RESTRICTED NET ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

Restricted Cash and Investments [Abstract]

Supplemental Balance Sheet Disclosures

Condensed Balance Sheets

	As of December 31,
	2012			2011
ASSETS
Current assets:
Cash and cash equivalents	$	64,015		$	-
Other receivable		15,843			-
Prepayments		162,000			123,250
Total current assets		241,858			123,250
Investments in subsidiaries		279,044,337			221,121,236
Total assets	$	279,286,195		$	221,244,486
LIABILITIES
Current liabilities:
Dividend payable	$	-		$	992,846
Warrant liabilities		354,000			615,000
Total liabilities		354,000			1,607,846
Stockholders’ equity
Preferred stock: $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.0001 par value: 75,000,000 shares authorized,
30,084,883 shares issued and 29,820,836 shares outstanding as of December 31, 2012 (2011: 30,036,481 shares issued and 29,772,434 shares outstanding)		3,008			3,003
Additional paid-in capital		79,257,921			78,564,128
Treasury stock, at cost, 264,047 shares and 264,047 as of December 31,2012 and 2011, respectively		(2,126,597	)		(2,126,597	)
Retained earnings		184,729,966			126,792,606
Accumulated other comprehensive income		17,067,897			16,403,500
Total stockholders' equity		278,932,195			219,636,640
Total liabilities and stockholders' equity	$	279,286,195		$	221,244,486

Schedule of Condensed Income Statement

Condensed Statements of Income

	Year ended December 31,
	2012			2011			2010
Administrative expenses	$	(3,397,929	)	$	(2,267,880	)	$	(2,911,720	)
Other expenses:
Change in fair value of warrant		(124,000	)		3,062,575			(1,448,819	)
Gain on extinguishment of warrant liabilities		73,291			88,777			186,897
Equity in income of subsidiaries		61,390,641			52,250,061			42,639,617
Net income	$	57,942,003		$	53,133,533		$	38,465,975

Schedule of Cash Flow, Supplemental Disclosures

Condensed Statements of Cash Flows

	Year ended December 31,
	2012			2011			2010
Net cash used in operating activities	$	(3,333,914	)	$	(2,267,880	)	$	(2,911,720	)
Net cash provided by (used in) investing activities		4,390,775			2,496,427			(32,959,097	)
Net cash (used in) provided by financing activities		(992,846	)		(228,547	)		35,870,817
Cash, beginning of year		−			−			−
Cash, end of year	$	64,015		$	−			−