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Note 5. Equity Method Investment in Joint Venture: Summarized Financial Information for Investment in JV (Tables)
 12 Months Ended
Dec. 31, 2014
Tables/Schedules  
Summarized Financial Information for Investment in JV

 

 

 

 

December 31,

 

 

 

 

2014

2013

 

Balance Sheet

 

 

 

 

 

 

 

 

Current assets

 

$

8,273,026

 

 

$

9,754,456

 

Noncurrent assets

 

 

14,577,370

 

 

 

12,127,501

 

Current liabilities

 

 

6,380,574

 

 

 

5,839,368

 

Noncurrent liabilities

 

 

244,359

 

 

 

-

 

 Equity

 

$

16,225,463 

 

 

$

16,042,589 

 

 

 

 

Year Ended December 31

 

 

 

 

2014

 

 

 

2013

 

Statement of operations

 

 

 

 

 

 

 

 

Revenues

 

$

23,115

 

 

$

65,314

 

Gross profit

 

 

(24,556)

 

 

 

(85,943)

 

Government subsidy

571,038

147,920

Income before income tax

 

 

256,114

 

 

 

50,536

 

Net income

 

$

256,114

 

 

$

50,536