UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
(Mark One)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2012
Commission file number: 000-54191
SINO AGRO FOOD, INC. |
(Exact Name of Registrant as Specified in Its Charter)
Nevada | 33-1219070 | |
(State of Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) | |
Room 3711, China Shine Plaza No. 9 Lin He Xi Road Tianhe County, Guangzhou City, P.R.C. |
510610 | |
(Address of Principal Executive Offices) | (Zip Code) |
(860) 20 22057860
(Registrant’s Telephone Number, Including Area Code)
Copies to:
Sichenzia Ross Friedman Ference LLP
61 Broadway, 32nd Floor
New York, NY10006
Attn: Mr. Marc Ross, Esq.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” "non-accelerated filer" and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
EXPLANATORY NOTE
The sole purpose of this Amendment No. 1 (the “Amendment”) to Sino Agro Food, Inc.’s Quarterly Report on Form 10-Q for its fiscal quarter ended June 30, 2012, filed with the Securities and Exchange Commission on August 14, 2012 (the “Original Filing”), is to provide the consolidated financial statements and related notes from the Original Filing formatted in XBRL (eXtensible Business Reporting Language) and to furnish Exhibit 101 to the Original Filing in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Original Filing formatted in XBRL.
No other changes have been made in this Amendment to the Original Filing. This Amendment speaks as of the original date of the Original Filing, does not reflect events that may have occurred subsequent to the Original Filing date and does not modify or update in any way disclosures made in the Original Filing.
Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections.
ITEM 6. EXHIBITS
Exhibit No. | Description of Exhibits | |
10.1 | Addendum to Consulting and Services Agreement** | |
10.2 | SJVC Agreement** | |
10.3 | Consulting and Services Agreement** | |
10.4 | Agreement to Purchase Young Beef** | |
10.5 | WSPS SJVC** | |
10.6 | WSPS Consulting and Services Agreement** | |
10.7 | Memorandum of Understanding** | |
31.1 | Certification of the Chief Executive Officer pursuant to §240.13a−14 or §240.15d−14 of the Securities Exchange Act of 1934, as amended ** | |
31.2 | Certification of the Chief Financial Officer pursuant to §240.13a−14 or §240.15d−14 of the Securities Exchange Act of 1934, as amended ** | |
32.1 | Certification pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes−Oxley Act of 2002) ** | |
101.INS | XBRL Instance Document* | |
101.SCH | XBRL Taxonomy Extension Schema* | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase* | |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase* | |
101.LAB | XBRL Taxonomy Extension Label Linkbase* | |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase*
|
* Furnished with this Amendment.
** Previously filed or furnished as an exhibit to the Original Filing.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
SINO AGRO FOOD, INC. | ||
August 17, 2012 | By: | /s/ LEE YIP KUN SOLOMON |
Lee Yip Kun Solomon | ||
Chief Executive Officer | ||
(Principal Executive Officer | ||
Principal Financial Officer | ||
Principal Accounting Officer) |
CASH AND CASH EQUIVALENTS (Tables)
|
6 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] |
|
OBLIGATION UNDER OPERATING LEASES (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments as of June 30, 2012, are as follows:
|
PROPRIETARY TECHNOLOGIES (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||
Proprietary Technologies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Proprietary Technologies [Table Text Block] |
|
INVENTORIES (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventories | $ 11,024,263 | $ 4,435,445 |
Atlantc Cods and Sejs [Member]
|
||
Inventory, Finished Goods, Gross | 127,914 | 0 |
Bread Grass [Member]
|
||
Inventory, Finished Goods, Gross | 88,276 | 449,984 |
Beef Cattle [Member]
|
||
Inventory, Finished Goods, Gross | 4,274,464 | 825,853 |
Beef Meat [Member]
|
||
Inventory, Finished Goods, Gross | 282,234 | 0 |
Fish Fry [Member]
|
||
Inventory, Finished Goods, Gross | 1,632,223 | 0 |
Live Sleepy Codes [Member]
|
||
Inventory, Finished Goods, Gross | 1,541,170 | 0 |
Organic Fertilizer [Member]
|
||
Inventory, Raw Materials, Gross | 244,238 | 807,689 |
Bread Grass and Organic Fertilizer [Member]
|
||
Inventory, Raw Materials, Gross | 2,537,029 | 1,398,965 |
HU Plantation [Member]
|
||
Inventory, Raw Materials, Gross | 296,715 | 11,111 |
Immature Seeds [Member]
|
||
Inventory, Raw Materials, Gross | 0 | 842,313 |
Unharvested HU Plantation [Member]
|
||
Inventory, Raw Materials, Gross | $ 0 | $ 99,530 |
BUSINESS COMBINATION (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation [Table Text Block] | The Company allocated the purchase price based on the fair value of the assets acquired as of January 1, 2012.
