Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Trading Symbol | kndi | ||
Entity Registrant Name | Kandi Technologies Group, Inc. | ||
Entity Central Index Key | 1,316,517 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 47,019,638 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 300,605,113 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 16,738,559 | $ 26,379,460 |
Restricted cash | 16,172,009 | 13,000,731 |
Short term investment | 1,613,727 | 0 |
Accounts receivable | 8,136,421 | 15,736,805 |
Inventories (net of provision for slow moving inventory of 485,901 and 315,584 as of December 31, 2015 and December 31, 2014, respectively | 17,773,679 | 15,403,840 |
Notes receivable | 13,033,315 | 9,060,441 |
Other receivables | 332,922 | 238,567 |
Prepayments and prepaid expense | 181,534 | 120,761 |
Due from employees | 34,434 | 34,475 |
Advances to suppliers | 71,794 | 6,901,505 |
Amount due from JV Company, net | 76,172,471 | 51,450,612 |
Amount due from related party | 40,606,162 | 0 |
TOTAL CURRENT ASSETS | 190,867,027 | 138,327,197 |
LONG-TERM ASSETS | ||
Plant and equipment, net | 20,525,126 | 26,215,356 |
Land use rights, net | 12,935,121 | 15,649,152 |
Construction in progress | 54,368,753 | 58,510,051 |
Long Term Investment | 1,463,182 | 0 |
Investment in JV Company | 90,337,899 | 83,309,095 |
Goodwill | 322,591 | 322,591 |
Intangible assets | 495,306 | 577,401 |
Other long term assets | 154,019 | 162,509 |
TOTAL Long-Term Assets | 180,601,997 | 184,746,155 |
TOTAL ASSETS | 371,469,024 | 323,073,352 |
CURRENT LIABILITIES | ||
Accounts payables | 73,957,969 | 45,772,481 |
Other payables and accrued expenses | 9,544,909 | 5,101,740 |
Short-term loans | 36,656,553 | 35,589,502 |
Customer deposits | 94,026 | 2,630,723 |
Notes payable | 3,850,478 | 5,702,121 |
Income tax payable | 624,276 | 1,835,685 |
Due to employees | 9,423 | 15,787 |
Deferred taxes liabilities | 2,374,924 | 230,864 |
Financial derivate - liability | 3,823,590 | 2,245,610 |
Deferred income | 13,726 | 0 |
Total Current Liabilities | 130,949,874 | 99,124,513 |
LONG-TERM LIABILITIES | ||
Deferred taxes liabilities | 1,593,582 | 2,266,725 |
Financial derivate - liability | 0 | 10,097,275 |
Total Long-Term Liabilities | 1,593,582 | 12,364,000 |
TOTAL LIABILITIES | 132,543,456 | 111,488,513 |
STOCKHOLDER'S EQUITY | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 46,964,855 and 46,274,855 shares issued and outstanding at December 31,2015 and December 31,2014, respectively | 46,965 | 46,275 |
Additional paid-in capital | 212,564,334 | 190,258,037 |
Retained earnings (the restricted portion is $4,172,324 and $4,172,324 at December 31,2015 and December 31,2014, respectively) | 31,055,919 | 16,390,424 |
Accumulated other comprehensive income(loss) | (4,741,650) | 4,890,103 |
TOTAL STOCKHOLDERS' EQUITY | 238,925,568 | 211,584,839 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 371,469,024 | $ 323,073,352 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Reserve for slow moving inventory | $ 485,901 | $ 315,584 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 46,964,855 | 46,274,855 |
Common stock, shares outstanding (in shares) | 46,964,855 | 46,274,855 |
Restricted Retained Earnings | $ 4,172,324 | $ 4,172,324 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES, NET | $ 201,069,173 | $ 170,229,006 | $ 94,536,045 |
COST OF GOODS SOLD | 172,649,955 | 146,825,073 | 72,793,517 |
GROSS PROFIT | 28,419,218 | 23,403,933 | 21,742,528 |
OPERATING EXPENSES: | |||
Research and development | 3,482,511 | 2,755,637 | 3,728,730 |
Selling and marketing | 633,863 | 1,345,588 | 399,504 |
General and administrative | 28,255,267 | 14,058,548 | 16,056,107 |
Total Operating Expenses | 32,371,641 | 18,159,773 | 20,184,341 |
INCOME(LOSS) FROM OPERATIONS | (3,952,423) | 5,244,160 | 1,558,187 |
OTHER INCOME(EXPENSE): | |||
Interest income | 3,138,717 | 1,701,121 | 1,516,477 |
Interest expense | (2,214,635) | (3,480,646) | (4,395,353) |
Change in fair value of financial instruments | 8,519,295 | 6,531,308 | (16,647,283) |
Government grants | 1,645,032 | 288,498 | 228,396 |
Share of profit (loss) in associated companies | 0 | (54,308) | (69,056) |
Share of profit after tax of JV | 11,841,855 | 4,490,266 | (2,414,354) |
Other income, net | 1,814,882 | (34,649) | 676,257 |
Total other income, net | 24,745,146 | 9,441,590 | (21,104,916) |
INCOME BEFORE INCOME TAXES | 20,792,723 | 14,685,750 | (19,546,729) |
INCOME TAX EXPENSE | (6,127,228) | (2,414,412) | (1,593,994) |
NET INCOME | 14,665,495 | 12,271,338 | (21,140,723) |
OTHER COMPREHENSIVE INCOME | |||
Foreign currency translation | (9,631,753) | (2,725,143) | 2,112,902 |
COMPREHENSIVE INCOME(LOSS) | $ 5,033,742 | $ 9,546,195 | $ (19,027,821) |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 46,744,718 | 42,583,495 | 34,707,973 |
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 46,925,554 | 42,715,818 | 34,707,973 |
NET INCOME PER SHARE, BASIC | $ 0.31 | $ 0.29 | $ (0.61) |
NET INCOME PER SHARE, DILUTED | $ 0.31 | $ 0.29 | $ (0.61) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income(loss) | $ 14,665,495 | $ 12,271,338 | $ (21,140,723) |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 5,788,780 | 5,571,465 | 7,708,923 |
Assets Impairments | 194,366 | 0 | 355,876 |
Deferred taxes | 1,446,345 | 1,579,855 | 876,255 |
Change in fair value of financial instruments | (8,519,295) | (6,531,308) | 16,647,283 |
Loss (income) in investment in associated companies | 0 | 54,308 | 69,056 |
Share of profit after tax of JV Company | (11,841,855) | (4,490,266) | 2,414,354 |
Decrease in reserve for fixed assets | 0 | (302,023) | 0 |
Stock Compensation cost | 22,306,987 | 0 | 0 |
(Increase) Decrease In: | |||
Accounts receivable | 7,052,626 | 15,445,962 | 3,251,168 |
Inventories | (3,497,460) | (6,280,502) | (1,287,045) |
Other receivables | (193,954) | 315,071 | (38,491) |
Due from employee | (7,596) | 5,139 | 10,797 |
Prepayments and prepaid expenses | 6,664,779 | (5,360,637) | (3,810,447) |
Amount due from JV Company | (28,519,360) | (48,593,522) | (2,877,972) |
Increase (Decrease) In: | |||
Accounts payable | 31,814,545 | 23,095,825 | 13,699,528 |
Other payables and accrued liabilities | 5,300,095 | 2,694,689 | (746,838) |
Customer deposits | (2,496,382) | 2,588,830 | (254,151) |
Income Tax payable | (1,039,187) | 482,020 | 651,124 |
Due from related party | (42,249,905) | 0 | (841,251) |
Net cash (used in ) provided by operating activities | (3,130,976) | (7,453,756) | 14,687,446 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
(Purchases)/Disposal of plant and equipment, net | (827,059) | (2,101,355) | (158,830) |
(Purchases)/Disposal of land use rights and other intangible assets | 1,589,165 | (1,668,534) | 0 |
(Purchases)/Disposal of construction in progress | 1,128,443 | (50,891,170) | (16,134) |
Deposit for acquisition | 0 | 0 | (39,673,000) |
Disposal of associated company | 0 | (96,299) | 64,535,177 |
Issuance of notes receivable | (131,852,319) | (24,705,489) | (4,174,247) |
Repayment of notes receivable | 127,226,115 | 29,354,592 | 311,844 |
Long Term Investment | (1,522,411) | 0 | (80,668,972) |
Short Term Investment | (1,679,051) | 0 | 0 |
Cash acquired in acquisition | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | (5,937,117) | (50,108,255) | (59,844,162) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Restricted cash | (4,006,346) | (13,010,291) | 16,135,044 |
Proceeds from short-term bank loans | 50,640,214 | 48,306,743 | 52,918,845 |
Repayments of short-term bank loans | (47,595,391) | (46,517,604) | (52,596,170) |
Proceeds from notes payable | 13,781,830 | 18,718,944 | 83,251,992 |
Repayment of notes payable | (15,398,471) | (29,602,112) | (92,609,593) |
Proceeds from bond payable | 0 | 0 | 12,907,035 |
Repayment of bond payable | 0 | (13,011,917) | (12,907,035) |
Fund raising through issuing common stock and warrants | 0 | 78,358,991 | 26,387,498 |
Option exercise,stock awards & other financing | 0 | 8,431,247 | 9,659,103 |
Warrant exercise | 0 | 21,101,039 | 3,171,259 |
Common stock issued for acquisition, net of cost of capital | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (2,578,164) | 72,775,040 | 46,317,978 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (11,646,257) | 15,213,029 | 1,161,262 |
Effect of exchange rate changes on cash | 2,005,356 | (1,595,938) | (533,989) |
Cash and cash equivalents at beginning of year | 26,379,460 | 12,762,369 | 12,135,096 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 16,738,559 | 26,379,460 | 12,762,369 |
SUPPLEMENTARY CASH FLOW INFORMATION | |||
Income taxes paid | 2,496,654 | 1,932,392 | 942,870 |
Interest paid | $ 2,188,223 | $ 3,475,893 | $ 3,565,496 |
CONSOLIDATED STATEMENTS OF CHAN
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, 2012 | $ 31,697 | $ 43,728,218 | $ 25,259,809 | $ 5,502,344 | $ 74,522,068 |
Beginning 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 | 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 | ||||
Deferred tax effect | 0 | ||||
Foreign currency translation | (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 | ||||
Stock issuance and award | $ 690 | 22,306,297 | 22,306,987 | ||
Stock issuance and award (Shares) | 690,000 | ||||
Warrant exercise | 0 | ||||
Deferred tax effect | 0 | ||||
Foreign currency translation | (9,631,753) | (9,631,753) | |||
Net income(loss) | 14,665,495 | 14,665,495 | |||
Ending Balance at Dec. 31, 2015 | $ 46,965 | $ 212,564,334 | $ 31,055,919 | $ (4,741,650) | $ 238,925,568 |
Ending Balance (Shares) at Dec. 31, 2015 | 46,964,855 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
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** 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 50% interest. Mr. Hu Xiaoming owns the other 50% which he entrusted Kandi Vehicles to manage Kandi New Energy. Kandi New Energy currently holds battery packing production rights (license), and supplies the battery pack to the JV Company (Defined below). It will not maintain the special-purpose vehicle production rights (license) on manufacturing Kandi brand electric utility vehicles. According to the JV Agreement (defined below) Kandi is not allowed to produce EVs. To avoid the maintenance fee on this license, the Company plans to sell it to others. 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 EV products and related auto parts. Each of Kandi Vehicles and Shanghai Guorun has 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 EV products. 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 50% economic interest in Kandi Changxing. 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, which is called “Micro Public Transportation”(“MPT”) program. The Company has 9.5% ownership interest in the Service Company through Kandi Vehicles. 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 50% economic interest in Kandi Jinhua. In November 2013, Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”) was formed by the JV Company and is engaged in 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 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 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 50% economic interest in Kandi Jiangsu. The company is mainly engaged in EV research and development, manufacturing and sales. In November 2015, Hangzhou Puma Investment Management Co,. Ltd.(“Puma Investment”) was formed by the JV Company, which focuses on the investment and consulting service. The JV Company has 50% ownership interest in Puma Investment, and the Company, indirectly through its JV Company, has 25% economic interest in Puma Investment. The other 50% ownership is held by the Service Company. In November 2015, Hangzhou JiHeKang Electric Vehicle Service Co., Ltd. (“JiHeKang Service Company”) was formed by the JV Company, which focuses on the after-market service for the EV products sold. The JV Company has 100% ownership interest in JiHeKang Service Company, and the Company, indirectly through its JV Company, has 50% economic interest in JiHeKang Service Company. In January 2016, Kandi Electric Vehicles (Hainan) Co., Ltd.(“Kandi Hainan”) was renamed from Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) which was originally formed in Wanning City of Hainan Province by Kandi Vehicles and Kandi New Energy in April 2013 and then was transferred to Haikou City in January 2016. Kandi Vehicles has 90% ownership in Kandi Hainan, and Kandi New Energy has the remaining 10% interest. However, Kandi Vehicles is, effectively, entitled to 100% of the economic benefits, voting rights and residual interests ( 100% profits and losses) of Kandi Hainan. 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 pure EV related products with a particular emphasis on expanding its market share in China. |
LIQUIDITY
LIQUIDITY | 12 Months Ended |
Dec. 31, 2015 | |
LIQUIDITY [Text Block] | NOTE 2 - LIQUIDITY The Company had a working capital surplus of $59,917,153 as of December 31, 2015, an increase of $20,714,469 from a working capital surplus of $39,202,684 as of December 31, 2014. As of December 31, 2015, the Company had credit lines from commercial banks of $36,656,553. 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 access to existing financing sources and established relationships with PRC banks will enable it to meet its obligations and fund its ongoing operations. The Company has historically financed 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 term, with adjustments made to the interest rate to reflect prevailing market rates. The Company believes this practice has been ongoing year after year and that short-term bank loans remain available on normal trade terms if needed. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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 Hainan, 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. (vi) The JV Company, 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 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 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 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 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 50% economic interest; (xii) Puma Investment, a 50%-ow ned subsiery of the JV Company. The Company, indirectly though its 50% ownership interest in the JV Company, has 25% economic interest. (xiii) JiHeKang Service Company, a wholly-owned subsidery of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has 50% economic interest. 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, 2015 | |
