INVENTORIES, NET

9 Months Ended

Sep. 30, 2013

NOTE 3 - INVENTORIES, NET

Inventories as of September 30, 2013 and December 31, 2012 consisted of the following:

	As of
	September 30,		December 31,
	2013		2012
Raw materials	$	56,662,103	$	8,548,288
Work-in-progress		101,128,019		109,311,733
Finished goods		13,498,429		26,899,404
Inventory in transit		-		5,281,996
Inventory valuation allowance		(1,908,402)		-
Total inventory	$	169,380,149	$	150,041,421

As of September 30, 2013, the Company recorded a lower of cost or market adjustment of $1,908,402.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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