0001144204-12-061280.txt : 20121113 0001144204-12-061280.hdr.sgml : 20121112 20121113110120 ACCESSION NUMBER: 0001144204-12-061280 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Dehaier Medical Systems Ltd CENTRAL INDEX KEY: 0001474627 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34661 FILM NUMBER: 121196810 BUSINESS ADDRESS: STREET 1: SUITE 501, JIUZHOU PLAZA STREET 2: 83 FUXING ROAD, CITY: HAIDIAN DISTRICT, BEIJING STATE: F4 ZIP: 100856 BUSINESS PHONE: (8610) 5166-0080 MAIL ADDRESS: STREET 1: SUITE 501, JIUZHOU PLAZA STREET 2: 83 FUXING ROAD, CITY: HAIDIAN DISTRICT, BEIJING STATE: F4 ZIP: 100856 10-Q 1 v325907_10q.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

x	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2012

¨	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission File Number 001-34661

Dehaier Medical Systems Limited

(Exact name of registrant as specified in its charter)

British Virgin Islands		Not Applicable
(State or other jurisdiction of		(I.R.S. employer
incorporation or organization)		identification number)

Room 501, 83 Fuxing Road

Haidian District, Beijing 100856

People’s Republic of China

(Address of principal executive offices and zip code)

+86 (10) 5166-0080

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The Company is authorized to issue 18,307,038 Shares. As of November 13, 2012, the Company has issued and outstanding 4,590,000 Shares.

DEHAIER MEDICAL SYSTEMS LIMITED

FORM 10-Q

INDEX

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS		ii

PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements.	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	1

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	12

Item 4.	Controls and Procedures.	12

PART II.	OTHER INFORMATION	12

Item 1.	Legal Proceedings.	12

Item 1A.	Risk Factors.	12

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	13

Item 3.	Defaults upon Senior Securities.	13

Item 4.	Mine Safety Disclosures.	13

Item 5.	Other Information.	13

Item 6.	Exhibits.	13

FINANCIAL STATEMENTS		F-1

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

We have made statements in this quarterly report that constitute forward-looking statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “could” and similar expressions. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements.

Examples of forward-looking statements include:

•	projections of revenue, earnings, capital structure and other financial items;

•	statements of our plans and objectives;

•	statements regarding the capabilities and capacities of our business operations;

•	statements of expected future economic performance; and

•	assumptions underlying statements regarding us or our business.

The ultimate correctness of these forward-looking statements depends upon a number of known and unknown risks and events. Many factors could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Consequently, you should not place undue reliance on these forward-looking statements.

The forward-looking statements speak only as of the date on which they are made, and, except as required by law; we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update this forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this Report. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

See the financial statements following the signature page of this report, which are incorporated herein by reference.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of the company’s financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this report. In this report, the terms “we,” “the Company” and “our” refer to Dehaier Medical Systems Limited, a British Virgin Islands company (“Dehaier”), Beijing Dehaier Technology Company Limited, our variable interest entity in the People’s Republic of China (“BTL”) and Beijing Dehaier Medical Technology Company Limited, our operating subsidiary in the People’s Republic of China (“BDL”). This discussion contains forward-looking statements that involve risks and uncertainties. Actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors.

This section should be read together with the condensed consolidated financial statements and related notes thereto contained in Item 1 of Part I in this form 10-Q with our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was filed on March 19, 2012.

Overview

We are a company in the business of developing and distributing medical devices. We have focused primarily on the respiratory and oxygen homecare industry since 2006.

We design, develop and market our own branded products and medical components. Since we do not operate any fully scaled manufacturing facilities, we contract some of the medical components to outside manufacturers in China. Most of our branded products require light assembly by us before distribution.

We also distribute products designed and manufactured by other companies. We broaden our product portfolio through distribution agreements with international manufacturers, and most of the products we distribute are imported. Our distribution offerings are mostly medical equipment used in the operating room, the intensive care unit (“ICU”) and the emergency room.

While we sell our products primarily through distributors, we also make direct sales to hospitals, clinics and government health bureaus. We continue to further our market reach by introducing newer and more advanced product lines that address different end-user needs.

Recent Business Developments

In September 2012, we won a 3-year procurement agreement for our proprietary air compressors and customized trolleys from a major medical equipment manufacturer in Ukraine.

In September 2012, we entered into a two-year distribution agreement with GCE group, a leading global compressed gas-equipment company, to become the exclusive distributor for GCE's EASE II product in Mainland China. The newly-distributed product can be widely used in many fields including disaster relief efforts, national defense, emergency rooms, ambulances, and medical institutions.

In September 2012, we signed three medical equipment procurement agreements with Beijing's Hospitals 304 and 307, two of China's most well-known first-tier hospitals, and with Beijing Kanglian Medicines Co. for the China Development Bank Rural Medical and Health Construction Project.

In September 2012, we obtained software copyrights for Mega Pixels, which is used in our Dehaier Explorer C-Armed X Ray Machine Series. This is the fifth software copyright we obtained this year.

In October 2012, we won a government procurement contract with Xinjiang Province to distribute medical equipment to Hospitals in Xinjiang. The contract will be implemented by the end of 2012.

In October 2012, we received government subsidies of RMB118,100 for short-term bank loan interest, as a result of favorable treatment granted to High Technology Enterprises like ours.

Growth Strategies

We plan to build our brand name domestically as both a distributor and a trusted partner by leveraging our relationships with healthcare professionals, agents and other downstream distributors, maintaining and expanding our customer base, and promoting steady business growth.

We plan to broaden the portfolio of products we distribute for other companies by cooperating with more internationally recognized medical equipment manufacturers. We also intend to take advantage of our well-established distribution network to grow sales revenues. By actively participating in state-level contracted healthcare programs, we will continue to expand our key account business and build a higher level of contact and relationships with the government and other healthcare industrial insiders.

We plan to expand our product portfolio through continued investment in research and development and pursuing attractive opportunities to acquire complementary products and technologies. We have had steady growth in our brand name homecare medical products. We will expand our distribution channels through many new options, such as third party e-commerce platforms and retail drugstore chains. We plan to leverage our oxygen delivery service platform to introduce our homecare products to customers, generating potential cross-selling opportunities.

We have started and intend to continue developing our home oxygen service business in Beijing and eventually expand this service platform to all major markets in China. We also plan to offer more value-added services to our customers based on this platform. Our long-term goal is to provide our customers an all-in-one solution in the home healthcare field. Furthermore, we will continue to leverage our existing network of consumer experience centers, or CECs, to showcase our new products and services, such as our home oxygen services.

We will continue to expand into overseas markets and establish a distribution network, through distribution agreements, OEM partnerships, direct sales force efforts and e-commerce platforms. We will build our brand name by actively participating in international trade shows and other marketing activities. To the extent we have adequate demand for our homecare medical products abroad, we will continue seeking regulatory approval to sell these products in the United States and Europe.

Results of Operations

Overview

For the nine and three months ended September 30, 2012 and 2011, our total revenues amounted to approximately $15.83 million, $16.35 million, $5.53 million and $5.69 million, respectively. Our revenues are subject to value added tax (“VAT”), sales returns and trade discounts. We deduct these amounts from our gross revenues to arrive at our total revenues. Our net income attributable to Dehaier for the nine and three months ended September 30, 2012 and 2011 was approximately $2.85 million, $3.32 million, $1.04 million and $1.38 million, respectively. While we continuously developed our sales channels on traditional medical device sales, in recent months, we also began adjusting our strategy to expand into government procurement projects and the burgeoning respiratory and oxygen homecare market. Because revenues have decreased in traditional device sales and our government procurement efforts and homecare business are still at a relatively early stage, our overall revenues and net income are slightly lower than in 2011.

Factors Affecting Our Results of Operations – Generally

We believe the most significant factors that directly or indirectly affect our revenues and net income are:

•		the level of acceptance of our products among hospitals and other healthcare facilities;

•		our ability to price our products at levels that provide favorable margins;

•		new products introduced by us and our competitors;

•		our ability to attract and retain distributors and key customers;

•		our continued investment in research and development activities and our retention of key employees;

•		changes in China’s macro-economic environment and healthcare-related government policies and legislation; and

•		global economic conditions.

Revenues

Our total revenues are derived from our medical devices and our respiratory and oxygen homecare products and services.

Medical Devices (Including Related Supporting Products) – Our Proprietary and Distributed Products

We derive revenues in our medical devices product line from the sale of C-arm X-ray systems, anesthesia machines, medical ventilators, general hospital products and related supporting products. Our medical device line is our largest product line and has the most extensive market penetration. We anticipate that we will continue to experience revenue growth in our medical devices line as we further develop our market through the introduction of new advanced product offerings and the participation in favorable government programs. In addition, we have recently begun to engage in state-level healthcare projects. We may procure high-end medical equipment for our clients, which may not necessarily be part of our existing distributed brands portfolio. We refer to these kinds of contracted projects as “key account business.” Although this business may carry lower margins, the contract value for such business is typically larger and can contribute materially to our revenues.

Respiratory and Oxygen Homecare Products and Home Oxygen Therapy Service (or “HOTS”)

We derive revenues in our respiratory and oxygen homecare line from sales of oxygen concentrators, CPAP devices, and portable sleep diagnostics devices. We anticipate that, on a percentage basis, revenues from our respiratory and oxygen homecare product line will increase more rapidly than total revenues in the near term, as we introduce new and more advanced products. We expect to develop our market for respiratory and oxygen homecare market in China and internationally through the use of distributors as well as through our direct sales platform.

In addition, we launched our home oxygen therapy service (“HOTS”) in Beijing in the third quarter of 2011. In 2012, we have focused on laying a solid foundation, such as the delivery network, rather than generating considerable revenue. As 2012 comes to a close, we are evaluating how best to allocate our resources in this market.

Our ability to increase our revenues depends in large part on our ability to (i) increase the market penetration of our existing products, (ii) successfully identify, develop, introduce and commercialize, in a timely and cost-effective manner, new and upgraded products and (iii) enter into international markets in the future. Generally, we choose to devote our resources to product development efforts that we believe are commercially feasible, can generate significant revenues and margins, and can be introduced into the market quickly.

Operating Costs and Expenses

Our operating costs and expenses consist of cost of revenues, general and administrative expenses, selling expenses and other expenses.

Cost of Revenues

Cost of revenues primarily include raw materials, parts for assembly, wages, handling charges, amortization of software copyrights, and other expenses associated with the assembly and distribution of product.

General and Administrative Expenses

General and administrative expenses consist primarily of salaries and benefits and related costs for our administrative personnel and management, fees and expenses of our outside advisers, including legal, audit and valuation expenses, expenses associated with our administrative offices and the depreciation of equipment used for administrative purposes. We expect that our general and administrative expenses will increase, both on an absolute basis and as a percentage of revenue, as we hire additional personnel and incur costs related to the anticipated growth of our business. In addition, we expect to continue to incur significant general and administrative expenses as a public company.

Selling Expenses

Selling expenses consist primarily of compensation and benefits for our sales and marketing staff, expenses for promotional, advertising, travel and entertainment activities, lease payments for our sales offices, and depreciation expenses related to equipment used for sales and marketing activities. Going forward, we expect our selling expenses to increase, both on an absolute basis and as a percentage of revenue, as we increase our efforts to promote our products, especially our new respiratory and oxygen homecare products.

Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011.

Revenues

Our total revenues decreased by 3.22% from $16.35 million for the nine months ended September 30, 2011 to $15.83 million for the nine months ended September 30, 2012. In the past three quarters of 2012, we continuously developed our sales channels for traditional medical devices sales. At the same time, we also began to adjust our operating strategy to expand into government procurement projects and the burgeoning respiratory and oxygen homecare market. Because revenues have decreased in traditional device sales and our government procurement efforts and homecare business are still at a relatively early stage, our overall revenues and net income are slightly lower than in 2011.

Cost of Revenues

Our cost of revenues decreased by 3.16% from $10.10 million for the nine months ended September 30, 2011 to $9.78 million for the nine months ended September 30, 2012. Our efforts to manage our inventory and costs allowed us to decrease our cost of revenues at largely in line with our decrease in revenues. Our gross margin declined slightly, mainly because finished government procurement projects generally contributed lower gross margin than the Company’s traditional businesses. Although these government procurement projects sometimes have lower margins than our traditional business, we believe the potential for involvement in such projects to improve our reputation and lead to higher total revenue justifies our focus on this market.

Gross Profit

Our gross profit decreased from $6.26 million in the three months ended September 30, 2011 to $6.05 million in the same period of 2012, while our gross margin decreased slightly from 38.25% in 2011 to 38.22% in 2012 due to the faster decrease in revenues than in cost of revenues. Management believes the Company’s gross margin is likely to remain relatively stable over the near term.

Operating Expenses

Our operating expenses decreased by 3.19% from $2.51 million for the nine months ended September 30, 2011 to $2.43 million for the nine months ended September 30, 2012. We analyzed our nine months operating expenses by general and administrative expenses and selling expenses in the following parts.

Operating Expenses—General and Administrative Expenses

General and administrative expenses consist primarily of salaries and benefits and related costs for our administrative personnel and management, and expenses associated with our research and development, registration of patent and intellectual property rights in China and abroad.

Our general and administration expenses increased by 3.60% from $1.41 million for nine months ended September 30, 2011 to $1.46 million for the nine months ended September 30, 2012, maintaining consistent spending between the periods.

We expect our general and administration expenses to increase in the near future as a result of further R&D expenditures and investment in professional services associated with being a public company in the U.S.

Operating Expenses - Selling Expenses

Our selling expenses consist primarily of salaries and related expenses for personnel engaged in sales, marketing and customer support functions, and costs associated with advertising and other marketing activities. Our selling expenses decreased by 11.53% from $1.09 million for the nine months ended September 30, 2011 to $0.97 million for the nine months ended September 30, 2012. These selling expense decreases are a result of operating efficiency improvements as we have focused on key performance indicators and reduced selling expenses accordingly. We expect our selling expenses will grow in absolute amount and as a percentage of our revenues as we invest in strengthening our distribution network, growing relationships with our customers, developing the homecare device market (in particular our oxygen therapy service initiative) and driving top-line growth in these areas.

Operating Income

As a result of the foregoing, we generated operating income of approximately $3.79 million in the nine months ended September 30, 2012, compared to approximately $3.88 million in the same period of 2011. Operating income decreased by 2.25%, mainly because of the narrowed gross margin.

Taxation

Our income tax expense was approximately $0.65 million in the nine months ended September 30, 2012, compared to approximately $0.67 million in the same period of 2011, primarily due to a decrease in our taxable income.

Net Income

Our net income was approximately $2.85 million in the nine months ended September 30, 2012, compared to approximately $3.33 million in 2011, a decrease by 14.47%, mainly because of a change in the fair value of our warrants liability. We calculate the fair value of our warrants liability at the end of each reporting period, resulting in a non-cash gain or loss. When the fair value of our warrants liability has increased during the period, we record a loss; consequently, when the fair value of our warrants liability has decreased during the period, we record a gain. Excluding the effects of such non-cash changes in fair value of our warrants liability (which was a charge to operations of $187,823 and a gain of $177,358 for nine months ended September 30, 2012 and 2011, respectively), our net income for the nine months ended September 30, 2012 would have been $3,039,368, a slight decrease of 3.72% as compared to $3,156,780 for the same period of 2011. After deduction of non-controlling interest in income, net income attributable to Dehaier was approximately $2.85 million and $3.32 million in the nine months ended September 30, 2012 and 2011, respectively.

Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011.

Revenues

Our total revenues decreased by 2.81% from $5.69 million for the three months ended September 30, 2011 to $5.53 million for the three months ended September 30, 2012. In the third quarter of 2012, the decrease in revenues was mainly attributed to our operating strategy changes. In the recent months, we made the strategic decision to expand into government procurement projects and homecare oxygen therapy services, while we maintaining our sales growth in our traditional medical devices business. In the short term, this strategy adjustment has resulted in decreased revenue. However, the management expects the new strategy to benefit the Company in the future as we rely more on a combination of higher revenue government projects and higher margin revenues from our home oxygen therapy services.

Cost of Revenues

Our cost of revenues increased by 5.80% from $3.27 million for the three months ended September 30, 2011 to $3.46 million for the three months ended September 30, 2012. The amortization of our newly launched software and the cost increase in raw material resulted in this increase in cost of revenue. We predict the amortization of software will continue and that inflation pressures are likely to persist for at least the near term, which could lead to increases in our cost of revenues in future periods.

Gross Profit

Our gross profit decreased from $2.42 million in the three months ended September 30, 2011 to $2.07 million in the same period of 2012, while the gross margin decreased from 42.49% in 2011 to 37.39% in 2012. The management believes such decrease in gross margin is a result of the increase in cost of revenue.

Operating Expenses

Our operating expenses decreased by 7.5% from $0.8 million for the three months ended September 30, 2011 to $0.74 million for the three months ended September 30, 2012. Operating expense was divided into general and administrative and selling expenses, which are analyzed below:

Operating Expenses—General and Administrative Expenses

General and administrative expenses consist primarily of salaries and benefits and related costs for our administrative personnel and management and expenses associated with our research and development, registration of patent and intellectual property rights in China and abroad.

Our general and administration expenses increased by 8.94% from $0.40 million for the three months ended September 30, 2011 to $0.43 million for the three months ended September 30, 2012. This increase was mainly due to the increased provision of accounts receivables to reflect the movement of some accounts receivable into overdue status and the continuous investment in capital market consulting services.

Operating Expenses - Selling Expenses

Our selling expenses consist primarily of salaries and related expenses for personnel engaged in sales, marketing and customer support functions, and costs associated with advertising and other marketing activities. Our selling expenses decreased by 23.70% from $0.40 million for the three months ended September 30, 2011 to $0.30 million for the three months ended September 30, 2012. These selling expense decreases are as a result of increased operating efficiency through our focus on key performance indicator management. We expect our selling expenses will grow as we invest in strengthening our distribution network, growing relationships with customers, developing the homecare device market (in particular our oxygen therapy service initiative) and driving top-line growth in these areas.

Operating Income

As a result of the foregoing, we generated operating income of approximately $1.41 million and $1.66 million in the three months ended September 30, 2012 and 2011.

Taxation

Our income tax expense was approximately $0.23 million in the three months ended September 30, 2012, compared to approximately $0.27 million in the same period of 2011, due to the decrease in our taxable income.

Net Income

Our net income was approximately $1.04 million in the three months ended September 30, 2012, compared to approximately $1.38 million in 2011, a decrease of 24.72%, mainly because of the increase in general and administrative expenses, financial expenses and change in the fair value of our warrants liability. Excluding the effects of such non-cash changes in fair value of our warrants liability (which was a charge to operations of $95,756 and a gain of $27,491 for three months ended September 30, 2012 and 2011, respectively), our net income for the three months ended September 30, 2012 would have been $1,138,378, a decrease of 16.14% as compared to $1,357,502 for the same period of 2011. After deduction of non-controlling interest in income, net income attributable to Dehaier was approximately $1.04 million and $1.37 million in the three months ended September 30, 2012 and 2011, respectively.

Liquidity and Capital Resources

Cash Flows and Working Capital

As of September 30, 2012, we had $3,165,481 cash and cash equivalents. As a result of the total cash activities, net cash decreased from $3,694,486 at December 31, 2011, mainly because we invested in obtaining copyright protection for our software for our future development. We believe that our currently available working capital of $28,025,309, including cash, should be adequate to meet our anticipated cash needs and sustain our current operations for at least 12 months. To the extent we engage in acquisitions or other business expansion in the future, we will need to rely on a variety of sources of funding, including but not limited to operating cash and debt or equity financings.

Operating Activities

Net cash provided by operating activities was $1,390,960 for the nine months ended September 30, 2012, as compared to $4,054,852 used in operating activities for the same period in 2011. The reasons for this change are mainly as follows:

	(i)	For the nine months ended September 30, 2011, accounts receivable increased by $5,920,452, while in the same period of 2012, they only increased by $985,298. This difference of increase in accounts receivable of $4,935,154 is attributable to better aging management, which slowed the growth of accounts receivable
	(ii)	For the nine months ended September 30, 2011, prepayments and other current assets increased by $3,071,808, while in the same period of 2012, it increased by $587,315. This decrease of $2,484,493 in prepayments and other current assets is due to the Company’s efforts to improve its operating efficiency, which accelerated the turnover of prepayments and current assets.

