Accounting Policies (Correction of Prior Period Financial Statements) (Tables)

9 Months Ended

Sep. 30, 2012

Accounting Changes and Error Corrections [Abstract]

Correction of Prior Period Financial Statements

The following tables detail the corrections and impact to the condensed consolidated balance sheets at December 31, 2011:

	December 31, 2011
	As Previously				As Currently
	Reported		Adjustment		Reported
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Warrant liability	$	-	$	850,841	$	850,841
Total current liabilities		93,209,378		850,841		94,060,219
TOTAL LIABILITIES		93,864,836		850,841		94,715,677
STOCKHOLDERS' EQUITY
Additional paid-in capital		53,133,895		(7,176,026)		45,957,869
Retained earnings		22,048,539		6,325,185		28,373,724
TOTAL STOCKHOLDERS' EQUITY	$	76,778,641	$	(850,841)	$	75,927,800

The following tables detail the corrections and impact to the condensed income statements for the three and nine months ended September 30, 2011:

	For the Three Months Ended September 30, 2011						For the Nine Months Ended September 30, 2011
	As Previously				As Currently		As Previously				As Currently
	Reported		Adjustment		Reported		Reported		Adjustment		Reported
Other income (expenses)
Change in fair value of warrants	$	-	$	821,314	$	821,314	$	-	$	4,208,983	$	4,208,983
Total other income and expenses		(750,577)		821,314		70,737		(1,293,059)		4,208,983		2,915,924
Net income attributable to Zoom Technologies, Inc.	$	1,755,051	$	821,314	$	2,576,365	$	5,023,248	$	4,208,983	$	9,232,231
Basic and diluted income per common share:
Basic	$	0.11	$	0.05	$	0.16	$	0.32	$	0.26	$	0.58
Diluted	$	0.11	$	0.05	$	0.16	$	0.32	$	0.26	$	0.58