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 ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 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 at Significant Cash and cash equivalents $ 16,738,559 $ 16,738,559 - - Restricted cash 16,172,009 16,172,009 - - Warrants $ 3,823,590 - - 3,823,590 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, 2015 and 2014, represented time deposits on account for earning interest income. As of December 31, 2015 and 2014, the Company’s restricted cash were $16,172,009, and $13,000,731, respectively, which reflects a one-year Certificate of Time Deposit (CD) with Hangzhou Bank Jinhua Branch and China Ever-bright Bank. (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, 2015 and 2014, the Company had no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. (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. The Company also receives Notes receivable from the JV Company to settle the accounts receivbles. (g) Prepayments Prepayments represent cash paid in advance to suppliers, 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 Nanjing Shangtong (as defined in Note 16) as an advance of RMB353 million ($54,368,753) and deposited by Kandi Wanning (renamed to Kandi Hainan in January 2016) to Nanjing Shangtong. As of December 31, 2014, the advance to Nanjing Shangtong was transferred to “construction-in-progress” as described in Note 16. 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 $3,482,511, $2,755,637 and $3,728,730 for the years ended December 31, 2015, 2014 and 2013, 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, 2015, 2014 and 2013, $1,645,032, $288,498 and $228,396, respectively, were received by the Company’s subsideries 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, 2015 2014 Period end RMB : USD exchange rate 6.49270 6.15350 Average RMB : USD exchange rate 6.24010 6.14821 (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, 2015, 2014 and 2013 were $14,255,887, $0 and $0, respectively. See Note 21. (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, 2015 and 2014, 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 straight-line amortized as of December 31, 2015 and 2014. (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, 2015 | |
NEW ACCOUNTING PRONOUNCEMENTS [Text Block] | NOTE 7 – NEW ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2015-01 “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”. The objective is to reduce the cost and complexity of income statement presentation by eliminating the concept of extraordinary items while maintaining or improving the usefulness of the information provided to the users of financial statements. The extraordinary items must meet two criteria: unusual nature and infrequency of occurrence. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either. This amendment will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Board decided to permit early adoption provided that the guidance is applied from the beginning of the fiscal year of adoption. The FASB has issued ASU No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs”. The objective is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. The FASB has issued ASU No. 2015-05 “Intangibles-Goodwill and Other-Internal-Use Software”. The objective is to provide a guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendment will not change GAAP for a customer accounting for service contracts. In addition, the guidance in this update supersedes paragraph 350-40-25-16. Consequently, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. For public business entities, the FASB decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendment will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities. The FASB has issued ASU No. 2015-07 “Topic 820, Fair Value Measurement”, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this update apply to reporting entities that elect to measure the fair value of an investment within the related scope by using the net asset value per share (or its equivalent) practical expedient. The FASB has issued No. 2015-10 “Technical Corrections and Improvements”, which aims to address feedback received from stakeholders on the Codification and make improvements to GAAP. The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Some of the amendments will make the Codification easier to understand and apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification. The amendments in this update will apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The FASB has issued No. 2015-11“Topic 330, Inventory”, which aims to simplify the measurement of inventory by changing the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of this Update. The amendments in this update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The FASB has issued No. 2015-14“Topic 606, Revenue from Contracts with Customers”, which aims to respond to stakeholders’ requests to defer the effective date of the guidance in Update 2014-09 and to consider feedback received through extensive outreach with preparers, practitioners, and users of financial statements. The amendments in this update defer the effective date of Update 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The FASB has issued No. 2015-15“Subtopic 835-30, Interest - Imputation of Interest”: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. This amendment adds SEC paragraphs pursuant to the SEC Staff Announcement on June 18, 2015, Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. The FASB has issued No. 2015-16“Topic 805, Business Combinations”: Simplifying the Accounting for Measurement-Period Adjustments, which aims to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in this Update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The FASB has issued No. 2015-17“Topic 740, Income Taxes”: Balance Sheet Classification of Deferred Taxes, which aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The amendments in this update will align the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards (IFRS). For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. 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, 2015 | |
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 Year Year Year Ended Ended Ended December 31 December 31 December 31 December 31 December 31 December 31 Major Customers 2015 2014 2013 2015 2014 2013 Kandi Electric Vehicles Group Co., Ltd. 34% - - 46% - - Kandi Electric Vehicles (Changxing) Co., Ltd. 22% 38% - 1% 17% - Zhejiang Zuozhongyou Electric Vehicle Service Co., Ltd. 21% - - 38% - - Kandi Electric Vehicles (Shanghai) Co., Ltd. 20% 23% - - 16% - Shanghai Maple Auto Co., Ltd - 10% 23% - 3% 47% (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 2015 2014 2013 2015 2014 2013 Dongguan Chuangming Battery Technology Co., Ltd. 26% - - 15% - - Zhejiang Tianneng Energy Technology Co., Ltd. 20% - - 24% - - Zhejiang New Energy Auto System Co., Ltd. 13% 31% 33% - 12% 12% Shandong Henyuan New Energy Tech Co., Ltd. 7% 25% - 14% 32% - Zhongju (Tianjin) New Energy Investment Co., Ltd. - 11% - - 29% - |
INCOME PER SHARE
INCOME PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
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 years ended December 31, 2015, 2014 and 2013, the number of potentially dilutive common shares were 180,836, 132,323 and 0, respectively. The following table sets forth the computation of basic and diluted net income per common share: Years Ended December 31, 2015 2014 2013 Net income $ 14,665,495 $ 12,271,338 $ (21,140,723 ) Weighted average shares used in basic computation 46,744,718 42,583,495 34,707,973 Dilutive shares 180,836 132,323 - Weighted average shares used in diluted computation 46,925,554 42,715,818 34,707,973 Earnings per share: Basic $ 0.31 $ 0.29 $ (0.61 ) Diluted $ 0.31 $ 0.29 $ (0.61 ) |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
ACCOUNTS RECEIVABLE [Text Block] | NOTE 10 - ACCOUNTS RECEIVABLE Accounts receivable for the years ended December 31, 2015 and 2014 were summarized as follows: December 31, December 31, 2015 2014 Accounts receivable $ 8,136,421 $ 15,736,805 Less: Provision for doubtful debts - - Accounts receivable, net $ 8,136,421 $ 15,736,805 During the fiscal years ended December 31, 2015, 2014 and 2013, the Company sold products to Kandi USA Inc., a company that operates under the trade name of Eliteway Motorsports (“Eliteway”), amounting to $0, $2,981,944 and $6,906,807, respectively. As of December 31, 2015 and 2014, the outstanding receivable due from Eliteway were $0 and $620,410, 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 Mr. Hu Xiaoming, the Company's Chairman and Chief Executive Officer. For the years ended December 31, 2015 and 2014, 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, 2015 | |
INVENTORIES [Text Block] | NOTE 11 - INVENTORIES Inventories for the years ended December 31, 2015 and 2014 were summarized as follows: December 31, December 31, 2015 2014 Raw material $ 8,509,421 $ 3,621,428 Work-in-progress 1,648,498 3,104,678 Finished goods 8,101,661 8,993,318 Total inventories 18,259,580 15,719,424 Less: provision for slowing moving inventories (485,901 ) (315,584 ) Inventories, net $ 17,773,679 $ 15,403,840 |
NOTES RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
NOTES RECEIVABLE [Text Block] | NOTE 12 - NOTES RECEIVABLE Notes Receivable for the years ended December 31, 2015 and 2014 were summarized as follows: December 31, December 31, 2015 2014 Notes receivable from unrelated companies: Due September 30, 2016, interest at 7.2% per annum $ 10,578,574 $ 8,117,888 Bank acceptance notes 2,454,741 942,553 Notes receivable $ 13,033,315 $ 9,060,441 Notes receivable are unsecured. Details of Notes Receivable as of December 31, 2015 were as follows: Index Amount ($) Counter party Relationship Nature Manner of settlement 1 10,578,574 Yongkang HuiFeng Guarantee Co., Ltd No relationship beyond loan Receive interest income Not due 2 1,871,332 Kandi Electric Vehicles Group Co., Ltd. Joint venture of the Company Payments for sales Not due 3 59,744 Kandi Shanghai Subsidiary of the JV Company Payments for sales Not due 4 523,665 Zhuhai Enpower electrical Limited No relationship beyond loan Payments for sales Not due Details of Notes Receivable as of December 31, 2014 were as follows: Index Amount ($) Counter party Relationship Nature Manner of settlement 1 8,117,888 Yongkang HuiFeng Guarantee Co., Ltd No relationship beyond loan Receive interest income Not due 2 406,273 Kandi Changxing Subsidiary of the JV Company payment for sales Not due 3 455,025 Kandi Shanghai Subsidiary of the JV Company payment for sales Not due 4 81,255 Kandi Jinhua Subsidiary of the JV Company payment for sales Not due |
AMOUNT DUE FROM RELATED PARTY
AMOUNT DUE FROM RELATED PARTY | 12 Months Ended |
Dec. 31, 2015 | |
AMOUNT DUE FROM RELATED PARTY [Text Block] | NOTE 13 AMOUNT DUE FROM RELATED PARTY The details for amount due from related parties as at the end of 2015 and 2014 were as below: 2015 2014 Eliteway $ - $ 620,410 * Service Company 40,606,162 - Total due from related party $ 40,606,162 $ 620,410 *This amount was included in Accounts Receivble in the Company's Annual Report on Form 10-K filed on March 16, 2015. Please also refer to NOTE 10. Mr. Hu Wangyuan was the sole shareholder and officer of Eliteway which served as an US importer of the Company's products. Mr. Hu Wangyuan is the adult son of Mr. Hu Xiaoming, the Company's Chairman and Chief Executive Officer. For the year ended December 31, 2015, 2014 and 2013, Eliteway and Mr. Hu Wangyuan were financially independent from the Company. The transactions between the Company and Eliteway were carried at arm's-length without preferential terms comparing with other customers at the comparative order size or volume. The Company has 9.5% ownership of Service Company and the Chairman and CEO of the Company, Mr.Hu, has 13% ownership of Service Company. The main transactions between the Company and the Service Company are those the Service Company bought battery for the speed upgrade and EV parts for repairing and maintenance for its operating electric vehicles. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
PLANT AND EQUIPMENT [Text Block] | NOTE 14 – PLANT AND EQUIPMENT Plant and equipment for the years ended December 31, 2015 and 2014 consisted of the following: December 31, December 31, 2015 2014 At cost: Buildings $ 13,883,211 $ 14,492,949 Machinery and equipment 7,804,097 7,916,281 Office equipment 395,328 283,494 Motor vehicles 335,227 355,547 Moulds 32,931,740 34,523,167 55,349,603 57,571,438 Less : Accumulated depreciation Buildings $ (3,755,582 ) $ (3,480,417 ) Machinery and equipment (7,108,925 ) (7,371,047 ) Office equipment (249,378 ) (220,944 ) Motor vehicles (271,495 ) (254,331 ) Moulds (23,385,363 ) (19,972,647 ) (34,770,743 ) (31,299,386 ) Less: provision for impairment (53,734 ) (56,696 ) for fixed assets Plant and equipment, net $ 20,525,126 $ 26,215,356 As of December 31, 2015 and 2014, the net book value of plant and equipment pledged as collateral for the Company's bank loans were $9,949,661 and $10,816,480, respectively. Depreciation expenses for the years ended December 31, 2015, 2014 and 2013 were $5,322,613, $5,110,681 and $7,273,260, respectively. |
LAND USE RIGHTS
LAND USE RIGHTS | 12 Months Ended |
Dec. 31, 2015 | |
LAND USE RIGHTS [Text Block] | NOTE 15 – LAND USE RIGHTS The Company’s land use rights consist of the following: December December 31, 31, 2015 2014 Cost of land use rights $ 15,276,957 $ 17,786,170 Less: Accumulated amortization (2,341,835 ) (2,137,018 ) Land use rights, net $ 12,935,122 $ 15,649,152 As of December 31, 2015 and 2014, the net book value of the land use rights pledged as collateral for the Company's bank loans were $9,512,598 and $9,665,834 respectively. Also see Note 17. The amortization expense for the years ended December 31, 2015, 2014 and 2013 were $384,072, $378,689 and $353,568, respectively. Amortization expense for the next five years and thereafter is as follows: 2016 (twelve months) $ 384,072 2017 384,072 2018 384,072 2019 384,072 2020 384,072 Thereafter 11,014,762 Total $ 12,935,122 |
CONSTRUCTION-IN-PROGRESS
CONSTRUCTION-IN-PROGRESS | 12 Months Ended |
Dec. 31, 2015 | |
CONSTRUCTION-IN-PROGRESS [Text Block] | NOTE 16 - CONSTRUCTION-IN-PROGRESS As of December 31, 2015, a total amount of advances to a supplier of RMB353,000,000, or $54,368,753, made by Kandi Hainan to Nanjing Shangtong Auto Technologies Co., Ltd. (“Nanjing Shangtong”) for equipment purchases was included in Construction in Process (“CIP”). None of the CIP was transferred to property, plant and equipment as of December 31, 2015. Because the government of Hainan Province is enforcing a new plan to centralize the manufacturing in designated industry park, the Wanning facility will be reallocated from Wanning City to Haikou City. In addition, all related expenses and assets disposal caused by the relocation were compensated by the local government. No depreciation is provided for CIP until such time as the facility is completed and placed into operation. The contractual obligation under CIP of the Company as of December 31,2015 is as follow: Total CIP as of December 31, Contracted but Total contract 2015 not provided for amount Kandi Hainan facility $ 54,368,753 $ 6,468,803 $ 60,837,556 Total $ 54,368,753 $ 6,468,803 $ 60,837,556 As of December 31, 2015 and 2014, the Company had CIP amounting to $54,368,753 and $58,510,051, respectively. No interest expense has been capitalized for CIP for the years ended December 31, 2015, 2014 and 2013, respectively. |