	(iii)	For the nine months ended September 30, 2011, other receivables increased by $541,386, while in the same period of 2012, other receivables increased by $1,568,096. This increase of $1,026,710 in other receivables represents contract deposits for large contracts that we are required to make to secure performance under the contract. Such deposits are returned to us after project completion and expiration of any associated warranty periods.
	(iv)	For the nine months ended September 30, 2011, inventories increased by $62,401, while in the same period of 2012, inventories decreased by $1,729,100. This decrease of $1,791,501 in inventories is mainly because the Company improved its inventory turnover by managing its production and purchasing decisions based on orders received.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2012 was $2,717,838, compared to $98,100 for the same period of 2011. The cash used in investing activities was mainly attributable to capital expenditures for software copyrights.

Financing Activities

For the nine months ended September 30, 2012, we repaid $1,580,436 of short-term borrowings and entered into a new loan agreement for $2,373,145. The net amount provided by financing activities was $0.79 million at September 30, 2012.

Capital Expenditures

We made capital expenditures of approximately $2.7 million and $95 thousand in the first nine months of 2012 and 2011, respectively. In 2011, our capital expenditures were generally used to purchase machinery for our assembly line, while in 2012, our capital expenditures were mainly used to obtain software copyrights.

Off-Balance Sheet Commitments and Arrangements

We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

Tax Matters Applicable to the Company

Generally

Dehaier is a tax-exempt company incorporated in the British Virgin Islands. BDL and BTL were incorporated in the PRC and are governed by PRC laws.

The Company pays PRC enterprise income taxes, value added taxes and business taxes in China for revenues from BDL, and is governed by British Virgin Islands tax laws as to Dehaier.

British Virgin Islands Tax

We are exempt from all provisions of the Income Tax Act of the British Virgin Islands, including with respect to all dividends, interests, rents, royalties, compensation and other amounts payable by or to persons who are not resident in the British Virgin Islands. Capital gains realized with respect to any of our shares, debt obligations or other securities by persons who are not resident in the British Virgin Islands are also exempt from all provisions of the Income Tax Act of the British Virgin Islands. No estate, inheritance tax succession or gift tax rate, duty, levy or other charge is payable by persons who are not resident in the British Virgin Islands with respect to any of our shares, debt obligations, or other securities. No stamp duty is payable in the British Virgin Islands in relation to a transfer of shares in a British Virgin Islands Business Company.

PRC Enterprise Income Taxes

PRC enterprise income tax is calculated based on taxable income determined under PRC accounting principles.

The Company is subject to the Enterprise Income Tax Law (the “EIT Law”) which provides for a unified enterprise income tax rate of 25%. We are eligible for preferential tax treatment in accordance with the currently prevailing tax laws and administrative regulations through December 31, 2012.

Furthermore, under the EIT Law, an enterprise established outside of the PRC with “de facto management bodies” within the PRC is considered a resident enterprise and will normally be subject to the enterprise income tax at the rate of 25% on its global income. If the PRC tax authorities subsequently determine that we or any of our non-PRC subsidiaries should be classified as a PRC resident enterprise, then such entity’s global income will be subject to PRC income tax at a tax rate of 25%. In addition, under the EIT Law, payments from BDL to us may be subject to a withholding tax. The EIT Law currently provides for a withholding tax rate of 20%. If Dehaier is deemed to be a non-resident enterprise, then it will be subject to a withholding tax at the rate of 10% on any dividends paid by its Chinese subsidiaries to Dehaier. In practice, the tax authorities typically impose the withholding tax rate of 10% rate, as prescribed in the implementation regulations; however, there can be no guarantee that this practice will continue as more guidance is provided by relevant government authorities. We are actively monitoring the proposed withholding tax and are evaluating appropriate organizational changes to minimize the corresponding tax impact.

In addition, entities that qualify as “high and new technology enterprises” will enjoy a 15% preferential tax rate under the EIT Law. Enterprise that have been certified as “high and new technology enterprises” shall pre-pay EIT at the rate of 25% temporarily until re-certified as “high and new technology enterprises” under Circular 172.

Under the current PRC laws, PRC government grants a preferential income tax rate of 15% to government-certified high technology companies, and under the new standard the period of validity for the certification of high technology companies is three years. In 2009, BDL updated its certification for “high technology” company. Therefore, BDL used a 15% income tax rate to calculate the income tax expense for the nine months ended September 30, 2012 and 2011. The Company renewed its high technology company status to retain the 15% income tax rate after September 30, 2012 and received the approval in October 2012. The Company has not received the preferential tax rate certificate as of the filing date but anticipates receipt in the near future. The tax rate for BTL is 25% in 2012 and 2011.

PRC Value Added Tax

All entities and individuals that are engaged in the businesses of sales of goods, provision of repair and placement services and importation of goods into China are generally subject to a VAT at a rate of 17% (with the exception of certain goods which are subject to a rate of 13%) of the gross sales proceeds received, less any VAT already paid or borne by the taxpayer on the goods or services purchased by it and utilized in the production of goods or provisions of services that have generated the gross sales proceeds.

PRC Business Tax

Companies in China are generally subject to business tax and related surcharges by various local tax authorities at rates ranging from 3% to 20% on revenue generated from providing services and revenue generated from the transfer of intangibles.

Critical Accounting Policies

Presentation in Accordance with US GAAP

We prepared our accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). These accounting principles require us to make judgments, estimates and assumptions on the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. We continually evaluate these judgments and estimates based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and assumptions that we believe to be reasonable.

Basis of Consolidation

The condensed consolidated financial statements include the accounts of Dehaier, BDL, its majority-owned subsidiary, and BTL. All significant inter-company transactions and balances are eliminated in consolidation.

A group of shareholders, including the Chief Executive officer, originally held more than 50% of the voting ownership interest of Dehaier, BDL and BTL. BTL is a variable interest entity (“VIE”), and BDL is the primary beneficiary. BTL owns a building, which is pledged as collateral for BDL’s bank loans. In exchange, BDL loans money to BTL to finance its operations. BTL’s primary operation is to provide repairs and transportation services to BDL’s customers. Because of these arrangements, BDL is the primary beneficiary of BTL, as the entity that is most closely associated with BTL. Management makes ongoing reassessments of whether BDL is the primary beneficiary of BTL.

The accounts of BTL are consolidated in the accompanying financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation.” As a VIE, BTL’s revenues are included in the Company’s service income, and its income from operations is consolidated with the Company’s. Because of the arrangements, the Company had a pecuniary interest in BTL that requires consolidation of the Company’s and BTL’s financial statements.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include revenue recognition, allowance for doubtful accounts, inventory obsolescence, warranty obligation, warrants liability, Stock-based compensation and useful lives of property and equipment. Actual results could differ from those estimates.

Accounts Receivable

Accounts receivable are recorded at net realizable value. Accounts receivable terms typically are 60-180 days from the end of the month in which services are provided or goods are delivered. Our typical trade receivable terms vary based on the type of customer. We general require 100% prepayment before delivering our products to individual clients. Our contract terms general require 10%-30% prepayment for our hospital and healthcare center clients, and the trade receivable term in contracts for those clients is generally between 60 and 90 days. Our contract terms general require 10% prepayment from our distributor clients, and the trade receivable term in contracts for those clients is generally between 60 and 180 days. With the exception of the prepayments we require in some cases, we generally do not require collateral or other security to support accounts receivable. An allowance, if required, is based on a combination of historical experience, aging analysis, and an evaluation of the collectability of specific accounts.

Fair Value of Financial Instruments

The carrying amounts reported in the consolidated financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.

The Company follows the provisions of ASC 820-10, “Fair Value Measurements and Disclosures,” which establishes a single authoritative definition of fair value and a framework for measuring fair value and expands disclosure of fair value measurements for both financial and nonfinancial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flows) and the cost approach (cost to replace the service capacity of an asset or replacement cost). For purposes of ASC 820-10-15, nonfinancial assets and nonfinancial liabilities would include all assets and liabilities other than those meeting the definition of a financial asset or financial liability as defined in ASC 820-10-15-15-1A.

The Company adopted the provisions of ASC Topic 815 (formerly Emerging Issue Task Force 07-5), “Determining Whether an Instrument (or an Embedded Feature) is Indexed to an Entity’s Own Stock.” ASC Topic 815 provides a framework for determining whether an instrument is indexed to an entity’s own stock. ASC Topic 815 became effective for the Company this period when warrants were issued in connection with the Company’s initial public offering (“IPO”). Such warrants are indexed to the Company’s common shares, which is traded in US dollars. Since the Company’s functional currency is the RMB, such warrants are considered liabilities. The fair value of the warrant liabilities is measured each reporting period with the resulting change in fair value recorded in the statement of operations. An increase of the warrants liability would decrease net income and earnings per share. A decrease in warrants liability would increase net income and earnings per share of the Company.

Revenue Recognition

The Company recognizes revenues when all the followings conditions have been satisfied:

•		Persuasive evidence an arrangement exists;

•		Delivery and/or installation has occurred (e.g., risks and rewards of ownership have passed);

•		The sales price is fixed or determinable; and

•		Collectability is reasonably assured.

All revenues are based on firm customer orders with fixed terms and conditions. Because the products are assembled to the customers’ specification, there is no right of return. The Company does not provide its customers with price protection or cash rebates. For products that include software, the software is an off-the-shelf package and an integral part of the products being delivered. The Company does not provide any significant post-sale customer support services and does not provide customers with upgrades. The software is incidental to the product as a whole. For products that do not require installation, revenues are recognized when the products are delivered. For products that require installation, revenues are recognized when the installation is completed.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established in the financial statements to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. The Company is awaiting resolution of certain complex tax issues and has not yet filed its previous years’ Value Added Tax (“VAT”) returns for some of its customers. However, all the potential VAT liabilities on these VAT returns were accrued and included in the accompanying condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The Company maintains a system of controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

As of September 30, 2012, the Company carried out an evaluation, under the supervision of and with the participation of management, including its chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on the foregoing, the chief executive officer and interim chief financial officer concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective in timely alerting them to information required to be included in the Company’s periodic SEC filings.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended) during the nine or three months ended September 30, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) None.

(b) None

Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The following documents are filed herewith:

Exhibit Number		Document

3(i).1		Third Amended and Restated Articles of Association of the Registrant ⁽¹⁾

3(ii).1		Third Amended and Restated Memorandum of Association of the Registrant ⁽¹⁾

4.1		Specimen Share Certificate ⁽¹⁾

10.1		Form of Share Option Plan ⁽¹⁾

10.2		Translation of lease agreement for Product Center dated September 23, 2008 ⁽¹⁾

10.3		Translation of lease agreement for Principal Executive Office dated December 21, 2009, effective January 1, 2010 ⁽¹⁾

10.4		Distribution agreement with IMD ⁽¹⁾

10.5		Distribution agreement with Heyer⁽²⁾

10.6		Translation of form of independent distributor agreement ⁽¹⁾

10.7		Translation of Executive Officer Employment Agreement for Ping Chen ⁽¹⁾

10.8		Translation of Executive Officer Employment Agreement for Weibing Yang ⁽¹⁾

10.9		Translation of Executive Officer Employment Agreement for Aileen Qi⁽²⁾

10.10		Translation of Form of Purchase Agreement with Poverty Aid Office ⁽¹⁾

10.11		Translation of Production Agreement with Friend of Health (Chuzhou) Medical Technology Co., Ltd. ⁽¹⁾

10.12		Mortgage Contract between ICBC and BDL ⁽¹⁾

10.13		Indemnification and Guarantee Contract between Ping Chen and BTL ⁽¹⁾

10.14		Description of oral loan contract between BTL and BDL ⁽¹⁾

10.15		Loss Absorption Agreement between BDL, BTL and shareholders of BTL ⁽¹⁾

21.1		Subsidiaries of the Registrant ⁽¹⁾

31.1		Certifications pursuant to Rule 13a-14(a) or 15(d)-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ⁽²⁾

31.2		Certifications pursuant to Rule 13a-14(a) or 15(d)-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ⁽²⁾

32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ⁽²⁾

32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ⁽²⁾

99.1		Code of Business Conduct and Ethics ⁽¹⁾

99.2		Audit Committee Charter ⁽³⁾

101.INS		XBRL Instance Document ⁽⁴⁾

101.SCH		XBRL Taxonomy Extension Schema Document ⁽⁴⁾

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document ⁽⁴⁾

101.LAB		XBRL Taxonomy Extension Label Linkbase Document ⁽⁴⁾

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document ⁽⁴⁾

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document ⁽⁴⁾

⁽¹⁾	Incorporated by reference to the registrant’s registration statement on Form S-1, File no. 333-163041, filed on November 12, 2009, as amended.
⁽²⁾	Filed herewith.
⁽³⁾	Incorporated by reference to the registrant’s annual report on Form 10-K, File no. 001-34661, filed on September 30, 2010.
⁽⁴⁾	Furnished herewith. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DEHAIER MEDICAL SYSTEMS LIMITED

November 13, 2012	By:	/s/ Ping Chen
		Ping Chen
		Chief Executive Officer
		(Principal Executive Officer) and
		Duly Authorized Officer

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

INDEX TO FINANCIAL STATEMENTS

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS		PAGE

Condensed Consolidated Balance Sheets as of September 30, 2012 and December 31, 2011		F-2

Condensed Consolidated Statements of Income and Comprehensive Income for the nine and three months ended September 30, 2012 and 2011		F-3

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011		F-4

Notes to the Unaudited Condensed Consolidated Financial Statements		F-5

F-1

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	September 30,		December 31,
	2012		2011
	US$		US$

ASSETS
CURRENT ASSETS:
Cash and cash equivalents		3,165,481		3,694,486
Accounts receivable -less allowance for doubtful accounts of $898,900 and $859,509		13,153,751		12,159,842
Contract Deposits		3,602,709		2,110,942
Other receivables		504,418		411,194
Advances to Suppliers		5,196,015		4,348,847
Prepayment and other current assets		2,092,196		2,365,154
Inventories, net		3,808,805		5,532,311
Tax receivable		320,140		888,452
Deferred tax asset		118,403		118,030
Total Current Assets		31,961,918		31,629,258

Property and equipment, net		2,987,516		3,348,533
Intangible assets, net		2,706,301		-
Total Assets		37,655,735		34,977,791

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings		2,386,365		1,585,890
Accounts payable		68,862		32,925
Advances from customers		201,883		303,000
Accrued expenses and other current liabilities		325,323		349,158
Taxes payable		618,437		2,042,048
Warranty obligation		335,739		334,680
Total Current Liabilities		3,936,609		4,647,701

OTHER LIABILITIES
Warrants liability		381,797		96,469
Total Liabilities		4,318,406		4,744,170

Commitments and Contingency

Equity
Common shares, $0.002731 par value, 18,307,038 shares authorized,4,590,000 and 4,560,000 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively		12,536		12,454
Additional paid in capital		13,419,238		13,281,374
Retained earnings		15,794,528		12,941,572
Accumulated other comprehensive income		2,695,246		2,585,488
Total Dehaier Medical Systems Limited shareholders' equity		31,921,548		28,820,888
Non-controlling interest		1,415,781		1,412,733
Total equity		33,337,329		30,233,621
Total liabilities and equity		37,655,735		34,977,791

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

UNAUDITED

	For the nine months ended September 30,						For the three months ended September 30,
	2012			2011			2012			2011
	US$			US$			US$			US$
Revenue		15,828,179			16,354,533			5,529,120			5,689,043

Costs of revenue		(9,779,058	)		(10,098,506	)		(3,461,742	)		(3,272,012	)

Gross profit		6,049,121			6,256,027			2,067,378			2,417,031
Service income		225,326			215,069			92,411			58,641
Service expenses		(49,150	)		(83,355	)		(11,877	)		(21,983	)
General and administrative expense		(1,463,671	)		(1,412,859	)		(432,169	)		(396,692	)
Selling expense		(966,937	)		(1,093,013	)		(304,085	)		(398,520	)

Operating Income		3,794,689			3,881,869			1,411,658			1,658,477

Financial expenses (including interest expense of $107,965, $53,915, $43,061 and $26,922 for the nine and three months ended September 30, 2012 and 2011, respectively)		(109,631	)		(57,689	)		(43,662	)		(30,217	)
Non-operating Income		395			-			-			-
Change in fair value of warrants liability		(187,823	)		177,358			(95,756	)		27,491

Income before provision for income taxes and non-controlling interest		3,497,630			4,001,538			1,272,240			1,655,751

Provision for income tax		(646,085	)		(667,400	)		(229,618	)		(270,758	)

Net income		2,851,545			3,334,138			1,042,622			1,384,993

Non-Controlling interest in (income) loss		1,411			(11,392	)		(6,067	)		(5,738	)

Net income attributable to Dehaier Medical Systems Limited		2,852,956			3,322,746			1,036,555			1,379,255

Net Income		2,851,545			3,334,138			1,042,622			1,384,993

Other comprehensive income
Foreign currency translation adjustments		109,758			838,069			335,825			326,694

Comprehensive Income		2,961,303			4,172,207			1,378,447			1,711,687
Comprehensive income attributable to the non-controlling interest		(3,048	)		(56,927	)		(24,067	)		(22,682	)

Comprehensive income attributable to Dehaier Medical Systems Limited		2,958,255			4,115,280			1,354,380			1,689,005

Earnings per share
-Basic		0.62			0.74			0.23			0.31
-Diluted		0.61			0.74			0.22			0.31

Weighted average number of common shares used in computation
-Basic		4,570,311			4,507,582			4,578,571			4,510,000
-Diluted		4,695,684			4,507,582			4,703,945			4,510,000

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the nine months ended September 30,
	2012			2011
	US$			US$
Cash flows from operating activities

Net income		2,851,545			3,334,138
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Stock-based compensation expense		271,349			59,300
Depreciation and amortization		399,135			333,580
Change in fair value of warrants liability		187,823			(177,358	)
Provision for doubtful accounts		36,419			-
Changes in assets and liabilities:
Increase in accounts receivable		(985,298	)		(5,920,452	)
Increase in prepayments and other current assets		(587,315	)		(3,071,808	)
Increase in other receivables		(1,568,096	)		(541,386	)
Decrease (Increase) in inventories		1,729,100			(62,401	)
Decrease (Increase) in tax receivable		567,215			(1,270,399	)
Decrease in accounts payable		35,587			9,432
Increase (Decrease) in advances from customers		(101,379	)		196,659
Increase (Decrease) in accrued expenses and other current liabilities		(24,839	)		26,900
Increase (Decrease) in tax payable		(1,420,286	)		3,028,944
Net cash (used in) provided by operating activities		1,390,960			(4,054,851	)

Cash flows from investing activities
Acquisition of machinery and software copyrights		(2,717,838	)		(95,742	)
Advances to related parties		-			(2,358	)
Net cash used in investing activities		(2,717,838	)		(98,100	)

Cash flows from financing activities
Proceeds from bank loan		2,373,145			1,542,680
Repayment of bank loan		(1,580,436	)		(1,533,604	)
Net cash provided by financing activities		792,709			9,076

Effect of exchange rate fluctuations on cash and cash equivalents		5,164			821,396

Net decrease in cash and cash equivalents		(529,005	)		(3,322,479	)

Cash and cash equivalents at beginning of period		3,694,486			5,923,386

Cash and cash equivalents at end of period		3,165,481			2,600,907

Supplemental cash flow information
Income tax paid		1,187,535			13,344
Interest paid		107,965			53,915
Issuance of common shares for investment relation activities		-			59,300

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-4

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

Dehaier Medical Systems Limited (“Dehaier”) was incorporated in the British Virgin Islands in 2003 as a limited liability company. Dehaier distributes and provides after-sale services for medical equipment in China mainly through its majority-owned subsidiary Beijing Dehaier Medical Technology Co. Limited (“BDL”) and its affiliate Beijing Dehaier Technology Limited (“BTL”). On October 23, 2003, Dehaier established a wholly-owned subsidiary in Hong Kong, De-haier Medical System (Hong Kong) Limited (“DHK”), DHK was shut down on December 19, 2011 due to a change in business strategy. On November 9, 2011, Dehaier established a wholly-owned subsidiary in the United States, Breathcare LLC (“Breathcare”). Both BDL and BTL were incorporated in the People’s Republic of China (“PRC”). Dehaier, through its subsidiaries and affiliate, distributes branded, proprietary medical equipment, such as sleep apnea machines, ventilator air compressors, and oxygen generators. Standard product registration, product certification and quality management system have been established; ISO13485 industry standard has also already been passed. It also has the distribution rights for a number of international medical equipment suppliers for products including anesthesia equipment, patient monitors, mobile C-arm X-ray machines and other medical equipment accessories.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the nine and three months ended September 30, 2012 are not necessarily indicative of operating results expected for the full year or future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed on March 19, 2012.

