 | 353,568 |
Land Use Rights 7 | $346,761 |
CONSTRUCTIONINPROGRESS_Narrati
CONSTRUCTION-IN-PROGRESS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | CNY | |
Construction-in-progress 1 | 1,000,000,000 | |
Construction-in-progress 2 | 162,509,141 | |
Construction-in-progress 3 | 100,000 | 100,000 |
Construction-in-progress 4 | 360,041,600 | |
Construction-in-progress 5 | 58,510,051 | |
Construction-in-progress 6 | 58,510,051 | |
Construction-in-progress 7 | $16,356 |
SHORT_TERM_BANK_LOANS_Narrativ
SHORT TERM BANK LOANS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Short Term Bank Loans 1 | $3,480,646 |
Short Term Bank Loans 2 | 2,302,389 |
Short Term Bank Loans 3 | 2,556,967 |
Short Term Bank Loans 4 | 15,925,896 |
Short Term Bank Loans 5 | 12,675,713 |
Short Term Bank Loans 6 | 3,250,183 |
Short Term Bank Loans 7 | 4,875,274 |
Short Term Bank Loans 8 | 12,675,713 |
Short Term Bank Loans 9 | 9,750,548 |
Short Term Bank Loans 10 | 27,477,919 |
Short Term Bank Loans 11 | 16,028,786 |
Short Term Bank Loans 12 | 8,177,952 |
Short Term Bank Loans 13 | 4,906,771 |
Short Term Bank Loans 14 | 3,271,181 |
Short Term Bank Loans 15 | 8,177,952 |
Short Term Bank Loans 16 | 3,271,181 |
Short Term Bank Loans 17 | 4,906,771 |
Short Term Bank Loans 18 | 17,664,376 |
Short Term Bank Loans 19 | 9,813,543 |
Short Term Bank Loans 20 | $817,795 |
NOTES_PAYABLE_Narrative_Detail
NOTES PAYABLE (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Notes Payable 1 | 0.05% |
Notes Payable 2 | $9,359 |
Notes Payable 3 | 21,136 |
Notes Payable 4 | $20,246 |
BOND_PAYABLE_Narrative_Details
BOND PAYABLE (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | CNY | |
Y | ||
Bond Payable 1 | 80,000,000 | |
Bond Payable 2 | 13,000,731 | |
Bond Payable 3 | 3 | 3 |
Bond Payable 4 | 11.50% | 11.50% |
Bond Payable 5 | $1,262,691 |
TAXES_Narrative_Details
TAXES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Taxes 1 | 25.00% |
Taxes 2 | 15.00% |
Taxes 3 | 25.00% |
Taxes 4 | 15.00% |
Taxes 5 | 25.00% |
Taxes 6 | 18.40% |
Taxes 7 | 60.38% |
Taxes 8 | 25.00% |
Taxes 9 | 9.91% |
Taxes 10 | 34.00% |
Taxes 11 | 25.00% |
Taxes 12 | 25.00% |
STOCK_OPTIONS_AND_WARRANTS_Nar
STOCK OPTIONS AND WARRANTS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Y | |
Stock Options And Warrants 1 | 2,600,000 |
Stock Options And Warrants 2 | $0.80 |
Stock Options And Warrants 3 | $2,062,964 |
Stock Options And Warrants 4 | 164.00% |
Stock Options And Warrants 5 | 10 |
Stock Options And Warrants 6 | 2.76% |
Stock Options And Warrants 7 | 0.00% |
Stock Options And Warrants 8 | 6,668 |
Stock Options And Warrants 9 | 2,366,672 |
Stock Options And Warrants 10 | 6,668 |
Stock Options And Warrants 11 | 2,593,332 |
Stock Options And Warrants 12 | 6,668 |
Stock Options And Warrants 13 | 350,000 |
Stock Options And Warrants 14 | $1.50 |
Stock Options And Warrants 15 | 250,000 |
Stock Options And Warrants 16 | 100,000 |
Stock Options And Warrants 17 | 250,000 |
Stock Options And Warrants 18 | 100,000 |
Stock Options And Warrants 19 | 2,600,000 |
Stock Options And Warrants 20 | $0.79 |
Stock Options And Warrants 21 | 4,376,036 |
Stock Options And Warrants 22 | $6.03 |
Stock Options And Warrants 23 | 1,750,415 |
Stock Options And Warrants 24 | $7.24 |
Stock Options And Warrants 25 | 728,936 |
Stock Options And Warrants 26 | $7.24 |
Stock Options And Warrants 27 | 291,574 |
Stock Options And Warrants 28 | 8.69 |
Stock Options And Warrants 29 | 262,562 |
Stock Options And Warrants 30 | $7.24 |
Stock Options And Warrants 31 | $8.36 |
Stock Options And Warrants 32 | 1,429,393 |
Stock Options And Warrants 33 | $15 |
Stock Options And Warrants 34 | 14,294 |
Stock Options And Warrants 35 | 0.01 |
Stock Options And Warrants 36 | 14.99 |
Stock Options And Warrants 37 | $1.57 |
Stock Options And Warrants 38 | 606,000 |
Stock Options And Warrants 39 | $18.24 |
Stock Options And Warrants 40 | 11,053,440 |
Stock Options And Warrants 41 | 90,900 |
Stock Options And Warrants 42 | $22.80 |
Stock Options And Warrants 43 | 36,360 |
Stock Options And Warrants 44 | $22.80 |
Stock Options And Warrants 45 | $4.28 |
Stock Options And Warrants 46 | 4,127,908 |
Stock Options And Warrants 47 | $17.20 |
Stock Options And Warrants 48 | 71,000,000 |
Stock Options And Warrants 49 | 743,024 |
Stock Options And Warrants 50 | $21.50 |
Stock Options And Warrants 51 | 206,395 |
Stock Options And Warrants 52 | $20.64 |
Stock Options And Warrants 53 | $7.37 |
Stock Options And Warrants 54 | $9.13 |
Stock Options And Warrants 55 | 30,000,000 |
Stock Options And Warrants 56 | 30,000,000 |
Stock Options And Warrants 57 | 1,744,186 |
Stock Options And Warrants 58 | 313,954 |
Stock Options And Warrants 59 | 17.2 |
Stock Options And Warrants 60 | $30,000,000 |
STOCK_AWARD_Narrative_Details
STOCK AWARD (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 | 10,000 |
Stock Award 8 | 2,500 |
Stock Award 9 | 335,000 |
Stock Award 10 | 10.00% |
Stock Award 11 | 10.00% |
Stock Award 12 | 10.00% |
Stock Award 13 | 10.00% |
Stock Award 14 | 10.00% |
Stock Award 15 | 200.00% |
