TAXES (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		For the Three Months Ended
		March 31,
		(Unaudited)
		2015		2014
Current:
Provision for CIT	$	1,008,909	$	108,101
Provision for Federal Income Tax		-		-
Deferred:
Provision for CIT		-		-
Income tax expense (benefit)	$	1,008,909	$	108,101

Schedule of Expected Components of Income Tax Expense (Benefit) [Table Text Block]

		For the Three Months Ended
		March 31,
		(Unaudited)
		2015			2014
Computed “expected” expense	$	3,109,591		$	(3,776,682	)
Favorable tax rate		(2,416,981	)		(183,878	)
Permanent differences		(27,713	)		(79,804	)
Valuation allowance		344,012			4,148,465
Income tax expense (benefit)	$	1,008,909		$	108,101

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		March			December
		31, 2015			31, 2014
		(Unaudited)
Current portion:
Deferred tax assets (liabilities):
Expense	$	(88,864	)	$	(80,016	)
Subtotal		(88,864	)		(80,016	)
Deferred tax assets (liabilities):
Sales cut-off difference derived from Value Added Tax reporting system to calculate PRC Corporation Income Tax in accordance with the PRC State Administration of Taxation		(43,535	)		(26,226	)
Other					(124,623	)
Subtotal		(43,535	)		(150,849	)
Total deferred tax assets (liabilities) – current portion		(132,399	)		(230,864	)
Non-current portion:
Deferred tax assets (liabilities):
Depreciation		(508,687	)		(551,697	)
Loss carried forward		344,012			3,025,997
Valuation allowance		(344,012	)		(3,025,997	)
Subtotal		(508,687	)		(551,697	)
Deferred tax liabilities:
Accumulated other comprehensive gain		(2,035,134	)		(1,715,028	)
Subtotal		(2,035,134	)		(1,715,028	)
Total deferred tax assets – non-current portion		(2,543,821	)		(2,266,725	)
Net deferred tax assets (liabilities)	$	(2,676,220	)	$	(2,497,589	)

Summary of Income Tax Holiday [Table Text Block]

		For the Three Months Ended
		March 31,
		(Unaudited)
		2015		2014
Tax benefit (holiday) credit	$	2,416,981	$	183,878
Basic net income per share effect	$	0.052	$	0.005