CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2015

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY [Abstract]

Schedule of balance sheets

	As of December 31,
	2014		2015
Current assets
Cash and cash equivalents	$	18,154,644	$	5,616,759
Available-for-sale securities		20,013,487		64,755,514
Prepaid expenses and other current assets		48,162		4,024,878
Loan to third party		-		13,300,000
Loans to related party		-		1,612,000
Total current assets		38,216,293		89,309,151
Long-term investments		364,913,556		334,485,472
Total assets	$	403,129,849	$	423,794,623
Liabilities and shareholders' equity
Current liabilities
Accrued expenses and other current liabilities		71,835		969,263
Advances from subsidiaries		38,698,888		61,101,834
Short-term bank loans		42,428,890		49,962,510
Total liabilities	$	81,199,613	$	112,033,607
Ordinary shares		942		943
Additional paid-in capital		162,687,212		166,874,541
Warrants		5,548,000		3,346,000
Accumulated other comprehensive income		57,531,228		61,603,388
Retained earnings		96,162,854		79,936,144
Total shareholders' equity		321,930,236		311,761,016
Total liabilities and shareholders' equity	$	403,129,849	$	423,794,623

Schedule of statements of comprehensive income

	For the years ended December 31,
	2013			2014			2015
Operating expenses
Product development		(305,385	)		(545,060	)		(578,398	)
Selling and marketing		(214,856	)		(16,795	)		(109,956	)
General and administrative		(1,173,778	)		(1,223,687	)		(1,238,999	)
Total operating expenses and loss from operation	$	(1,694,019	)	$	(1,785,542	)	$	(1,927,353	)
Interest income		129,500			36,346			11,852
Interest income from loans to related party		-			-			32,534
Interest income from loan to third party		-			-			540,274
Interest expense		(693,280	)		(895,056	)		(883,974	)
Impairment loss on cost method investment		(2,000,000	)		(1,999,999	)		-
Investment income		-			-			1,161,132
Gain on sale of available-for-sales securities		-			-			536,016
Dividend received		-			-			628,417
Equity in earnings of subsidiaries and variable interest entities		24,919,448			27,232,172			(15,164,476	)
Net income (loss) before income tax expense	$	20,661,649		$	22,587,921		$	(16,226,710	)
Income tax expense		-			-			-
Net income (loss)	$	20,661,649		$	22,587,921		$	(16,226,710	)

Schedule of statements of changes in shareholder's equity

													Accumulated
													other					Total
	Ordinary shares						Additional						comprehensive		Retained			shareholders'
	Shares			Amount			paid-in capital			Warrants			income		earnings			equity
Balance as of January 1, 2013		1,678,097,663		$	832		$	126,786,049		$	15,566,332		$	46,618,263	$	93,912,592		$	282,884,068
Issuance of ordinary shares for share-based compensation		35,000,000			18			849,020			-			-		-			849,038
Share-based compensation recognized		-			-			1,573,729			-			-		-			1,573,729
Repurchase of ordinary shares		(78,214,600	)		(32	)		(10,123,789	)		-			-		-			(10,123,821	)
Warrants exercised		200,000,000			100			32,967,232			(5,147,332	)		-		-			27,820,000
Other comprehensive income		-			-			-			-			8,944,839		-			8,944,839
Net income		-			-			-			-			-		20,661,649			20,661,649
Balance as of December 31, 2013		1,834,883,063		$	918		$	152,052,241		$	10,419,000		$	55,563,102	$	114,574,241		$	332,609,502
Issuance of ordinary shares for share-based compensation		7,190,000			4			436,621			-			-		-			436,625
Share-based compensation recognized		-			-			1,547,780			-			-		-			1,547,780
Repurchase of ordinary shares		-			-			(12,410	)		-			-		-			(12,410	)
Warrants exercised		40,000,000			20			8,662,980			(2,723,000	)		-		-			5,940,000
Warrants forfeited		-			-			-			(2,148,000	)		-		-			(2,148,000	)
Other comprehensive income		-			-			-			-			1,968,126		-			1,968,126
Dividends to shareholders		-			-			-			-			-		(40,999,308	)		(40,999,308	)
Net income		-			-			-			-			-		22,587,921			22,587,921
Balance as of December 31, 2014		1,882,073,063		$	942		$	162,687,212		$	5,548,000		$	57,531,228	$	96,162,854		$	321,930,236
Issuance of ordinary shares for share-based compensation		2,060,000			1			939,881			-			-		-			939,882
Share-based compensation recognized		-			-			1,045,448			-			-		-			1,045,448
Warrants expired		-			-			2,202,000			(2,202,000	)		-		-			-
Other comprehensive income		-			-			-			-			4,072,160		-			4,072,160
Net loss		-			-			-			-			-		(16,226,710	)		(16,226,710	)
Balance as of December 31, 2015		1,884,133,063			943			166,874,541			3,346,000			61,603,388		79,936,144			311,761,016

Schedule of statements of cash flows

	For the years ended December 31,
	2013			2014			2015
Operating activities:
Net cash used in operating activities	$	(1,237,414	)	$	(3,468,054	)	$	(2,675,869	)
Investing activities:
Acquisition of equity method investments		-			-			(1,000,000	)
Purchase of available-for-sales securities		-			(16,380,050)			(26,326,715)
Proceeds from sale of available-for-sales securities		-			-			1,500,251
Loans to related party		-			-			(1,612,000)
Loans to third parties		-			-			(17,000,000)
Loan repayment from third parties		-			-			3,700,000
Net cash used in investing activities	$	-		$	(16,380,050	)	$	(40,738,464	)
Financing activities:
Repurchase of ordinary shares		(10,123,821	)		(12,410	)		-
Proceeds from exercise of employee stock options		849,038			436,625			939,882
Proceeds from bank borrowing		-			42,428,890			7,533,620
Advances from subsidiaries		2,335,666			5,417,880			23,514,181
Repayment to subsidiaries		-			(190,490)			(1,111,235	)
Proceeds from exercise of warrants		27,820,000			5,940,000			-
Dividends paid to shareholders		-			(40,999,308)			-
Net cash provided by financing activities	$	20,880,883		$	13,021,187		$	30,876,448
Net increase (decrease) in cash and cash equivalents		19,643,469			(6,826,917	)		(12,537,885	)
Cash and cash equivalents, beginning of year		5,338,092			24,981,561			18,154,644
Cash and cash equivalents, end of year	$	24,981,561		$	18,154,644		$	5,616,759