Stock Award 16 | 670,000 |
INTANGIBLE_ASSETS_Narrative_De
INTANGIBLE ASSETS (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Intangible Assets 1 | $82,095 |
Intangible Assets 2 | 82,095 |
Intangible Assets 3 | $54,730 |
SUMMARIZED_INFORMATION_OF_INVE2
SUMMARIZED INFORMATION OF INVESTMENT IN THE JV COMPANY (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summarized Information Of Investment In The Jv Company 1 | 99.00% |
Summarized Information Of Investment In The Jv Company 2 | 50.00% |
Summarized Information Of Investment In The Jv Company 3 | 100.00% |
Summarized Information Of Investment In The Jv Company 4 | 50.00% |
Summarized Information Of Investment In The Jv Company 5 | 50.00% |
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 | 50.00% |
Summarized Information Of Investment In The Jv Company 9 | 100.00% |
Summarized Information Of Investment In The Jv Company 10 | 50.00% |
Summarized Information Of Investment In The Jv Company 11 | 50.00% |
Summarized Information Of Investment In The Jv Company 12 | 100.00% |
Summarized Information Of Investment In The Jv Company 13 | 50.00% |
Summarized Information Of Investment In The Jv Company 14 | 50.00% |
Summarized Information Of Investment In The Jv Company 15 | 100.00% |
Summarized Information Of Investment In The Jv Company 16 | 50.00% |
Summarized Information Of Investment In The Jv Company 17 | 50.00% |
Summarized Information Of Investment In The Jv Company 18 | 19.00% |
Summarized Information Of Investment In The Jv Company 19 | 50.00% |
Summarized Information Of Investment In The Jv Company 20 | 9.50% |
Summarized Information Of Investment In The Jv Company 21 | 100.00% |
Summarized Information Of Investment In The Jv Company 22 | 100.00% |
Summarized Information Of Investment In The Jv Company 23 | 100.00% |
Summarized Information Of Investment In The Jv Company 24 | 100.00% |
Summarized Information Of Investment In The Jv Company 25 | 100.00% |
Summarized Information Of Investment In The Jv Company 26 | 50.00% |
Summarized Information Of Investment In The Jv Company 27 | $215,537,203 |
Summarized Information Of Investment In The Jv Company 28 | 1317.00% |
Summarized Information Of Investment In The Jv Company 29 | 15,212,347 |
Summarized Information Of Investment In The Jv Company 30 | 88,773,410 |
Summarized Information Of Investment In The Jv Company 31 | 483.00% |
Summarized Information Of Investment In The Jv Company 32 | 15,212,347 |
Summarized Information Of Investment In The Jv Company 33 | 10,935 |
Summarized Information Of Investment In The Jv Company 34 | 3,656 |
Summarized Information Of Investment In The Jv Company 35 | 7,526,164 |
Summarized Information Of Investment In The Jv Company 36 | 3,020,756 |
Summarized Information Of Investment In The Jv Company 37 | 743,892 |
Summarized Information Of Investment In The Jv Company 38 | 2,780,723 |
Summarized Information Of Investment In The Jv Company 39 | 50.00% |
Summarized Information Of Investment In The Jv Company 40 | 3,763,082 |
Summarized Information Of Investment In The Jv Company 41 | 1,510,378 |
Summarized Information Of Investment In The Jv Company 42 | 117,707,152 |
Summarized Information Of Investment In The Jv Company 43 | 69.00% |
Summarized Information Of Investment In The Jv Company 44 | 948.70% |
Summarized Information Of Investment In The Jv Company 45 | 39,166,994 |
Summarized Information Of Investment In The Jv Company 46 | 74.00% |
Summarized Information Of Investment In The Jv Company 47 | 14,071,221 |
Summarized Information Of Investment In The Jv Company 48 | 65,342,342 |
Summarized Information Of Investment In The Jv Company 49 | 15,292,090 |
Summarized Information Of Investment In The Jv Company 50 | 39,412,740 |
Summarized Information Of Investment In The Jv Company 51 | 10,394,324 |
Summarized Information Of Investment In The Jv Company 52 | 12,952,070 |
Summarized Information Of Investment In The Jv Company 53 | 90.00% |
Summarized Information Of Investment In The Jv Company 54 | 10.00% |
Summarized Information Of Investment In The Jv Company 55 | 51,450,612 |
Summarized Information Of Investment In The Jv Company 56 | 2,917,592 |
Summarized Information Of Investment In The Jv Company 57 | 24,376,371 |
Summarized Information Of Investment In The Jv Company 58 | 4,121,688 |
Summarized Information Of Investment In The Jv Company 59 | 7,359,202 |
Summarized Information Of Investment In The Jv Company 60 | 1,576,408 |
Summarized Information Of Investment In The Jv Company 61 | 12,736,420 |
Summarized Information Of Investment In The Jv Company 62 | 2,780,504 |
Summarized Information Of Investment In The Jv Company 63 | 6,978,618 |
Summarized Information Of Investment In The Jv Company 64 | 0 |
Summarized Information Of Investment In The Jv Company 65 | $24,376,371 |
Summarized Information Of Investment In The Jv Company 66 | 5.00% |
Summarized Information Of Investment In The Jv Company 67 | 5.88% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies 1 | $817,795 |