Basis of Consolidation

The condensed consolidated financial statements include the accounts of Dehaier, and its majority-owned and wholly-owned subsidiaries (collectively, the “Company”). All significant inter-company transactions and balances are eliminated in consolidation.

A group of shareholders, including the Chief Executive Officer, originally held more than 50% of the voting ownership interest of Dehaier, BDL and BTL. BTL is a variable interest entity (“VIE”), and BDL is the primary beneficiary. BTL owns a building which is pledged as collateral for BDL’s bank loans. In exchange, BDL loans money to BTL to finance its operations. BTL’s primary operation is to provide repairs and transportation services to BDL’s customers. Because of these arrangements, BDL is the primary beneficiary of BTL, as the entity that is most closely associated with BTL. Management makes ongoing reassessments of whether BDL is the primary beneficiary of BTL.

F-5

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Consolidation - Continued

The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:

	September 30,		December 31,
	2012		2011
	US$		US$
Total current assets		201,832		425,464
Total assets		1,431,007		1,448,432
Total current liabilities		15,225		35,699
Total liabilities		15,225		35,699

The accounts of BTL are consolidated in the accompanying financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, BTL’s revenues are included in the Company’s service income, and its income from operations is consolidated with the Company’s. Because of the arrangements, the Company had a pecuniary interest in BTL that requires consolidation of the Company’s and BTL’s financial statements.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company's unaudited condensed consolidated financial statements include revenue recognition, allowance for doubtful accounts, warranty obligation, warrants liability, Stock-based compensation and useful lives of intangible assets, and property and equipment. Actual results could differ from those estimates.

Accounts Receivable

Accounts receivable are recorded at net realizable value. Accounts receivable terms typically are net 60-180 days from the end of the month in which the services were provided, or when goods were delivered. The company generally does not require collateral or other security to support accounts receivable. An allowance, if required, is based on a combination of historical experience, aging analysis, and an evaluation of the collectibility of specific accounts. Prior to 2011, receivables were considered past due after 3 years. In 2011, after assessing the distributors’ economic factors and Company’s historic experience, management decided that receivables over 1 year will be considered past due. Management has determined that an allowance of $898,900 (RMB5,650,224) and $859,509 (RMB5,419,725) was appropriate at September 30, 2012 and December 31, 2011 respectively.

Advances to Suppliers and Advances from Customers

The Company, as is the common practice in the PRC, often makes advance payments to suppliers for unassembled parts, or receives advance payments from customers. Advances to suppliers were $5,196,015 and $4,348,847 as of September 30, 2012 and December 31, 2011. Advances from customers were $201,883 and $303,000 as of September 30, 2012 and December 31, 2011, respectively.

F-6

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value of Financial Instruments

The carrying amounts reported in the condensed consolidated financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.

The Company adopted the provisions of ASC topic 815, “Derivatives and Hedging”. ASC topic 815 provides a framework for determining whether an instrument is indexed to an entity's own stock. ASC topic 815 became effective for the Company when warrants were issued in connection with the Company's initial public offering. Such warrants are indexed to the Company's stock, which is traded in US dollars. Since the Company's functional currency is the RMB, such warrants are considered liabilities. The fair value of the warrants liability is measured each reporting period with the resulting change in fair value recorded in the unaudited condensed consolidated statement of income and comprehensive income (see Note 12).

The accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures.

The three levels are defined as follows:

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Warrants liabilities qualify as financial instruments, and are carried on the condensed consolidated balance sheet at its fair value.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrants was determined using the Black Scholes Model, with level 2 inputs, and the change is recorded in earnings.

Inventories

Inventories are stated at the lower of cost or market and consist of assembled and unassembled parts relating to medical devices. The Company reviews its inventory annually for possible obsolete goods and to determine if any reserves are necessary. The reserve for obsolescence was $51,316 (RMB322,556) and $51,154 (RMB322,556) as of September 30, 2012 and December 31, 2011, respectively, and the provision is included in the operating expenses in the unaudited condensed consolidated statements of operations.

F-7

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements	Shorter of the useful lives or the lease term
Building and land use rights	20-40 years
Machinery and equipment	10-15 years
Furniture and office equipment	5 years
Motor vehicles	5 years

Intangible Assets

Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements	Shorter of the useful lives or the lease term
Software copyrights	20 years
Other software	5 years

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the asset and eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. Management has determined no impairment exists at the balance sheet dates.

Revenue Recognition

The Company recognizes revenues when all the followings conditions have been satisfied:

*Persuasive evidence of an arrangement exists;

*Delivery and/or installation has occurred (e.g.,risks and rewards of ownership has passed);

*The sales price is fixed or determinable; and,

*Collectibility is reasonably assured.

All revenues are based on firm customer orders with fixed terms and conditions. Because the products are assembled to the customers’ specification, there is no right of return. The Company does not provide its customers with price protection or cash rebates. For products which include software, the software is an off-the-shelf package and an integral part of the products being delivered. The Company does not provide any significant post-sale customer support services and does not provide customers with upgrades. The software is incidental to the product as a whole. For products that do not require installation, revenues are recognized when the products are delivered. For products that require installation, revenues are recognized when the installation is completed.

For all service income, the Company recognizes the revenue upon the completion of the repairs when the equipment has been returned to and accepted by the customers.

In the PRC, value added tax (VAT) of 17% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

F-8

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Foreign Currency Translation

The accounts of Dehaier, BDL, BTL and DHK are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using fixed exchange rates in effect at the time of the transaction. Generally, foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the condensed consolidated statements of income and comprehensive income. The foreign currency accounts of DHK, BDL and BTL are translated in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity.

Warranty Costs

The Company provides for the estimated cost of product warranties at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates and material usage and service delivery costs incurred in correcting product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company's estimates, the Company may revise its estimated product warranty liability. The term of the product warranty is generally twelve months. The reserve for warranty costs was $335,739 (RMB2,110,361), $334,680 (RMB2,110,361) at September 30, 2012 and December 31, 2011, respectively. Warranty expense for the nine and three months ended September 30, 2012 and 2011 was $38,692, $163,538, $13,611 and $56,890, respectively.

Earnings per Share

The Company follows the provisions of ASC 260-10, “Earnings per Share”. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common stock equivalents having anti-dilutive effect on earnings per share are excluded from the calculation of diluted earning s per share.

Value Added Tax

The Company reports revenues net of PRC’s value added tax for all the periods presented in the condensed consolidated statements of income and comprehensive income.

Stock-Based Compensation

The Company follows the provisions of ASC 718-10, “Compensation-Stock Compensation”. The Company has a share incentive plan which authorizes the issuance of up to 10% of the number of shares outstanding. Pursuant to the plan, the Company may issue options to purchase its common shares to employees and directors of the Company and its affiliates. The Company fair values share-based awards granted under the plan. Accordingly, compensation is measured on the grant date using appropriate valuation models.

F-9

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income Taxes

ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established in the financial statements to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. The Company had filed its 2008 and 2009 Value Added Tax (“VAT”) returns for some of its customers during the year 2011 and nine months ended September 30, 2012. All the potential VAT liabilities on these VAT returns occurred in current period were also accrued and included in the accompanying condensed consolidated financial statements.

The implementation of ASC 740-10 resulted in no material liability for unrecognized tax benefits. As of September 30, 2012 and December 31, 2011, the Company did not have a liability for any unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the nine months ended September 30, 2012 and 2011, the Company did not incur any interest or penalties.

Income tax returns for the year prior to 2009 are no longer subject to examination by tax authorities.

F-10

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

3.	OTHER RECEIVABLES

Other receivables consist of the following:

	September 30,		December 31,
	2012		2011
	US$		US$
Due from suppliers		417,701		350,679
Employee advances		86,717		60,515
		504,418		411,194

4.	PREPAYMENT AND OTHER CURRENT ASSETS

Prepayment and other current assets consist of the following:

	September 30,		December 31,
	2012		2011
	US$		US$
Prepayment for equipment purchase		1,893,853		2,300,415
Other prepaid expenses		198,343		64,739
		2,092,196		2,365,154

5.	PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

	September 30,			December 31,
	2012			2011
	US$			US$
Buildings		1,353,895			1,349,624
Land use rights		309,273			308,297
Plant and machinery		2,989,688			2,973,593
Automobiles		44,008			43,869
Office and computer equipment		483,543			503,833
		5,180,407			5,179,216

Less: Accumulated depreciation and amortization		(2,192,891	)		(1,830,683	)
Property and equipment, net		2,987,516			3,348,533

At September 30, 2012 and December 31, 2011, BTL’s building was pledged to a bank as collateral for short-term borrowings of RMB15,000,000 (US$2,386,365) and RMB10,000,000(US$1,585,890), respectively (see Note 8).

Depreciation and amortization expense was $399,135, $333,580, $152,687 and $113,604 for the nine and three months ended September 30, 2012 and 2011, respectively.

F-11

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5.	PROPERTY AND EQUIPMENT, NET (CONTINUED)

Land Use Rights

There is no private ownership of land in China. Land is owned by the government and the government grants land use rights for specified terms. The Company’s land use rights are reported at the purchase price (RMB1,944,000 in 2002).

6.	INTANGIBLE ASSETS, NET

	September 30,			December 31,
	2012			2011
	US$			US$
Software Copyright		2,709,407			-
Others		42,366			-
		2,751,773			-

Less: Accumulated and amortization		(45,472	)		-
Intangible assets, net		2,706,301			-

Approximate future minimum amortizations at September 30, for the next five years are 265,043 annually.

7.	TAX RECEIVABLE

Tax receivable consists of the following:

	September 30,		December 31,
	2012		2011
	US$		US$
Value added tax receivable		320,140		888,452

Enterprises or individuals who sell commodities, engage in repair and maintenance or import and export goods in the PRC are subject to a VAT in accordance with Chinese laws. The standard VAT is 17% of the gross sales price. A credit is available whereby VAT paid on the purchases of unassembled medical components of the Company’s product used in contract and production can be used to offset the VAT due on sales of the product.

The tax receivable as of September 30, 2012 and December 31, 2011 represents VAT credit on the purchased products. These amounts can be used to offset the VAT due on sales of the finished product.

8.	SHORT-TERM BORROWINGS

The Company has a line of credit for $1,590,915 (RMB10,000,000) with a commercial bank in China to finance its working capital. The credit line bears interest at a variable rate and is renewed annually on May 14th. Average interest rates for the nine months ended September 30, 2012 and 2011 were 7.22% and 6.94%, respectively. Pursuant to the terms of the agreement, the line of credit is secured by BTL’s building (see note 5) and guaranteed by BDL and an officer of the Company.

On May 14, 2012, the bank renewed the Company's credit line that bears interest at a variable rate with payments due on March 14, 2013 and May 14, 2013 for RMB3,000,000 and RMB7,000,000, respectively.

F-12

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8.	SHORT-TERM BORROWINGS (CONTINUED)

On February 2, 2012, the Company entered into a new loan agreement with Nanjing Bank Company Limited (Beijing Branch) in the amount of $795,450 (RMB 5,000,000) with floating interest rate which was approximately 8.2% per year, due on January 30, 2013. Pursuant to the terms of the agreement, the line of credit is guaranteed by an officer of the Company.

9.	NON-CONTROLLING INTEREST

Non-controlling interest consists of the following:

	September 30,		December 31,
	2012		2011
	US$		US$
Original paid-in capital		384,211		384,211
Retained Earnings		743,282		744,693
Accumulated other comprehensive income		288,288		283,829
		1,415,781		1,412,733

10.	COMMITMENTS AND CONTINGENCY

Leases

The lease commitments are for office premises and a warehouse facility, all of which are classified as operating leases. These non-cancelable leases have lease terms expiring through December 2012 for one year. Approximate future minimum lease payments under these leases at September 30, 2012, are $84,000 for the twelve months ending September 30, 2013.

Rent expense for the nine and three months ended September 30, 2012 and 2011 was $64,641, $131,229, $21,174 and $59,074, respectively.

Employment Contracts

Under the PRC labor law, all employees have signed employment contracts with the Company. Management employees have employment contracts with terms up to three years and non-management employees have a one year employment contract renewable on an annual basis.

Contingency

The Labor Contract Law of the People’s Republic of China, requires employers to assure the liability of the severance payments if employees are terminated and have been working for the employers for at least two years prior to January 1, 2008. The Company has estimated its possible severance payments of approximately $295,000 and $235,000 as of September 30, 2012 and December 31, 2011, respectively, which have not been reflected in its condensed consolidated financial statements, because it is more likely than not that this will not be paid or incurred.

F-13

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11.

EQUITY

Common Shares

On March 8, 2011, Dehaier issued 10,000 unregistered common shares to an investment relations firm. The fair value of the shares on the issuance date based on the closing price was $59,300.

On November 16, 2011, Dehaier issued 50,000 unregistered common shares to a consulting firm. The fair value of the shares on the issuance date based on the closing price was $84,250.

On January 9, 2012, Dehaier issued 5,000 restrict unregistered common shares to an independent contractor. The fair value of the shares on the issuance date based on the closing price was $11,000.

On April 5, 2012, Dehaier issued 5,000 restrict unregistered common shares to an independent contractor. The fair value of the shares on the issuance date based on the closing price was $12,000.

On August 22, 2012, Dehaier issued 20,000 restrict unregistered common shares to an independent contractor. The fair value of the shares on the issuance date based on the closing price was $32,000.

Statutory Surplus Reserves

A PRC company is required to make appropriations to statutory surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve is required to be at least 10% of the after tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s’ registered capital.

The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of shares currently held by them, provided that the remaining statutory surplus reserve balance after such issue is not less than 25% of the registered capital.

Since Dehaier is a British Virgin Islands’ company, it will not be subject to the statutory surplus reserve provisions. BDL is a joint-venture company and the statutory surplus reserve provisions will be determined by its board of directors. As of September 30, 2012, BDL’s board of directors has not yet made such determination. Therefore, no amount was allocated to the statutory surplus reserve account.

BTL appropriated 10% of its net profits as statutory surplus reserve, which is included as part of the non-controlling interest in the equity section. For the nine months ended September 30, statutory surplus reserve activity was as follows:

	For the nine months ended September 30, 2012			For the year ended December 31, 2012
	US$			US$
Balance – beginning of period		74,469			72,226
Addition to statutory reserves		(141	)		2,243
Balance –end of period		74,328			74,469

F-14

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11.	EQUITY (CONTINUED)

Stock Option Plan

Under the employee stock option plan, the Company’s stock options expire five years from the date of grant. On December 29, 2011, the Company entered into five-year agreements with its employees and directors. In connection with their services, the Company issued an aggregate of 450,000 options to acquire the Company’s common shares at an exercise price of $1.45 per share. The options vest in equal annual installments over the five years of the agreements beginning December 29, 2011.

The Company valued the stock options using the Black-Scholes model with the following assumptions:

	Expected Terms (years)		Expected Volatility			Dividend Yield			Risk Free Interest Rate			Grant Date Fair Value
Employees		5		126	%		0	%		0.83	%		1.45
Directors and officers		5		126	%		0	%		0.83	%		1.45

The following is a summary of the option activity:

Stock options	Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding as of December 31, 2011		450,000	$	1.45
Granted		-
Forfeited		-
Exercised		-
Outstanding as of September 30, 2012		450,000	$	1.45	$	400,500

Following is a summary of the status of options outstanding and exercisable at September 30, 2012:

Outstanding options				Exercisable options
	Average Exercise price	Number	Average remaining contractual life (years)		Average Exercise price	Number	Average remaining contractual life (years)
$	1.45	450,000	9.25	$	1.45	-	9.25

For the nine and three months ended September 30, 2012 and 2011, the Company recognized $82,471, $0, $27,691 and $0, respectively, as compensation expense under its stock option plan.

F-15

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12.	WARRANTS

On April 21, 2010, the Company issued to Anderson & Strudwick Incorporated (“A&S”) 150,000 warrants, as a portion of the placement commission for the IPO. On the same day, the Company granted a total of 7,500 warrants to Hawk Associates Inc.(“Hawks”), the Company’s investor relations consultancy. On January 10, 2012, the Company issued 100,000 warrants to FirsTrust Group, Inc., (“FirsTrust”), the Company’s investor relations consultancy. The Company had 257,500 warrants outstanding as of September 30, 2012. All the warrants issued to “A&S” have the right to purchase one share of common stock for an exercise price of $10.00 per share with a term of 5 years. All the warrants granted to Hawks have the right to purchase one share of common stock for an exercise price of $9.60 per share with a term of 5 years. All the warrants granted to Firs Trust have the right to purchase one share of common stock for an exercise price of $4.00 per share with a term of 5 years.

The fair value of the outstanding warrants at September 30, 2012 was calculated using the Black Scholes Model with the following assumptions:

Market price per share (USD/share)	1.94
Exercise price (USD/share)	4.00 to 10.00
Risk free rate	0.62%, 0.31%
Dividend yield	-
Expected term/Contractual life (years)	2.56 to 4.28
Expected volatility	181.8	%

The following table sets forth by level within the fair value hierarchy of our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, respectively.

	Carrying Value at September 30, 2012		Fair Value Measurement at September 30, 2012
			Level 1		Level 2		Level 3
Warrants liability	$	381,797	$	-	$	381,797	$	-

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs:

	September 30, 2012		December 31, 2011
	US$		US$
Beginning balance		96,469		318,109
Warrants issued		97,505		-
Fair value change of the issued warrants included in earnings		187,823		(221,640	)
Ending balance		381,797		96,469

Following is a summary of the warrants activity:

	Number		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of December 31, 2011		157,500	$	9.98		3.31
Granted		100,000
Forfeited		-
Exercised		-
Outstanding as of September 30, 2012		257,500	$	7.66		3.28

F-16

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12.	WARRANTS (CONTINUED)

	Number		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of December 31, 2010		157,500	$	9.98		4.33
Granted		-
Forfeited		-
Exercised		-
Outstanding as of September 30, 2011		157,500	$	9.98		3.56

13.	INCOME TAXES

British Virgin Islands

Dehaier is a tax-exempt company incorporated in the British Virgin Islands. BDL and BTL were incorporated in the PRC and are governed by the PRC laws.

Hong Kong

DHK is subject to Hong Kong profits tax at a rate of 17.5% on its assessable profits. No Hong Kong profits tax has been provided as the Company did not have any taxable profit that was earned in or derived from Hong Kong during the years presented.

PRC

PRC enterprise income tax is calculated based on the Enterprise Income Tax Law (the “EIT Law”). Under the EIT Law, a unified enterprise income tax rate of 25% and unified tax deduction standards will be applied equally to both domestic-invested enterprises and foreign-invested enterprises.

Under the current PRC laws, PRC government grants a preferential income tax rate of 15% to government-certified high technology companies, and under the new standard the period of validity for the certification of high technology companies is three years. In 2009, BDL updated its certification for “high technology” company. Therefore, BDL used a 15% income tax rate to calculate the income tax expense for the six months ended September 30, 2012 and 2011. The Company renewed the high technology company status to keep 15% income tax rate after September 30, 2012 and received the approval in October 2012. The Company has not received the preferential tax rate certificate as of the filing date due to the long government procedures and process.

The tax rate for BTL is 25% in 2012 and 2011.

United States

Breathcare is a limited liability company and is not subject to federal income tax. As of September 30, 2012, Breathcare was inactive.

F-17

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

14.	CONCENTRATIONS

Major Customers

For the nine and three months ended September 30, 2012, approximately 7% and 19% of the Company’s revenues was received from one customer. For the nine and three months ended September 30, 2011, approximately 10% and 22% of the Company’s revenues was received from one customer.

At September 30, 2012 and 2011, receivables from four customers were approximately 7%, 7%, 7%, 6% and 10%, 9%, 8%, 8%, respectively.

