Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations Tables

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

The sale of Profit Harvest and CDE closed on December 31, 2012. The portion of the sale covered in the Share Purchase Agreement for Ever Elite and Nollec closed on April 5, 2013. The sale of TCB Digital closed on May 16, 2014.

Results of Operations		Years Ended December 31,
		2013		2012
				(Restated)
Net revenues	$	249,744,183	$	329,099,574
Cost of sales		234,624,885		313,699,749
Gross profit		15,119,298		15,399,825
Operating expenses		35,270,830		24,463,419
Operating income		(20,151,532)		(9,063,594)
Other income (expenses), net		(2,855,322)		(1,936,953)
(Loss) income before taxes from discontinued operations		(23,006,854)		(11,000,547)
less: Provision for income taxes		142,180		178,124
Loss from discontinued operations, net of tax	$	(23,149,034)	$	(11,178,671)
Basic and diluted (loss) income per common share from
discontinued operations:
Basic	$	(11.66)	$	(8.36)
Diluted	$	(11.66)	$	(8.36)

Financial Position		December 31,		December 31,
		2013		2012
				(Restated)
Cash and equivalents	$	2,848,859	$	3,245,529
Restricted cash		80,658,355		64,467,142
Notes receivable		669,583		548,218
Accounts receivable, net		20,225,872		35,642,961
Inventories, net		18,809,671		7,059,829
Other receivables and prepaid expenses		2,061,687		10,580,693
Advance to suppliers		224,913		3,004,016
Due from related parties		204,509		18,322,784
Construction in progress deposit		-		243,747
Property, plant and equipment, net		1,636,316		1,293,689
Intangible assets		-		342,682
Deferred tax assets, noncurrent		70,136		-
Total current assets		127,409,901		144,751,290
Total Assets of Discontinued Operations	$	127,409,901	$	144,751,290
Short-term loans	$	38,529,498	$	21,187,680
Notes payable		42,441,911		28,156,022
Accounts payable		42,843,584		16,255,076
Accrued expenses and other payables		19,643		1,013,986
Advances from customers		97,110		1,039,775
Taxes payable		(4,106,935)		(2,341,883)
Interest payable		-		110,835
Dividends payable		-		628,890
Due to related parties		19,284,688		72,298,478
Total current liabilities		139,109,499		138,348,859
Total Liabilities of Discontinued Operations		139,109,499		138,348,859
Net Assets of Discontinued Operations	$	(11,699,598)	$	6,402,431