SHORT TERM BANK LOANS
SHORT TERM BANK LOANS | 12 Months Ended |
Dec. 31, 2015 | |
SHORT TERM BANK LOANS [Text Block] | NOTE 17 – SHORT-TERM BANK LOANS Short-term loans are summarized as follows: December 31, December 31, 2015 2014 Loans from China Ever-bright Bank Interest rate up 18% based on the base rate (The current base rate for one-year loan is 7.08%, effective from March 1, 2015), paid off on May 11, 2015, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. - 12,675,713 Interest rate 4.698% per annum, due October 28, 2016, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming and his wife. 12,013,492 - Loans from China Ever-growing Bank Interest rate up 20% based on the base rate (The current base rate for one-year loan is 7.20%, effective from March 1, 2015), paid off on April 22, 2015, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, and Zhejiang Shuguang industrial Co., Ltd. - 3,250,183 Loans from Hangzhou Bank Interest rate 6.00% per annum, paid off on October 13, 2015, secured by the assets of the Company. Also see Note 14 and Note 15. - 7,930,446 Interest rate 4.60% per annum, due October 13, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 7,516,134 - Interest rate 6.00% per annum, paid off on July 9, 2015, secured by the assets of the Company. Also see Note 14 and Note 15. - 11,733,160 Interest rate 4.82% per annum, due July 2, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 7,700,956 - Interest rate 4.85% per annum, due July 12, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 3,419,225 - Interest rate at 5.35% per annum, due March 23, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 6,006,746 - $ 36,656,553 $ 35,589,502 The interest expense of the short-term bank loans for the years ended December 31, 2015, 2014 and 2013 were $2,176,092, $3,480,646 and $2,302,389, respectively. As of December 31, 2015, the aggregate amount of short-term loans that was guaranteed by various third parties was $0. 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 25; and - $12,675,713 was guaranteed by Nanlong Group Co., Ltd., whose bank loans of $9,750,548 was guaranteed by the Company. Also see Note 25. It is a common business practice among companies in the region of the PRC 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, 2015 | |
NOTES PAYABLE [Text Block] | NOTE 18 – 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 for December 31, 2015 ande 2014 were summarized as follows: December December 31 31, 2015 2014 Bank acceptance notes: Due April 30, 2015 $ - 4,062,729 Due May 4, 2015 - 826,846 Due June 2, 2015 - 812,546 Due May 12, 2016 2,310,287 - Due June 17, 2016 1,540,191 - Total $ 3,850,478 5,702,121 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 the funds, 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 $6,891, $9,359 and $21,136 in 2015, 2014 and 2013, respectively. $3,850,478 and $0 were held as collateral for the notes payable at December 31, 2015 and 2014. |
BOND PAYABLE
BOND PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
BOND PAYABLE [Text Block] | NOTE 19 – 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.(“Ever-bright Securities”) and CITIC Securities Company Limited. The term of this bond was three years, and the material terms of this bond were similar to the terms of the bond the Company issued to Ever-bright Securities in 2012 which was repaid in August 2013, except that the interest rate was reduced to 11.5% . Bond interest is 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 Ever-bright Securities and CITIC Securities Company Limited. For the year ended December 31, 2014, interest expense of $1,262,691 was paid. There was no bond payable as of December 31, 2015 and 2014, respectively. |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2015 | |
TAXES [Text Block] | NOTE 20 – 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 Hainan, 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 16.88% . The combined tax benefits were 51.26% . The actual effective income tax rate was reduced from 25% to 12.19% of the 2015 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 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, 2015, the Company did 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, 2015, 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, 2015, 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, 2015 due to the net operating loss in 2015 and an accumulated net operating loss carry forward from prior years in the United States. Income tax expenses for the years ended December 31, 2015, 2014 and 2013 is summarized as follows: For the Years Ended December 31, 2015 2014 2013 Current: Provision for CIT $ 6,127,228 $ 2,414,412 $ 1,593,994 Provision for Federal Income Tax - - - Deferred: Provision for CIT - - - Income tax expense (benefit) $ 6,127,228 $ 2,414,412 $ 1,593,994 The Company's income tax expense differs from the “expected” tax expense for the years ended December 31, 2015, 2014 and 2013 (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 Years Ended December 31, (Unaudited) 2015 2014 2013 Computed “expected” expense $ (4,013,791 ) $ 929,405 $ (1,381,713 ) Favorable tax rate (912,548 ) (611,672 ) (1,378,429 ) Permanent differences 3,408,181 (929,318 ) 361,230 Valuation allowance 7,645,386 3,025,997 3,992,906 Income tax expense (benefit) $ 6,127,228 $ 2,414,412 $ 1,593,994 The tax effects of temporary differences that give rise to the Company's net deferred tax assets and liabilities as of December 31, 2015, 2014 and 2013 are summarized as follows: December 31 December 31 December 31 2015 2014 2013 (Unaudited) Current portion: Deferred tax assets (liabilities): Expense $ (272,953 ) $ (80,016 ) $ 47,224 Subtotal (272,953 ) (80,016 ) 47,224 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 290,850 (26,226 ) (33,518 ) PRC State Administration of Taxation Other (2,392,821 ) (124,622 ) 0 Subtotal (2,101,971 ) (150,848 ) (33,518 ) Total deferred tax assets (liabilities) – current portion (2,374,924 ) (230,864 ) 13,706 Non-current portion: Deferred tax assets (liabilities): Depreciation (353,115 ) (551,697 ) 81,076 Loss carried forward 7,645,386 3,025,997 3,992,906 Valuation allowance (7,645,386 ) (3,025,997 ) (3,992,906 ) Subtotal (353,115 ) (551,697 ) 81,076 Deferred tax liabilities: Accumulated other comprehensive gain (1,240,467 ) (1,715,028 ) (1,009,477 ) Subtotal (1,240,467 ) (1,715,028 ) (1,009,477 ) Total deferred tax assets – non-current portion (1,593,582 ) (2,266,725 ) (928,401 ) Net deferred tax assets (liabilities) $ (3,968,506 ) $ (2,497,589 ) $ (914,695 ) (b) Tax Holiday Effect For the years ended December 31, 2015, 2014 and 2013, 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, 2015, 2014 and 2013. The combined effects of the income tax expense exemptions and reductions available to the Company for the years ended December 31, 2015, 2014 and 2013 are as follows: For the Years Ended December 31, (Unaudited) 2015 2014 2013 Tax benefit (holiday) credit $ 912,548 $ 611,672 $ 1,378,429 Basic net income per share effect $ 0.020 $ 0.010 $ 0.040 |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 12 Months Ended |
Dec. 31, 2015 | |
STOCK OPTIONS AND WARRANTS [Text Block] | NOTE 21 - 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. On May 29, 2015, the Compensation Committee of the Board of Directors of the Company approved the grant of stock options to purchase 4,900,000 shares of common stock at an exercise price of $9.72 per share to the Company’s directors, officers and senior employees. The stock options will vest ratably over three years and expire on the tenth anniversary of the grant date. The Company valued the stock options at $39,990,540 and will amortize the stock compensation expense using the straight-line method over the service period from May 29, 2015 through May 29, 2018. The value of the options was estimated using the Black Scholes Model with an expected volatility of 90%, expected life of 10 years, risk-free interest rate of 2.23% and expected dividend yield of 0.00% . 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, 2014 326,660 $ 1.01 Granted - - Exercised (226,660 ) 0.8 Cancelled (100,000 ) 1.5 Outstanding as of January 1, 2015 - - Granted 4,900,000 9.72 Exercised - - Cancelled - - Outstanding as of December 31, 2015 4,900,000 $ 9.72 The fair value per share of the 4,900,000 options issued to the employees and directors on May 29, 2015 is $8.1613 per share. (b) Warrants On June 26, 2013, the Company entered into a securities purchase agreement (the “2013 Securities Purchase Agreement”) with certain institutional investors (the “Third Round Investors”) that closed on July 1, 2013, pursuant to which the Company sold to the Third Round Investors, in a registered direct offering, an aggregate of 4,376,036 shares of 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 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”). As of June 30, 2014, all the Third Round Warrants had been exercised on a cash basis. 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”), which will expire on July 1, 2016, with a fair value of $4.23 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 “January 2014 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 was reduced by a credit of $0.01, which reflected the price per warrant share paid in connection with the issuance of the January 2014 Warrants. Consequently, the effective exercise price per warrant share is $14.99. The January 2014 Warrants expired on January 30, 2015 and no investors exercised their warrants. 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 “Fourth 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, which was adjusted to $9.72 on July 27, 2015. The Fourth Round Warrants have a term of eighteen months and are exercisable by the holders at any time after the date of issuance. On August 8, 2015, the Company extended the expiration date of these warrants from September 21, 2015 to January 20, 2016, amoung these warrants, 44,783 share were exercised in January 2016 and the rest warrant shares were expired and no ererise. As of December 31, 2015, the fair value of the Fourth Round Warrants was $1.39 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, before deducting fees to the placement agent and other estimated offering expenses payable by the Company (the “Fifth Round Financing”). 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”), which was adjusted to $9.72 on July 27, 2015. The Fifth Round Warrants have a term of seventeen months and are exercisable by the holders at any time after the date of issuance. On August 8, 2015, the Company extended the expiration date of these warrants from February 4, 2016 to June 3, 2016. 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,which was adjusted to as exercise price of $9.72 per share in December 2015 due to its financial consulting service. The placement agent’s warrants are exercisable for a term of seventeen months after the six months from the issuance. As of December 31, 2015, the fair value of the Fifth Round Warrants was $2.62 per share and the fair value of the Fifth Round Placement Agent Warrants was $2.84 per share. In addition, any Fifth Round Investor that invested more than $30 million in the initial offering of shares and warrants in the Fifth Round Financing had 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 the Company’s common stock at $17.20 for a period commencing on September 4, 2014 and ending on November 17, 2014. As of November 17, 2014, none of the Fifth Round Investors that invested more than $30 million in the initial offering of shares and warrants in the Fifth Round Financing exercised this option and such option expired. |
STOCK AWARD
STOCK AWARD | 12 Months Ended |
Dec. 31, 2015 | |
STOCK AWARD [Text Block] | NOTE 22 – 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, 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, 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, beginning in September 2013. As compensation for having Mr. Wei Chen serve as CEO assistant, the Board authorized the issuance by the Company to Mr. Chen 10,000 shares of Company’s common stock every year beginning in January 2012 ending December 31, 2013 and 2,500 shares of Company’s common stock every three months, beginning in January 2014 until May 30, 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 the 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 “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 increased by 10% compared to the Non-GAAP Net Income for the 2013 fiscal year, the selected executives and other key employees each would 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 would be granted. If Non-GAAP Net Income in 2014 increased compared to Non-GAAP Net Income in 2013 but the increase is less than 10%, then the target amount of the common stock grant would be proportionately decreased. If Non-GAAP Net Income in 2014 increased compared to Non- GAAP Net Income in 2013 but the increase is more than 10%, then the target amount of the common stock grant would be proportionately increased up to 200% of the target amount. Any such increase in the grant would be subject to the total number of shares available under the Plan, and the Company’s Board and shareholders will need to approve an increase in the number of shares reserved under the Plan if the number of shares originally reserved is used up. On May 20, 2015, the shareholders of the Company approved an increase of 9,000,000 shares under the Plan at its annual meeting. 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 is not met and so no shares become due, no compensation cost is recognized and any recognized compensation cost during the applicable year is reversed. The number of shares of common stock granted under the Plan with respect to fiscal 2014 was 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. On April 23, 2015 and June 7, 2015, the Company granted 550,000 shares and 120,000 shares, respectively, to the senior management and key employees as year 2014 performance awards. The number of shares of common stock granted under the Plan with respect to fiscal 2015 was 670,000 shares based on the Non-GAAP Net Income of the year of 2015. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
