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CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenue        
Sales of systems $ 21,389,320 $ 0 $ 49,092,120 $ 0
Contingent rental income 349,248 476,207 899,582 1,027,180
Total revenue 21,738,568 476,207 49,991,702 1,027,180
Cost of sales        
Cost of systems 16,479,275 32,505 37,882,123 75,456
Total cost of sales 16,479,275 32,505 37,882,123 75,456
Gross profit 5,259,293 443,702 12,109,579 951,724
Interest income on sales-type leases 5,204,537 4,587,009 13,758,083 14,114,986
Total operating income 10,463,830 5,030,711 25,867,662 15,066,710
Operating expenses        
General and administrative 934,029 624,952 2,700,589 2,213,647
Loss on project termination 0 2,966,849 0 2,966,849
Total operating expenses 934,029 3,591,801 2,700,589 5,180,496
Income from operations 9,529,801 1,438,910 23,167,073 9,886,214
Non-operating income (expenses)        
Interest income 32,279 58,582 185,511 130,893
Interest expense (1,711,077) (2,166,497) (4,498,766) (7,282,044)
Changes in fair value of conversion feature liability 0 0 0 1,127,400
Other income (expenses) (1,845,891) 111,100 (1,843,018) 17,338
Total non-operating expenses, net (3,524,689) (1,996,815) (6,156,273) (6,006,413)
Income (loss) before income tax 6,005,112 (557,905) 17,010,800 3,879,801
Income tax expense 1,636,266 1,483,889 5,363,136 2,425,970
Income (loss) before noncontrolling interest 4,368,846 (2,041,794) 11,647,664 1,453,831
Less: Income (loss) attributable to noncontrolling interest (24,936) (636,563) 222,348 (387,625)
Net income (loss) attributable to China Recycling Energy Corp 4,393,782 (1,405,231) 11,425,316 1,841,456
Other comprehensive items        
Foreign currency translation gain (loss) attributable to China Recycling Energy Corp 948,570 (294,160) 3,309,105 (756,886)
Foreign currency translation gain (loss) attributable to noncontrolling interest 1,110 (9,354) 79,263 (27,310)
Comprehensive income (loss) attributable to China Recycling Energy Corp 5,342,352 (1,699,391) 14,734,421 1,084,570
Comprehensive income (loss) attributable to noncontrolling interest $ (23,826) $ (645,917) $ 301,611 $ (414,935)
Basic weighted average shares outstanding (in shares) 53,927,370 47,045,002 51,472,254 46,665,956
Diluted weighted average shares outstanding (in shares) 54,942,648 [1] 50,834,592 [1] 52,179,389 [1] 51,111,582 [1]
Basic earnings (loss) per share (in dollars per share) $ 0.08 $ (0.03) $ 0.22 $ 0.04
Diluted earnings (loss) per share (in dollars per share) $ 0.08 [2],[3] $ (0.03) [2],[3] $ 0.22 [2],[3] $ 0.04 [2],[3]
[1] For the purpose of calculating diluted earnings per share, the dilutive securities were excluded due to anti-dilution for the three months ended September 30, 2012.
[2] Interest expense on convertible notes was added back to net income for the computation of diluted EPS.
[3] Interest expense accrued on convertible notes is added back to net income for the computation of diluted EPS.