Commitments And Contingencies 2 | 4,906,771 |
Commitments And Contingencies 3 | 4,875,274 |
Commitments And Contingencies 4 | 3,250,183 |
Commitments And Contingencies 5 | 6,500,366 |
Commitments And Contingencies 6 | $4,875,274 |
Schedule_of_Fair_Value_by_Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 1 | $26,379,460 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 2 | 26,379,460 |
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 | 13,000,731 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 6 | 13,000,731 |
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 | 12,342,885 |
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 | $12,342,885 |
Schedule_of_Property_and_Equip
Schedule of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 1 | 6.1535 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 2 | 6.114 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 3 | 6.14821 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 4 | 6.19817 |
Schedule_of_Revenue_and_Accoun
Schedule of Revenue and Accounts Receivable Percentage by Major Customers (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 1 | 38.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 2 | $0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 3 | 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 4 | 17.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 5 | 0 |
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 | 23.00% |
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 | 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 10 | 16.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 11 | 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 12 | 0 |
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 | 23.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 15 | 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 16 | 3.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 17 | 47.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 18 | $0 |
Schedule_of_Purchases_and_Acco
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 1 | 31.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 2 | 33.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 3 | 26.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 4 | 12.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 5 | 12.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 6 | 25.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 7 | $0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 8 | 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 9 | 32.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 10 | 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 11 | 11.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 12 | 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 13 | 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 14 | 29.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 15 | $0 |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | $12,271,338 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | -21,140,723 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | 6,049,479 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | 42,583,495 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 34,707,973 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 29,439,328 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 132,323 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | 0 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | 237,997 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | 42,715,818 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | 34,707,973 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | $29,677,325 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 13 | 0.29 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 14 | -0.61 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 15 | 0.21 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 16 | 0.29 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 17 | -0.61 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 18 | 0.2 |
Schedule_of_Accounts_Receivabl
Schedule of Accounts Receivable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Accounts Receivable Schedule Of Accounts Receivable 1 | $15,736,805 |
Accounts Receivable Schedule Of Accounts Receivable 2 | 31,370,862 |
Accounts Receivable Schedule Of Accounts Receivable 3 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 4 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 5 | 15,736,805 |
Accounts Receivable Schedule Of Accounts Receivable 6 | $31,370,862 |
Schedule_of_Notes_Receivable_D
Schedule of Notes Receivable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Notes Receivable Schedule Of Notes Receivable 1 | 9.60% |
Notes Receivable Schedule Of Notes Receivable 2 | $1 |
Notes Receivable Schedule Of Notes Receivable 3 | 8,117,888 |
Notes Receivable Schedule Of Notes Receivable 4 | 13,794,094 |
Notes Receivable Schedule Of Notes Receivable 5 | 942,553 |
Notes Receivable Schedule Of Notes Receivable 6 | 0 |
