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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Schedule of Summary of Major Financial Information for Discontinued Operations

 

 

Eight months
ended August 31,
2010

 

Net revenues:

 

 

 

Wireless value added services revenue

 

5,385,985

 

Recorded music revenue

 

9,458,423

 

Total net revenues

 

14,844,408

 

Wireless value added services cost

 

(3,799,581

)

Recorded music cost

 

(6,118,305

)

Total cost of revenues

 

(9,917,886

)

Gross profit

 

4,926,522

 

Product development

 

(444,581

)

Selling and marketing

 

(3,397,797

)

General and administrative

 

(4,544,460

)

Goodwill impairment

 

 

Total operating expenses

 

(8,386,838

)

Loss from operations

 

(3,460,316

)

Interest income

 

42,627

 

Interest expense

 

 

Other income

 

9,667

 

Loss before income tax benefit (expense), equity in (loss) earnings of affiliated company, impairment for investment in affiliated company

 

(3,408,022

)

Income tax benefit (expense)

 

25,584

 

Equity in loss and impairment of affiliated company

 

 

Impairment for investment in affiliated company

 

 

Net loss

 

(3,382,438

)

Less: Net loss attributable to the non-controlling interests and redeemable non-controlling interest

 

243,666

 

Net loss from discontinued operations, net of tax

 

(3,138,772

)

Gain from disposal of Huayi Music, net of tax

 

4,486,786

 

 

 

 

 

Total net income from discontinued operations, net of tax

 

1,348,014

 

Schedule of Assets of VIE Subsidiaries

 

 

December 31, 2011

 

December 31, 2012

 

 

 

 

 

 

 

Cash and cash equivalents

 

193,740

 

1,617,258

 

Accounts receivable

 

3,509,168

 

4,412,326

 

Other receivables

 

3,083,527

 

 

Property and equipment

 

1,084,908

 

421,571

 

Deposits and other non-current assets

 

288,151

 

291,102

 

Total assets

 

8,159,494

 

6,742,257

 

Schedule of Liabilities of VIE Subsidiaries

 

 

December 31, 2011

 

December 31, 2012

 

 

 

 

 

 

 

Accounts payable

 

23,953,679

 

25,704,847

 

Accrued expenses and other current liabilities

 

10,178,926

 

16,812,895

 

Other payables due to related parties

 

13,177,080

 

3,404,497

 

Total liabilities

 

47,309,685

 

45,922,239

 

Schedule of Summarized Operations of VIEs

 

 

Year ended
December 31, 2010

 

Year ended
December 31, 2011

 

Year ended
December 31, 2012

 

 

 

 

 

 

 

 

 

Net revenue

 

41,570,566

 

18,744,535

 

13,956,477

 

Net loss

 

8,037,455

 

25,011,099

 

1,331,497

 

Schedule of Summary of Estimated Useful Life of Property and Equipment

Furniture and office equipment

 

3 years

Telecommunications equipment

 

3 years

Leasehold improvements

 

Lesser of original lease term or estimated useful life

Schedule of Summary of Estimated Useful Economic Life of Acquired Intangible Assets

Trademark

 

20 years

Technology

 

7 years

Customer List

 

5 years

Software technology

 

5 years