Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Trading Symbol | thti | |
Entity Registrant Name | THT Heat Transfer Technology, Inc. | |
Entity Central Index Key | 1,375,686 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,453,500 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 5,179,069 | $ 6,609,680 |
Restricted cash, current | 596,187 | 974,749 |
Trade receivables, net | 32,107,273 | 37,074,481 |
Trade receivables - related party | 241,024 | 1,358,399 |
Bills receivable | 2,838,493 | 398,374 |
Other receivables, prepayments and deposits, net | 10,109,566 | 8,904,968 |
Due from related parties | 1,720,690 | 1,839,932 |
Inventories, net | 23,008,069 | 21,087,301 |
Deferred tax assets | 302,050 | 149,525 |
Total Current Assets | 76,102,421 | 78,397,409 |
Restricted cash, non-current | 1,107,338 | 514,201 |
Retention receivable | 1,668,830 | 1,653,956 |
Property, plant and equipment, net | 8,258,750 | 8,437,632 |
Land use rights, net | 5,114,718 | 5,104,121 |
TOTAL ASSETS | 92,252,057 | 94,107,319 |
Current Liabilities | ||
Accounts payable | 5,838,876 | 6,727,206 |
Other payables and accrued liabilities | 20,408,328 | 20,525,878 |
Income tax payable | 515,262 | 511,314 |
Short-term loans | 4,644,075 | 4,608,494 |
Due to related parties | 389,934 | 383,232 |
Total Current Liabilities | 31,796,475 | 32,756,124 |
TOTAL LIABILITIES | 31,796,475 | 32,756,124 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 190,000,000 shares authorized, 20,453,500 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 20,454 | 20,454 |
Additional paid-in capital | 26,524,324 | 26,524,324 |
Statutory reserve | 4,270,861 | 4,270,861 |
Retained earnings | 31,005,187 | 32,366,400 |
Accumulated other comprehensive loss | (1,365,244) | (1,830,844) |
TOTAL SHAREHOLDERS' EQUITY | 60,455,582 | 61,351,195 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 92,252,057 | $ 94,107,319 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 190,000,000 | 190,000,000 |
Common Stock, Shares, Issued | 20,453,500 | 20,453,500 |
Common Stock, Shares, Outstanding | 20,453,500 | 20,453,500 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES: | ||
Sales revenue | $ 3,998,106 | $ 4,100,826 |
Sales revenue - related party | 8,215 | 0 |
Total Revenues | 4,006,321 | 4,100,826 |
COST OF REVENUES: | ||
Total Cost of Revenues | (2,167,826) | (2,972,726) |
Gross Profit | 1,838,495 | 1,128,100 |
Operating expenses | ||
General and administrative expenses | 822,601 | 1,941,692 |
Research and development expenses | 317,998 | 419,857 |
Selling expenses | 2,222,048 | 1,407,280 |
Total Operating Expenses | 3,362,647 | 3,768,829 |
Loss from operations | (1,524,152) | (2,640,729) |
Other Income (Expenses) | ||
Interest income | 3,270 | 3,561 |
Other income | 42,985 | 0 |
Investment income | 23,474 | 2,861 |
Finance costs | (58,212) | (18,574) |
Other expenses | 0 | (7,646) |
Total Other Income (Expenses) | 11,517 | (19,798) |
Loss before income taxes | (1,512,635) | (2,660,527) |
Income tax benefits | 151,422 | 345,119 |
Net Loss | (1,361,213) | (2,315,408) |
Comprehensive Loss | ||
Net Loss | (1,361,213) | (2,315,408) |
Other Comprehensive Income | 0 | 0 |
Foreign currency translation adjustments | 465,600 | 374,315 |
Comprehensive Loss | $ (895,613) | $ (1,941,093) |
Loss per common share | ||
Basic and diluted | $ (0.07) | $ (0.11) |
Weighted average number of shares outstanding | ||
Basic and diluted | 20,453,500 | 20,453,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,361,213) | $ (2,315,408) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 287,962 | 392,601 |
Deferred tax assets | (151,422) | (345,119) |
Allowance for doubtful accounts | (323,617) | 1,146,575 |
Changes in operating assets and liabilities: | ||
Trade receivables, net | 5,716,769 | 5,466,851 |
Trade receivables - related party | 1,128,239 | 0 |
Bills receivable | (2,437,857) | (1,453,908) |
Other receivables, prepayments and deposits | (111,312) | (100,870) |
Due from related parties | 2,573 | 8,918 |
Inventories, net | (1,758,545) | (582,305) |
Retention receivable | (2,105) | 136,022 |
Accounts payable | (947,520) | 240,103 |
Other payables and accrued liabilities | (262,057) | (1,009,872) |
Income tax payable | 0 | (19,947) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (220,105) | 1,563,641 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in restricted cash | (203,146) | (271,283) |
Payments to acquire property, plant and equipment | (8,096) | (1,608) |
Loans made to others | (1,742,110) | 0 |
Loans made to related parties | (101,362) | 0 |
Repayments from others | 579,251 | 0 |
Repayments from related party | 232,281 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (1,243,182) | (272,891) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of short-term loans | 0 | (5,465,250) |