Notes Receivable Schedule Of Notes Receivable 7 | 9,060,441 |
Notes Receivable Schedule Of Notes Receivable 8 | $13,794,094 |
Schedule_of_Notes_Receivable_f
Schedule of Notes Receivable from Unrelated Parties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Notes Receivable Schedule Of Notes Receivable From Unrelated Parties 1 | $8,117,888 | |
Notes Receivable Schedule Of Notes Receivable From Unrelated Parties 1 | $13,794,094 |
Schedule_of_Plant_and_Equipmen
Schedule of Plant and Equipment (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Plant And Equipment Schedule Of Plant And Equipment 1 | $14,492,949 |
Plant And Equipment Schedule Of Plant And Equipment 2 | 14,514,873 |
Plant And Equipment Schedule Of Plant And Equipment 3 | 7,916,281 |
Plant And Equipment Schedule Of Plant And Equipment 4 | 10,771,899 |
Plant And Equipment Schedule Of Plant And Equipment 5 | 283,494 |
Plant And Equipment Schedule Of Plant And Equipment 6 | 251,690 |
Plant And Equipment Schedule Of Plant And Equipment 7 | 355,547 |
Plant And Equipment Schedule Of Plant And Equipment 8 | 288,004 |
Plant And Equipment Schedule Of Plant And Equipment 9 | 34,523,167 |
Plant And Equipment Schedule Of Plant And Equipment 10 | 34,230,014 |
Plant And Equipment Schedule Of Plant And Equipment 11 | 57,571,438 |
Plant And Equipment Schedule Of Plant And Equipment 12 | 60,056,480 |
Plant And Equipment Schedule Of Plant And Equipment 13 | 3,480,417 |
Plant And Equipment Schedule Of Plant And Equipment 14 | 3,010,451 |
Plant And Equipment Schedule Of Plant And Equipment 15 | 7,371,047 |
Plant And Equipment Schedule Of Plant And Equipment 16 | 10,278,409 |
Plant And Equipment Schedule Of Plant And Equipment 17 | 220,944 |
Plant And Equipment Schedule Of Plant And Equipment 18 | 196,303 |
Plant And Equipment Schedule Of Plant And Equipment 19 | 254,331 |
Plant And Equipment Schedule Of Plant And Equipment 20 | 228,442 |
Plant And Equipment Schedule Of Plant And Equipment 21 | 19,972,647 |
Plant And Equipment Schedule Of Plant And Equipment 22 | 16,648,583 |
Plant And Equipment Schedule Of Plant And Equipment 23 | 31,299,386 |
Plant And Equipment Schedule Of Plant And Equipment 24 | 30,362,188 |
Plant And Equipment Schedule Of Plant And Equipment 25 | 56,696 |
Plant And Equipment Schedule Of Plant And Equipment 26 | 360,776 |
Plant And Equipment Schedule Of Plant And Equipment 27 | 26,215,356 |
Plant And Equipment Schedule Of Plant And Equipment 28 | $29,333,516 |
Schedule_of_Land_Use_Rights_De
Schedule of Land Use Rights (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Land Use Rights Schedule Of Land Use Rights 1 | $17,786,170 |
Land Use Rights Schedule Of Land Use Rights 2 | 16,223,208 |
Land Use Rights Schedule Of Land Use Rights 3 | 2,137,018 |
Land Use Rights Schedule Of Land Use Rights 4 | 1,770,017 |
Land Use Rights Schedule Of Land Use Rights 5 | 15,649,152 |
Land Use Rights Schedule Of Land Use Rights 6 | $14,453,191 |
Schedule_of_Land_Use_Rights_Ex
Schedule of Land Use Rights Expected Amortization Expense (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 1 | $378,689 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 2 | 378,689 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 3 | 378,689 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 4 | 378,689 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 5 | 378,689 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 6 | 13,755,707 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 7 | $15,649,152 |
Schedule_of_Construction_in_Pr
Schedule of Construction in Progress (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Construction-in-progress Schedule Of Construction In Progress 1 | $58,510,051 |
Construction-in-progress Schedule Of Construction In Progress 2 | 103,999,090 |
Construction-in-progress Schedule Of Construction In Progress 3 | 162,509,141 |
Construction-in-progress Schedule Of Construction In Progress 4 | 58,510,051 |
Construction-in-progress Schedule Of Construction In Progress 5 | 103,999,090 |
Construction-in-progress Schedule Of Construction In Progress 6 | $162,509,141 |
Schedule_of_Shortterm_Bank_Loa
Schedule of Short-term Bank Loans (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Short Term Bank Loans Schedule Of Short-term Bank Loans 1 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 2 | $0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 3 | 1,635,590 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 4 | 6.30% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 5 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 6 | 817,795 |
