XML 50 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Schedule of the Consolidating Subsidiaries [Table Text Block]
    Attributable  
  Place of equity Registered
Name of Company incorporation interest % capital
Shandong Lorain Co., Ltd. PRC 80.2 $
      13,145,533
Luotian Lorain Co., Ltd. PRC 100 4,116,228
Junan Hongrun Foodstuff Co., Ltd. PRC 100 48,623,525
Beijing Lorain Co., Ltd. PRC 100 1,625,118
       
Shandong Greenpia Foodstuff Co., Ltd. PRC 100 2,496,181
Dongguan Lorain Co., Ltd. PRC 100 162,512
International Lorain Holding Inc. Cayman Islands 100 50,556,847
Athena France 51 31,718
Conserverie Minerve France 51 1,078,406
Sojafrais France 51 697,792
SCI Siam France 51 12,687
SCI Giu Long France 51 1,934
Cacovin Portugal 51 12,687
 
Schedule of Estimated Useful Lives [Table Text Block]
Buildings 40 years
Landscaping, plant and tree 30 years
Machinery and equipment 1 - 10 years
Motor vehicles 10 years
Office equipment 5 years
 
Schedule of Corporate Income Tax Rate [Table Text Block]
  Taxable Income  
Rate Over But Not Over Of Amount Over
15% 0 50,000 0
25% 50,000 75,000 50,000
34% 75,000 100,000 75,000
39% 100,000 335,000 100,000
34% 335,000 10,000,000 335,000
35% 10,000,000 15,000,000 10,000,000
38% 15,000,000 18,333,333 15,000,000
35% 18,333,333 - -
 
Schedule of Average Exchange Rates [Table Text Block]
  9/30/2014   6/30/2014   12/31/2013   9/30/2013   6/30/2013
Period end/Year end RMB:
US$ exchange rate
6.1534   6.1552   6.1104   6.1364   6.1732
Average period/yearly RMB:
US$ exchange rate
6.1457   6.1397   6.1905   6.2132   6.2395
Period end/Year end EUR:
US$ exchange rate
0.7882   0.7325   0.7263   0.7394   0.7685
Average period/yearly EUR: 0.7377   0.7294   0.7532   0.7594   0.7616
US$ exchange rate                  
 
Schedule of Financial Assets and Liabilities at Fair Value [Table Text Block]
  At September 30,   Quoted in     Significant              
  2014:   Active Markets     Other     Significant        
      for Identical     Observable     Unobservable        
      Assets     Inputs     Inputs        
      (Level 1)     (Level 2)     (Level 3)     Total  
  Financial assets:                        
  Cash $ 40,787,500   $   -   $   -   $ 40,787,500  
  Restricted Cash   4,287,275     -     -     4,287,275  
  Total financial assets $ 45,074,775   $   -   $   -   $ 45,074,775  
                           
  Financial liabilities:                        
  Notes payable $ 7,989,867   $   -   $   -   $ 7,989,867  
  Total financial liabilities $ 7,989,867   $   -   $   -   $ 7,989,867  
  At December 31,   Quoted in     Significant              
  2013:   Active Markets     Other     Significant        
      for Identical     Observable     Unobservable        
      Assets     Inputs     Inputs        
      (Level 1)     (Level 2)     (Level 3)     Total  
  Financial assets:                        
  Cash $ 33,857,193     -$   $ -   $ 33,857,193  
  Restricted Cash  

  1,842,989

    -     -     1,842,989  
  Total financial assets $ 35,700,182     -$   $ -   $ 35,700,182  
                           
  Financial liabilities:                        
  Notes payable $   -   $   -   $ -      $   -  
  Total financial liabilities $   -   $   -   $ -      $   -