Proceeds from related parties | 20,585 | 122,334 |
Repayments to related parties | (30,901) | (66,536) |
NET CASH USED IN FINANCING ACTIVITIES | (10,316) | (5,409,452) |
Effect of foreign currency translation on cash and cash equivalents | 42,992 | (683) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,430,611) | (4,119,385) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 6,609,680 | 9,680,293 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 5,179,069 | 5,560,908 |
Supplementary Disclosures of Cash Flow Information: | ||
Interest paid | 55,573 | 18,574 |
Income taxes paid | 0 | 21,494 |
Non-cash investing and financing activities: | ||
Operating expense paid by related parties | 14,060 | 0 |
Liabilities assumed in connection with purchase of property, plant and equipment | $ 6,936 | $ 6,381 |
Corporate information
Corporate information | 3 Months Ended |
Mar. 31, 2017 | |
Corporate information [Text Block] | 1. Corporate information THT Heat Transfer Technology, Inc. (the “Company” or “THT” or the “Surviving Corporation”) is a Nevada corporation with major operations in the People's Republic of China (the "PRC"). |
Description of business
Description of business | 3 Months Ended |
Mar. 31, 2017 | |
Description of business [Text Block] | 2. Description of business The Company is a holding company whose primary business are conducted through its subsidiaries, namely SipingJuyuan which is located in the Jilin Province and Beijing Juyuan which is located in Beijing City of the PRC. The Company is engaged in the manufacturing and trading of plate heat exchangers and various related products. SipingJuyuan was established in the PRC on May 31, 2006 following the division (the “Division”) of Siping City Juyuan Heat Exchange Equipment Co., Ltd. (“Old Juyuan Company”) into three companies, namely SipingJuyuan, Siping City Juyuan Heat Exchange Equipment Co., Ltd. (“New Juyuan Company”) and Siping City JuyuanHanyang Pressure Vessels Co., Ltd (“JuyuanHanyang Pressure Vessels”). |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2017 | |
Summary of significant accounting policies [Text Block] | 3. Summary of significant accounting policies Basis of presentation and consolidation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with the Company’s consolidated financial statements and accompanying notes thereto for the year ended December 31, 2016 filed with the SEC in the Company’s Form 10-K on April 17, 2017. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three-month period have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions have been eliminated on consolidation. Fair value of financial instruments Accounting Standards Codification (“ASC”) Topic 820 requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which fair value option was not elected. As of March 31, 2017 and December 31, 2016, the carrying amounts of the Company’s financial assets and liabilities approximated their fair values due to short maturities or the applicable interest rates approximated the current market rates. Recently issued accounting pronouncements In January 2017, the FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323)”. This pronouncement amends the SEC's reporting requirements for public filers in regard to new accounting pronouncements or existing pronouncements that have not yet been adopted. Companies are to provide qualitative disclosures if they have not yet implemented an accounting standards update. Companies should disclose if they are unable to estimate the impact of a specific pronouncement, and provide disclosures including a description of the effect on accounting policies that the registrant expects to apply. These provisions apply to all pronouncements that have not yet been implemented by registrants. There are additional provisions that relate to corrections to several other prior FASB pronouncements. The Company has incorporated language into other recently issued accounting pronouncement notes, where relevant for the corrections in FASB ASU 2017-03. The Company is implementing the updated SEC requirements on not yet adopted accounting pronouncements with these consolidated financial statements. |
Trade receivables, net
Trade receivables, net | 3 Months Ended |
Mar. 31, 2017 | |
Trade receivables, net [Text Block] | 4. Trade receivables, net March 31, December 31, 2017 2016 (Unaudited) Trade receivables $ 39,683,875 $ 45,050,908 Less: Allowance for doubtful accounts (7,576,602 ) (7,976,427 ) $ 32,107,273 $ 37,074,481 An analysis of the allowance for doubtful accounts for the three months ended March 31, 2017 and 2016 is as follows: Three months ended March 31, (Unaudited) 2017 2016 Balance at beginning of period $ 7,976,427 $ 7,689,089 Adjustment of bad debt expense (461,563 ) 625,223 Translation adjustments 61,738 59,921 Balance at end of period $ 7,576,602 $ 8,374,233 |