Revenues

For the nine and three months ended September 30, 2012 and 2011, the Company’s two top selling products accounted, in the aggregate, for approximately 70%, 75%,59%, and 87%, respectively, of its total net revenues.

The following represents the revenues by product line, all derived from China:

	For the nine months ended September 30,				For the three months ended September 30,
	2012		2011		2012		2011
Product Line	US$		US$		US$		US$

Medical Devices		13,383,964		12,860,290		4,696,624		4,201,428
Respiratory and Oxygen Homecare		2,444,215		3,494,243		832,496		1,487,615
		15,828,179		16,354,533		5,529,120		5,689,043

15.	SUBSEQUENT EVENTS

On October 16, 2012, the Company won a government procurement contract with XinJiang Province to distribute medical equipments to Hospitals in XinJiang. The contract will be implemented by the end of 2012.

On October 29, 2012, the Company received a government subsidies of RMB118,000 for the interests on short-term bank loan as High Technology Enterprise.

F-18

EX-31.1 2 v325907_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Ping Chen, certify that:

(1) I have reviewed this Form 10-Q of Dehaier Medical Systems Limited;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5) The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 13, 2012	/s/ Ping Chen
		Ping Chen
		Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 v325907_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Aileen Qi, certify that:

(1) I have reviewed this Form 10-Q of Dehaier Medical Systems Limited;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 13, 2012	/s/ Aileen Qi
		Aileen Qi
		Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 v325907_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Form 10-Q report of Dehaier Medical Systems Limited for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof and pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Ping Chen, certify that:

(1) This report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the this period report fairly presents, in all material respects, the financial condition and results of operations of Dehaier Medical Systems Limited.

Date: November 13, 2012	/s/ Ping Chen
	Ping Chen
	Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 v325907_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1) This report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the this period report fairly presents, in all material respects, the financial condition and results of operations of Dehaier Medical Systems Limited.

Date: November 13, 2012	/s/ Aileen Qi
	Aileen Qi
	Chief Financial Officer (Principal Financial Officer)

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<table style="font: 10pt/normal times new roman, times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 5%; font-weight: bold;">1.</td> <td style="text-align: justify; width: 95%; font-weight: bold;">ORGANIZATION AND PRINCIPAL ACTIVITIES</td> </tr> </table>   Dehaier Medical Systems Limited (“Dehaier”) was incorporated in the British Virgin Islands in 2003 as a limited liability company. Dehaier distributes and provides after-sale services for medical equipment in China mainly through its majority-owned subsidiary Beijing Dehaier Medical Technology Co. Limited (“BDL”) and its affiliate Beijing Dehaier Technology Limited (“BTL”). On October 23, 2003, Dehaier established a wholly-owned subsidiary in Hong Kong, De-haier Medical System (Hong Kong) Limited (“DHK”), DHK was shut down on December 19, 2011 due to a change in business strategy. On November 9, 2011, Dehaier established a wholly-owned subsidiary in the United States, Breathcare LLC (“Breathcare”). Both BDL and BTL were incorporated in the People’s Republic of China (“PRC”). Dehaier, through its subsidiaries and affiliate, distributes branded, proprietary medical equipment, such as sleep apnea machines, ventilator air compressors, and oxygen generators. Standard product registration, product certification and quality management system have been established; ISO 13485 industry standard has also already been passed. It also has the distribution rights for a number of international medical equipment suppliers for products including anesthesia equipment, patient monitors, mobile C-arm X-ray machines and other medical equipment accessories.

<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 6%; font-weight: bold;">2.</td> <td style="text-align: justify; width: 94%; font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td> </tr> </table>   Basis of Presentation   The accompanying condensed consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the nine and three months ended September 30, 2012 are not necessarily indicative of operating results expected for the full year or future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed on March 19, 2012.   Basis of Consolidation The condensed consolidated financial statements include the accounts of Dehaier, and its majority-owned and wholly-owned subsidiaries (collectively, the “Company”). All significant inter-company transactions and balances are eliminated in consolidation.   A group of shareholders, including the Chief Executive Officer, originally held more than 50% of the voting ownership interest of Dehaier, BDL and BTL. BTL is a variable interest entity (“VIE”), and BDL is the primary beneficiary. BTL owns a building which is pledged as collateral for BDL’s bank loans. In exchange, BDL loans money to BTL to finance its operations. BTL’s primary operation is to provide repairs and transportation services to BDL’s customers. Because of these arrangements, BDL is the primary beneficiary of BTL, as the entity that is most closely associated with BTL. Management makes ongoing reassessments of whether BDL is the primary beneficiary of BTL.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Basis of Consolidation - Continued</div>   The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Total current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">201,832</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">425,464</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Total assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,431,007</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,448,432</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Total current liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,225</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,699</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Total liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,225</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,699</td> <td style="text-align: left;"> </td> </tr> </table>   The accounts of BTL are consolidated in the accompanying financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, BTL’s revenues are included in the Company’s service income, and its income from operations is consolidated with the Company’s. Because of the arrangements, the Company had a pecuniary interest in BTL that requires consolidation of the Company’s and BTL’s financial statements.   Use of Estimates The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company's unaudited condensed consolidated financial statements include revenue recognition, allowance for doubtful accounts, warranty obligation, warrants liability, Stock-based compensation and useful lives of intangible assets, and property and equipment. Actual results could differ from those estimates.   Accounts Receivable Accounts receivable are recorded at net realizable value. Accounts receivable terms typically are net 60-180 days from the end of the month in which the services were provided, or when goods were delivered. The company generally does not require collateral or other security to support accounts receivable. An allowance, if required, is based on a combination of historical experience, aging analysis, and an evaluation of the collectibility of specific accounts. Prior to 2011, receivables were considered past due after 3 years. In 2011, after assessing the distributors’ economic factors and Company’s historic experience, management decided that receivables over 1 year will be considered past due. Management has determined that an allowance of $898,900 (RMB5,650,224) and $859,509 (RMB5,419,725) was appropriate at September 30, 2012 and December 31, 2011 respectively.   Advances to Suppliers and Advances from Customers The Company, as is the common practice in the PRC, often makes advance payments to suppliers for unassembled parts, or receives advance payments from customers. Advances to suppliers were $5,196,015 and $4,348,847 as of September 30, 2012 and December 31, 2011. Advances from customers were $201,883 and $303,000 as of September 30, 2012 and December 31, 2011, respectively.   Fair Value of Financial Instruments The carrying amounts reported in the condensed consolidated financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.   The Company adopted the provisions of ASC topic 815, “Derivatives and Hedging”. ASC topic 815 provides a framework for determining whether an instrument is indexed to an entity's own stock. ASC topic 815 became effective for the Company when warrants were issued in connection with the Company's initial public offering. Such warrants are indexed to the Company's stock, which is traded in US dollars. Since the Company's functional currency is the RMB, such warrants are considered liabilities. The fair value of the warrants liability is measured each reporting period with the resulting change in fair value recorded in the unaudited condensed consolidated statement of income and comprehensive income (see Note 12).   The accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures.   The three levels are defined as follows:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td> </tr> </table>   Warrants liabilities qualify as financial instruments, and are carried on the condensed consolidated balance sheet at its fair value.   Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrants was determined using the Black Scholes Model, with level 2 inputs, and the change is recorded in earnings.   Inventories Inventories are stated at the lower of cost or market and consist of assembled and unassembled parts relating to medical devices. The Company reviews its inventory annually for possible obsolete goods and to determine if any reserves are necessary. The reserve for obsolescence was $51,316 (RMB322,556) and $51,154 (RMB322,556) as of September 30, 2012 and December 31, 2011, respectively, and the provision is included in the operating expenses in the unaudited condensed consolidated statements of operations.   Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 35%;">Leasehold improvements</td> <td style="text-align: justify; width: 65%;">Shorter of the useful lives or the lease term</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Building and land use rights</td> <td style="text-align: justify;">20-40 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Machinery and equipment</td> <td style="text-align: justify;">10-15 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Furniture and office equipment</td> <td style="text-align: justify;">5 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Motor vehicles</td> <td style="text-align: justify;">5 years</td> </tr> </table>   Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 35%;">Leasehold improvements</td> <td style="text-align: justify; width: 65%;">Shorter of the useful lives or the lease term</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Software copyrights</td> <td style="text-align: justify;">20 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Other software</td> <td style="text-align: justify;">5 years</td> </tr> </table>   Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the asset and eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. Management has determined no impairment exists at the balance sheet dates.   Revenue Recognition The Company recognizes revenues when all the followings conditions have been satisfied: *Persuasive evidence of an arrangement exists; *Delivery and/or installation has occurred (e.g.,risks and rewards of ownership has passed); *The sales price is fixed or determinable; and, *Collectibility is reasonably assured.   All revenues are based on firm customer orders with fixed terms and conditions. Because the products are assembled to the customers’ specification, there is no right of return. The Company does not provide its customers with price protection or cash rebates. For products which include software, the software is an off-the-shelf package and an integral part of the products being delivered. The Company does not provide any significant post-sale customer support services and does not provide customers with upgrades. The software is incidental to the product as a whole. For products that do not require installation, revenues are recognized when the products are delivered. For products that require installation, revenues are recognized when the installation is completed.   For all service income, the Company recognizes the revenue upon the completion of the repairs when the equipment has been returned to and accepted by the customers.   In the PRC, value added tax (VAT) of 17% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Foreign Currency Translation</div>   The accounts of Dehaier, BDL, BTL and DHK are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using fixed exchange rates in effect at the time of the transaction. Generally, foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the condensed consolidated statements of income and comprehensive income. The foreign currency accounts of DHK, BDL and BTL are translated in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity.   Warranty Costs   The Company provides for the estimated cost of product warranties at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates and material usage and service delivery costs incurred in correcting product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company's estimates, the Company may revise its estimated product warranty liability. The term of the product warranty is generally twelve months. The reserve for warranty costs was $335,739 (RMB2,110,361), $334,680 (RMB2,110,361) at September 30, 2012 and December 31, 2011, respectively. Warranty expense for the nine and three months ended September 30, 2012 and 2011 was $38,692, $163,538, $13,611 and $56,890, respectively.   Earnings per Share   The Company follows the provisions of ASC 260-10, “Earnings per Share”. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common stock equivalents having anti-dilutive effect on earnings per share are excluded from the calculation of diluted earning s per share.   Value Added Tax   The Company reports revenues net of PRC’s value added tax for all the periods presented in the condensed consolidated statements of income and comprehensive income.   Stock-Based Compensation The Company follows the provisions of ASC 718-10, “Compensation-Stock Compensation”. The Company has a share incentive plan which authorizes the issuance of up to 10% of the number of shares outstanding. Pursuant to the plan, the Company may issue options to purchase its common shares to employees and directors of the Company and its affiliates. The Company fair values share-based awards granted under the plan. Accordingly, compensation is measured on the grant date using appropriate valuation models.   <div style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Income Taxes</div>   The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2012, the Company recorded a deferred tax asset for the temporary differences arising from allowance for doubtful accounts and certain accrued expenses. The company believes it can utilize the deferred tax asset to offset future taxable income. Therefore, no valuation allowance has been provided as of September 30, 2012 and December 31, 2011.   ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established in the financial statements to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. The Company had filed its 2008 and 2009 Value Added Tax (“VAT”) returns for some of its customers during the year 2011 and nine months ended September 30, 2012. All the potential VAT liabilities on these VAT returns occurred in current period were also accrued and included in the accompanying condensed consolidated financial statements.   The implementation of ASC 740-10 resulted in no material liability for unrecognized tax benefits. As of September 30, 2012 and December 31, 2011, the Company did not have a liability for any unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the nine months ended September 30, 2012 and 2011, the Company did not incur any interest or penalties.   Income tax returns for the year prior to 2009 are no longer subject to examination by tax authorities.

Basis of Presentation   The accompanying condensed consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).   In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the nine and three months ended September 30, 2012 are not necessarily indicative of operating results expected for the full year or future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed on March 19, 2012.

Basis of Consolidation The condensed consolidated financial statements include the accounts of Dehaier, and its majority-owned and wholly-owned subsidiaries (collectively, the “Company”). All significant inter-company transactions and balances are eliminated in consolidation.   A group of shareholders, including the Chief Executive Officer, originally held more than 50% of the voting ownership interest of Dehaier, BDL and BTL. BTL is a variable interest entity (“VIE”), and BDL is the primary beneficiary. BTL owns a building which is pledged as collateral for BDL’s bank loans. In exchange, BDL loans money to BTL to finance its operations. BTL’s primary operation is to provide repairs and transportation services to BDL’s customers. Because of these arrangements, BDL is the primary beneficiary of BTL, as the entity that is most closely associated with BTL. Management makes ongoing reassessments of whether BDL is the primary beneficiary of BTL.   The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Total current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">201,832</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">425,464</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Total assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,431,007</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,448,432</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Total current liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,225</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,699</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Total liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,225</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,699</td> <td style="text-align: left;"> </td> </tr> </table>   The accounts of BTL are consolidated in the accompanying financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, BTL’s revenues are included in the Company’s service income, and its income from operations is consolidated with the Company’s. Because of the arrangements, the Company had a pecuniary interest in BTL that requires consolidation of the Company’s and BTL’s financial statements.

Use of Estimates The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company's unaudited condensed consolidated financial statements include revenue recognition, allowance for doubtful accounts, warranty obligation, warrants liability, Stock-based compensation and useful lives of intangible assets, and property and equipment. Actual results could differ from those estimates.

Accounts Receivable Accounts receivable are recorded at net realizable value. Accounts receivable terms typically are net 60-180 days from the end of the month in which the services were provided, or when goods were delivered. The company generally does not require collateral or other security to support accounts receivable. An allowance, if required, is based on a combination of historical experience, aging analysis, and an evaluation of the collectibility of specific accounts. Prior to 2011, receivables were considered past due after 3 years. In 2011, after assessing the distributors’ economic factors and Company’s historic experience, management decided that receivables over 1 year will be considered past due. Management has determined that an allowance of $898,900 (RMB5,650,224) and $859,509 (RMB5,419,725) was appropriate at September 30, 2012 and December 31, 2011 respectively.

Advances to Suppliers and Advances from Customers The Company, as is the common practice in the PRC, often makes advance payments to suppliers for unassembled parts, or receives advance payments from customers. Advances to suppliers were $5,196,015 and $4,348,847 as of September 30, 2012 and December 31, 2011. Advances from customers were $201,883 and $303,000 as of September 30, 2012 and December 31, 2011, respectively.

Fair Value of Financial Instruments The carrying amounts reported in the condensed consolidated financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.   The Company adopted the provisions of ASC topic 815, “Derivatives and Hedging”. ASC topic 815 provides a framework for determining whether an instrument is indexed to an entity's own stock. ASC topic 815 became effective for the Company when warrants were issued in connection with the Company's initial public offering. Such warrants are indexed to the Company's stock, which is traded in US dollars. Since the Company's functional currency is the RMB, such warrants are considered liabilities. The fair value of the warrants liability is measured each reporting period with the resulting change in fair value recorded in the unaudited condensed consolidated statement of income and comprehensive income (see Note 12).   The accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures.   The three levels are defined as follows:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td> </tr> </table>   Warrants liabilities qualify as financial instruments, and are carried on the condensed consolidated balance sheet at its fair value.   Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrants was determined using the Black Scholes Model, with level 2 inputs, and the change is recorded in earnings.

Inventories Inventories are stated at the lower of cost or market and consist of assembled and unassembled parts relating to medical devices. The Company reviews its inventory annually for possible obsolete goods and to determine if any reserves are necessary. The reserve for obsolescence was $51,316 (RMB322,556) and $51,154 (RMB322,556) as of September 30, 2012 and December 31, 2011, respectively, and the provision is included in the operating expenses in the unaudited condensed consolidated statements of operations.

Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 35%;">Leasehold improvements</td> <td style="text-align: justify; width: 65%;">Shorter of the useful lives or the lease term</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Building and land use rights</td> <td style="text-align: justify;">20-40 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Machinery and equipment</td> <td style="text-align: justify;">10-15 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Furniture and office equipment</td> <td style="text-align: justify;">5 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Motor vehicles</td> <td style="text-align: justify;">5 years</td> </tr> </table>

Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 35%;">Leasehold improvements</td> <td style="text-align: justify; width: 65%;">Shorter of the useful lives or the lease term</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Software copyrights</td> <td style="text-align: justify;">20 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Other software</td> <td style="text-align: justify;">5 years</td> </tr> </table>

Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the asset and eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. Management has determined no impairment exists at the balance sheet dates.

Revenue Recognition The Company recognizes revenues when all the followings conditions have been satisfied: *Persuasive evidence of an arrangement exists; *Delivery and/or installation has occurred (e.g.,risks and rewards of ownership has passed); *The sales price is fixed or determinable; and, *Collectibility is reasonably assured.   All revenues are based on firm customer orders with fixed terms and conditions. Because the products are assembled to the customers’ specification, there is no right of return. The Company does not provide its customers with price protection or cash rebates. For products which include software, the software is an off-the-shelf package and an integral part of the products being delivered. The Company does not provide any significant post-sale customer support services and does not provide customers with upgrades. The software is incidental to the product as a whole. For products that do not require installation, revenues are recognized when the products are delivered. For products that require installation, revenues are recognized when the installation is completed.   For all service income, the Company recognizes the revenue upon the completion of the repairs when the equipment has been returned to and accepted by the customers.   In the PRC, value added tax (VAT) of 17% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

Foreign Currency Translation   The accounts of Dehaier, BDL, BTL and DHK are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using fixed exchange rates in effect at the time of the transaction. Generally, foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the condensed consolidated statements of income and comprehensive income. The foreign currency accounts of DHK, BDL and BTL are translated in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity.

Warranty Costs   The Company provides for the estimated cost of product warranties at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates and material usage and service delivery costs incurred in correcting product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company's estimates, the Company may revise its estimated product warranty liability. The term of the product warranty is generally twelve months. The reserve for warranty costs was $335,739 (RMB2,110,361), $334,680 (RMB2,110,361) at September 30, 2012 and December 31, 2011, respectively. Warranty expense for the nine and three months ended September 30, 2012 and 2011 was $38,692, $163,538, $13,611 and $56,890, respectively.

Earnings per Share   The Company follows the provisions of ASC 260-10, “Earnings per Share”. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common stock equivalents having anti-dilutive effect on earnings per share are excluded from the calculation of diluted earning s per share.

Value Added Tax   The Company reports revenues net of PRC’s value added tax for all the periods presented in the condensed consolidated statements of income and comprehensive income.

Stock-Based Compensation The Company follows the provisions of ASC 718-10, “Compensation-Stock Compensation”. The Company has a share incentive plan which authorizes the issuance of up to 10% of the number of shares outstanding. Pursuant to the plan, the Company may issue options to purchase its common shares to employees and directors of the Company and its affiliates. The Company fair values share-based awards granted under the plan. Accordingly, compensation is measured on the grant date using appropriate valuation models.

Income Taxes   The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2012, the Company recorded a deferred tax asset for the temporary differences arising from allowance for doubtful accounts and certain accrued expenses. The company believes it can utilize the deferred tax asset to offset future taxable income. Therefore, no valuation allowance has been provided as of September 30, 2012 and December 31, 2011.   ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established in the financial statements to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. The Company had filed its 2008 and 2009 Value Added Tax (“VAT”) returns for some of its customers during the year 2011 and nine months ended September 30, 2012. All the potential VAT liabilities on these VAT returns occurred in current period were also accrued and included in the accompanying condensed consolidated financial statements.   The implementation of ASC 740-10 resulted in no material liability for unrecognized tax benefits. As of September 30, 2012 and December 31, 2011, the Company did not have a liability for any unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the nine months ended September 30, 2012 and 2011, the Company did not incur any interest or penalties.   Income tax returns for the year prior to 2009 are no longer subject to examination by tax authorities.