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 | 3,271,181 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 10 | 1.03% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 11 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 12 | 817,795 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 13 | 6.94% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 14 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 15 | 12,757,606 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 16 | 7.08% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 17 | 12,675,713 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 18 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 19 | 6.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 20 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 21 | 6,542,362 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 22 | 6.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 23 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 24 | 4,906,771 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 25 | 7.20% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 26 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 27 | 3,271,181 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 28 | 7.20% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 29 | 3,250,183 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 30 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 31 | 6.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 32 | 7,930,446 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 33 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 34 | 6.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 35 | 11,733,160 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 36 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 37 | 35,589,502 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 38 | $34,020,281 |
Schedule_of_Notes_Payable_Deta
Schedule of Notes Payable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Notes Payable Schedule Of Notes Payable 1 | $0 |
Notes Payable Schedule Of Notes Payable 2 | 1,962,709 |
Notes Payable Schedule Of Notes Payable 3 | 0 |
Notes Payable Schedule Of Notes Payable 4 | 8,177,952 |
Notes Payable Schedule Of Notes Payable 5 | 0 |
Notes Payable Schedule Of Notes Payable 6 | 6,542,362 |
Notes Payable Schedule Of Notes Payable 7 | 4,062,729 |
Notes Payable Schedule Of Notes Payable 8 | 0 |
Notes Payable Schedule Of Notes Payable 9 | 826,846 |
Notes Payable Schedule Of Notes Payable 10 | 0 |
Notes Payable Schedule Of Notes Payable 11 | 812,546 |
Notes Payable Schedule Of Notes Payable 12 | 0 |
Notes Payable Schedule Of Notes Payable 13 | 5,702,121 |
Notes Payable Schedule Of Notes Payable 14 | $16,683,023 |
Schedule_of_Components_of_Inco
Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $2,414,412 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 1,593,994 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 1,523,735 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 2,414,412 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | 1,593,994 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | $1,523,735 |
Schedule_of_Expected_Component
Schedule of Expected Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 1 | $929,405 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 2 | 1,381,713 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 3 | 651,245 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 4 | 611,672 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 5 | 1,378,429 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 6 | 1,232,306 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 7 | 929,318 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 8 | 361,230 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 9 | 932,699 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 10 | 3,025,997 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 11 | 3,992,906 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 12 | 1,172,097 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 13 | 2,414,412 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 14 | 1,593,994 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 15 | $1,523,735 |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $80,016 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 47,224 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 193,777 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | 80,016 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 47,224 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 193,777 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | 26,226 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | 33,518 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | 138,611 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | 124,622 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | 150,848 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | 33,518 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | 138,611 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | 230,864 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | 13,706 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | 55,166 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 17 | 551,697 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 18 | 81,076 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 19 | 223,409 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 