Inventories, net
Inventories, net | 3 Months Ended |
Mar. 31, 2017 | |
Inventories, net [Text Block] | 5. Inventories, net March 31, December 31, 2017 2016 (Unaudited) Raw materials $ 8,369,093 $ 7,626,337 Work-in-progress 3,383,932 2,831,115 Finished goods 11,272,753 10,647,422 23,025,778 21,104,874 Allowance for obsolete inventories (17,709 ) (17,573 ) $ 23,008,069 $ 21,087,301 No allowance for obsolete inventories was recognized during the three months ended March 31, 2017 and 2016. |
Income tax
Income tax | 3 Months Ended |
Mar. 31, 2017 | |
Income tax [Text Block] | 6. Income tax The effective tax rate is - 10% and - 13% for the three months period ended March 31, 2017 and 2016, respectively. |
Property, plant and equipment,
Property, plant and equipment, net | 3 Months Ended |
Mar. 31, 2017 | |
Property, plant and equipment, net [Text Block] | 7. Property, plant and equipment, net As of March 31, 2017 and December 31, 2016, property, plant and equipment with net book values of $4,905,482 and $4,949,198, respectively, were pledged as collateral under certain loan arrangements (see Note 9). |
Land use rights
Land use rights | 3 Months Ended |
Mar. 31, 2017 | |
Land use rights [Text Block] | 8. Land use rights, net As of March 31, 2017 and December 31, 2016, land use rights with net book values of $5,114,718 and $5,104,121, respectively, were pledged as collateral under certain loan arrangements (see Note 9). During the three months ended March 31, 2017 and 2016, amount recognized for amortization of land use rights were $28,820 and $30,357, respectively. |
Short-term bank loans
Short-term bank loans | 3 Months Ended |
Mar. 31, 2017 | |
Short-term bank loans [Text Block] | 9. Short-term bank loans Short-term bank loans On May 31, 2016, the Company entered into a one-year loan agreement with Agricultural Bank of China, pursuant to which the Company obtained a loan in the amount of RMB32,000,000 (approximately $4,645,626), payable on May 30, 2017. The loan carries an interest rate of 4.785% per annum and the interest is payable monthly. The secured bank loans were secured by the following assets of the Company: March 31, December 31, 2017 2016 (Unaudited) Property, plant and equipment (Note 7) 4,905,482 4,949,198 Land use rights (Note 8) 5,114,718 5,104,121 $ 10,020,200 $ 10,053,319 Short-term loans from unrelated party During the year ended December 31, 2016, the Company borrowed funds from a third party individual in the amount of RMB53,487,813 (approximately $8,052,000) and repaid RMB93,577,813 (approximately $14,087,000). As of December 31, 2016, the balance of loan from unrelated party was $nil. The Company also advanced RMB2,521,787 (approximately $380,000) to this individual during the year ended December 31, 2016. The advance bears no interest and is due on demand. The net advance was included in other receivables, prepayments and deposits, net. During the three months ended March 31, 2017, the Company advanced additional funds to this third party individual in the amount of RMB12,000,000 (approximately $1,742,000) and received repayment of RMB3,990,000 (approximately $579,000). The advance bears no interest and is due on demand. The advance was included in other receivables, prepayments and deposits, net. |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2017 | |
Segment information [Text Block] | 10. Segment information The Company is solely engaged in the manufacturing and trading of plate heat exchangers and various related products. Since the nature, production processes, and distribution methods of the products are substantially similar. The management concluded that the Company should be considered in a single reportable segment under ASC 280 "Segment Reporting". The Company’s sales revenues by products for the three months ended March 31, 2017 and 2016 were as follows: Three months ended March 31, 2017 % 2016 % (Unaudited) (Unaudited) Plate heat exchanger $ 2,399,254 60 $ 1,940,078 48 Heat exchange unit 854,242 21 1,519,173 37 Shell-and-tube heat exchanger 2,817 - - - Others 750,008 19 641,575 15 $ 4,006,321 100 $ 4,100,826 100 All of the Company’s long-lived assets and revenues classified based on the customers are located in the PRC. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related party transactions [Text Block] | 11. Related party transactions The related parties consist of the following: Name of Related Party Nature of Relationship Guohong Zhao Chairman, Chief Executive Officer and President Zhigang Xu Interim Chief Financial Officer, Treasurer and Secretary Fucai Zhan Vice President of R&D and Director Kai Liu Chief Engineer, Manager of Market development Zhijun Ma Sales Director Yongfu Tian Vice Sales Director Feng Xu Factory Director, Manager of production Yue Cui Vice President of Production Jilin Tongda Heat Transfer System Integration, Ltd ( “Tongda”) The Company has significant influence on Tongda Liaoning Hongsheng Heat Energy Technology, Ltd ( “Hongsheng”) The Company has significant influence on Hongsheng Trade receivables – related party During the three months ended March 31, 2017 and 2016, the Company sold products to Tongda in the amount of $8,215 and $nil, respectively. The corresponding costs of the related party sales were $3,742 and $nil, respectively. As of March 31, 2017 and December 31, 2016, the Company had trade receivables from Tongda in the amount of $241,024 and $1,358,399, respectively. Due from related parties As of March 31, 2017 and December 31, 2016, respectively, the Company advanced $8,146 and $31,978 to Guohong Zhao for handling selling and logistic activities for the Company in the ordinary course of business. As of March 31, 2017 and December 31, 2016, respectively, the Company advanced $11,088 and $11,003 to Kai Liu for handling selling and logistic activities for the Company in the ordinary course of business. As of March 31, 2017 and December 31, 2016, respectively, the Company advanced $21,507 and $nil to Zhijun Ma for handling selling and logistic activities for the Company in the ordinary course of business. As of March 31, 2017 and December 31, 2016, respectively, the Company had advance to Hongsheng in the amount of $226,265 and $224,532 for inventory purchase prepayment. The amounts were included in due from related parties in the accompanying consolidation balance sheets. During the three months ended March 31, 2017 and 2016, the Company made loans to Tongda in the amount of $101,362 and $122,334, and Tongda repaid to the Company in the amount of $232,281 and $66,536, respectively. The loans were non-secured, non-interest bearing and due on demand. As of March 31, 2017 and December 31, 2016, the Company had loans to Tongda in the amount of $1,453,684 and $1,572,419, respectively, which were included in due from related parties in the accompanying consolidation balance sheets. Due to related parties Due to related parties consist of the following: March 31, December 31, 2017 2016 (Unaudited) Zhigang Xu 72,564 72,008 Fucai Zhan 146,173 148,498 Kai Liu 145,127 144,015 Zhijun Ma - 6,788 Yue Cui 26,070 11,923 $ 389,934 $ 383,232 Amounts owed by the Company represent non-secured and non-interest bearing loans obtained from related parties which are due on demand. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Basis of presentation and consolidation [Policy Text Block] | Basis of presentation and consolidation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with the Company’s consolidated financial statements and accompanying notes thereto for the year ended December 31, 2016 filed with the SEC in the Company’s Form 10-K on April 17, 2017. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three-month period have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions have been eliminated on consolidation. |
Fair value of financial instruments [Policy Text Block] | Fair value of financial instruments Accounting Standards Codification (“ASC”) Topic 820 requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which fair value option was not elected. As of March 31, 2017 and December 31, 2016, the carrying amounts of the Company’s financial assets and liabilities approximated their fair values due to short maturities or the applicable interest rates approximated the current market rates. |
Recently issued accounting pronouncements [Policy Text Block] | Recently issued accounting pronouncements In January 2017, the FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323)”. This pronouncement amends the SEC's reporting requirements for public filers in regard to new accounting pronouncements or existing pronouncements that have not yet been adopted. Companies are to provide qualitative disclosures if they have not yet implemented an accounting standards update. Companies should disclose if they are unable to estimate the impact of a specific pronouncement, and provide disclosures including a description of the effect on accounting policies that the registrant expects to apply. These provisions apply to all pronouncements that have not yet been implemented by registrants. There are additional provisions that relate to corrections to several other prior FASB pronouncements. The Company has incorporated language into other recently issued accounting pronouncement notes, where relevant for the corrections in FASB ASU 2017-03. The Company is implementing the updated SEC requirements on not yet adopted accounting pronouncements with these consolidated financial statements. |