The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Total current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">201,832</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">425,464</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Total assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,431,007</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,448,432</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Total current liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,225</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,699</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Total liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">15,225</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">35,699</td> </tr> </table> Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 35%;">Leasehold improvements</td> <td style="text-align: justify; width: 65%;">Shorter of the useful lives or the lease term</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Building and land use rights</td> <td style="text-align: justify;">20-40 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Machinery and equipment</td> <td style="text-align: justify;">10-15 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Furniture and office equipment</td> <td style="text-align: justify;">5 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Motor vehicles</td> <td style="text-align: justify;">5 years</td> </tr> </table> Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: justify; width: 35%;">Leasehold improvements</td> <td style="text-align: justify; width: 65%;">Shorter of the useful lives or the lease term</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Software copyrights</td> <td style="text-align: justify;">20 years</td> </tr> <tr style="vertical-align: top;"> <td style="text-align: justify;">Other software</td> <td style="text-align: justify;">5 years</td> </tr> </table> Other receivables consist of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: justify;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Due from suppliers</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">417,701</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">350,679</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Employee advances</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">86,717</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,515</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">504,418</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">411,194</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> Prepayment and other current assets consist of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: justify;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Prepayment for equipment purchase</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">1,893,853</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">2,300,415</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Other prepaid expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">198,343</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">64,739</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 0.5in;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,092,196</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,365,154</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Property and equipment consist of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: justify;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Buildings</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">1,353,895</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">1,349,624</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Land use rights</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">309,273</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">308,297</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;">Plant and machinery</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,989,688</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,973,593</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Automobiles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,008</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">43,869</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Office and computer equipment</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">483,543</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">503,833</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 0.5in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,180,407</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,179,216</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation and amortization</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,192,891</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,830,683</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Property and equipment, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,987,516</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,348,533</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Tax receivable consists of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;" colspan="2">September 30,</td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;" colspan="2">December 31,</td> <td style="text-align: center;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="text-align: center; padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;" colspan="2">US$</td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: center;" colspan="2">US$</td> <td style="text-align: center;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt; width: 74%;">Value added tax receivable</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">320,140</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%;">888,452</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;"> </td> </tr> </table> Non-controlling interest consists of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: justify;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 74%;">Original paid-in capital</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">384,211</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">384,211</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Retained Earnings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">743,282</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">744,693</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Accumulated other comprehensive income</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">288,288</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">283,829</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,415,781</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,412,733</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table> For the nine months ended September 30, statutory surplus reserve activity was as follows:     <table align="center" style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">For the nine months ended September 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">For the year ended December 31, 2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2">US$</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">US$</td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Balance – beginning of period</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">74,469</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">72,226</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Addition to statutory reserves</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(141</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,243</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Balance –end of period</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">74,328</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">74,469</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

The Company valued the stock options using the Black-Scholes model with the following assumptions:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Expected Terms (years)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Expected Volatility</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Dividend Yield</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Risk Free Interest Rate</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Grant Date Fair Value</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 35%;">Employees</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">5</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">126</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">0.83</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">1.45</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Directors and officers</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">126</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.83</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.45</td> <td style="text-align: left;"> </td> </tr> </table>

The following is a summary of the option activity:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: justify;" nowrap="nowrap">Stock options</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 61%;">Outstanding as of December 31, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">450,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1.45</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Exercised</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Outstanding as of September 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">450,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;">$</td> <td style="text-align: right; padding-bottom: 1pt;">1.45</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;">$</td> <td style="text-align: right; padding-bottom: 1pt;">400,500</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table>

Following is a summary of the status of options outstanding and exercisable at September 30, 2012:   <table align="center" style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: windowtext 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Outstanding options</td> <td style="text-align: left;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Exercisable options</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 11%;" nowrap="nowrap">Average Exercise price</td> <td style="text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 10%;" nowrap="nowrap">Number</td> <td style="text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 25%;" nowrap="nowrap">Average remaining contractual life (years)</td> <td style="text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 11%;" nowrap="nowrap">Average Exercise price</td> <td style="text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 10%;" nowrap="nowrap">Number</td> <td style="text-align: center; width: 1%;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center; width: 26%;" nowrap="nowrap">Average remaining contractual life (years)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td style="text-align: left;">$</td> <td style="text-align: right;">1.45</td> <td style="text-align: left;"> </td> <td style="text-align: right;">450,000</td> <td style="text-align: left;"> </td> <td style="text-align: right;">9.25</td> <td style="text-align: left;"> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.45</td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td style="text-align: right;">9.25</td> </tr> </table> The fair value of the outstanding warrants at September 30, 2012 was calculated using the Black Scholes Model with the following assumptions:   <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt; width: 87%;">Market price per share (USD/share)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;" nowrap="nowrap">1.94</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">Exercise price (USD/share)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;" nowrap="nowrap">4.00 to 10.00</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Risk free rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;" nowrap="nowrap">0.62%, 0.31%</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;" nowrap="nowrap">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Expected term/Contractual life (years)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;" nowrap="nowrap">2.56 to 4.28</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;" nowrap="nowrap">181.8</td> <td style="text-align: left;">%</td> </tr> </table>

The following table sets forth by level within the fair value hierarchy of our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, respectively.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Carrying Value at  September 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10">Fair Value Measurement at September 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">Level 1</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">Level 2</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">Level 3</td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 48%;">Warrants liability</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">381,797</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">381,797</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table>

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">September 30, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Beginning balance</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">96,469</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">318,109</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;">Warrants issued</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">97,505</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Fair value change of the issued warrants included in earnings</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">187,823</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(221,640</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Ending balance</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">381,797</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">96,469</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

The following represents the revenues by product line, all derived from China:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For the nine months ended September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">For the three months ended September 30,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap">Product Line</td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: right;" colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 48%;">Medical Devices</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">13,383,964</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">12,860,290</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">4,696,624</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">4,201,428</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Respiratory and Oxygen Homecare</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,444,215</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,494,243</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">832,496</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,487,615</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15,828,179</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">16,354,533</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,529,120</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,689,043</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Shorter of the useful lives or the lease term

P5Y

P40Y

P20Y

P10Y

P15Y

P5Y

Shorter of the useful lives or the lease term

P20Y P5Y P3Y P1Y

51154

322556

51316

322556

0.17

56890

163538

13611

38692

0.50

0.10

350679 417701

60515

86717

2300415 1893853

64739

198343

1349624

1353895

308297 309273 2973593 2989688 43869 44008

503833

483543

5179216

5180407

1830683

2192891

1585890 10000000 2386365 15000000 1944000

2709407

42366

2751773

45473

265043

888452

320140

0.17

0.0694

0.0722

795450 5000000 0.082 2013-01-30 2013-03-14 2013-05-14

384211

744693 743282 283829 288288

59074

131229

21174

64641

The Labor Contract Law of the People's Republic of China, requires employers to assure the liability of the severance payments if employees are terminated and have been working for the employers for at least two years prior to January 1, 2008. 235000 295000

84000

72226 74469 74328 2243 -141

P5Y

1.818

1.26

0.00

0.0083

1.45

450000

157500

450000

257500

100000

1.45

9.98

1.45

7.66

400500

1.45

450000

P3Y3M22D

P9Y3M

P3Y5M23D

1.45

P9Y3M

10000 50000 5000 5000 20000 59300 84250 11000 12000 32000 0.10 0.50 0.25 0.10 450000 1.45 450000

27691

82471

1.94

4.00 10.00

0.0062

0.0031

P2Y6M22D P4Y3M11D 318109 96469 0 381797 0 0 0 97505 -221640 187823

150000 7500 100000

10.00

4.00

9.60

P5Y

0.25

0.175

0.25 0.15

0.15

0.22

0.10

0.19

0.07

0.10 0.09 0.08 0.08 0.07 0.07 0.07 0.06 0.87 0.75 0.59 0.70

2110942

3602709

4348847

5196015

36419

5419725

5650224

0001474627us-gaap:MinimumMember2012-01-012012-09-30 0001474627us-gaap:MaximumMember2012-01-012012-09-30 P60D P180D

2012-12-31

0001474627dhrm:ManagementEmployeesMember2012-01-012012-09-30 0001474627dhrm:NonManagementEmployeesMember2012-01-012012-09-30 P3Y P1Y P5Y

335739

0001474627us-gaap:WarrantMember2011-01-012011-09-30 0001474627us-gaap:WarrantMember2011-09-30

9.98

0001474627us-gaap:WarrantMember2010-01-012010-12-31

P4Y3M29D

P3Y6M22D

59300

<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">US$</td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: justify; width: 74%;">Software Copyright</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">2,709,407</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt;">Others</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">42,366</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 0.5in;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,751,773</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated and amortization</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(45,473</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 2.5pt;">Intangible assets, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,706,300</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Following is a summary of the warrants activity:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted  Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Life</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 61%;">Outstanding as of December 31, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">157,500</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9.98</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">3.31</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Exercised</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Outstanding as of September 30, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">257,500</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">7.66</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;">3.28</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Number</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted  Average Exercise Price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Weighted Average Remaining Contractual Life</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 61%;">Outstanding as of December 31, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">157,500</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">9.98</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">4.33</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Exercised</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Outstanding as of September 30, 2011</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">157,500</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">9.98</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt;">3.56</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

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157500

9.98

157500

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Examples include interest, rent and utilities. Also includes, carrying amount as of the balance sheet date of liabilities not otherwise specified in the taxonomy. Taxes Payable, Current Taxes payable Tax payable Product Warranty Accrual, Current Warranty obligation Liabilities, Current Total current liabilities Total Current Liabilities Total Current Liabilities Liabilities, Noncurrent [Abstract] OTHER LIABILITIES Warrants and Rights Outstanding Warrants liability, Carrying Value Warrants liability Liabilities Total liabilities Total Liabilities Total Liabilities Stockholders' Equity Attributable To Parent [Abstract] Equity Common Stock, Value, Issued Common shares, $0.002731 par value, 18,307,038 shares authorized,4,590,000 and 4,560,000 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital, Common Stock Additional paid in capital Additional Paid in Capital, Common Stock, Beginning Balance Additional Paid in Capital, Common Stock, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings Retained earnings Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive income Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Stockholders' Equity Attributable To Parent Total Dehaier Medical Systems Limited shareholders' equity Total Dehaier Medical Systems Limited shareholders' equity Stockholders' Equity Attributable to Parent, Beginning Balance Stockholders' Equity Attributable to Parent, Ending Balance Stockholders' Equity Attributable To Noncontrolling Interest Non-controlling interest Non-controlling interest Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance Stockholders' Equity, Including Portion Attributable To Noncontrolling Interest Total equity Total equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance Liabilities and Equity Total liabilities and equity Total liabilities and equity Balance Sheet Parenthetical [Abstract] Balance Sheet Parenthetical [Abstract] Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts (in dollars) Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common Stock, Shares, Issued (in shares) Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Revenues Revenue Revenue Cost Of Goods and Services Sold Costs of revenue Costs of revenue Costs of revenue Costs of revenue Gross Profit Gross profit Gross profit Service Income Service income Amount of service income earned by the entity during the period. Service Expenses Service expenses Amount of service expenses incurred by the entity during the period. Service expenses General and Administrative Expense General and administrative expense General and administrative expense General and administrative expense Selling Expense Selling expense Selling expense Selling expense Selling expense Operating Income (Loss) Operating Income Operating Income Financial Expense Financial expenses (including interest expense of $XXX, $26,993, $XXX and $10,816 for the six and three months ended June 30, 2012 and 2011, respectively) This element represents interest expenses and charges for bank accounts, examples like remittance and so on. Financial expenses (including interest expense of $107,965, $53,915, $43,061 and $26,922 for the nine and three months ended September 30, 2012 and 2011, respectively) Nonoperating Income (Expense) Non-operating Income Gain (Loss) On Derivative Instruments, Net, Pretax Change in fair value of warrants liability Change in fair value of warrants liability Change in fair value of warrants liability Income (Loss) From Continuing Operations Before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Income before provision for income tax Income before provision for income taxes and non-controlling interest Income Tax Expense (Benefit) Provision for income tax Provision for income tax Provision for income tax Provision for income tax Net Income (Loss), Including Portion Attributable To Noncontrolling Interest Net Income Net income Net Income Net Income (Loss) Attributable To Noncontrolling Interest Non-Controlling interest in (income) loss Non-Controlling interest in income Non-Controlling interest in (income) loss Non-Controlling interest in income Net Income (Loss) Attributable To Parent Net income attributable to Dehaier Medical Systems Limited Net income attributable to Dehaier Medical Systems Limited Other Comprehensive Income (Loss), Tax [Abstract] Other comprehensive income Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Before Tax Foreign currency translation adjustments Foreign currency translation adjustments Comprehensive Income (Loss), Net Of Tax, Attributable To Parent Comprehensive Income Comprehensive Income (Loss), Net Of Tax, Attributable To Noncontrolling Interest Comprehensive income attributable to the non-controlling interest Comprehensive income attributable to the non-controlling interest Comprehensive loss (income) attributable to the non-controlling interest Comprehensive Income (Loss), Net Of Tax, Including Portion Attributable To Noncontrolling Interest Comprehensive income attributable to Dehaier Medical Systems Limited Comprehensive income attributable to Dehaier Medical Systems Limited Earnings Per Share [Abstract] Earnings per share Earnings Per Share, Basic -Basic (in dollars per share) -Basic (in dollars per share) Earnings Per Share, Diluted -Diluted (in dollars per share) -Diluted (in dollars per share) Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] Weighted average number of common shares used in computation Weighted Average Number Of Shares Outstanding, Basic -Basic (in shares) Weighted Average Number of Shares Outstanding, Basic, Total Weighted Average Number Of Shares Outstanding, Diluted -Diluted (in shares) Weighted Average Number of Shares Outstanding, Diluted, Total Condensed Consolidated Statements Of Operations [Parenthetical] [Abstract] Condensed Consolidated Statements Of Operations [Parenthetical] [Abstract] Interest Expense Interest expense (in dollars) Interest Expense, Total Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash flows from operating activities Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to net cash (used in) provided by operating activities Share-Based Compensation Stock-based compensation expense Stock-based compensation expense Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Change In Fair Value Of Warrants Liability Change in fair value of warrants liability The initial fair value and fair value movement of all derivative instruments during the reporting period. 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Acquisition of machinery and software copyrights Payments For Advances To Affiliates Advances to related parties Advances to related parties The cash outflow associated with extending a long-term transaction to a related party. Advances to related parties Advances to related parties Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash flows from financing activities Proceeds From Bank Debt Proceeds from bank loan Repayments Of Lines Of Credit Repayment of bank loan Repayment of bank loan Repayment of bank loan Repayment of bank loan Net Cash Provided By (Used In) Financing Activities Net cash provided by financing activities Net cash provided by financing activities Effect Of Exchange Rate On Cash and Cash Equivalents Effect of exchange rate fluctuations on cash and cash equivalents Effect of exchange rate fluctuations on cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net decrease in cash and cash equivalents Net decrease in cash and cash equivalents Supplemental Cash Flow Information [Abstract] Supplemental cash flow information Income Taxes Paid Income tax paid Interest Paid Interest paid Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature Of Operations [Text Block] Nature of Operations [Text Block] Accounting Policies [Abstract] Accounting Policies [Abstract] Basis Of Presentation and Significant Accounting Policies [Text Block] Basis of Presentation and Significant Accounting Policies [Text Block] Other Receivables [Abstract] Other Receivables [Abstract] Other Receivables [Text Block] Other Receivables [Text Block] The entire disclosure of other receivables. 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Short-term Debt [Abstract] Short-term Debt [Abstract] Short-Term Debt [Text Block] Short-term Debt [Text Block] Noncontrolling Interest [Abstract] Noncontrolling Interest [Abstract] Noncontrolling Interest Disclosure [Text Block] Noncontrolling Interest Disclosure [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Disclosure [Text Block] Stockholders' Equity Note [Abstract] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity Note Disclosure [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Tax Disclosure [Text Block] Subsequent Events [Abstract] Subsequent Events [Abstract] Subsequent Events [Text Block] Subsequent Events [Text Block] Consolidation, Policy [Policy Text Block] Consolidation, Policy [Policy Text Block] Use Of Estimates, Policy [Policy Text Block] Use of Estimates, Policy [Policy Text Block] Trade and Other Accounts Receivable, Policy [Policy Text Block] Trade and Other Accounts Receivable, Policy [Policy Text Block] Advances To Suppliers and Advances From Customers [Policy Text Block] Advances to Suppliers and Advances from Customers [Policy Text Block] The entire disclosure of advance to suppliers and advances from customers during the reporting period. Fair Value Of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Goodwill and Intangible Assets, Policy [Policy Text Block] Goodwill and Intangible Assets, Policy [Policy Text Block] Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block] Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Revenue Recognition, Policy [Policy Text Block] Revenue Recognition, Policy [Policy Text Block] Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Transactions and Translations Policy [Policy Text Block] Standard Product Warranty, Policy [Policy Text Block] Standard Product Warranty, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Value Added Tax [Policy Text Block] Value Added Tax [Policy Text Block] The entire disclosure of value added tax during the reporting period. 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PROPERTY AND EQUIPMENT, NET (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Buildings	$ 1,353,895	$ 1,349,624
Land use rights	309,273	308,297
Plant and machinery	2,989,688	2,973,593
Automobiles	44,008	43,869
Office and computer equipment	483,543	503,833
Property, Plant and Equipment, Gross	5,180,407	5,179,216
Less: Accumulated depreciation and amortization	(2,192,891)	(1,830,683)
Property and equipment, net	$ 2,987,516	$ 3,348,533

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

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- Definition

Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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- Definition

Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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XML 13 R54.htm IDEA: XBRL DOCUMENT

WARRANTS (Details 1) (USD $)	Sep. 30, 2012	Dec. 31, 2011	Dec. 31, 2010
Warrants liability, Carrying Value	$ 381,797	$ 96,469
Warrants liability, Fair Value Measurement	0
Fair Value, Inputs, Level 1 [Member]
Warrants liability, Fair Value Measurement	0
Fair Value, Inputs, Level 2 [Member]
Warrants liability, Fair Value Measurement	381,797	96,469	318,109
Fair Value, Inputs, Level 3 [Member]
Warrants liability, Fair Value Measurement	$ 0

- Definition

Value of outstanding derivative securities that permit the holder the right to purchase securities (usually equity) from the issuer at a specified price.

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XML 14 R48.htm IDEA: XBRL DOCUMENT

EQUITY (Details) (USD $)	9 Months Ended	12 Months Ended
EQUITY (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Balance - beginning of period	$ 74,469	$ 72,226
Addition to statutory reserves	(141)	2,243
Balance -end of period	$ 74,328	$ 74,469

XML 15 R55.htm IDEA: XBRL DOCUMENT

WARRANTS (Details 2) (USD $)	9 Months Ended	12 Months Ended
WARRANTS (Details 2) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Ending balance	$ 0
Fair Value, Inputs, Level 2 [Member]
Beginning balance	96,469	318,109
Warrants issued	97,505	0
Fair value change of the issued warrants included in earnings	187,823	(221,640)
Ending balance	$ 381,797	$ 96,469

XML 16 R46.htm IDEA: XBRL DOCUMENT

NON-CONTROLLING INTEREST (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Original paid-in capital	$ 384,211	$ 384,211
Retained Earnings	743,282	744,693
Accumulated other comprehensive income	288,288	283,829
Non-controlling interest	$ 1,415,781	$ 1,412,733

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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XML 17 R33.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Total current assets	$ 31,961,918	$ 31,629,258
Total assets	37,655,735	34,977,791
Total current liabilities	3,936,609	4,647,701
Total liabilities	4,318,406	4,744,170
Variable Interest Entity, Primary Beneficiary [Member]
Total current assets	201,832	425,464
Total assets	1,431,007	1,448,432
Total current liabilities	15,225	35,699
Total liabilities	$ 15,225	$ 35,699

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References+ Details

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WARRANTS (Details Textual) (USD $)			9 Months Ended		9 Months Ended		9 Months Ended
WARRANTS (Details Textual) (USD $)	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2012 Hawk Associates Inc [Member]	Apr. 21, 2010 Hawk Associates Inc [Member]	Sep. 30, 2012 Anderson Strudwick Incorporated [Member]	Apr. 21, 2010 Anderson Strudwick Incorporated [Member]	Sep. 30, 2012 Firs Trust Group, Inc [Member]	Jan. 12, 2012 Firs Trust Group, Inc [Member]	Sep. 30, 2012 Warrant [Member]	Dec. 31, 2011 Warrant [Member]	Sep. 30, 2011 Warrant [Member]	Dec. 31, 2010 Warrant [Member]
Warrants Issued for Services				7,500		150,000		100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	450,000	450,000							257,500	157,500	157,500	157,500
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share)			$ 9.60		$ 10.00		$ 4.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (in years)			5 years		5 years		5 years

- Definition

The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

+ References+ Details

XML 20 R25.htm IDEA: XBRL DOCUMENT

PREPAYMENT AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2012

Prepayment and Other Current Assets [Abstract]

Schedule of Prepayment and Other Current Assets [Table Text Block]

Prepayment and other current assets consist of the following:

	September 30,		December 31,
	2012		2011
	US$		US$
Prepayment for equipment purchase		1,893,853		2,300,415
Other prepaid expenses		198,343		64,739
		2,092,196		2,365,154

XML 21 R50.htm IDEA: XBRL DOCUMENT

EQUITY (Details 2) (USD $)	9 Months Ended
EQUITY (Details 2) (USD $)	Sep. 30, 2012
Stock Option Shares, Outstanding (in shares)	450,000
Granted (in shares)	0
Forfeited (in shares)	0
Exercised (in shares)	0
Stock Option Shares, Outstanding (in shares)	450,000
Stock Options Weighted Average Exercise Price (in dollars per share)	$ 1.45
Stock Options Weighted Average Exercise Price (in dollars per share)	$ 1.45
Stock Options Aggregate Intrinsic Value (in dollars)	$ 400,500

- Definition

The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.