INTANGIBLE ASSETS [Text Block] | NOTE 23 – INTANGIBLE ASSETS The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets other than goodwill: December 31, December 31, Remaining useful life 2015 2014 Gross carrying amount: Trade name 6 years $ 492,235 $ 492,235 Customer relations 6 years 304,086 304,086 796,321 796,321 Less : Accumulated amortization Trade name $ (186,069 ) $ (135,323 ) Customer relations (114,946 ) (83,597 ) (301,015 ) (218,920 ) Intangible assets, net $ 495,306 $ 577,401 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 $82,095 for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization expenses for the next five years and thereafter is as follows: 2016 $ 82,095 2017 82,095 2018 82,095 2019 82,095 2020 82,095 Thereafter 84,831 Total $ 495,306 |
SUMMARIZED INFORMATION OF EQUIT
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY [Text Block] | NOTE 24 – SUMMARIZED INFORMATION OF INVESTMENT IN 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%-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 electric vehicles (“EVs”) and related auto parts. Each of Kandi Vehicles and Shanghai Guorun has 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 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 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 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 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 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. In March 2014, the JV Company changed its name to Kandi Electric Vehicles Group Co., Ltd. In August 2015, the JV Company transferred its shares of the Service Company to Shanghai Guorun and Kandi Vehicles for 9.5% respectively. As the result, the JV Company no longer has any ownership of the Service Company since the transfer. In November 2015, Hangzhou Puma Investment Management Co,. Ltd.(“Puma Investment”) was formed by the JV Company. The JV Company has 50% ownership interest in Puma Investment and the Company, indirectly through its 50% ownership interest in the JV Company, has 25% economic interest in Puma Investment.In November 2015,Hangzhou JiHeKang Electric Vehicle Service Co., Ltd. (“JiHeKang Service Company”) was formed by the JV Company. The JV Company has 100% ownership interest in JiHeKang Service Company and the Company, indirectly through its 50% ownership interest in the JV Company, has 50% economic interest in JiHeKang Service Company. As of the year ended December 31, 2015, 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;(6) 100% interest in JiHeKang Service; and (7) 50% interest in Puma Investment. The Company accounted for its investments in the JV Company under the equity method of accounting as the Company has 50% ownership interest in the JV Company. Therefore, the Company’s consolidated net income for the year Ended December 31, 2015 and 2014 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: Years ended December 31, 2015 2014 2013 Condensed income statement information: Net sales $ 362,715,996 $ 215,537,203 $ 15,212,347 Gross income 59,635,845 41,889,144 (1,279,914 ) % of net sales 16.4% 19.4% - 8.4% Net income 23,323,128 7,526,164 (3,020,756 ) % of net sales 6.4% 3.5% - 19.9% Company’s equity in net income of JV $ 11,661,564 $ 3,763,082 $ (1,510,378 ) Three months ended December 31, 2015 2014 2013 Condensed income statement information: Net sales $ 164,750,714 $ 88,773,410 $ 15,212,347 Gross income 27,677,165 27,944,246 (1,279,914 ) % of net sales 16.8% 31.5% - 8.4% Net income 19,322,347 743,892 (2,780,723 ) % of net sales 11.7% 0.8% - 18.3% Company’s equity in net income of JV $ 9,661,173 $ 371,946 $ (1,390,362 ) December 31, December 31, 2015 2014 Condensed balance sheet information: Current assets $ 455,368,595 $ 262,543,256 Noncurrent assets 191,145,583 194,229,114 Total assets $ 646,514,178 $ 456,772,370 Current liabilities 429,487,683 280,779,432 Noncurrent liabilities 36,348,514 9,006,787 Equity 180,677,981 166,986,151 Total liabilities and equity $ 646,514,178 $ 456,772,370 For the year ended December 31, 2015, the JV Company’s revenues were $362,715,996, an increase of 68.28% from $215,537,203 for the year ended December 31, 2014. For the three months ended December 31, 2015, the JV Company’s revenues were $164,750,714, an increase of 85.59% from $88,773,410 for the three months ended December 31, 2014. The revenue was primarily derived from the sales of EV products in the PRC with a total of 24,220 units sold during the year 2015, among which, a total of 12,100 units of EV products were sold during the three months ended December 31, 2015. The growth of sales of EV products was mainly driven by the demand from the MPT program. For the year ended December 31, 2015, the JV Company recorded a net profit of $23,323,128 as compared to $7,526,164 for the year ended December 31, 2014. For the three months ended December 31, 2015, the JV Company recorded a net profit of $19,322,347 as compared to $743,892 for the three months ended December 31, 2014. As the Company only has 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 $11,661,564 and $3,763,082 for the years ended December 31, 2015 and 2014, 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, 2015 and 2014 are as follows: Years ended December 31, 2015 2014 Investment in JV Company, beginning of the period, $ 83,309,095 $ 79,331,930 Share of profit 11,661,564 3,763,082 Intercompany transaction elimination (1,135 ) (184,138 ) Year 2014 unrealized profit realized 181,426 911,322 Exchange difference (4,813,051 ) (513,101 ) Investment in JV Company, end of the period $ 90,337,899 $ 83,309,095 Sales to the Company’s customers, the JV Company and its subsidiaries, for the year ended December 31, 2015 were $152,247,082 or 76% of the Company’s total revenue for the year, an increase of 29.3% of the sales to the JV Company from the previous year. Sales to the JV Company and its subsidiaries for the three months ended December 31, 2015 were $45,787,956 or 78% of total revenue for that three months period. The sales to the JV Company and its subsidiaries were primarily the sales of battery packs, body parts, EV drive motors, EV controllers, air conditioning units and other auto parts, the breakdown of the sales to the JV Company and its subsideries as follows: Years ended December 31, 2015 2014 JV Company $ 67,729,570 $ - Kandi Changxing 44,019,899 65,342,342 Kandi Shanghai 39,708,548 39,412,740 Kandi Jinhua 789,065 12,952,070 Total sales to JV $ 152,247,082 $ 117,707,152 The following tables summarize the effects of transactions including sales and purchases with JV: Years ended December 31, 2015 2014 Sales to JV $ 152,247,082 $ 117,707,152 Purchase from JV $ 55,179 $ 356,609 As of the years ended 2015 and 2014, the amount due from the JV Company and its subsidieries, net was $76,172,471 and $51,450,612, respectively, of which the majority was the balances with the JV Company, Kandi Jinhua, Kandi Changxing and Kandi Shanghai. The breakdown was as below: December 31, December 31, 2015 2014 Kandi Shanghai $ (4,488,379 ) $ 6,978,618 Kandi Changxing 3,249,445 7,359,202 Kandi Jinhua 6,218,177 12,736,420 Kandi Jiangsu 11,453 - JV Company 71,181,775 24,376,372 Consolidated JV $ 76,172,471 $ 51,450,612 Within the receivables from the JV Company, the $23,102,869 was a one-year entrusted loan that Kandi Vehicle lent to the JV Company from December 16, 2015 to June 15, 2016 carrying an annual interest rate determined by using the People's Bank of China floating benchmark lending rate on the date of withdraw plus 5% of that rate. The rate will not be adjusted after the withdraw during the lending period, which was 8.7% . 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, where direct borrowing and lending between commercial enterprises are restricted. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 25 - COMMITMENTS AND CONTINGENCIES Guarantees and pledged collateral for third party bank loans As of December 31, 2015 and 2014, the Company provided guarantees for the following third parties: (1) Guarantees for bank loans December 31, December 31, Guarantee provided to 2015 2014 Zhejiang Kangli Metal Manufacturing Company. $ 0 $ 4,875,274 Zhejiang Shuguang industrial Co., Ltd. 4,466,555 4,875,274 Nanlong Group Co., Ltd. 3,080,383 9,750,548 Kandi Electric Vehicles Group Co., Ltd. 50,056,216 0 Total $ 57,603,154 $ 19,501,096 On March 15, 2013, the Company entered into a guarantee contract to serve as the guarantor of Nanlong Group Co., Ltd.(“NGCL”) from March 15, 2016 to March 15, 2018 for NGCL's loan amount of $3,080,383 from Shanghai Pudong Development Bank Jinhua Branch with related loan period from March 15, 2013 to March 15,2016.NGCL is not related to the Company. Under this guarantee contract, the Company agreed to perform all obligations of NGCL under the loan contract if NGCL fails to perform its obligations as set forth therein. On July 20, 2015, the Company entered into a guarantee contract to serve as the guarantor for the JV Company from July 20, 2016 to July 19, 2018 for the bank loans of $11,551,434 from Bank of China with related loan period from July 20, 2015 to July 19, 2016. Under this guarantee contract, the Company agreed to perform all obligations of the JV Company under the loan contract if the JV Company fails to perform its obligations as set forth therein. On September 29, 2015, the Company entered into a guarantee contract to serve as the guarantor of Zhejiang Shuguang Industrial Co., Ltd. (“ZSICL”) from September 29, 2015 to September 28, 2018 for the bank loan amount of $4,466,555 from Ping An Bank with related loan period from September 29, 2015 to September 28, 2016. ZSICL is not related to the Company. Under this guarantee contract, the Company agreed to perform all obligations of ZSICL under the loan contract if ZSICL fails to perform its obligations as set forth therein. On December 14, 2015, the Company entered into a guarantee contract to serve as the guarantor for the JV Company from December 14, 2016 to December 13, 2018 for the bank loans of $38,504,782 from China Import & Export Bank with related loan period from December 14, 2015 to December 13, 2016. Under this guarantee contract, the Company agreed to perform all obligations of the JV Company under the loan contract if the JV Company fails to perform its obligations as set forth therein. (2) Pledged collateral for a third party's bank loans As of December 31, 2015 and 2014, 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, 2015 | |
SEGMENT REPORTING [Text Block] | NOTE 26 – 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: Years Ended December 31 2015 2014 2013 Sales Revenue Percentage Sales Revenue Percentage Sales Revenue Percentage Overseas $ 4,713,441 2% $ 8,629,824 5% $ 9,301,755 10% China 196,355,732 98% 161,599,182 95% 85,234,290 90% Total $ 201,069,173 100% $ 170,229,006 100% $ 94,536,045 100% |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Text Block] | NOTE 27 – Related Party Transactions The Board of Directors must approve all related party transactions. All material related party transactions will be made or entered into on terms that are no less favorable to the Company than can be obtained from unaffiliated third parties. The following table lists the sales to related parties during the years of 2015, 2014 and 2013: 2015 2014 2013 Eliteway $ - $ 2,981,944 $ 6,906,807 Service Company 42,032,060 - - Total $ 42,032,060 $ 2,981,944 $ 6,906,807 Mr. Hu Wangyuan was the sole shareholder and officer of Eliteway which served as an US importer of the Company's products. Mr. Hu Wangyuan is the adult son of Mr. Hu Xiaoming, the Company's Chairman and Chief Executive Officer. For the years ended December 31, 2015, 2014 and 2013, Eliteway and Mr. Hu Wangyuan were financially independent from the Company. The transactions between the Company and Eliteway were carried at arm's-length without preferential terms comparing with other customers at the comparative order size or volume. The Company has 9.5% ownership of the Service Company and Mr.Hu, Chairman and CEO of the Company, has 13% ownership of the Service Company. The main transactions between the Company and the Service Company is that the Service Company needs to buy battery for the speed upgrade and also EV parts for the repairing and maintenance for its operating electric vehicles. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s performance may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. |
Fair Value of Financial Instruments [Policy Text Block] | (b) Fair Value of Financial Instruments ASC 820 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, 2015, 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 at Significant Cash and cash equivalents $ 16,738,559 $ 16,738,559 - - Restricted cash 16,172,009 16,172,009 - - Warrants $ 3,823,590 - - 3,823,590 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, 2015 and 2014, represented time deposits on account for earning interest income. As of December 31, 2015 and 2014, the Company’s restricted cash were $16,172,009, and $13,000,731, respectively, which reflects a one-year Certificate of Time Deposit (CD) with Hangzhou Bank Jinhua Branch and China Ever-bright Bank. |
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, 2015 and 2014, the Company had no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. |
Notes 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. The Company also receives Notes receivable from the JV Company to settle the accounts receivbles. |
Prepayments [Policy Text Block] | (g) Prepayments Prepayments represent cash paid in advance to suppliers, 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 Nanjing Shangtong (as defined in Note 16) as an advance of RMB353 million ($54,368,753) and deposited by Kandi Wanning (renamed to Kandi Hainan in January 2016) to Nanjing Shangtong. As of December 31, 2014, the advance to Nanjing Shangtong was transferred to “construction-in-progress” as described in Note 16. 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 $3,482,511, $2,755,637 and $3,728,730 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Government Grants [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, 2015, 2014 and 2013, $1,645,032, $288,498 and $228,396, respectively, were received by the Company’s subsideries 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, 2015 2014 Period end RMB : USD exchange rate 6.49270 6.15350 Average RMB : USD exchange rate 6.24010 6.14821 |