Trade receivables, net (Tables)
Trade receivables, net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Accounts Receivable [Table Text Block] | March 31, December 31, 2017 2016 (Unaudited) Trade receivables $ 39,683,875 $ 45,050,908 Less: Allowance for doubtful accounts (7,576,602 ) (7,976,427 ) $ 32,107,273 $ 37,074,481 |
Schedule of Allowance for Doubtful Account [Table Text Block] | Three months ended March 31, (Unaudited) 2017 2016 Balance at beginning of period $ 7,976,427 $ 7,689,089 Adjustment of bad debt expense (461,563 ) 625,223 Translation adjustments 61,738 59,921 Balance at end of period $ 7,576,602 $ 8,374,233 |
Inventories, net (Tables)
Inventories, net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Inventories, net [Table Text Block] | March 31, December 31, 2017 2016 (Unaudited) Raw materials $ 8,369,093 $ 7,626,337 Work-in-progress 3,383,932 2,831,115 Finished goods 11,272,753 10,647,422 23,025,778 21,104,874 Allowance for obsolete inventories (17,709 ) (17,573 ) $ 23,008,069 $ 21,087,301 |
Short-term bank loans (Tables)
Short-term bank loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Assets Used to Secure Short-Term Bank Loans [Table Text Block] | March 31, December 31, 2017 2016 (Unaudited) Property, plant and equipment (Note 7) 4,905,482 4,949,198 Land use rights (Note 8) 5,114,718 5,104,121 $ 10,020,200 $ 10,053,319 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Segment Reporting Information, by Products [Table Text Block] | Three months ended March 31, 2017 % 2016 % (Unaudited) (Unaudited) Plate heat exchanger $ 2,399,254 60 $ 1,940,078 48 Heat exchange unit 854,242 21 1,519,173 37 Shell-and-tube heat exchanger 2,817 - - - Others 750,008 19 641,575 15 $ 4,006,321 100 $ 4,100,826 100 |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Related Party Transactions- Due to related parties [Table Text Block] | March 31, December 31, 2017 2016 (Unaudited) Zhigang Xu 72,564 72,008 Fucai Zhan 146,173 148,498 Kai Liu 145,127 144,015 Zhijun Ma - 6,788 Yue Cui 26,070 11,923 $ 389,934 $ 383,232 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax 1 | 10.00% |
Income Tax 2 | 13.00% |
Property, plant and equipment24
Property, plant and equipment, net (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Property, Plant And Equipment, Net 1 | $ 4,905,482 |
Property, Plant And Equipment, Net 2 | $ 4,949,198 |
Land use rights (Narrative) (De
Land use rights (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Land Use Rights 1 | $ 5,114,718 |
Land Use Rights 2 | 5,104,121 |
Land Use Rights 3 | 28,820 |
Land Use Rights 4 | $ 30,357 |
Short-term bank loans (Narrativ
Short-term bank loans (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2017CNY (¥) | |
Short-term Bank Loans 1 | ¥ | ¥ 32,000,000 | |
Short-term Bank Loans 2 | $ 4,645,626 | |
Short-term Bank Loans 3 | 4.785% | 4.785% |
Short-term Bank Loans 4 | ¥ | ¥ 53,487,813 | |
Short-term Bank Loans 5 | $ 8,052,000 | |
Short-term Bank Loans 6 | ¥ | 93,577,813 | |
Short-term Bank Loans 7 | 14,087,000 | |
Short-term Bank Loans 8 | 0 | |
Short-term Bank Loans 9 | ¥ | 2,521,787 | |
Short-term Bank Loans 10 | 380,000 | |
Short-term Bank Loans 11 | ¥ | 12,000,000 | |
Short-term Bank Loans 12 | 1,742,000 | |
Short-term Bank Loans 13 | ¥ | ¥ 3,990,000 | |
Short-term Bank Loans 14 | $ 579,000 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Related Party Transactions 1 | $ 8,215 |
Related Party Transactions 2 | 0 |
Related Party Transactions 3 | 3,742 |
Related Party Transactions 4 | 0 |
Related Party Transactions 5 | 241,024 |
Related Party Transactions 6 | 1,358,399 |
Related Party Transactions 7 | 8,146 |
Related Party Transactions 8 | 31,978 |
Related Party Transactions 9 | 11,088 |
Related Party Transactions 10 | 11,003 |
Related Party Transactions 11 | 21,507 |
Related Party Transactions 12 | 0 |
Related Party Transactions 13 | 226,265 |
Related Party Transactions 14 | 224,532 |
Related Party Transactions 15 | 101,362 |
Related Party Transactions 16 | 122,334 |
Related Party Transactions 17 | 232,281 |
Related Party Transactions 18 | 66,536 |
Related Party Transactions 19 | 1,453,684 |
Related Party Transactions 20 | $ 1,572,419 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Trade Receivables, Net Schedule Of Accounts Receivable 1 | $ 39,683,875 |
Trade Receivables, Net Schedule Of Accounts Receivable 2 | 45,050,908 |
Trade Receivables, Net Schedule Of Accounts Receivable 3 | (7,576,602) |
Trade Receivables, Net Schedule Of Accounts Receivable 4 | (7,976,427) |
Trade Receivables, Net Schedule Of Accounts Receivable 5 | 32,107,273 |