20 | 3,025,997 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 21 | 3,992,906 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 22 | 1,172,097 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 23 | 3,025,997 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 24 | 3,992,906 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 25 | 1,172,097 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 26 | 551,697 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 27 | 81,076 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 28 | 223,409 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 29 | 1,715,028 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 30 | 1,009,477 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 31 | 222,714 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 32 | -1,715,028 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 33 | 1,009,477 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 34 | 222,714 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 35 | 2,266,725 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 36 | 928,401 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 37 | 695 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 38 | 2,497,589 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 39 | 914,695 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 40 | $54,471 |
Summary_of_Income_Tax_Holiday_
Summary of Income Tax Holiday (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Taxes Summary Of Income Tax Holiday 1 | $611,672 |
Taxes Summary Of Income Tax Holiday 2 | 1,378,429 |
Taxes Summary Of Income Tax Holiday 3 | $1,232,306 |
Taxes Summary Of Income Tax Holiday 4 | 0.01 |
Taxes Summary Of Income Tax Holiday 5 | 0.04 |
Taxes Summary Of Income Tax Holiday 6 | 0.04 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 1 | $326,660 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 2 | 1.01 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 3 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 5 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 7 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 9 | 326,660 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 10 | 1.01 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 11 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 12 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 13 | -226,660 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 14 | 0.8 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 15 | -100,000 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 16 | 1.5 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 17 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 18 | $0 |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Y | |
Intangible Assets Schedule Of Intangible Assets 1 | 7 |
Intangible Assets Schedule Of Intangible Assets 2 | $492,235 |
Intangible Assets Schedule Of Intangible Assets 3 | 492,235 |
Intangible Assets Schedule Of Intangible Assets 4 | 7 |
Intangible Assets Schedule Of Intangible Assets 5 | 304,086 |
Intangible Assets Schedule Of Intangible Assets 6 | 304,086 |
Intangible Assets Schedule Of Intangible Assets 7 | 796,321 |
Intangible Assets Schedule Of Intangible Assets 8 | 796,321 |
Intangible Assets Schedule Of Intangible Assets 9 | 135,323 |
Intangible Assets Schedule Of Intangible Assets 10 | 84,576 |
Intangible Assets Schedule Of Intangible Assets 11 | 83,597 |
Intangible Assets Schedule Of Intangible Assets 12 | 52,249 |
Intangible Assets Schedule Of Intangible Assets 13 | 218,920 |
Intangible Assets Schedule Of Intangible Assets 14 | 136,825 |
Intangible Assets Schedule Of Intangible Assets 15 | 577,401 |
Intangible Assets Schedule Of Intangible Assets 16 | $659,496 |
Schedule_of_FiniteLived_Intang
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 | 166,926 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 7 | $577,401 |
Schedule_of_Combined_Results_o
Schedule of Combined Results of Condensed Balance Sheet Information (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 1 | $262,543,256 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 2 | 108,139,053 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 3 | 194,229,114 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 4 | 146,130,466 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 5 | 456,772,370 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 6 | 254,269,519 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 7 | 280,779,432 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 8 | 93,772,816 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 9 | 9,006,787 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 10 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 11 | 166,986,151 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 12 | 160,496,703 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 13 | 456,772,370 |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 14 | $254,269,519 |
Schedule_of_Combined_Results_o1