+ References+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References+ Details

XML 22 R42.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS, NET (Details Textual) (USD $)	Sep. 30, 2012
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 265,043
Finite-Lived Intangible Assets, Amortization Expense, Year Two	265,043
Finite-Lived Intangible Assets, Amortization Expense, Year Three	265,043
Finite-Lived Intangible Assets, Amortization Expense, Year Four	265,043
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 265,043

XML 23 R37.htm IDEA: XBRL DOCUMENT

OTHER RECEIVABLES (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Due from suppliers	$ 417,701	$ 350,679
Employee advances	86,717	60,515
Other receivables	$ 504,418	$ 411,194

- Definition

Amounts due from an Entity employee, not to include stockholders or officers, which are usually due within 1 year (or 1 business cycle).

+ References+ Details

XML 24 R52.htm IDEA: XBRL DOCUMENT

EQUITY (Details Textual) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
EQUITY (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 29, 2011	Mar. 08, 2011 Investment Relations Firm [Member]	Nov. 16, 2011 Consulting Firm [Member]	Aug. 22, 2012 Independent Contractor [Member]	Apr. 05, 2012 Independent Contractor [Member]	Jan. 09, 2012 Independent Contractor [Member]
Employment Agreement					5 years
Unregistered Common Stock Share Issued							10,000	50,000	20,000	5,000	5,000
Unregistered Common Stocks Fair Value Issued (in dollars)							$ 59,300	$ 84,250	$ 32,000	$ 12,000	$ 11,000
Statutory Surplus Reserve, Minimum, Percentage	10.00%		10.00%
Statutory Surplus Reserve, Maximum, Percentage	50.00%		50.00%
Statutory Surplus Reserve, Required Minimum, Percentage	25.00%		25.00%
Statutory Surplus Reserve, Appropriations			10.00%
Share-based Compensation Shares Issued Under Stock Option Plans Exercise Price Range Number of Issued Options						450,000
Share-based Compensation Shares Issued Under Stock Option Plans Exercise Price Range Issued Options Weighted Average Exercise Price (in dollars per share)						$ 1.45
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Options Nonvested Number						450,000
Allocated Share-based Compensation Expense	$ 27,691	$ 0	$ 82,471	$ 0

XML 25 R61.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Textual) (CNY)	1 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details Textual) (CNY)	Oct. 29, 2012	Sep. 30, 2012
Subsequent Event, Description		On October 16, 2012, the Company won a government procurement contract with XinJiang Province to distribute medical equipments to Hospitals in XinJiang. The contract will be implemented by the end of 2012.
Proceeds from Government Subsidies	118,000

- Definition

Describes the event or transaction that occurred between the balance sheet date and the date the financial statements are issued or available to be issued.

+ References+ Details

XML 26 R47.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCY (Details Textual) (USD $)	3 Months Ended		9 Months Ended
COMMITMENTS AND CONTINGENCY (Details Textual) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Lease Expiration Date			Dec. 31, 2012
Operating Leases, Rent Expense	$ 21,174	$ 59,074	$ 64,641	$ 131,229
Contingency, Description			The Labor Contract Law of the People's Republic of China, requires employers to assure the liability of the severance payments if employees are terminated and have been working for the employers for at least two years prior to January 1, 2008.
Expected Severance Cost	295,000		295,000		235,000
Operating Leases, Future Minimum Payments Due, Current	$ 84,000		$ 84,000
Management Employees [Member]
Employment Contracts Terms			3 years
Non Management Employees [Member]
Employment Contracts Terms			1 year

- Definition

Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

XML 27 R9.htm IDEA: XBRL DOCUMENT

OTHER RECEIVABLES

9 Months Ended

Sep. 30, 2012

Other Receivables [Abstract]

Other Receivables [Text Block]

3.	OTHER RECEIVABLES

Other receivables consist of the following:

	September 30,		December 31,
	2012		2011
		US$		US$
Due from suppliers		417,701		350,679
Employee advances		86,717		60,515
		504,418		411,194

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NON-CONTROLLING INTEREST (Tables)
9 Months Ended

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Noncontrolling Interest [Abstract]

Minority Interest [Table Text Block]
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US$ US$

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Retained Earnings 743,282 744,693

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WARRANTS (Details 3) (USD $)
9 Months Ended 12 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Dec. 31, 2010

Stock Option Shares, Outstanding (in shares) 450,000

Granted (in shares) 0

Exercised (in shares) 0

Stock Option Shares, Outstanding (in shares) 450,000

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Stock Options Weighted Average Exercise Price (in dollars per share) $ 1.45

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Forfeited (in shares) 0 0

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TAX RECEIVABLE (Details Textual)
9 Months Ended

Sep. 30, 2012

Standard Vat Rate 17.00%

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EQUITY (Tables)
9 Months Ended

Sep. 30, 2012

Stockholders' Equity Note [Abstract]

Schedule of Statutory Surplus Reserve Activity [Table Text Block]
For the nine months ended September 30, statutory surplus reserve activity was as follows:

For the nine months
ended September 30,
2012 For the year ended
December 31,
2012

US$ US$

Balance – beginning of period 74,469 72,226

Addition to statutory reserves (141 ) 2,243

Balance –end of period 74,328 74,469

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The Company valued the stock options using the Black-Scholes model with the following assumptions:

Expected
Terms
(years) Expected
Volatility Dividend
Yield Risk Free
Interest Rate Grant Date
Fair Value

Employees 5 126 % 0 % 0.83 % 1.45

Directors and officers 5 126 % 0 % 0.83 % 1.45

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
The following is a summary of the option activity:

Stock options Shares Weighted Average
Exercise Price Aggregate
Intrinsic Value

Outstanding as of December 31, 2011 450,000 $ 1.45

Granted -

Forfeited -

Exercised -

Outstanding as of September 30, 2012 450,000 $ 1.45 $ 400,500

Schedule of Share-based Compensation Shares Authorized Under Stock Option Plans by Exercise Price Range [Table Text Block]
Following is a summary of the status of options outstanding and exercisable at September 30, 2012:

Outstanding options Exercisable options

Average
Exercise
price Number Average remaining
contractual life
(years) Average
Exercise
price Number Average remaining
contractual life
(years)

$ 1.45 450,000 9.25 $ 1.45 - 9.25

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WARRANTS (Tables)
9 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Warrants [Table Text Block]
The fair value of the outstanding warrants at September 30, 2012 was calculated using the Black Scholes Model with the following assumptions:

Market price per share (USD/share) 1.94

Exercise price (USD/share) 4.00 to 10.00

Risk free rate 0.62%, 0.31%

Dividend yield -

Expected term/Contractual life (years) 2.56 to 4.28

Expected volatility 181.8 %

Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table sets forth by level within the fair value hierarchy of our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, respectively.

Carrying Value at
September 30, 2012 Fair Value Measurement at
September 30, 2012

Level 1 Level 2 Level 3

Warrants liability $ 381,797 $ - $ 381,797 $ -

Schedule of Warrant Activity [Table Text Block]
The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs:

September 30,
2012 December 31,
2011

US$ US$

Beginning balance 96,469 318,109

Warrants issued 97,505 -

Fair value change of the issued warrants included in earnings 187,823 (221,640 )

Ending balance 381,797 96,469

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
Following is a summary of the warrants activity:

Number Weighted
Average
Exercise Price Weighted Average
Remaining
Contractual Life

Outstanding as of December 31, 2011 157,500 $ 9.98 3.31

Granted 100,000

Forfeited -

Exercised -

Outstanding as of September 30, 2012 257,500 $ 7.66 3.28

Number Weighted
Average
Exercise Price Weighted Average
Remaining
Contractual Life

Outstanding as of December 31, 2010 157,500 $ 9.98 4.33

Granted -

Forfeited -

Exercised -

Outstanding as of September 30, 2011 157,500 $ 9.98 3.56

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the nine and three months ended September 30, 2012 are not necessarily indicative of operating results expected for the full year or future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed on March 19, 2012.

Basis of Consolidation

The condensed consolidated financial statements include the accounts of Dehaier, and its majority-owned and wholly-owned subsidiaries (collectively, the “Company”). All significant inter-company transactions and balances are eliminated in consolidation.

A group of shareholders, including the Chief Executive Officer, originally held more than 50% of the voting ownership interest of Dehaier, BDL and BTL. BTL is a variable interest entity (“VIE”), and BDL is the primary beneficiary. BTL owns a building which is pledged as collateral for BDL’s bank loans. In exchange, BDL loans money to BTL to finance its operations. BTL’s primary operation is to provide repairs and transportation services to BDL’s customers. Because of these arrangements, BDL is the primary beneficiary of BTL, as the entity that is most closely associated with BTL. Management makes ongoing reassessments of whether BDL is the primary beneficiary of BTL.

Basis of Consolidation - Continued

The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:

September 30, December 31,

2012 2011

US$ US$

Total current assets 201,832 425,464

Total assets 1,431,007 1,448,432

Total current liabilities 15,225 35,699

Total liabilities 15,225 35,699

The accounts of BTL are consolidated in the accompanying financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, BTL’s revenues are included in the Company’s service income, and its income from operations is consolidated with the Company’s. Because of the arrangements, the Company had a pecuniary interest in BTL that requires consolidation of the Company’s and BTL’s financial statements.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company's unaudited condensed consolidated financial statements include revenue recognition, allowance for doubtful accounts, warranty obligation, warrants liability, Stock-based compensation and useful lives of intangible assets, and property and equipment. Actual results could differ from those estimates.

Accounts Receivable

Accounts receivable are recorded at net realizable value. Accounts receivable terms typically are net 60-180 days from the end of the month in which the services were provided, or when goods were delivered. The company generally does not require collateral or other security to support accounts receivable. An allowance, if required, is based on a combination of historical experience, aging analysis, and an evaluation of the collectibility of specific accounts. Prior to 2011, receivables were considered past due after 3 years. In 2011, after assessing the distributors’ economic factors and Company’s historic experience, management decided that receivables over 1 year will be considered past due. Management has determined that an allowance of $898,900 (RMB5,650,224) and $859,509 (RMB5,419,725) was appropriate at September 30, 2012 and December 31, 2011 respectively.

Advances to Suppliers and Advances from Customers

The Company, as is the common practice in the PRC, often makes advance payments to suppliers for unassembled parts, or receives advance payments from customers. Advances to suppliers were $5,196,015 and $4,348,847 as of September 30, 2012 and December 31, 2011. Advances from customers were $201,883 and $303,000 as of September 30, 2012 and December 31, 2011, respectively.

Fair Value of Financial Instruments

The carrying amounts reported in the condensed consolidated financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.

The Company adopted the provisions of ASC topic 815, “Derivatives and Hedging”. ASC topic 815 provides a framework for determining whether an instrument is indexed to an entity's own stock. ASC topic 815 became effective for the Company when warrants were issued in connection with the Company's initial public offering. Such warrants are indexed to the Company's stock, which is traded in US dollars. Since the Company's functional currency is the RMB, such warrants are considered liabilities. The fair value of the warrants liability is measured each reporting period with the resulting change in fair value recorded in the unaudited condensed consolidated statement of income and comprehensive income (see Note 12).

The accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures.

The three levels are defined as follows:

· Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

· Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

· Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Warrants liabilities qualify as financial instruments, and are carried on the condensed consolidated balance sheet at its fair value.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrants was determined using the Black Scholes Model, with level 2 inputs, and the change is recorded in earnings.

Inventories

Inventories are stated at the lower of cost or market and consist of assembled and unassembled parts relating to medical devices. The Company reviews its inventory annually for possible obsolete goods and to determine if any reserves are necessary. The reserve for obsolescence was $51,316 (RMB322,556) and $51,154 (RMB322,556) as of September 30, 2012 and December 31, 2011, respectively, and the provision is included in the operating expenses in the unaudited condensed consolidated statements of operations.

Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements Shorter of the useful lives or the lease term

Building and land use rights 20-40 years

Machinery and equipment 10-15 years

Furniture and office equipment 5 years

Motor vehicles 5 years

Intangible Assets

Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements Shorter of the useful lives or the lease term

Software copyrights 20 years

Other software 5 years

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the asset and eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. Management has determined no impairment exists at the balance sheet dates.

Revenue Recognition

The Company recognizes revenues when all the followings conditions have been satisfied:

*Persuasive evidence of an arrangement exists;

*Delivery and/or installation has occurred (e.g.,risks and rewards of ownership has passed);

*The sales price is fixed or determinable; and,

*Collectibility is reasonably assured.

All revenues are based on firm customer orders with fixed terms and conditions. Because the products are assembled to the customers’ specification, there is no right of return. The Company does not provide its customers with price protection or cash rebates. For products which include software, the software is an off-the-shelf package and an integral part of the products being delivered. The Company does not provide any significant post-sale customer support services and does not provide customers with upgrades. The software is incidental to the product as a whole. For products that do not require installation, revenues are recognized when the products are delivered. For products that require installation, revenues are recognized when the installation is completed.

For all service income, the Company recognizes the revenue upon the completion of the repairs when the equipment has been returned to and accepted by the customers.

In the PRC, value added tax (VAT) of 17% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

Foreign Currency Translation

The accounts of Dehaier, BDL, BTL and DHK are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using fixed exchange rates in effect at the time of the transaction. Generally, foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the condensed consolidated statements of income and comprehensive income. The foreign currency accounts of DHK, BDL and BTL are translated in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity.

Warranty Costs

The Company provides for the estimated cost of product warranties at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates and material usage and service delivery costs incurred in correcting product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company's estimates, the Company may revise its estimated product warranty liability. The term of the product warranty is generally twelve months. The reserve for warranty costs was $335,739 (RMB2,110,361), $334,680 (RMB2,110,361) at September 30, 2012 and December 31, 2011, respectively. Warranty expense for the nine and three months ended September 30, 2012 and 2011 was $38,692, $163,538, $13,611 and $56,890, respectively.

Earnings per Share

The Company follows the provisions of ASC 260-10, “Earnings per Share”. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common stock equivalents having anti-dilutive effect on earnings per share are excluded from the calculation of diluted earning s per share.

Value Added Tax

The Company reports revenues net of PRC’s value added tax for all the periods presented in the condensed consolidated statements of income and comprehensive income.

Stock-Based Compensation

The Company follows the provisions of ASC 718-10, “Compensation-Stock Compensation”. The Company has a share incentive plan which authorizes the issuance of up to 10% of the number of shares outstanding. Pursuant to the plan, the Company may issue options to purchase its common shares to employees and directors of the Company and its affiliates. The Company fair values share-based awards granted under the plan. Accordingly, compensation is measured on the grant date using appropriate valuation models.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2012, the Company recorded a deferred tax asset for the temporary differences arising from allowance for doubtful accounts and certain accrued expenses. The company believes it can utilize the deferred tax asset to offset future taxable income. Therefore, no valuation allowance has been provided as of September 30, 2012 and December 31, 2011.

ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established in the financial statements to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. The Company had filed its 2008 and 2009 Value Added Tax (“VAT”) returns for some of its customers during the year 2011 and nine months ended September 30, 2012. All the potential VAT liabilities on these VAT returns occurred in current period were also accrued and included in the accompanying condensed consolidated financial statements.

The implementation of ASC 740-10 resulted in no material liability for unrecognized tax benefits. As of September 30, 2012 and December 31, 2011, the Company did not have a liability for any unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the nine months ended September 30, 2012 and 2011, the Company did not incur any interest or penalties.

Income tax returns for the year prior to 2009 are no longer subject to examination by tax authorities.

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The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.

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CONCENTRATIONS (Tables)
9 Months Ended

Sep. 30, 2012

Risks and Uncertainties [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]
The following represents the revenues by product line, all derived from China:

For the nine months ended
September 30, For the three months ended
September 30,

2012 2011 2012 2011

Product Line US$ US$ US$ US$

Medical Devices 13,383,964 12,860,290 4,696,624 4,201,428

Respiratory and Oxygen Homecare 2,444,215 3,494,243 832,496 1,487,615

15,828,179 16,354,533 5,529,120 5,689,043

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Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-Paragraph 39

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XML 39 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6

PROPERTY AND EQUIPMENT, NET (Details Textual)
3 Months Ended 9 Months Ended

Sep. 30, 2012

USD ($)

Sep. 30, 2011

USD ($)

Sep. 30, 2012

USD ($)

Sep. 30, 2011

USD ($)

Sep. 30, 2012

CNY

Dec. 31, 2011

USD ($)

Dec. 31, 2011

CNY

Dec. 31, 2002

CNY

Depreciation, Depletion and Amortization $ 152,687 $ 113,604 $ 399,135 $ 333,580

Building Pledged as Collateral 2,386,365 2,386,365 15,000,000 1,585,890 10,000,000

Land Use Rights Purchase Price 1,944,000

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Carrying amount as of the balance sheet date of Buildings that have been pledged as collateral for borrowings.

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The purchase price of land use rights.

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The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

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WARRANTS (Details) (Warrant [Member], USD $)
9 Months Ended

Sep. 30, 2012

Warrant [Member]

Market price per share (in dollars per share) $ 1.94

Minimum Exercise price (in dollars per share) $ 4.00

Maximum Exercise price (in dollars per share) $ 10.00

Maximum Risk free rate 0.62%

Minimum Risk free rate 0.31%

Dividend yield 0.00%

Minimum Expected term/Contractual life (in years) 2 years 6 months 22 days

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XML 41 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONDENSED CONSOLIDATED BALANCE SHEETS(USD ($))

Sep. 30, 2012

Dec. 31, 2011

ASSETS

Cash and cash equivalents $ 3,165,481 $ 3,694,486

Accounts receivable -less allowance for doubtful accounts of $898,900 and $859,509 13,153,751 12,159,842

Contract Deposits 3,602,709 2,110,942

Other receivables 504,418 411,194

Advances to Suppliers 5,196,015 4,348,847

Prepayment and other current assets 2,092,196 2,365,154

Inventories, net 3,808,805 5,532,311

Tax receivable 320,140 888,452

Deferred tax asset 118,403 118,030

Total Current Assets 31,961,918 31,629,258

Property and equipment, net 2,987,516 3,348,533

Intangible assets, net 2,706,301 0

Total Assets 37,655,735 34,977,791

LIABILITIES AND EQUITY

Short-term borrowings 2,386,365 1,585,890

Accounts payable 68,862 32,925

Advances from customers 201,883 303,000

Accrued expenses and other current liabilities 325,323 349,158

Taxes payable 618,437 2,042,048

Warranty obligation 335,739 334,680

Total Current Liabilities 3,936,609 4,647,701

OTHER LIABILITIES

Warrants liability 381,797 96,469

Total Liabilities 4,318,406 4,744,170

Commitments and Contingency

Equity

Common shares, $0.002731 par value, 18,307,038 shares authorized,4,590,000 and 4,560,000 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively 12,536 12,454

Additional paid in capital 13,419,238 13,281,374

Retained earnings 15,794,528 12,941,572

Accumulated other comprehensive income 2,695,246 2,585,488

Total Dehaier Medical Systems Limited shareholders' equity 31,921,548 28,820,888

Non-controlling interest 1,415,781 1,412,733

Total equity 33,337,329 30,233,621

Total liabilities and equity $ 37,655,735 $ 34,977,791

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SHORT-TERM BORROWINGS (Details Textual)
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Sep. 30, 2012

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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Sep. 30, 2011

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Increase in prepayments and other current assets (587,315) (3,071,808)

Increase in other receivables (1,568,096) (541,386)

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Decrease (Increase) in tax receivable 567,215 (1,270,399)

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Acquisition of machinery and software copyrights (2,717,838) (95,742)

Advances to related parties 0 (2,358)

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Repayment of bank loan (1,580,436) (1,533,604)

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Effect of exchange rate fluctuations on cash and cash equivalents 5,164 821,396

Net decrease in cash and cash equivalents (529,005) (3,322,479)

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Cash and cash equivalents at end of period 3,165,481 2,600,907

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Interest paid 107,965 53,915

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CONCENTRATIONS (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Revenue $ 5,529,120 $ 5,689,043 $ 15,828,179 $ 16,354,533

Medical Devices [Member]

Revenue 4,696,624 4,201,428 13,383,964 12,860,290

Respiratory and Oxygen Homecare [Member]

Revenue $ 832,496 $ 1,487,615 $ 2,444,215 $ 3,494,243

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)
9 Months Ended

Sep. 30, 2012

Leasehold improvements Shorter of the useful lives or the lease term

Software Copyrights [Member]

Intangible Asset Useful Life (in years) 20 years

Other Software [Member]

Intangible Asset Useful Life (in years) 5 years

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation

The accompanying condensed consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all normal recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations and cash flows of the Company for the periods presented. The results of operations for the nine and three months ended September 30, 2012 are not necessarily indicative of operating results expected for the full year or future interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed on March 19, 2012.

