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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenue        
Sales of systems $ 24,474,612 $ 18,946,044 $ 24,474,612 $ 18,946,044
Contingent rental income 101,089 210,547 275,427 388,154
Total revenue 24,575,701 19,156,591 24,750,039 19,334,198
Cost of sales        
Cost of contingent rental income and systems 21,464,595 14,594,688 21,476,875 14,616,592
Total cost of sales 21,464,595 14,594,688 21,476,875 14,616,592
Gross profit 3,111,105 4,561,903 3,273,163 4,717,606
Interest income on sales-type leases 6,329,343 6,115,284 12,821,625 12,421,000
Total operating income 9,440,448 10,677,187 16,094,788 17,138,606
Operating expenses        
General and administrative 552,339 763,228 1,256,900 1,608,203
Total operating expenses 552,339 763,228 1,256,900 1,608,203
Income from operations 8,888,109 9,913,959 14,837,888 15,530,403
Non-operating income (expenses)        
Interest income 21,529 17,511 53,816 56,800
Interest expense (1,308,979) (949,020) (1,802,684) (1,861,593)
Investment income 4,014 1,955 8,487 13,268
Gain on systems repurchase from Jitie 4,594,922 0 4,594,922 0
Other income (expenses) 373,254 (416,100) 5,832 (831,491)
Total non-operating income (expenses), net 3,684,740 (1,345,654) 2,860,373 (2,623,016)
Income before income tax 12,572,849 8,568,305 17,698,261 12,907,387
Income tax expense 1,301,511 2,001,640 2,299,463 3,239,169
Income before noncontrolling interest 11,271,338 6,566,665 15,398,798 9,668,218
Less: loss attributable to noncontrolling interest (7,779) (22,393) (16,117) (43,864)
Net income attributable to China Recycling Energy Corporation 11,279,117 6,589,058 15,414,915 9,712,082
Other comprehensive items        
Foreign currency translation gain (loss) attributable to China Recycling Energy Corporation 1,012,750 (61,788) 219,035 (1,474,273)
Foreign currency translation gain (loss) attributable to noncontrolling interest 1,151 90 187 (2,888)
Comprehensive income attributable to China Recycling Energy Corporation 12,291,867 6,527,270 15,633,950 8,237,809
Comprehensive loss attributable to noncontrolling interest $ (6,628) $ (22,303) $ (15,930) $ (46,752)
Basic weighted average shares outstanding (in shares) 83,084,035 61,217,625 83,078,234 61,066,042
Diluted weighted average shares outstanding (in shares) 83,084,035 61,299,932 83,078,234 61,181,229
Basic earnings per share (in dollars per share) $ 0.14 $ 0.11 $ 0.19 $ 0.16
Diluted earnings per share (in dollars per share) $ 0.14 $ 0.11 $ 0.19 $ 0.16