Schedule of Combined Results of Operations and Financial Position (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 1 | $215,537,203 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 2 | 15,212,347 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 3 | 0 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 4 | 41,889,144 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 5 | 1,279,914 | |
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 | 7,526,164 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 8 | 3,020,756 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 9 | 0 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 10 | 3,763,082 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 11 | 1,510,378 | |
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 1 | 88,773,410 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 2 | 15,212,347 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 3 | 0 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 4 | 27,944,246 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 5 | 1,279,914 | |
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 | 743,892 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 8 | 2,780,723 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 9 | 0 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 10 | 371,946 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 11 | 1,390,362 | |
Summarized Information Of Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 12 | $0 |
Schedule_of_Changes_in_the_Com
Schedule of Changes in the Companys Investment (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 1 | $79,331,930 |
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 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 4 | 81,779,522 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 5 | 3,763,082 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 6 | 1,510,378 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 7 | 184,138 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 8 | 903,976 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 9 | 911,322 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 10 | 0 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 11 | 513,101 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 12 | 33,238 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 13 | 83,309,095 |
Summarized Information Of Investment In The Jv Company Schedule Of Changes In The Companys Investment 14 | $79,331,930 |
Schedule_of_Effects_of_Transac
Schedule of Effects of Transactions Including Sales and Purchases (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 1 | $117,707,152 |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 2 | 11,223,823 |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 3 | 356,609 |
Summarized Information Of Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 4 | $487,453 |
Schedule_of_Guarantees_For_Ban
Schedule of Guarantees For Bank Loans (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 1 | $0 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 2 | 817,795 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 3 | 9,750,548 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 4 | 9,813,543 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 5 | 4,875,274 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 6 | 4,906,771 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 7 | 4,875,274 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 8 | 4,906,771 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 9 | 19,501,096 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 10 | $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, 2014 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | $2,900,789 |
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 | 6,906,807 |
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 | 7,243,257 |
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 | 5,729,035 |
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 | 2,394,948 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 10 | 0 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 11 | 1,639,990 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 12 | 0 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 13 | 161,599,182 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 14 | 184,746,155 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 15 | 85,234,290 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 16 | 124,294,994 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 17 | 55,630,423 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 18 | 51,289,815 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 19 | 170,229,006 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 20 | 184,746,155 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 21 | 94,536,045 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 22 | 124,294,994 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 23 | 64,513,670 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 24 | $51,289,815 |