Consolidation, Policy [Policy Text Block]
Basis of Consolidation

The condensed consolidated financial statements include the accounts of Dehaier, and its majority-owned and wholly-owned subsidiaries (collectively, the “Company”). All significant inter-company transactions and balances are eliminated in consolidation.

A group of shareholders, including the Chief Executive Officer, originally held more than 50% of the voting ownership interest of Dehaier, BDL and BTL. BTL is a variable interest entity (“VIE”), and BDL is the primary beneficiary. BTL owns a building which is pledged as collateral for BDL’s bank loans. In exchange, BDL loans money to BTL to finance its operations. BTL’s primary operation is to provide repairs and transportation services to BDL’s customers. Because of these arrangements, BDL is the primary beneficiary of BTL, as the entity that is most closely associated with BTL. Management makes ongoing reassessments of whether BDL is the primary beneficiary of BTL.

The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:

September 30, December 31,

2012 2011

US$ US$

Total current assets 201,832 425,464

Total assets 1,431,007 1,448,432

Total current liabilities 15,225 35,699

Total liabilities 15,225 35,699

The accounts of BTL are consolidated in the accompanying financial statements pursuant to Accounting Standards Codification (“ASC”) 810-10, “Consolidation”. As a VIE, BTL’s revenues are included in the Company’s service income, and its income from operations is consolidated with the Company’s. Because of the arrangements, the Company had a pecuniary interest in BTL that requires consolidation of the Company’s and BTL’s financial statements.

Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company's unaudited condensed consolidated financial statements include revenue recognition, allowance for doubtful accounts, warranty obligation, warrants liability, Stock-based compensation and useful lives of intangible assets, and property and equipment. Actual results could differ from those estimates.

Trade and Other Accounts Receivable, Policy [Policy Text Block]
Accounts Receivable

Accounts receivable are recorded at net realizable value. Accounts receivable terms typically are net 60-180 days from the end of the month in which the services were provided, or when goods were delivered. The company generally does not require collateral or other security to support accounts receivable. An allowance, if required, is based on a combination of historical experience, aging analysis, and an evaluation of the collectibility of specific accounts. Prior to 2011, receivables were considered past due after 3 years. In 2011, after assessing the distributors’ economic factors and Company’s historic experience, management decided that receivables over 1 year will be considered past due. Management has determined that an allowance of $898,900 (RMB5,650,224) and $859,509 (RMB5,419,725) was appropriate at September 30, 2012 and December 31, 2011 respectively.

Advances to Suppliers and Advances from Customers [Policy Text Block]
Advances to Suppliers and Advances from Customers

The Company, as is the common practice in the PRC, often makes advance payments to suppliers for unassembled parts, or receives advance payments from customers. Advances to suppliers were $5,196,015 and $4,348,847 as of September 30, 2012 and December 31, 2011. Advances from customers were $201,883 and $303,000 as of September 30, 2012 and December 31, 2011, respectively.

Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments

The carrying amounts reported in the condensed consolidated financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.

The Company adopted the provisions of ASC topic 815, “Derivatives and Hedging”. ASC topic 815 provides a framework for determining whether an instrument is indexed to an entity's own stock. ASC topic 815 became effective for the Company when warrants were issued in connection with the Company's initial public offering. Such warrants are indexed to the Company's stock, which is traded in US dollars. Since the Company's functional currency is the RMB, such warrants are considered liabilities. The fair value of the warrants liability is measured each reporting period with the resulting change in fair value recorded in the unaudited condensed consolidated statement of income and comprehensive income (see Note 12).

The accounting standards regarding fair value of financial instruments and related fair value measurements define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures.

The three levels are defined as follows:

· Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

· Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

· Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Warrants liabilities qualify as financial instruments, and are carried on the condensed consolidated balance sheet at its fair value.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrants was determined using the Black Scholes Model, with level 2 inputs, and the change is recorded in earnings.

Inventory, Policy [Policy Text Block]
Inventories

Inventories are stated at the lower of cost or market and consist of assembled and unassembled parts relating to medical devices. The Company reviews its inventory annually for possible obsolete goods and to determine if any reserves are necessary. The reserve for obsolescence was $51,316 (RMB322,556) and $51,154 (RMB322,556) as of September 30, 2012 and December 31, 2011, respectively, and the provision is included in the operating expenses in the unaudited condensed consolidated statements of operations.

Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements Shorter of the useful lives or the lease term

Building and land use rights 20-40 years

Machinery and equipment 10-15 years

Furniture and office equipment 5 years

Motor vehicles 5 years

Goodwill and Intangible Assets, Policy [Policy Text Block]
Intangible Assets

Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements Shorter of the useful lives or the lease term

Software copyrights 20 years

Other software 5 years

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the asset and eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. Management has determined no impairment exists at the balance sheet dates.

Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition

The Company recognizes revenues when all the followings conditions have been satisfied:

*Persuasive evidence of an arrangement exists;

*Delivery and/or installation has occurred (e.g.,risks and rewards of ownership has passed);

*The sales price is fixed or determinable; and,

*Collectibility is reasonably assured.

All revenues are based on firm customer orders with fixed terms and conditions. Because the products are assembled to the customers’ specification, there is no right of return. The Company does not provide its customers with price protection or cash rebates. For products which include software, the software is an off-the-shelf package and an integral part of the products being delivered. The Company does not provide any significant post-sale customer support services and does not provide customers with upgrades. The software is incidental to the product as a whole. For products that do not require installation, revenues are recognized when the products are delivered. For products that require installation, revenues are recognized when the installation is completed.

For all service income, the Company recognizes the revenue upon the completion of the repairs when the equipment has been returned to and accepted by the customers.

In the PRC, value added tax (VAT) of 17% of the invoice amount is collected in respect of the sales of goods on behalf of tax authorities. The VAT collected is not revenue of the Company; instead, the amount is recorded as a liability on the balance sheet until such VAT is paid to the authorities.

Foreign Currency Transactions and Translations Policy [Policy Text Block]
Foreign Currency Translation

The accounts of Dehaier, BDL, BTL and DHK are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The accompanying condensed consolidated financial statements are presented in US dollars. Foreign currency transactions are translated into US dollars using fixed exchange rates in effect at the time of the transaction. Generally, foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the condensed consolidated statements of income and comprehensive income. The foreign currency accounts of DHK, BDL and BTL are translated in accordance with ASC 830-10, “Foreign Currency Matters”. Assets and liabilities are translated at current exchange rates quoted by the People’s Bank of China at the balance sheet dates and revenues and expenses are translated at average exchange rates in effect during the periods. Resulting translation adjustments are recorded as other comprehensive income (loss) and accumulated as a separate component of equity.

Standard Product Warranty, Policy [Policy Text Block]
Warranty Costs

The Company provides for the estimated cost of product warranties at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates and material usage and service delivery costs incurred in correcting product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company's estimates, the Company may revise its estimated product warranty liability. The term of the product warranty is generally twelve months. The reserve for warranty costs was $335,739 (RMB2,110,361), $334,680 (RMB2,110,361) at September 30, 2012 and December 31, 2011, respectively. Warranty expense for the nine and three months ended September 30, 2012 and 2011 was $38,692, $163,538, $13,611 and $56,890, respectively.

Earnings Per Share, Policy [Policy Text Block]
Earnings per Share

The Company follows the provisions of ASC 260-10, “Earnings per Share”. Basic earnings per share is computed by dividing net income attributable to holders of common shares by the weighted average number of common shares outstanding during the years. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. Common stock equivalents having anti-dilutive effect on earnings per share are excluded from the calculation of diluted earning s per share.

Value Added Tax [Policy Text Block]
Value Added Tax

The Company reports revenues net of PRC’s value added tax for all the periods presented in the condensed consolidated statements of income and comprehensive income.

Compensation Related Costs, Policy [Policy Text Block]
Stock-Based Compensation

The Company follows the provisions of ASC 718-10, “Compensation-Stock Compensation”. The Company has a share incentive plan which authorizes the issuance of up to 10% of the number of shares outstanding. Pursuant to the plan, the Company may issue options to purchase its common shares to employees and directors of the Company and its affiliates. The Company fair values share-based awards granted under the plan. Accordingly, compensation is measured on the grant date using appropriate valuation models.

Income Tax, Policy [Policy Text Block]
Income Taxes

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of September 30, 2012, the Company recorded a deferred tax asset for the temporary differences arising from allowance for doubtful accounts and certain accrued expenses. The company believes it can utilize the deferred tax asset to offset future taxable income. Therefore, no valuation allowance has been provided as of September 30, 2012 and December 31, 2011.

ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established in the financial statements to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. The Company had filed its 2008 and 2009 Value Added Tax (“VAT”) returns for some of its customers during the year 2011 and nine months ended September 30, 2012. All the potential VAT liabilities on these VAT returns occurred in current period were also accrued and included in the accompanying condensed consolidated financial statements.

The implementation of ASC 740-10 resulted in no material liability for unrecognized tax benefits. As of September 30, 2012 and December 31, 2011, the Company did not have a liability for any unrecognized tax benefits. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the nine months ended September 30, 2012 and 2011, the Company did not incur any interest or penalties.

Income tax returns for the year prior to 2009 are no longer subject to examination by tax authorities.

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OTHER RECEIVABLES (Tables)
9 Months Ended

Sep. 30, 2012

Other Receivables [Abstract]

Schedule of Other Receivables [Table Text Block]
Other receivables consist of the following:

September 30, December 31,

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ORGANIZATION AND PRINCIPAL ACTIVITIES
9 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations [Text Block]

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Dehaier Medical Systems Limited (“Dehaier”) was incorporated in the British Virgin Islands in 2003 as a limited liability company. Dehaier distributes and provides after-sale services for medical equipment in China mainly through its majority-owned subsidiary Beijing Dehaier Medical Technology Co. Limited (“BDL”) and its affiliate Beijing Dehaier Technology Limited (“BTL”). On October 23, 2003, Dehaier established a wholly-owned subsidiary in Hong Kong, De-haier Medical System (Hong Kong) Limited (“DHK”), DHK was shut down on December 19, 2011 due to a change in business strategy. On November 9, 2011, Dehaier established a wholly-owned subsidiary in the United States, Breathcare LLC (“Breathcare”). Both BDL and BTL were incorporated in the People’s Republic of China (“PRC”). Dehaier, through its subsidiaries and affiliate, distributes branded, proprietary medical equipment, such as sleep apnea machines, ventilator air compressors, and oxygen generators. Standard product registration, product certification and quality management system have been established; ISO 13485 industry standard has also already been passed. It also has the distribution rights for a number of international medical equipment suppliers for products including anesthesia equipment, patient monitors, mobile C-arm X-ray machines and other medical equipment accessories.

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CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical]

Sep. 30, 2012

USD ($)

Sep. 30, 2012

CNY

Dec. 31, 2011

USD ($)

Dec. 31, 2011

CNY

Allowance for doubtful accounts (in dollars) $ 898,900 5,650,224 $ 859,509 5,419,725

Common stock, par value (in dollars per share) $ 0.002731 $ 0.002731

Common stock, shares authorized 18,307,038 18,307,038 18,307,038 18,307,038

Common stock, shares issued 4,590,000 4,590,000 4,560,000 4,560,000

Common stock, shares outstanding 4,590,000 4,590,000 4,560,000 4,560,000

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A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.

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EQUITY
9 Months Ended

Sep. 30, 2012

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

11. EQUITY

Common Shares

On March 8, 2011, Dehaier issued 10,000 unregistered common shares to an investment relations firm. The fair value of the shares on the issuance date based on the closing price was $59,300.

On November 16, 2011, Dehaier issued 50,000 unregistered common shares to a consulting firm. The fair value of the shares on the issuance date based on the closing price was $84,250.

On January 9, 2012, Dehaier issued 5,000 restrict unregistered common shares to an independent contractor. The fair value of the shares on the issuance date based on the closing price was $11,000.

On April 5, 2012, Dehaier issued 5,000 restrict unregistered common shares to an independent contractor. The fair value of the shares on the issuance date based on the closing price was $12,000.

On August 22, 2012, Dehaier issued 20,000 restrict unregistered common shares to an independent contractor. The fair value of the shares on the issuance date based on the closing price was $32,000.

Statutory Surplus Reserves

A PRC company is required to make appropriations to statutory surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve is required to be at least 10% of the after tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s’ registered capital.

The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of shares currently held by them, provided that the remaining statutory surplus reserve balance after such issue is not less than 25% of the registered capital.

Since Dehaier is a British Virgin Islands’ company, it will not be subject to the statutory surplus reserve provisions. BDL is a joint-venture company and the statutory surplus reserve provisions will be determined by its board of directors. As of September 30, 2012, BDL’s board of directors has not yet made such determination. Therefore, no amount was allocated to the statutory surplus reserve account.

BTL appropriated 10% of its net profits as statutory surplus reserve, which is included as part of the non-controlling interest in the equity section. For the nine months ended September 30, statutory surplus reserve activity was as follows:

For the nine months
ended September 30,
2012 For the year ended
December 31,
2012

US$ US$

Balance – beginning of period 74,469 72,226

Addition to statutory reserves (141 ) 2,243

Balance –end of period 74,328 74,469

Stock Option Plan

Under the employee stock option plan, the Company’s stock options expire five years from the date of grant. On December 29, 2011, the Company entered into five-year agreements with its employees and directors. In connection with their services, the Company issued an aggregate of 450,000 options to acquire the Company’s common shares at an exercise price of $1.45 per share. The options vest in equal annual installments over the five years of the agreements beginning December 29, 2011.

The Company valued the stock options using the Black-Scholes model with the following assumptions:

Expected
Terms
(years) Expected
Volatility Dividend
Yield Risk Free
Interest Rate Grant Date
Fair Value

Employees 5 126 % 0 % 0.83 % 1.45

Directors and officers 5 126 % 0 % 0.83 % 1.45

The following is a summary of the option activity:

Stock options Shares Weighted Average
Exercise Price Aggregate
Intrinsic Value

Outstanding as of December 31, 2011 450,000 $ 1.45

Granted -

Forfeited -

Exercised -

Outstanding as of September 30, 2012 450,000 $ 1.45 $ 400,500

Following is a summary of the status of options outstanding and exercisable at September 30, 2012:

Outstanding options Exercisable options

Average
Exercise
price Number Average remaining
contractual life
(years) Average
Exercise
price Number Average remaining
contractual life
(years)

$ 1.45 450,000 9.25 $ 1.45 - 9.25

For the nine and three months ended September 30, 2012 and 2011, the Company recognized $82,471, $0, $27,691 and $0, respectively, as compensation expense under its stock option plan.

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DOCUMENT AND ENTITY INFORMATION
9 Months Ended

Sep. 30, 2012

Nov. 13, 2012

Entity Registrant Name Dehaier Medical Systems Ltd

Entity Central Index Key 0001474627

Current Fiscal Year End Date --12-31

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WARRANTS
9 Months Ended

Sep. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

12. WARRANTS

On April 21, 2010, the Company issued to Anderson & Strudwick Incorporated (“A&S”) 150,000 warrants, as a portion of the placement commission for the IPO. On the same day, the Company granted a total of 7,500 warrants to Hawk Associates Inc.(“Hawks”), the Company’s investor relations consultancy. On January 10, 2012, the Company issued 100,000 warrants to FirsTrust Group, Inc., (“FirsTrust”), the Company’s investor relations consultancy. The Company had 257,500 warrants outstanding as of September 30, 2012. All the warrants issued to “A&S” have the right to purchase one share of common stock for an exercise price of $10.00 per share with a term of 5 years. All the warrants granted to Hawks have the right to purchase one share of common stock for an exercise price of $9.60 per share with a term of 5 years. All the warrants granted to Firs Trust have the right to purchase one share of common stock for an exercise price of $4.00 per share with a term of 5 years.

The fair value of the outstanding warrants at September 30, 2012 was calculated using the Black Scholes Model with the following assumptions:

Market price per share (USD/share) 1.94

Exercise price (USD/share) 4.00 to 10.00

Risk free rate 0.62%, 0.31%

Dividend yield -

Expected term/Contractual life (years) 2.56 to 4.28

Expected volatility 181.8 %

The following table sets forth by level within the fair value hierarchy of our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, respectively.

Carrying Value at
September 30, 2012 Fair Value Measurement at
September 30, 2012

Level 1 Level 2 Level 3

Warrants liability $ 381,797 $ - $ 381,797 $ -

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September 30,
2012 December 31,
2011

US$ US$

Beginning balance 96,469 318,109

Warrants issued 97,505 -

Fair value change of the issued warrants included in earnings 187,823 (221,640 )

Ending balance 381,797 96,469

Following is a summary of the warrants activity:

Number Weighted
Average
Exercise Price Weighted Average
Remaining
Contractual Life

Outstanding as of December 31, 2011 157,500 $ 9.98 3.31

Granted 100,000

Forfeited -

Exercised -

Outstanding as of September 30, 2012 257,500 $ 7.66 3.28

Number Weighted
Average
Exercise Price Weighted Average
Remaining
Contractual Life

Outstanding as of December 31, 2010 157,500 $ 9.98 4.33

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Revenue $ 5,529,120 $ 5,689,043 $ 15,828,179 $ 16,354,533

Costs of revenue (3,461,742) (3,272,012) (9,779,058) (10,098,506)

Gross profit 2,067,378 2,417,031 6,049,121 6,256,027

Service income 92,411 58,641 225,326 215,069

Service expenses (11,877) (21,983) (49,150) (83,355)

General and administrative expense (432,169) (396,692) (1,463,671) (1,412,859)

Selling expense (304,085) (398,520) (966,937) (1,093,013)

Operating Income 1,411,658 1,658,477 3,794,689 3,881,869

Financial expenses (including interest expense of $107,965, $53,915, $43,061 and $26,922 for the nine and three months ended September 30, 2012 and 2011, respectively) (43,662) (30,217) (109,631) (57,689)

Non-operating Income 0 0 395 0

Change in fair value of warrants liability (95,756) 27,491 (187,823) 177,358

Income before provision for income taxes and non-controlling interest 1,272,240 1,655,751 3,497,630 4,001,538

Provision for income tax (229,618) (270,758) (646,085) (667,400)

Net income 1,042,622 1,384,993 2,851,545 3,334,138

Non-Controlling interest in (income) loss (6,067) (5,738) 1,411 (11,392)

Net income attributable to Dehaier Medical Systems Limited 1,036,555 1,379,255 2,852,956 3,322,746

Net Income 1,042,622 1,384,993 2,851,545 3,334,138

Other comprehensive income

Foreign currency translation adjustments 335,825 326,694 109,758 838,069

Comprehensive Income 1,378,447 1,711,687 2,961,303 4,172,207

Comprehensive income attributable to the non-controlling interest (24,067) (22,682) (3,048) (56,927)

Comprehensive income attributable to Dehaier Medical Systems Limited $ 1,354,380 $ 1,689,005 $ 2,958,255 $ 4,115,280

Earnings per share

-Basic (in dollars per share) $ 0.23 $ 0.31 $ 0.62 $ 0.74

-Diluted (in dollars per share) $ 0.22 $ 0.31 $ 0.61 $ 0.74

Weighted average number of common shares used in computation

-Basic (in shares) 4,578,571 4,510,000 4,570,311 4,507,582

-Diluted (in shares) 4,703,945 4,510,000 4,695,684 4,507,582

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INTANGIBLE ASSETS, NET
9 Months Ended

Sep. 30, 2012

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Disclosure [Text Block]

6. INTANGIBLE ASSETS, NET

September 30, December 31,

2012 2011

US$ US$

Software Copyright 2,709,407 -

Others 42,366 -

2,751,773 -

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Intangible assets, net 2,706,300 -

Approximate future minimum amortizations at September 30, for the next five years are 265,043 annually.

