Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Discontinued Operations Tables

Schedule of Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

On December 31, 2012, the Company announced its plan to dispose of certain assets in order to raise cash, and redeploy cash for investment in North America.

Results of Operations		Three Months Ended June 30,				Six Months Ended June 30,
		2013		2012		2013		2012
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net revenues	$	64,063,406	$	86,743,585	$	106,320,449	$	161,762,793
Cost of sales		61,594,868		80,550,858		101,836,422		151,999,647
Gross profit		2,468,538		6,192,727		4,484,027		9,763,146
Operating expenses		1,874,421		5,022,175		3,525,242		6,877,028
Operating income		594,117		1,170,552		958,785		2,886,118
Other income (expenses), net		(887,255)		988,968		(1,589,430)		707,997
(Loss) income before taxes from discontinued operations		(293,138)		2,159,520		(630,645)		3,594,115
less: Provision for income taxes		126		556,639		21,187		903,549
(Loss) income from discontinued operations, net of tax	$	(293,264)	$	1,602,881	$	(651,832)	$	2,690,566
Basic and diluted (loss) income per common share from
discontinued operations:
Basic	$	(0.08)	$	0.06	$	(0.09)	$	0.11
Diluted	$	(0.08)	$	0.06	$	(0.09)	$	0.11

Financial Position		June 30,		December 31,
		2013		2012
		(Unaudited)
Cash and equivalents	$	7,287,715	$	3,245,529
Restricted cash		73,090,132		64,467,142
Accounts receivable, net		39,595,476		35,642,961
Inventories, net		16,515,223		7,059,829
Other receivables and prepaid expenses		12,694,636		10,580,693
Advance to suppliers		475,909		3,004,016
Notes receivable		2,150,223		548,218
Due from related parties		15,049,314		18,322,784
Construction in progress deposit		-		243,747
Property, plant and equipment, net		1,114,946		1,293,689
Intangible assets, net		-		342,682
Total current assets		167,973,574		144,751,290
Total Assets of Discontinued Operations	$	167,973,574	$	144,751,290
Short-term loans	$	43,170,479	$	21,187,680
Notes payable		44,937,634		28,156,022
Accounts payable		34,364,212		16,255,076
Accrued expenses and other payables		19,440		1,013,986
Advances from customers		259,760		1,039,775
Taxes payable		(1,669,764)		(2,341,883)
Interest payableá		-		110,835
Dividends payable		641,920		628,890
Due to related parties		43,124,324		72,298,478
Total current liabilities		164,848,005		138,348,859
Total Liabilities of Discontinued Operations		164,848,005		138,348,859
Net Assets of Discontinued Operations	$	3,125,569	$	6,402,431