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 Expenses [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. 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, 2015, 2014 and 2013 were $14,255,887, $0 and $0, respectively. See Note 21. |
Warrant Costs [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, 2015 and 2014, 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 straight-line amortized as of December 31, 2015 and 2014. |
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. Expenses related to issuance of the derivative instruments were expensed upon issuance. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at Significant Cash and cash equivalents $ 16,738,559 $ 16,738,559 - - Restricted cash 16,172,009 16,172,009 - - Warrants $ 3,823,590 - - 3,823,590 |
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, 2015 2014 Period end RMB : USD exchange rate 6.49270 6.15350 Average RMB : USD exchange rate 6.24010 6.14821 |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Revenue and Accounts Receivable Percentage by Major Customers [Table Text Block] | Sales Accounts Receivable Year Year Year Ended Ended Ended December 31 December 31 December 31 December 31 December 31 December 31 Major Customers 2015 2014 2013 2015 2014 2013 Kandi Electric Vehicles Group Co., Ltd. 34% - - 46% - - Kandi Electric Vehicles (Changxing) Co., Ltd. 22% 38% - 1% 17% - Zhejiang Zuozhongyou Electric Vehicle Service Co., Ltd. 21% - - 38% - - Kandi Electric Vehicles (Shanghai) Co., Ltd. 20% 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 2015 2014 2013 2015 2014 2013 Dongguan Chuangming Battery Technology Co., Ltd. 26% - - 15% - - Zhejiang Tianneng Energy Technology Co., Ltd. 20% - - 24% - - Zhejiang New Energy Auto System Co., Ltd. 13% 31% 33% - 12% 12% Shandong Henyuan New Energy Tech Co., Ltd. 7% 25% - 14% 32% - Zhongju (Tianjin) New Energy Investment Co., Ltd. - 11% - - 29% - |
INCOME PER SHARE (Tables)
INCOME PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2015 2014 2013 Net income $ 14,665,495 $ 12,271,338 $ (21,140,723 ) Weighted average shares used in basic computation 46,744,718 42,583,495 34,707,973 Dilutive shares 180,836 132,323 - Weighted average shares used in diluted computation 46,925,554 42,715,818 34,707,973 Earnings per share: Basic $ 0.31 $ 0.29 $ (0.61 ) Diluted $ 0.31 $ 0.29 $ (0.61 ) |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accounts Receivable [Table Text Block] | December 31, December 31, 2015 2014 Accounts receivable $ 8,136,421 $ 15,736,805 Less: Provision for doubtful debts - - Accounts receivable, net $ 8,136,421 $ 15,736,805 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Inventories [Table Text Block] | December 31, December 31, 2015 2014 Raw material $ 8,509,421 $ 3,621,428 Work-in-progress 1,648,498 3,104,678 Finished goods 8,101,661 8,993,318 Total inventories 18,259,580 15,719,424 Less: provision for slowing moving inventories (485,901 ) (315,584 ) Inventories, net $ 17,773,679 $ 15,403,840 |
NOTES RECEIVABLE (Tables)
NOTES RECEIVABLE (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Notes Receivable [Table Text Block] | December 31, December 31, 2015 2014 Notes receivable from unrelated companies: Due September 30, 2016, interest at 7.2% per annum $ 10,578,574 $ 8,117,888 Bank acceptance notes 2,454,741 942,553 Notes receivable $ 13,033,315 $ 9,060,441 | |
Schedule of Details of Notes Receivable [Table Text Block] | Index Amount ($) Counter party Relationship Nature Manner of settlement 1 10,578,574 Yongkang HuiFeng Guarantee Co., Ltd No relationship beyond loan Receive interest income Not due 2 1,871,332 Kandi Electric Vehicles Group Co., Ltd. Joint venture of the Company Payments for sales Not due 3 59,744 Kandi Shanghai Subsidiary of the JV Company Payments for sales Not due 4 523,665 Zhuhai Enpower electrical Limited No relationship beyond loan Payments for sales Not due | Index Amount ($) Counter party Relationship Nature Manner of settlement 1 8,117,888 Yongkang HuiFeng Guarantee Co., Ltd No relationship beyond loan Receive interest income Not due 2 406,273 Kandi Changxing Subsidiary of the JV Company payment for sales Not due 3 455,025 Kandi Shanghai Subsidiary of the JV Company payment for sales Not due 4 81,255 Kandi Jinhua Subsidiary of the JV Company payment for sales Not due |
AMOUNT DUE FROM RELATED PARTY (
AMOUNT DUE FROM RELATED PARTY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Related Party Transactions [Table Text Block] | 2015 2014 Eliteway $ - $ 620,410 * Service Company 40,606,162 - Total due from related party $ 40,606,162 $ 620,410 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Plant and Equipment [Table Text Block] | December 31, December 31, 2015 2014 At cost: Buildings $ 13,883,211 $ 14,492,949 Machinery and equipment 7,804,097 7,916,281 Office equipment 395,328 283,494 Motor vehicles 335,227 355,547 Moulds 32,931,740 34,523,167 55,349,603 57,571,438 Less : Accumulated depreciation Buildings $ (3,755,582 ) $ (3,480,417 ) Machinery and equipment (7,108,925 ) (7,371,047 ) Office equipment (249,378 ) (220,944 ) Motor vehicles (271,495 ) (254,331 ) Moulds (23,385,363 ) (19,972,647 ) (34,770,743 ) (31,299,386 ) Less: provision for impairment (53,734 ) (56,696 ) for fixed assets Plant and equipment, net $ 20,525,126 $ 26,215,356 |
LAND USE RIGHTS (Tables)
LAND USE RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Land Use Rights [Table Text Block] | December December 31, 31, 2015 2014 Cost of land use rights $ 15,276,957 $ 17,786,170 Less: Accumulated amortization (2,341,835 ) (2,137,018 ) Land use rights, net $ 12,935,122 $ 15,649,152 |
Schedule of Land Use Rights Expected Amortization Expense [Table Text Block] | 2016 (twelve months) $ 384,072 2017 384,072 2018 384,072 2019 384,072 2020 384,072 Thereafter 11,014,762 Total $ 12,935,122 |
CONSTRUCTION-IN-PROGRESS (Table
CONSTRUCTION-IN-PROGRESS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Construction in Progress [Table Text Block] | Total CIP as of December 31, Contracted but Total contract 2015 not provided for amount Kandi Hainan facility $ 54,368,753 $ 6,468,803 $ 60,837,556 Total $ 54,368,753 $ 6,468,803 $ 60,837,556 |
SHORT TERM BANK LOANS (Tables)
SHORT TERM BANK LOANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Short-term Bank Loans [Table Text Block] | December 31, December 31, 2015 2014 Loans from China Ever-bright Bank Interest rate up 18% based on the base rate (The current base rate for one-year loan is 7.08%, effective from March 1, 2015), paid off on May 11, 2015, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming, Nanlong Group Co., Ltd. and Zhejiang Mengdeli Electric Co., Ltd. - 12,675,713 Interest rate 4.698% per annum, due October 28, 2016, secured by the assets of the Company, guaranteed by Mr. Hu Xiaoming and his wife. 12,013,492 - Loans from China Ever-growing Bank Interest rate up 20% based on the base rate (The current base rate for one-year loan is 7.20%, effective from March 1, 2015), paid off on April 22, 2015, guaranteed by Mr. Hu Xiaoming, Ms. Ling Yueping, and Zhejiang Shuguang industrial Co., Ltd. - 3,250,183 Loans from Hangzhou Bank Interest rate 6.00% per annum, paid off on October 13, 2015, secured by the assets of the Company. Also see Note 14 and Note 15. - 7,930,446 Interest rate 4.60% per annum, due October 13, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 7,516,134 - Interest rate 6.00% per annum, paid off on July 9, 2015, secured by the assets of the Company. Also see Note 14 and Note 15. - 11,733,160 Interest rate 4.82% per annum, due July 2, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 7,700,956 - Interest rate 4.85% per annum, due July 12, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 3,419,225 - Interest rate at 5.35% per annum, due March 23, 2016, secured by the assets of the Company. Also see Note 14 and Note 15. 6,006,746 - $ 36,656,553 $ 35,589,502 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Notes Payable [Table Text Block] | December December 31 31, 2015 2014 Bank acceptance notes: Due April 30, 2015 $ - 4,062,729 Due May 4, 2015 - 826,846 Due June 2, 2015 - 812,546 Due May 12, 2016 2,310,287 - Due June 17, 2016 1,540,191 - Total $ 3,850,478 5,702,121 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 2015 2014 2013 Current: Provision for CIT $ 6,127,228 $ 2,414,412 $ 1,593,994 Provision for Federal Income Tax - - - Deferred: Provision for CIT - - - Income tax expense (benefit) $ 6,127,228 $ 2,414,412 $ 1,593,994 |
Schedule of Expected Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, (Unaudited) 2015 2014 2013 Computed “expected” expense $ (4,013,791 ) $ 929,405 $ (1,381,713 ) Favorable tax rate (912,548 ) (611,672 ) (1,378,429 ) Permanent differences 3,408,181 (929,318 ) 361,230 Valuation allowance 7,645,386 3,025,997 3,992,906 Income tax expense (benefit) $ 6,127,228 $ 2,414,412 $ 1,593,994 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 December 31 December 31 2015 2014 2013 (Unaudited) Current portion: Deferred tax assets (liabilities): Expense $ (272,953 ) $ (80,016 ) $ 47,224 Subtotal (272,953 ) (80,016 ) 47,224 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 290,850 (26,226 ) (33,518 ) PRC State Administration of Taxation Other (2,392,821 ) (124,622 ) 0 Subtotal (2,101,971 ) (150,848 ) (33,518 ) Total deferred tax assets (liabilities) – current portion (2,374,924 ) (230,864 ) 13,706 Non-current portion: Deferred tax assets (liabilities): Depreciation (353,115 ) (551,697 ) 81,076 Loss carried forward 7,645,386 3,025,997 3,992,906 Valuation allowance (7,645,386 ) (3,025,997 ) (3,992,906 ) Subtotal (353,115 ) (551,697 ) 81,076 Deferred tax liabilities: Accumulated other comprehensive gain (1,240,467 ) (1,715,028 ) (1,009,477 ) Subtotal (1,240,467 ) (1,715,028 ) (1,009,477 ) Total deferred tax assets – non-current portion (1,593,582 ) (2,266,725 ) (928,401 ) Net deferred tax assets (liabilities) $ (3,968,506 ) $ (2,497,589 ) $ (914,695 ) |
Summary of Income Tax Holiday [Table Text Block] | For the Years Ended December 31, (Unaudited) 2015 2014 2013 Tax benefit (holiday) credit $ 912,548 $ 611,672 $ 1,378,429 Basic net income per share effect $ 0.020 $ 0.010 $ 0.040 |
STOCK OPTIONS AND WARRANTS (Tab
STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Number of Exercise Shares Price Outstanding as of January 1, 2014 326,660 $ 1.01 Granted - - Exercised (226,660 ) 0.8 Cancelled (100,000 ) 1.5 Outstanding as of January 1, 2015 - - Granted 4,900,000 9.72 Exercised - - Cancelled - - Outstanding as of December 31, 2015 4,900,000 $ 9.72 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Intangible Assets [Table Text Block] | December 31, December 31, Remaining useful life 2015 2014 Gross carrying amount: Trade name 6 years $ 492,235 $ 492,235 Customer relations 6 years 304,086 304,086 796,321 796,321 Less : Accumulated amortization Trade name $ (186,069 ) $ (135,323 ) Customer relations (114,946 ) (83,597 ) (301,015 ) (218,920 ) Intangible assets, net $ 495,306 $ 577,401 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 $ 82,095 2017 82,095 2018 82,095 2019 82,095 2020 82,095 Thereafter 84,831 Total $ 495,306 |
SUMMARIZED INFORMATION OF EQU50
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | |
Schedule of Combined Results of Condensed Income Statement Information [Table Text Block] | Three months ended December 31, 2015 2014 2013 Condensed income statement information: Net sales $ 164,750,714 $ 88,773,410 $ 15,212,347 Gross income 27,677,165 27,944,246 (1,279,914 ) % of net sales 16.8% 31.5% - 8.4% Net income 19,322,347 743,892 (2,780,723 ) % of net sales 11.7% 0.8% - 18.3% Company’s equity in net income of JV $ 9,661,173 $ 371,946 $ (1,390,362 ) | Years ended December 31, 2015 2014 2013 Condensed income statement information: Net sales $ 362,715,996 $ 215,537,203 $ 15,212,347 Gross income 59,635,845 41,889,144 (1,279,914 ) % of net sales 16.4% 19.4% - 8.4% Net income 23,323,128 7,526,164 (3,020,756 ) % of net sales 6.4% 3.5% - 19.9% Company’s equity in net income of JV $ 11,661,564 $ 3,763,082 $ (1,510,378 ) |
Schedule of Combined Results of Condensed Balance Sheet Information [Table Text Block] | December 31, December 31, 2015 2014 Condensed balance sheet information: Current assets $ 455,368,595 $ 262,543,256 Noncurrent assets 191,145,583 194,229,114 Total assets $ 646,514,178 $ 456,772,370 Current liabilities 429,487,683 280,779,432 Noncurrent liabilities 36,348,514 9,006,787 Equity 180,677,981 166,986,151 Total liabilities and equity $ 646,514,178 $ 456,772,370 | |
Schedule of Changes in the Companys Investment [Table Text Block] | Years ended December 31, 2015 2014 Investment in JV Company, beginning of the period, $ 83,309,095 $ 79,331,930 Share of profit 11,661,564 3,763,082 Intercompany transaction elimination (1,135 ) (184,138 ) Year 2014 unrealized profit realized 181,426 911,322 Exchange difference (4,813,051 ) (513,101 ) Investment in JV Company, end of the period $ 90,337,899 $ 83,309,095 | |
Schedule of Combined Results of Operations and Financial Position [Table Text Block] | Years ended December 31, 2015 2014 JV Company $ 67,729,570 $ - Kandi Changxing 44,019,899 65,342,342 Kandi Shanghai 39,708,548 39,412,740 Kandi Jinhua 789,065 12,952,070 Total sales to JV $ 152,247,082 $ 117,707,152 | |
Schedule of Effects of Transactions Including Sales and Purchases [Table Text Block] | Years ended December 31, 2015 2014 Sales to JV $ 152,247,082 $ 117,707,152 Purchase from JV $ 55,179 $ 356,609 | |
Schedule of Significant Balances [Table Text Block] | December 31, December 31, 2015 2014 Kandi Shanghai $ (4,488,379 ) $ 6,978,618 Kandi Changxing 3,249,445 7,359,202 Kandi Jinhua 6,218,177 12,736,420 Kandi Jiangsu 11,453 - JV Company 71,181,775 24,376,372 Consolidated JV $ 76,172,471 $ 51,450,612 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Guarantees For Bank Loans [Table Text Block] | December 31, December 31, Guarantee provided to 2015 2014 Zhejiang Kangli Metal Manufacturing Company. $ 0 $ 4,875,274 Zhejiang Shuguang industrial Co., Ltd. 4,466,555 4,875,274 Nanlong Group Co., Ltd. 3,080,383 9,750,548 Kandi Electric Vehicles Group Co., Ltd. 50,056,216 0 Total $ 57,603,154 $ 19,501,096 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended December 31 2015 2014 2013 Sales Revenue Percentage Sales Revenue Percentage Sales Revenue Percentage Overseas $ 4,713,441 2% $ 8,629,824 5% $ 9,301,755 10% China 196,355,732 98% 161,599,182 95% 85,234,290 90% Total $ 201,069,173 100% $ 170,229,006 100% $ 94,536,045 100% |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Sales to Related Parties [Table Text Block] | 2015 2014 2013 Eliteway $ - $ 2,981,944 $ 6,906,807 Service Company 42,032,060 - - Total $ 42,032,060 $ 2,981,944 $ 6,906,807 |
ORGANIZATION AND PRINCIPAL AC54
ORGANIZATION AND PRINCIPAL ACTIVITIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 | 100.00% |
