Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2014

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		Three Months Ended March 31,
		2014		2013
Net revenues	$	56,298,303	$	42,257,043
Cost of sales		54,275,799		40,241,554
Gross profit		2,022,504		2,015,489
Operating expenses		1,425,832		1,650,821
Operating income		596,672		364,668
Other income (expenses), net		(465,327)		(702,175)
(Loss) income before taxes from discontinued operations		131,345		(337,507)
less: Provision for income taxes		32,305		21,061
Income (loss) from discontinued operations, net of tax	$	99,040	$	(358,568)
Income (loss) from discontinued operations attributable to Zoom Technologies, Inc.	$	154,632	$	(320,687)
Basic and diluted (loss) income per common share from
discontinued operations:
Basic	$	0.05	$	(0.11)
Diluted	$	0.05	$	(0.11)

Financial Position		March 31,		December 31,
		2014		2013
Cash and equivalents	$	8,963,618	$	2,848,859
Restricted cash		72,010,257		80,658,355
Notes receivable		-		669,583
Accounts receivable, net		17,085,575		20,225,872
Inventories, net		19,846,379		18,809,671
Other receivables and prepaid expenses		147,143		2,061,687
Advance to suppliers		355,578		224,913
Due from related parties		5,818,141		204,509
Property, plant and equipment, net		1,472,004		1,636,316
Deferred tax assets, noncurrent		69,570		70,136
Total current assets		125,768,265		127,409,901
Total Assets of Discontinued Operations	$	125,768,265	$	127,409,901
Short-term loans	$	34,404,972	$	38,529,498
Notes payable		29,588,128		42,441,911
Accounts payable		40,342,706		42,843,584
Accrued expenses and other payables		866,404		19,643
Advances from customers		272,718		97,110
Taxes payable		(5,362,691)		(4,106,935)
Due to related parties		37,162,963		19,284,688
Total current liabilities		137,275,200		139,109,499
Total Liabilities of Discontinued Operations		137,275,200		139,109,499
Net (Liabilities) Assets of Discontinued Operations	$	(11,506,935)	$	(11,699,598)