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DISCONTINUED OPERATIONS (Tables)
12 Months Ended
Dec. 31, 2015
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

 

  Year Ended December 31,  

 

  2015     2014     2013  

Revenue

$ 24,904,321   $ 29,522,952   $ 20,725,553  

Cost of revenue

  15,040,537     17,541,786     13,003,077  

Total operating expenses

  9,856,344     18,031,318     8,883,686  

Operating income (loss) from discontinued operations

  7,440     (6,050,152 )   (1,161,210 )

Net gain on sale of Geo and Zhongtian

  3,699,088     -     -  

Other (loss) income

  (2,038,675 )   1,000,272     821,043  

Income (loss) from discontinued operations before income taxes

  1,667,853     (5,049,880 )   (340,167 )

Provision for income taxes

  (168,882 )   (210,658 )   (165,400 )

Income (loss) from discontinued operations, net of income taxes

$ 1,498,971   $ (5,260,538 ) $ (505,567 )
Schedule of Assets and Liabilities of Discontinued Operations [Table Text Block]
    December 31,  
    2015     2014  

Cash and cash equivalents

$   -   $ 4,499,343  

Restricted cash

  -     780,328  

Accounts receivable, net of allowance for doubtful accounts

  -     17,027,082  

Advances to suppliers

  -     2,426,697  

Amounts due from related parties

  -     109,406  

Inventories

  -     1,459,415  

Other receivables and prepaid expenses

  13,272,186     4,047,405  

     Current assets of discontinued operations

$ 13,272,186   $ 30,349,676  

 

           

Long-term investments

  -     2,648,378  

Property, plant and equipment, net

  -     3,881,787  

Intangibles and other assets, net

  -     11,965,326  

Goodwill

  -     12,014,413  

Deferred tax assets

  -     745,275  

     Non-current assets of discontinued operations

$   -   $ 31,255,179  

 

           

Short-term bank loans

  -     10,860,974  

Accounts payable

  -     11,370,469  

Bills payable

  -     495,444  

Advances from customers

  -     1,570,911  

Accrued payroll and benefits

  -     2,078,685  

Other payables and accrued expenses

  -     2,237,657  

Income tax payable

  -     375,430  

     Current liabilities of discontinued operations

$   -   $ 28,989,570  

 

           

Deferred tax liabilities

  -     213,186  

     Non-current liabilities of discontinued operations

$   -   $ 213,186