Organization And Principal Activities 6 | 99.00% |
Organization And Principal Activities 7 | 50.00% |
Organization And Principal Activities 8 | 100.00% |
Organization And Principal Activities 9 | 50.00% |
Organization And Principal Activities 10 | 50.00% |
Organization And Principal Activities 11 | 9.50% |
Organization And Principal Activities 12 | 100.00% |
Organization And Principal Activities 13 | 50.00% |
Organization And Principal Activities 14 | 50.00% |
Organization And Principal Activities 15 | 100.00% |
Organization And Principal Activities 16 | 50.00% |
Organization And Principal Activities 17 | 50.00% |
Organization And Principal Activities 18 | 100.00% |
Organization And Principal Activities 19 | 50.00% |
Organization And Principal Activities 20 | 50.00% |
Organization And Principal Activities 21 | 100.00% |
Organization And Principal Activities 22 | 50.00% |
Organization And Principal Activities 23 | 50.00% |
Organization And Principal Activities 24 | 50.00% |
Organization And Principal Activities 25 | 25.00% |
Organization And Principal Activities 26 | 50.00% |
Organization And Principal Activities 27 | 100.00% |
Organization And Principal Activities 28 | 50.00% |
Organization And Principal Activities 29 | 90.00% |
Organization And Principal Activities 30 | 10.00% |
Organization And Principal Activities 31 | 100.00% |
Organization And Principal Activities 32 | 100.00% |
LIQUIDITY (Narrative) (Details)
LIQUIDITY (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Liquidity 1 | $ 59,917,153 |
Liquidity 2 | 20,714,469 |
Liquidity 3 | 39,202,684 |
Liquidity 4 | $ 36,656,553 |
PRINCIPLES OF CONSOLIDATION (Na
PRINCIPLES OF CONSOLIDATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 | 50 |
Principles Of Consolidation 17 | 50.00% |
Principles Of Consolidation 18 | 25.00% |
Principles Of Consolidation 19 | 50.00% |
Principles Of Consolidation 20 | 50.00% |
SUMMARY OF SIGNIFICANT ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)yr | Dec. 31, 2015CNY (¥)yr | |
Summary Of Significant Accounting Policies 1 | $ 16,172,009 | |
Summary Of Significant Accounting Policies 2 | 13,000,731 | |
Summary Of Significant Accounting Policies 3 | ¥ | ¥ 353 | |
Summary Of Significant Accounting Policies 4 | 54,368,753 | |
Summary Of Significant Accounting Policies 5 | 3,482,511 | |
Summary Of Significant Accounting Policies 6 | 2,755,637 | |
Summary Of Significant Accounting Policies 7 | 3,728,730 | |
Summary Of Significant Accounting Policies 8 | 1,645,032 | |
Summary Of Significant Accounting Policies 9 | 288,498 | |
Summary Of Significant Accounting Policies 10 | 228,396 | |
Summary Of Significant Accounting Policies 11 | 14,255,887 | |
Summary Of Significant Accounting Policies 12 | 0 | |
Summary Of Significant Accounting Policies 13 | $ 0 | |
Summary Of Significant Accounting Policies 14 | yr | 9.7 | 9.7 |
CONCENTRATIONS (Narrative) (Det
CONCENTRATIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations 1 | 10.00% |
Concentrations 2 | 10.00% |
INCOME PER SHARE (Narrative) (D
INCOME PER SHARE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Income Per Share 1 | 180,836 |
Income Per Share 2 | 132,323 |
Income Per Share 3 | 0 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accounts Receivable 1 | $ 0 |
Accounts Receivable 2 | 2,981,944 |
Accounts Receivable 3 | 6,906,807 |
Accounts Receivable 4 | 0 |
Accounts Receivable 5 | $ 620,410 |
AMOUNT DUE FROM RELATED PARTY61
AMOUNT DUE FROM RELATED PARTY (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Amount Due From Related Party 1 | 9.50% |
Amount Due From Related Party 2 | 13.00% |
PLANT AND EQUIPMENT (Narrative)
PLANT AND EQUIPMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Plant And Equipment 1 | $ 9,949,661 |
Plant And Equipment 2 | 10,816,480 |
Plant And Equipment 3 | 5,322,613 |
Plant And Equipment 4 | 5,110,681 |
Plant And Equipment 5 | $ 7,273,260 |
LAND USE RIGHTS (Narrative) (De
LAND USE RIGHTS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Land Use Rights 1 | $ 9,512,598 |
Land Use Rights 2 | 9,665,834 |
Land Use Rights 3 | 384,072 |
Land Use Rights 4 | 378,689 |
Land Use Rights 5 | $ 353,568 |
CONSTRUCTION-IN-PROGRESS (Narra
CONSTRUCTION-IN-PROGRESS (Narrative) (Details) - 12 months ended Dec. 31, 2015 | USD ($) | CNY (¥) |
Construction-in-progress 1 | ¥ | ¥ 353,000,000 | |
Construction-in-progress 2 | $ 54,368,753 | |
Construction-in-progress 3 | 54,368,753 | |
Construction-in-progress 4 | $ 58,510,051 |
SHORT TERM BANK LOANS (Narrativ
SHORT TERM BANK LOANS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Short Term Bank Loans 1 | $ 2,176,092 |
Short Term Bank Loans 2 | 3,480,646 |
Short Term Bank Loans 3 | 2,302,389 |
Short Term Bank Loans 4 | 0 |
Short Term Bank Loans 5 | 15,925,896 |
Short Term Bank Loans 6 | 12,675,713 |
Short Term Bank Loans 7 | 3,250,183 |
Short Term Bank Loans 8 | 4,875,274 |
Short Term Bank Loans 9 | 12,675,713 |
Short Term Bank Loans 10 | $ 9,750,548 |
NOTES PAYABLE (Narrative) (Deta
NOTES PAYABLE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Notes Payable 1 | 0.05% |
Notes Payable 2 | $ 6,891 |
Notes Payable 3 | 9,359 |
Notes Payable 4 | 21,136 |
Notes Payable 5 | 3,850,478 |
Notes Payable 6 | $ 0 |
BOND PAYABLE (Narrative) (Detai
BOND PAYABLE (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Bond Payable 1 | ¥ | ¥ 80,000,000 | |
Bond Payable 2 | $ 13,000,731 | |
Bond Payable 3 | 11.50% | 11.50% |
Bond Payable 4 | $ 1,262,691 |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Taxes 1 | 25.00% |
Taxes 2 | 15.00% |
Taxes 3 | 25.00% |
Taxes 4 | 15.00% |
Taxes 5 | 25.00% |
Taxes 6 | 16.88% |
Taxes 7 | 51.26% |
Taxes 8 | 25.00% |
Taxes 9 | 12.19% |
Taxes 10 | 34.00% |
Taxes 11 | 25.00% |
Taxes 12 | 25.00% |
STOCK OPTIONS AND WARRANTS (Nar
STOCK OPTIONS AND WARRANTS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yr$ / sharesshares | |
Stock Options And Warrants 1 | 2,600,000 |
Stock Options And Warrants 2 | $ / shares | $ 0.80 |
Stock Options And Warrants 3 | $ | $ 2,062,964 |
Stock Options And Warrants 4 | 164.00% |
Stock Options And Warrants 5 | yr | 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 | $ / shares | $ 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 | 4,900,000 |
Stock Options And Warrants 20 | $ / shares | $ 9.72 |
Stock Options And Warrants 21 | $ | $ 39,990,540 |
Stock Options And Warrants 22 | 90.00% |
Stock Options And Warrants 23 | yr | 10 |
Stock Options And Warrants 24 | 2.23% |
Stock Options And Warrants 25 | 0.00% |
Stock Options And Warrants 26 | 4,900,000 |
Stock Options And Warrants 27 | $ / shares | $ 8.1613 |
Stock Options And Warrants 28 | 4,376,036 |
Stock Options And Warrants 29 | $ / shares | $ 6.03 |
Stock Options And Warrants 30 | 1,750,415 |
Stock Options And Warrants 31 | $ / shares | $ 7.24 |
Stock Options And Warrants 32 | 728,936 |
Stock Options And Warrants 33 | $ / shares | $ 7.24 |
Stock Options And Warrants 34 | 291,574 |
Stock Options And Warrants 35 | $ | $ 8.69 |
Stock Options And Warrants 36 | 262,562 |
Stock Options And Warrants 37 | $ / shares | $ 7.24 |
Stock Options And Warrants 38 | $ / shares | $ 4.23 |
Stock Options And Warrants 39 | 1,429,393 |
Stock Options And Warrants 40 | $ / shares | $ 15 |
Stock Options And Warrants 41 | $ | $ 14,294 |
Stock Options And Warrants 42 | $ | 0.01 |
Stock Options And Warrants 43 | $ | $ 14.99 |
Stock Options And Warrants 44 | 606,000 |
Stock Options And Warrants 45 | $ / shares | $ 18.24 |
Stock Options And Warrants 46 | $ | $ 11,053,440 |
Stock Options And Warrants 47 | 90,900 |
Stock Options And Warrants 48 | $ / shares | $ 22.80 |
Stock Options And Warrants 49 | 36,360 |
Stock Options And Warrants 50 | $ / shares | $ 22.80 |
Stock Options And Warrants 51 | $ | $ 9.72 |
Stock Options And Warrants 52 | 44,783 |
Stock Options And Warrants 53 | $ / shares | $ 1.39 |
Stock Options And Warrants 54 | 4,127,908 |
Stock Options And Warrants 55 | $ / shares | $ 17.20 |
Stock Options And Warrants 56 | $ | $ 71,000,000 |
Stock Options And Warrants 57 | 743,024 |
Stock Options And Warrants 58 | $ / shares | $ 21.50 |
Stock Options And Warrants 59 | $ | $ 9.72 |
Stock Options And Warrants 60 | 206,395 |
Stock Options And Warrants 61 | $ / shares | $ 20.64 |
Stock Options And Warrants 62 | $ / shares | 9.72 |
Stock Options And Warrants 63 | $ / shares | 2.62 |
Stock Options And Warrants 64 | $ / shares | $ 2.84 |
Stock Options And Warrants 65 | $ | $ 30,000,000 |
Stock Options And Warrants 66 | $ | $ 30,000,000 |
Stock Options And Warrants 67 | 1,744,186 |
Stock Options And Warrants 68 | 313,954 |
Stock Options And Warrants 69 | $ | $ 17.20 |
Stock Options And Warrants 70 | $ | $ 30,000,000 |
STOCK AWARD (Narrative) (Detail
STOCK AWARD (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Stock Award 1 | 5,000 |
Stock Award 2 | 5,000 |
Stock Award 3 | 5,000 |
Stock Award 4 | 10,000 |
Stock Award 5 | 2,500 |
Stock Award 6 | 335,000 |
Stock Award 7 | 10.00% |
Stock Award 8 | 10.00% |
Stock Award 9 | 10.00% |
Stock Award 10 | 10.00% |
Stock Award 11 | 10.00% |
Stock Award 12 | 200.00% |
Stock Award 13 | 9,000,000 |
Stock Award 14 | 670,000 |
Stock Award 15 | 550,000 |
Stock Award 16 | 120,000 |
Stock Award 17 | 670,000 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Intangible Assets 1 | $ 82,095 |
Intangible Assets 2 | 82,095 |
Intangible Assets 3 | $ 82,095 |
SUMMARIZED INFORMATION OF EQU72
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Summarized Information Of Equity Method Investment In The Jv Company 1 | 99.00% |
Summarized Information Of Equity Method Investment In The Jv Company 2 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 3 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 4 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 5 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 6 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 7 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 8 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 9 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 10 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 11 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 12 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 13 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 14 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 15 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 16 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 17 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 18 | 19.00% |
Summarized Information Of Equity Method Investment In The Jv Company 19 | 9.50% |
Summarized Information Of Equity Method Investment In The Jv Company 20 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 21 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 22 | 25.00% |
Summarized Information Of Equity Method Investment In The Jv Company 23 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 24 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 25 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 26 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 27 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 28 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 29 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 30 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 31 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 32 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 33 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 34 | $ 362,715,996 |
Summarized Information Of Equity Method Investment In The Jv Company 35 | 68.28% |
Summarized Information Of Equity Method Investment In The Jv Company 36 | $ 215,537,203 |
Summarized Information Of Equity Method Investment In The Jv Company 37 | $ 164,750,714 |
Summarized Information Of Equity Method Investment In The Jv Company 38 | 85.59% |
Summarized Information Of Equity Method Investment In The Jv Company 39 | $ 88,773,410 |
Summarized Information Of Equity Method Investment In The Jv Company 40 | shares | 24,220 |
Summarized Information Of Equity Method Investment In The Jv Company 41 | shares | 12,100 |
Summarized Information Of Equity Method Investment In The Jv Company 42 | $ 23,323,128 |
Summarized Information Of Equity Method Investment In The Jv Company 43 | 7,526,164 |
Summarized Information Of Equity Method Investment In The Jv Company 44 | 19,322,347 |
Summarized Information Of Equity Method Investment In The Jv Company 45 | $ 743,892 |
Summarized Information Of Equity Method Investment In The Jv Company 46 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 47 | $ 11,661,564 |
Summarized Information Of Equity Method Investment In The Jv Company 48 | 3,763,082 |
Summarized Information Of Equity Method Investment In The Jv Company 49 | $ 152,247,082 |
Summarized Information Of Equity Method Investment In The Jv Company 50 | 76.00% |
Summarized Information Of Equity Method Investment In The Jv Company 51 | 29.30% |
Summarized Information Of Equity Method Investment In The Jv Company 52 | $ 45,787,956 |
Summarized Information Of Equity Method Investment In The Jv Company 53 | 78.00% |
Summarized Information Of Equity Method Investment In The Jv Company 54 | $ 76,172,471 |
Summarized Information Of Equity Method Investment In The Jv Company 55 | 51,450,612 |
Summarized Information Of Equity Method Investment In The Jv Company 56 | $ 23,102,869 |
Summarized Information Of Equity Method Investment In The Jv Company 57 | 5.00% |
Summarized Information Of Equity Method Investment In The Jv Company 58 | 8.70% |
COMMITMENTS AND CONTINGENCIES73
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments And Contingencies 1 | $ 3,080,383 |
Commitments And Contingencies 2 | 11,551,434 |
Commitments And Contingencies 3 | 4,466,555 |
Commitments And Contingencies 4 | $ 38,504,782 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions 1 | 9.50% |
Related Party Transactions 2 | 13.00% |
Schedule of Fair Value, by Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 1 | $ 16,738,559 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 2 | 16,738,559 |
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 | 16,172,009 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 6 | 16,172,009 |
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 | 3,823,590 |
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 | $ 3,823,590 |
Schedule of Property and Equipm
Schedule of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2015yr | |
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 Cur
Schedule of Average Foreign Currency Exchange Rates (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 1 | 6.49270 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 2 | 6.15350 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 3 | 6.24010 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 4 | 6.14821 |
