XML 14 R4.htm IDEA: XBRL DOCUMENT v2.3.0.15
Condensed Consolidated Statements of Income and Comprehensive Income (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Net Sales$ 13,253,911$ 9,522,875$ 29,210,747$ 23,775,318
Cost of Sales(8,313,539)(5,902,532)(18,623,857)(15,367,229)
Gross Profit From Sales4,940,3723,620,34310,586,8908,408,089
Production Revenue from Shandong Qingdao Processing Agreement, net of Company raw material costs and processing fees incurred to Shandong Qingdao totaling $1,203,551 and $2,726,861 for the three and nine months ended September 30, 2011, respectively934,66402,307,1390
Total Gross Profit5,875,0363,620,34312,894,0298,408,089
Operating Expenses    
Selling expenses38,86730,287108,12188,702
Provision for (reduction in) allowances, returns and doubtful accounts609020,942(31,146)
Research and development036,94023,243140,955
General and administrative expenses117,891207,170475,8691,194,560
Depreciation26,66319,26272,00157,369
Amortization of land use rights17,6496,05252,28525,120
Amortization of intangible assets297,883198,037882,522332,671
Total operating expenses499,562497,7481,634,9831,808,231
Income from Operations5,375,4743,122,59511,259,0466,599,858
Other Income (Expense)    
Interest income1,68603,729243
Imputed interest expense(14,138)(13,409)(41,888)(39,999)
Income (expense) from revaluation of Series A Preferred Stock and A, B, C, and D warrants with characteristics of liabilities at fair values0505,305475,2053,456,500
Loss on foreign exchange transactions(7,410)0(7,410)0
Loss on disposal of property and equipment0(1,666)(150,542)(2,085)
Total Other Income (Expenses)(19,862)490,230279,0943,414,659
Income before Income Tax5,355,6123,612,82511,538,14010,014,517
Income tax expense(1,369,648)(805,608)(2,857,530)(1,853,317)
Net Income Attributable to Common Stockholders3,985,9642,807,2178,680,6108,161,200
Net Income Per Common Share    
Basic$ 0.18$ 0.13$ 0.39$ 0.39
Diluted$ 0.18$ 0.13$ 0.39$ 0.38
Weighted Average Number of Common Shares Used to Compute Earnings per Common Share:    
Basic22,355,52721,227,52722,328,42120,850,175
Diluted22,355,52721,563,68422,332,63321,336,042
Comprehensive Income:    
Net income3,985,9642,807,2178,680,6108,161,200
Foreign currency translation adjustment702,033533,5341,702,330862,834
Comprehensive Income$ 4,687,997$ 3,340,751$ 10,382,940$ 9,024,034