Trade Receivables, Net Schedule Of Accounts Receivable 6 | $ 37,074,481 |
Schedule of Allowance for Doubt
Schedule of Allowance for Doubtful Account (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 1 | $ 7,976,427 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 2 | 7,689,089 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 3 | (461,563) |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 4 | 625,223 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 5 | 61,738 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 6 | 59,921 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 7 | 7,576,602 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 8 | $ 8,374,233 |
Schedule of Inventories, net (D
Schedule of Inventories, net (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Inventories, Net Schedule Of Inventories, Net 1 | $ 8,369,093 |
Inventories, Net Schedule Of Inventories, Net 2 | 7,626,337 |
Inventories, Net Schedule Of Inventories, Net 3 | 3,383,932 |
Inventories, Net Schedule Of Inventories, Net 4 | 2,831,115 |
Inventories, Net Schedule Of Inventories, Net 5 | 11,272,753 |
Inventories, Net Schedule Of Inventories, Net 6 | 10,647,422 |
Inventories, Net Schedule Of Inventories, Net 7 | 23,025,778 |
Inventories, Net Schedule Of Inventories, Net 8 | 21,104,874 |
Inventories, Net Schedule Of Inventories, Net 9 | (17,709) |
Inventories, Net Schedule Of Inventories, Net 10 | (17,573) |
Inventories, Net Schedule Of Inventories, Net 11 | 23,008,069 |
Inventories, Net Schedule Of Inventories, Net 12 | $ 21,087,301 |
Schedule of Assets Used to Secu
Schedule of Assets Used to Secure Short-Term Bank Loans (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 1 | $ 4,905,482 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 2 | 4,949,198 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 3 | 5,114,718 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 4 | 5,104,121 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 5 | 10,020,200 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 6 | $ 10,053,319 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Products (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Segment Information Schedule Of Segment Reporting Information, By Products 1 | $ 2,399,254 |
Segment Information Schedule Of Segment Reporting Information, By Products 2 | 60 |
Segment Information Schedule Of Segment Reporting Information, By Products 3 | 1,940,078 |
Segment Information Schedule Of Segment Reporting Information, By Products 4 | 48 |
Segment Information Schedule Of Segment Reporting Information, By Products 5 | 854,242 |
Segment Information Schedule Of Segment Reporting Information, By Products 6 | 21 |
Segment Information Schedule Of Segment Reporting Information, By Products 7 | 1,519,173 |
Segment Information Schedule Of Segment Reporting Information, By Products 8 | 37 |
Segment Information Schedule Of Segment Reporting Information, By Products 9 | 2,817 |
Segment Information Schedule Of Segment Reporting Information, By Products 10 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 11 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 12 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 13 | 750,008 |
Segment Information Schedule Of Segment Reporting Information, By Products 14 | 19 |
Segment Information Schedule Of Segment Reporting Information, By Products 15 | 641,575 |
Segment Information Schedule Of Segment Reporting Information, By Products 16 | 15 |
Segment Information Schedule Of Segment Reporting Information, By Products 17 | 4,006,321 |
Segment Information Schedule Of Segment Reporting Information, By Products 18 | 100 |
Segment Information Schedule Of Segment Reporting Information, By Products 19 | 4,100,826 |
Segment Information Schedule Of Segment Reporting Information, By Products 20 | $ 100 |
Schedule of Related Party Trans
Schedule of Related Party Transactions- Due to related parties (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 1 | $ 72,564 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 2 | 72,008 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 3 | 146,173 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 4 | 148,498 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 5 | 145,127 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 6 | 144,015 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 7 | 0 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 8 | 6,788 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 9 | 26,070 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 10 | 11,923 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 11 | 389,934 |
Related Party Transactions Schedule Of Related Party Transactions- Due To Related Parties 12 | $ 383,232 |