Schedule of Revenue and Account
Schedule of Revenue and Accounts Receivable Percentage by Major Customers (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 1 | 34.00% |
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 | 46.00% |
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 | 22.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 8 | 38.00% |
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 | 1.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 11 | 17.00% |
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 | 21.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 14 | $ 0 |
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 | 38.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 17 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 18 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 19 | 20.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 20 | 23.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 21 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 22 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 23 | 16.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 24 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 25 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 26 | 10.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 27 | 23.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 28 | $ 0 |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 29 | 3.00% |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 30 | 47.00% |
Schedule of Purchases and Accou
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 1 | 26.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 2 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 3 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 4 | 15.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 5 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 6 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 7 | 20.00% |
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 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 10 | 24.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 11 | $ 0 |
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 | 13.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 14 | 31.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 15 | 33.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 16 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 17 | 12.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 18 | 12.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 19 | 7.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 20 | 25.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 21 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 22 | 14.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 23 | 32.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 24 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 25 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 26 | 11.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 27 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 28 | $ 0 |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 29 | 29.00% |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 30 | $ 0 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | $ 14,665,495 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | 12,271,338 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | (21,140,723) |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | 46,744,718 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 42,583,495 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 34,707,973 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 180,836 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | 132,323 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | 0 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | 46,925,554 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | 42,715,818 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | $ 34,707,973 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 13 | 0.31 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 14 | 0.29 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 15 | (0.61) |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 16 | 0.31 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 17 | 0.29 |
Income Per Share Schedule Of Earnings Per Share, Basic And Diluted 18 | (0.61) |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accounts Receivable Schedule Of Accounts Receivable 1 | $ 8,136,421 |
Accounts Receivable Schedule Of Accounts Receivable 2 | 15,736,805 |
Accounts Receivable Schedule Of Accounts Receivable 3 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 4 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 5 | 8,136,421 |
Accounts Receivable Schedule Of Accounts Receivable 6 | $ 15,736,805 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Inventories Schedule Of Inventories 1 | $ 8,509,421 |
Inventories Schedule Of Inventories 2 | 3,621,428 |
Inventories Schedule Of Inventories 3 | 1,648,498 |
Inventories Schedule Of Inventories 4 | 3,104,678 |
Inventories Schedule Of Inventories 5 | 8,101,661 |
Inventories Schedule Of Inventories 6 | 8,993,318 |
Inventories Schedule Of Inventories 7 | 18,259,580 |
Inventories Schedule Of Inventories 8 | 15,719,424 |
Inventories Schedule Of Inventories 9 | (485,901) |
Inventories Schedule Of Inventories 10 | (315,584) |
Inventories Schedule Of Inventories 11 | 17,773,679 |
Inventories Schedule Of Inventories 12 | $ 15,403,840 |
Schedule of Notes Receivable (D
Schedule of Notes Receivable (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Notes Receivable Schedule Of Notes Receivable 1 | 7.20% |
Notes Receivable Schedule Of Notes Receivable 2 | $ 10,578,574 |
Notes Receivable Schedule Of Notes Receivable 3 | 8,117,888 |
Notes Receivable Schedule Of Notes Receivable 4 | 2,454,741 |
Notes Receivable Schedule Of Notes Receivable 5 | 942,553 |
Notes Receivable Schedule Of Notes Receivable 6 | 13,033,315 |
Notes Receivable Schedule Of Notes Receivable 7 | $ 9,060,441 |
Schedule of Details of Notes Re
Schedule of Details of Notes Receivable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes Receivable Schedule Of Details Of Notes Receivable 1 | $ 10,578,574 | |
Notes Receivable Schedule Of Details Of Notes Receivable 2 | 1,871,332 | |
Notes Receivable Schedule Of Details Of Notes Receivable 3 | 59,744 | |
Notes Receivable Schedule Of Details Of Notes Receivable 4 | $ 523,665 | |
Notes Receivable Schedule Of Details Of Notes Receivable 1 | $ 8,117,888 | |
Notes Receivable Schedule Of Details Of Notes Receivable 2 | 406,273 | |
Notes Receivable Schedule Of Details Of Notes Receivable 3 | 455,025 | |
Notes Receivable Schedule Of Details Of Notes Receivable 4 | $ 81,255 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Amount Due From Related Party Schedule Of Related Party Transactions 1 | $ 0 |
Amount Due From Related Party Schedule Of Related Party Transactions 2 | 620,410 |
Amount Due From Related Party Schedule Of Related Party Transactions 3 | 40,606,162 |
Amount Due From Related Party Schedule Of Related Party Transactions 4 | 0 |
Amount Due From Related Party Schedule Of Related Party Transactions 5 | 40,606,162 |
Amount Due From Related Party Schedule Of Related Party Transactions 6 | $ 620,410 |
Schedule of Plant and Equipment
Schedule of Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Plant And Equipment Schedule Of Plant And Equipment 1 | $ 13,883,211 |
Plant And Equipment Schedule Of Plant And Equipment 2 | 14,492,949 |
Plant And Equipment Schedule Of Plant And Equipment 3 | 7,804,097 |
Plant And Equipment Schedule Of Plant And Equipment 4 | 7,916,281 |
Plant And Equipment Schedule Of Plant And Equipment 5 | 395,328 |
Plant And Equipment Schedule Of Plant And Equipment 6 | 283,494 |
Plant And Equipment Schedule Of Plant And Equipment 7 | 335,227 |
Plant And Equipment Schedule Of Plant And Equipment 8 | 355,547 |
Plant And Equipment Schedule Of Plant And Equipment 9 | 32,931,740 |
Plant And Equipment Schedule Of Plant And Equipment 10 | 34,523,167 |
Plant And Equipment Schedule Of Plant And Equipment 11 | 55,349,603 |
Plant And Equipment Schedule Of Plant And Equipment 12 | 57,571,438 |
Plant And Equipment Schedule Of Plant And Equipment 13 | (3,755,582) |
Plant And Equipment Schedule Of Plant And Equipment 14 | (3,480,417) |
Plant And Equipment Schedule Of Plant And Equipment 15 | (7,108,925) |
Plant And Equipment Schedule Of Plant And Equipment 16 | (7,371,047) |
Plant And Equipment Schedule Of Plant And Equipment 17 | (249,378) |
Plant And Equipment Schedule Of Plant And Equipment 18 | (220,944) |
Plant And Equipment Schedule Of Plant And Equipment 19 | (271,495) |
Plant And Equipment Schedule Of Plant And Equipment 20 | (254,331) |
Plant And Equipment Schedule Of Plant And Equipment 21 | (23,385,363) |
Plant And Equipment Schedule Of Plant And Equipment 22 | (19,972,647) |
Plant And Equipment Schedule Of Plant And Equipment 23 | (34,770,743) |
Plant And Equipment Schedule Of Plant And Equipment 24 | (31,299,386) |
Plant And Equipment Schedule Of Plant And Equipment 25 | (53,734) |
Plant And Equipment Schedule Of Plant And Equipment 26 | (56,696) |
Plant And Equipment Schedule Of Plant And Equipment 27 | 20,525,126 |
Plant And Equipment Schedule Of Plant And Equipment 28 | $ 26,215,356 |
Schedule of Land Use Rights (De
Schedule of Land Use Rights (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Land Use Rights Schedule Of Land Use Rights 1 | $ 15,276,957 |
Land Use Rights Schedule Of Land Use Rights 2 | 17,786,170 |
Land Use Rights Schedule Of Land Use Rights 3 | (2,341,835) |
Land Use Rights Schedule Of Land Use Rights 4 | (2,137,018) |
Land Use Rights Schedule Of Land Use Rights 5 | 12,935,122 |
Land Use Rights Schedule Of Land Use Rights 6 | $ 15,649,152 |
Schedule of Land Use Rights Exp
Schedule of Land Use Rights Expected Amortization Expense (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 1 | $ 384,072 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 2 | 384,072 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 3 | 384,072 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 4 | 384,072 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 5 | 384,072 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 6 | 11,014,762 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 7 | $ 12,935,122 |
Schedule of Construction in Pro
Schedule of Construction in Progress (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Construction-in-progress Schedule Of Construction In Progress 1 | $ 54,368,753 |
Construction-in-progress Schedule Of Construction In Progress 2 | 6,468,803 |
Construction-in-progress Schedule Of Construction In Progress 3 | 60,837,556 |
Construction-in-progress Schedule Of Construction In Progress 4 | 54,368,753 |
Construction-in-progress Schedule Of Construction In Progress 5 | 6,468,803 |
Construction-in-progress Schedule Of Construction In Progress 6 | $ 60,837,556 |
Schedule of Short-term Bank Loa
Schedule of Short-term Bank Loans (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Short Term Bank Loans Schedule Of Short-term Bank Loans 1 | 18.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 2 | 7.08% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 3 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 4 | $ 12,675,713 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 5 | 4.698% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 6 | $ 12,013,492 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 7 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 8 | 20.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 9 | 7.20% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 10 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 11 | $ 3,250,183 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 12 | 6.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 13 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 14 | $ 7,930,446 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 15 | 4.60% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 16 | $ 7,516,134 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 17 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 18 | 6.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 19 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 20 | $ 11,733,160 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 21 | 4.82% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 22 | $ 7,700,956 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 23 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 24 | 4.85% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 25 | $ 3,419,225 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 26 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 27 | 5.35% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 28 | $ 6,006,746 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 29 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 30 | 36,656,553 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 31 | $ 35,589,502 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Notes Payable Schedule Of Notes Payable 1 | $ 0 |
Notes Payable Schedule Of Notes Payable 2 | 4,062,729 |
Notes Payable Schedule Of Notes Payable 3 | 0 |
Notes Payable Schedule Of Notes Payable 4 | 826,846 |
Notes Payable Schedule Of Notes Payable 5 | 0 |
Notes Payable Schedule Of Notes Payable 6 | 812,546 |
Notes Payable Schedule Of Notes Payable 7 | 2,310,287 |
Notes Payable Schedule Of Notes Payable 8 | 0 |
Notes Payable Schedule Of Notes Payable 9 | 1,540,191 |
Notes Payable Schedule Of Notes Payable 10 | 0 |
Notes Payable Schedule Of Notes Payable 11 | 3,850,478 |
Notes Payable Schedule Of Notes Payable 12 | $ 5,702,121 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $ 6,127,228 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 2,414,412 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 1,593,994 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 9 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 10 | 6,127,228 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 11 | 2,414,412 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 12 | $ 1,593,994 |
Schedule of Expected Components