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PROPERTY AND EQUIPMENT, NET
9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

5. PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

September 30, December 31,

2012 2011

US$ US$

Buildings 1,353,895 1,349,624

Land use rights 309,273 308,297

Plant and machinery 2,989,688 2,973,593

Automobiles 44,008 43,869

Office and computer equipment 483,543 503,833

5,180,407 5,179,216

Less: Accumulated depreciation and amortization (2,192,891 ) (1,830,683 )

Property and equipment, net 2,987,516 3,348,533

At September 30, 2012 and December 31, 2011, BTL’s building was pledged to a bank as collateral for short-term borrowings of RMB15,000,000 (US$2,386,365) and RMB10,000,000(US$1,585,890), respectively (see Note 8).

Depreciation and amortization expense was $399,135, $333,580, $152,687 and $113,604 for the nine and three months ended September 30, 2012 and 2011, respectively.

Land Use Rights

There is no private ownership of land in China. Land is owned by the government and the government grants land use rights for specified terms. The Company’s land use rights are reported at the purchase price (RMB1,944,000 in 2002).

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Schedule of Carrying Amount of Assets and Liability [Table Text Block]
The carrying amount and classification of BTL’s assets and liabilities included in the Condensed Consolidated Balance Sheets are as follows:

September 30, December 31,

2012 2011

US$ US$

Total current assets 201,832 425,464

Total assets 1,431,007 1,448,432

Total current liabilities 15,225 35,699

Total liabilities 15,225 35,699

Estimated Useful Life of Property and Equipment [Table Text Block]
Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements Shorter of the useful lives or the lease term

Building and land use rights 20-40 years

Machinery and equipment 10-15 years

Furniture and office equipment 5 years

Motor vehicles 5 years

Estimated Useful Life of Intangible Assets [Table Text Block]
Intangible assets are recorded at cost less accumulated amortization. Amortization are calculated on a straight-line basis over the following estimated useful lives:

Leasehold improvements Shorter of the useful lives or the lease term

Software copyrights 20 years

Other software 5 years

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INCOME TAXES
9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

13. INCOME TAXES

British Virgin Islands

Dehaier is a tax-exempt company incorporated in the British Virgin Islands. BDL and BTL were incorporated in the PRC and are governed by the PRC laws.

Hong Kong

DHK is subject to Hong Kong profits tax at a rate of 17.5% on its assessable profits. No Hong Kong profits tax has been provided as the Company did not have any taxable profit that was earned in or derived from Hong Kong during the years presented.

PRC

PRC enterprise income tax is calculated based on the Enterprise Income Tax Law (the “EIT Law”). Under the EIT Law, a unified enterprise income tax rate of 25% and unified tax deduction standards will be applied equally to both domestic-invested enterprises and foreign-invested enterprises.

Under the current PRC laws, PRC government grants a preferential income tax rate of 15% to government-certified high technology companies, and under the new standard the period of validity for the certification of high technology companies is three years. In 2009, BDL updated its certification for “high technology” company. Therefore, BDL used a 15% income tax rate to calculate the income tax expense for the six months ended September 30, 2012 and 2011. The Company renewed the high technology company status to keep 15% income tax rate after September 30, 2012 and received the approval in October 2012. The Company has not received the preferential tax rate certificate as of the filing date due to the long government procedures and process.

The tax rate for BTL is 25% in 2012 and 2011.

United States

Breathcare is a limited liability company and is not subject to federal income tax. As of September 30, 2012, Breathcare was inactive.

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NON-CONTROLLING INTEREST
9 Months Ended

Sep. 30, 2012

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

9. NON-CONTROLLING INTEREST

Non-controlling interest consists of the following:

September 30, December 31,

2012 2011

US$ US$

Original paid-in capital 384,211 384,211

Retained Earnings 743,282 744,693

Accumulated other comprehensive income 288,288 283,829

1,415,781 1,412,733

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CONCENTRATIONS (Details Textual)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Net Revenue, Percentage 59.00% 87.00% 70.00% 75.00%

Customer 1 [Member]

Entity Wide Revenue, Major Customer, Percentage 19.00% 22.00% 7.00% 10.00%

Entity Wide Receivable, Major Customer, Percentage 7.00% 10.00%

Customer 2 [Member]

Entity Wide Receivable, Major Customer, Percentage 7.00% 9.00%

Customer 3 [Member]

Entity Wide Receivable, Major Customer, Percentage 7.00% 8.00%

Customer 4 [Member]

Entity Wide Receivable, Major Customer, Percentage 6.00% 8.00%

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TAX RECEIVABLE
9 Months Ended

Sep. 30, 2012

Tax Receivable [Abstract]

Tax Receivable [Text Block]

7. TAX RECEIVABLE

Tax receivable consists of the following:

September 30, December 31,

2012 2011

US$ US$

Value added tax receivable 320,140 888,452

Enterprises or individuals who sell commodities, engage in repair and maintenance or import and export goods in the PRC are subject to a VAT in accordance with Chinese laws. The standard VAT is 17% of the gross sales price. A credit is available whereby VAT paid on the purchases of unassembled medical components of the Company’s product used in contract and production can be used to offset the VAT due on sales of the product.

The tax receivable as of September 30, 2012 and December 31, 2011 represents VAT credit on the purchased products. These amounts can be used to offset the VAT due on sales of the finished product.

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SHORT-TERM BORROWINGS
9 Months Ended

Sep. 30, 2012

Short-term Debt [Abstract]

Short-term Debt [Text Block]

8. SHORT-TERM BORROWINGS

The Company has a line of credit for $1,590,915 (RMB10,000,000) with a commercial bank in China to finance its working capital. The credit line bears interest at a variable rate and is renewed annually on May 14th. Average interest rates for the nine months ended September 30, 2012 and 2011 were 7.22% and 6.94%, respectively. Pursuant to the terms of the agreement, the line of credit is secured by BTL’s building (see note 5) and guaranteed by BDL and an officer of the Company.

On May 14, 2012, the bank renewed the Company's credit line that bears interest at a variable rate with payments due on March 14, 2013 and May 14, 2013 for RMB3,000,000 and RMB7,000,000, respectively.

On February 2, 2012, the Company entered into a new loan agreement with Nanjing Bank Company Limited (Beijing Branch) in the amount of $795,450 (RMB 5,000,000) with floating interest rate which was approximately 8.2% per year, due on January 30, 2013. Pursuant to the terms of the agreement, the line of credit is guaranteed by an officer of the Company.

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COMMITMENTS AND CONTINGENCY
9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

10. COMMITMENTS AND CONTINGENCY

Leases

The lease commitments are for office premises and a warehouse facility, all of which are classified as operating leases. These non-cancelable leases have lease terms expiring through December 2012 for one year. Approximate future minimum lease payments under these leases at September 30, 2012, are $84,000 for the twelve months ending September 30, 2013.

Rent expense for the nine and three months ended September 30, 2012 and 2011 was $64,641, $131,229, $21,174 and $59,074, respectively.

Employment Contracts

Under the PRC labor law, all employees have signed employment contracts with the Company. Management employees have employment contracts with terms up to three years and non-management employees have a one year employment contract renewable on an annual basis.

Contingency

The Labor Contract Law of the People’s Republic of China, requires employers to assure the liability of the severance payments if employees are terminated and have been working for the employers for at least two years prior to January 1, 2008. The Company has estimated its possible severance payments of approximately $295,000 and $235,000 as of September 30, 2012 and December 31, 2011, respectively, which have not been reflected in its condensed consolidated financial statements, because it is more likely than not that this will not be paid or incurred.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
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Leasehold Improvements [Member]

Leasehold improvements Shorter of the useful lives or the lease term

Building and Use Rights [Member] | Minimum [Member]

Useful Life (in years) 20 years

Building and Use Rights [Member] | Maximum [Member]

Useful Life (in years) 40 years

Machinery and Equipment [Member] | Minimum [Member]

Useful Life (in years) 10 years

Machinery and Equipment [Member] | Maximum [Member]

Useful Life (in years) 15 years

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Useful Life (in years) 5 years

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EQUITY (Details 3) (USD $)
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Outstanding options (in shares) 450,000

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SUBSEQUENT EVENTS
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15. SUBSEQUENT EVENTS

On October 16, 2012, the Company won a government procurement contract with XinJiang Province to distribute medical equipments to Hospitals in XinJiang. The contract will be implemented by the end of 2012.

On October 29, 2012, the Company received a government subsidies of RMB118,000 for the interests on short-term bank loan as High Technology Enterprise.

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Property, Plant and Equipment [Abstract]

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Options Grant Date Fair Value (in dollars per share) $ 1.45

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CONCENTRATIONS
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Sep. 30, 2012

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

14. CONCENTRATIONS

Major Customers

For the nine and three months ended September 30, 2012, approximately 7% and 19% of the Company’s revenues was received from one customer. For the nine and three months ended September 30, 2011, approximately 10% and 22% of the Company’s revenues was received from one customer.

At September 30, 2012 and 2011, receivables from four customers were approximately 7%, 7%, 7%, 6% and 10%, 9%, 8%, 8%, respectively.

Revenues

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Medical Devices 13,383,964 12,860,290 4,696,624 4,201,428

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WARRANTS (Details 3) (USD $)	9 Months Ended		12 Months Ended
WARRANTS (Details 3) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Stock Option Shares, Outstanding (in shares)	450,000
Granted (in shares)	0
Exercised (in shares)	0
Stock Option Shares, Outstanding (in shares)	450,000
Stock Options Weighted Average Exercise Price (in dollars per share)	$ 1.45
Stock Options Weighted Average Exercise Price (in dollars per share)	$ 1.45
Warrants Weighted Average Remaining Contractual Life (years)	9 years 3 months
Warrant [Member]
Stock Option Shares, Outstanding (in shares)	157,500	157,500	157,500
Granted (in shares)	100,000	0
Forfeited (in shares)	0	0
Exercised (in shares)	0	0
Stock Option Shares, Outstanding (in shares)	257,500	157,500	157,500	157,500
Stock Options Weighted Average Exercise Price (in dollars per share)	$ 9.98	$ 9.98	$ 9.98
Stock Options Weighted Average Exercise Price (in dollars per share)	$ 7.66	$ 9.98	$ 9.98	$ 9.98
Warrants Weighted Average Remaining Contractual Life (years)	3 years 5 months 23 days	3 years 6 months 22 days	3 years 3 months 22 days	4 years 3 months 29 days

TAX RECEIVABLE (Details Textual)	9 Months Ended
TAX RECEIVABLE (Details Textual)	Sep. 30, 2012
Standard Vat Rate	17.00%

PROPERTY AND EQUIPMENT, NET (Details Textual)	3 Months Ended		9 Months Ended
PROPERTY AND EQUIPMENT, NET (Details Textual)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 CNY	Dec. 31, 2011 USD ($)	Dec. 31, 2011 CNY	Dec. 31, 2002 CNY
Depreciation, Depletion and Amortization	$ 152,687	$ 113,604	$ 399,135	$ 333,580
Building Pledged as Collateral	2,386,365		2,386,365		15,000,000	1,585,890	10,000,000
Land Use Rights Purchase Price								1,944,000

WARRANTS (Details) (Warrant [Member], USD $)	9 Months Ended
WARRANTS (Details) (Warrant [Member], USD $)	Sep. 30, 2012
Warrant [Member]
Market price per share (in dollars per share)	$ 1.94
Minimum Exercise price (in dollars per share)	$ 4.00
Maximum Exercise price (in dollars per share)	$ 10.00
Maximum Risk free rate	0.62%
Minimum Risk free rate	0.31%
Dividend yield	0.00%
Minimum Expected term/Contractual life (in years)	2 years 6 months 22 days
Maximum Expected term/Contractual life (in years)	4 years 3 months 11 days
Expected volatility	181.80%

CONDENSED CONSOLIDATED BALANCE SHEETS(USD ($))	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 3,165,481	$ 3,694,486
Accounts receivable -less allowance for doubtful accounts of $898,900 and $859,509	13,153,751	12,159,842
Contract Deposits	3,602,709	2,110,942
Other receivables	504,418	411,194
Advances to Suppliers	5,196,015	4,348,847
Prepayment and other current assets	2,092,196	2,365,154
Inventories, net	3,808,805	5,532,311
Tax receivable	320,140	888,452
Deferred tax asset	118,403	118,030
Total Current Assets	31,961,918	31,629,258
Property and equipment, net	2,987,516	3,348,533
Intangible assets, net	2,706,301	0
Total Assets	37,655,735	34,977,791
LIABILITIES AND EQUITY
Short-term borrowings	2,386,365	1,585,890
Accounts payable	68,862	32,925
Advances from customers	201,883	303,000
Accrued expenses and other current liabilities	325,323	349,158
Taxes payable	618,437	2,042,048
Warranty obligation	335,739	334,680
Total Current Liabilities	3,936,609	4,647,701
OTHER LIABILITIES
Warrants liability	381,797	96,469
Total Liabilities	4,318,406	4,744,170
Commitments and Contingency
Equity
Common shares, $0.002731 par value, 18,307,038 shares authorized,4,590,000 and 4,560,000 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively	12,536	12,454
Additional paid in capital	13,419,238	13,281,374
Retained earnings	15,794,528	12,941,572
Accumulated other comprehensive income	2,695,246	2,585,488
Total Dehaier Medical Systems Limited shareholders' equity	31,921,548	28,820,888
Non-controlling interest	1,415,781	1,412,733
Total equity	33,337,329	30,233,621
Total liabilities and equity	$ 37,655,735	$ 34,977,791

SHORT-TERM BORROWINGS (Details Textual)	3 Months Ended	9 Months Ended						9 Months Ended
SHORT-TERM BORROWINGS (Details Textual)	Sep. 30, 2012 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011	May 14, 2012 CNY	Dec. 31, 2011 USD ($)	Feb. 02, 2012 Nanjing Bank Company Limited [Member] USD ($)	Feb. 02, 2012 Nanjing Bank Company Limited [Member] CNY	Sep. 30, 2012 March 14,2013 [Member] CNY	Sep. 30, 2012 May 14, 2013 [Member] CNY
Line of Credit, Current	$ 2,386,365	$ 2,386,365		10,000,000	$ 1,585,890			3,000,000	7,000,000
Line of Credit Facility, Interest Rate During Period		7.22%	6.94%
Loan Agreement Amount						$ 795,450	5,000,000
Loan Agreement at Floating Interest Rate	8.20%
Loan Due Date as Per Loan Agreement	Jan. 30, 2013							Mar. 14, 2013	May 14, 2013

CONCENTRATIONS (Details) (USD $)	3 Months Ended		9 Months Ended
CONCENTRATIONS (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenue	$ 5,529,120	$ 5,689,043	$ 15,828,179	$ 16,354,533
Medical Devices [Member]
Revenue	4,696,624	4,201,428	13,383,964	12,860,290
Respiratory and Oxygen Homecare [Member]
Revenue	$ 832,496	$ 1,487,615	$ 2,444,215	$ 3,494,243

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical]	Sep. 30, 2012 USD ($)	Sep. 30, 2012 CNY	Dec. 31, 2011 USD ($)	Dec. 31, 2011 CNY
Allowance for doubtful accounts (in dollars)	$ 898,900	5,650,224	$ 859,509	5,419,725
Common stock, par value (in dollars per share)	$ 0.002731		$ 0.002731
Common stock, shares authorized	18,307,038	18,307,038	18,307,038	18,307,038
Common stock, shares issued	4,590,000	4,590,000	4,560,000	4,560,000
Common stock, shares outstanding	4,590,000	4,590,000	4,560,000	4,560,000

DOCUMENT AND ENTITY INFORMATION	9 Months Ended
DOCUMENT AND ENTITY INFORMATION	Sep. 30, 2012	Nov. 13, 2012
Entity Registrant Name	Dehaier Medical Systems Ltd
Entity Central Index Key	0001474627
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	dhrm
Entity Common Stock, Shares Outstanding		4,590,000
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

CONCENTRATIONS (Details Textual)	3 Months Ended		9 Months Ended
CONCENTRATIONS (Details Textual)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net Revenue, Percentage	59.00%	87.00%	70.00%	75.00%
Customer 1 [Member]
Entity Wide Revenue, Major Customer, Percentage	19.00%	22.00%	7.00%	10.00%
Entity Wide Receivable, Major Customer, Percentage			7.00%	10.00%
Customer 2 [Member]
Entity Wide Receivable, Major Customer, Percentage			7.00%	9.00%
Customer 3 [Member]
Entity Wide Receivable, Major Customer, Percentage			7.00%	8.00%
Customer 4 [Member]
Entity Wide Receivable, Major Customer, Percentage			6.00%	8.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	Sep. 30, 2012
Leasehold Improvements [Member]
Leasehold improvements	Shorter of the useful lives or the lease term
Building and Use Rights [Member] \| Minimum [Member]
Useful Life (in years)	20 years
Building and Use Rights [Member] \| Maximum [Member]
Useful Life (in years)	40 years
Machinery and Equipment [Member] \| Minimum [Member]
Useful Life (in years)	10 years
Machinery and Equipment [Member] \| Maximum [Member]
Useful Life (in years)	15 years
Furniture and Equipment [Member]
Useful Life (in years)	5 years
Vehicles [Member]
Useful Life (in years)	5 years

EQUITY (Details 3) (USD $)	9 Months Ended
EQUITY (Details 3) (USD $)	Sep. 30, 2012
Outstanding options Average Exercise price (in dollars per share)	$ 1.45
Outstanding options (in shares)	450,000
Outstanding options Average remaining contractual life	9 years 3 months
Exercisable options Average Exercise price (in dollars per share)	$ 1.45
Exercisable options (in shares)	0
Exercisable options Average remaining contractual life	9 years 3 months

EQUITY (Details 1) (USD $)	9 Months Ended
EQUITY (Details 1) (USD $)	Sep. 30, 2012
Employee Stock Option [Member]
Options Expected Terms	5 years
Options Expected Volatility	126.00%
Options Dividend Yield	0.00%
Options Risk Free Interest Rate	0.83%
Options Grant Date Fair Value (in dollars per share)	$ 1.45
Directors and Ofiicers Stock Option [Member]
Options Expected Terms	5 years
Options Expected Volatility	126.00%
Options Dividend Yield	0.00%
Options Risk Free Interest Rate	0.83%
Options Grant Date Fair Value (in dollars per share)	$ 1.45

INTANGIBLE ASSETS, NET (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Software Copyright	$ 2,709,407	$ 0
Others	42,366	0
Intangible Assets, Gross	2,751,773	0
Less: Accumulated and amortization	(45,473)	0
Intangible assets, net	$ 2,706,301	$ 0

INCOME TAXES (Details Textual)	9 Months Ended
INCOME TAXES (Details Textual)	Sep. 30, 2012	Sep. 30, 2011
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	25.00%	25.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes	15.00%	15.00%
Hong Kong [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	17.50%
China [Member]
Effective Unified Enterprise Income Tax Rate	25.00%
Effective Preferential Income Tax Rate	15.00%

PREPAYMENT AND OTHER CURRENT ASSETS (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Prepayment for equipment purchase	$ 1,893,853	$ 2,300,415
Other prepaid expenses	198,343	64,739
Prepayment and other current assets	$ 2,092,196	$ 2,365,154