Schedule of Expected Components of Income Tax Expense (Benefit) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 1 | $ (4,013,791) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 2 | 929,405 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 3 | (1,381,713) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 4 | (912,548) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 5 | (611,672) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 6 | (1,378,429) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 7 | 3,408,181 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 8 | (929,318) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 9 | 361,230 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 10 | 7,645,386 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 11 | 3,025,997 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 12 | 3,992,906 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 13 | 6,127,228 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 14 | 2,414,412 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 15 | $ 1,593,994 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $ (272,953) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | (80,016) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 47,224 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | (272,953) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | (80,016) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | 47,224 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | 290,850 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | (26,226) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | (33,518) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | (2,392,821) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | (124,622) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | 0 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | (2,101,971) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | (150,848) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | (33,518) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | (2,374,924) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 17 | (230,864) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 18 | 13,706 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 19 | (353,115) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 20 | (551,697) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 21 | 81,076 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 22 | 7,645,386 |
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 | (7,645,386) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 26 | (3,025,997) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 27 | (3,992,906) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 28 | (353,115) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 29 | (551,697) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 30 | 81,076 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 31 | (1,240,467) |
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 | (1,240,467) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 35 | (1,715,028) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 36 | (1,009,477) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 37 | (1,593,582) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 38 | (2,266,725) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 39 | (928,401) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 40 | (3,968,506) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 41 | (2,497,589) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 42 | $ (914,695) |
Summary of Income Tax Holiday (
Summary of Income Tax Holiday (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Taxes Summary Of Income Tax Holiday 1 | $ 912,548 |
Taxes Summary Of Income Tax Holiday 2 | 611,672 |
Taxes Summary Of Income Tax Holiday 3 | $ 1,378,429 |
Taxes Summary Of Income Tax Holiday 4 | 0.020 |
Taxes Summary Of Income Tax Holiday 5 | 0.010 |
Taxes Summary Of Income Tax Holiday 6 | 0.040 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 | $ (226,660) |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.8 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 7 | $ (100,000) |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 8 | 1.5 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 9 | $ 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 10 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 11 | $ 4,900,000 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 12 | 9.72 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 13 | $ 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 14 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 15 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 16 | 0 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 17 | $ 4,900,000 |
Stock Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 18 | 9.72 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yr | |
Intangible Assets Schedule Of Intangible Assets 1 | yr | 6 |
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 | yr | 6 |
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 | (186,069) |
Intangible Assets Schedule Of Intangible Assets 10 | (135,323) |
Intangible Assets Schedule Of Intangible Assets 11 | (114,946) |
Intangible Assets Schedule Of Intangible Assets 12 | (83,597) |
Intangible Assets Schedule Of Intangible Assets 13 | (301,015) |
Intangible Assets Schedule Of Intangible Assets 14 | (218,920) |
Intangible Assets Schedule Of Intangible Assets 15 | 495,306 |
Intangible Assets Schedule Of Intangible Assets 16 | $ 577,401 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 | 84,831 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 7 | $ 495,306 |
Schedule of Combined Results of
Schedule of Combined Results of Condensed Income Statement Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 1 | $ 362,715,996 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 2 | 215,537,203 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 3 | 15,212,347 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 4 | 59,635,845 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 5 | 41,889,144 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 6 | $ (1,279,914) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 7 | 16.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 8 | 19.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 9 | 8.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 10 | $ 23,323,128 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 11 | 7,526,164 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 12 | $ (3,020,756) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 13 | 6.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 14 | 3.50% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 15 | 19.90% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 16 | $ 11,661,564 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 17 | 3,763,082 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 18 | $ (1,510,378) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 1 | $ 164,750,714 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 2 | 88,773,410 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 3 | 15,212,347 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 4 | 27,677,165 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 5 | 27,944,246 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 6 | $ (1,279,914) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 7 | 16.80% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 8 | 31.50% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 9 | 8.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 10 | $ 19,322,347 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 11 | 743,892 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 12 | $ (2,780,723) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 13 | 11.70% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 14 | 0.80% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 15 | 18.30% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 16 | $ 9,661,173 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 17 | 371,946 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 18 | $ (1,390,362) |
Schedule of Combined Results100
Schedule of Combined Results of Condensed Balance Sheet Information (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 1 | $ 455,368,595 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 2 | 262,543,256 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 3 | 191,145,583 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 4 | 194,229,114 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 5 | 646,514,178 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 6 | 456,772,370 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 7 | 429,487,683 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 8 | 280,779,432 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 9 | 36,348,514 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 10 | 9,006,787 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 11 | 180,677,981 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 12 | 166,986,151 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 13 | 646,514,178 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 14 | $ 456,772,370 |
Schedule of Changes in the Comp
Schedule of Changes in the Companys Investment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 1 | $ 83,309,095 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 2 | 79,331,930 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 3 | 11,661,564 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 4 | 3,763,082 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 5 | (1,135) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 6 | (184,138) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 7 | 181,426 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 8 | 911,322 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 9 | (4,813,051) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 10 | (513,101) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 11 | 90,337,899 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 12 | $ 83,309,095 |
Schedule of Combined Results102
Schedule of Combined Results of Operations and Financial Position (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 1 | $ 67,729,570 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 2 | 0 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 3 | 44,019,899 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 4 | 65,342,342 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 5 | 39,708,548 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 6 | 39,412,740 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 7 | 789,065 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 8 | 12,952,070 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 9 | 152,247,082 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Operations And Financial Position 10 | $ 117,707,152 |
Schedule of Effects of Transact
Schedule of Effects of Transactions Including Sales and Purchases (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 1 | $ 152,247,082 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 2 | 117,707,152 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 3 | 55,179 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Effects Of Transactions Including Sales And Purchases 4 | $ 356,609 |
Schedule of Significant Balance
Schedule of Significant Balances (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 1 | $ (4,488,379) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 2 | 6,978,618 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 3 | 3,249,445 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 4 | 7,359,202 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 5 | 6,218,177 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 6 | 12,736,420 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 7 | 11,453 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 8 | 0 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 9 | 71,181,775 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 10 | 24,376,372 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 11 | 76,172,471 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 12 | $ 51,450,612 |
Schedule of Guarantees For Bank
Schedule of Guarantees For Bank Loans (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 1 | $ 0 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 2 | 4,875,274 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 3 | 4,466,555 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 4 | 4,875,274 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 5 | 3,080,383 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 6 | 9,750,548 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 7 | 50,056,216 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 8 | 0 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 9 | 57,603,154 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 10 | $ 19,501,096 |
Schedule of Revenue from Extern
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | $ 4,713,441 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 2 | 2.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 3 | $ 8,629,824 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 4 | 5.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 5 | $ 9,301,755 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 6 | 10.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 7 | $ 196,355,732 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 8 | 98.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 9 | $ 161,599,182 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 10 | 95.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 11 | $ 85,234,290 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 12 | 90.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 13 | $ 201,069,173 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 14 | 100.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 15 | $ 170,229,006 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 16 | 100.00% |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 17 | $ 94,536,045 |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 18 | 100.00% |
Schedule of Sales to Related Pa
Schedule of Sales to Related Parties (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Transactions Schedule Of Sales To Related Parties 1 | $ 0 |
Related Party Transactions Schedule Of Sales To Related Parties 2 | 2,981,944 |
Related Party Transactions Schedule Of Sales To Related Parties 3 | 6,906,807 |
Related Party Transactions Schedule Of Sales To Related Parties 4 | 42,032,060 |
Related Party Transactions Schedule Of Sales To Related Parties 5 | 0 |
Related Party Transactions Schedule Of Sales To Related Parties 6 | 0 |
Related Party Transactions Schedule Of Sales To Related Parties 7 | 42,032,060 |
Related Party Transactions Schedule Of Sales To Related Parties 8 | 2,981,944 |
Related Party Transactions Schedule Of Sales To Related Parties 9 | $ 6,906,807 |