The Company allocated the purchase price based on the fair value of the assets acquired as of April 1, 2012.
|
PLANT AND EQUIPMENT (Details Textual) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Depreciation | $ 125,530 | $ 47,463 | $ 183,154 | $ 85,756 |
CONSTRUCTION IN PROGRESS (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Construction In Progress [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Construction Inprogress [Table Text Block] |
|
GAIN ON EXTINGUISHMENT OF DEBTS
|
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
|||
Extinguishment Of Debts Disclosure [Abstract] | |||
Extinguishment of Debts Disclosure [Text Block] |
The Company entered several agreements with third parties to settle debts by issuance of the Company’s common stock. The shares issued by the Company were valued at the trading price of the stock on the date the shares were issued. Any excess of the fair value of the shares over the carrying cost of the debt has been reported as a gain on the extinguishment of debts of $562,361 and $489,500 has been credited to operations for the three months ended June 30, 2012 and 2011, respectively. Any excess of the fair value of the shares over the carrying cost of the debt has been reported as a gain on the extinguishment of debts of $817,513 and $582,426 has been credited to operations for the six months ended June 30, 2012 and 2011, respectively. |
CONSTRUCTION IN PROGRESS (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Construction in progress | $ 6,857,296 | $ 3,577,869 |
Oven Room For Production Of Dried Flowers [Member]
|
||
Construction in progress | 827,746 | 826,359 |
Office and Warehouse [Member]
|
||
Construction in progress | 251,332 | 26,646 |
Organic Fertilizer and Bread Grass Production Plant [Member]
|
||
Construction in progress | $ 5,778,218 | $ 2,724,864 |
ACCOUNTS RECEIVABLE (Details Textual) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Bad debts Written Off | $ 0 | $ 0 |
OTHER PAYABLES (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Due to third parties | $ 14,710,480 | $ 10,794,449 |
Due to employees and others | 858,862 | 1,114,848 |
Land use rights payable | 0 | 58,851 |
Other Liabilities, Current | $ 15,569,342 | $ 11,968,148 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
|
6 Months Ended | 6 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Jiangmen Hang Meiji Cattle Farm Development Co Limited [Member]
|
Jun. 30, 2011
Jiangmen Hang Meiji Cattle Farm Development Co Limited [Member]
|
Jun. 30, 2012
Hunan Shenghua Power Agriculture Co Limited [Member]
|
Jun. 30, 2011
Hunan Shenghua Power Agriculture Co Limited [Member]
|
Jun. 30, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Jun. 30, 2011
Jiang Men City Power Fishery Development Co Limited [Member]
|
Jun. 30, 2012
Capital Award Inc [Member]
|
Jun. 30, 2011
Capital Award Inc [Member]
|
Jun. 30, 2012
Capital Stage Inc [Member]
|
Jun. 30, 2011
Capital Stage Inc [Member]
|
Jun. 30, 2012
Capital Hero Inc [Member]
|
Jun. 30, 2011
Capital Hero Inc [Member]
|
Jun. 30, 2012
Tri Way Industries Limited [Member]
|
Jun. 30, 2011
Tri Way Industries Limited [Member]
|
Jun. 30, 2012
Jhst [Member]
|
Jun. 30, 2011
Jhst [Member]
|
Jun. 30, 2012
Power Agro Agriculture Development Limited [Member]
|
Jun. 30, 2011
Power Agro Agriculture Development Limited [Member]
|
Jun. 30, 2012
MEIJI [Member]
|
Jun. 30, 2011
MEIJI [Member]
|
Sep. 05, 2007
MEIJI [Member]
|
Jul. 18, 2011
Sjap [Member]
|
Jun. 30, 2012
Sjap [Member]
Variable Interest Entity [Member]
|
Jun. 30, 2011
Sjap [Member]
Variable Interest Entity [Member]
|
|
Entity Incorporation, State Country Name | PRC | PRC | PRC | PRC | PRC | PRC | Belize | Belize | Belize | Belize | Belize | Belize | Hong Kong, PRC | Hong Kong, PRC | PRC | PRC | Macau, PRC | Macau, PRC | Macau, PRC | Macau, PRC | PRC | PRC | ||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 50.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 75.00% | 100.00% | 100.00% | 100.00% | 100.00% | 75.00% | ||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% | 45.00% | ||||||||||||||||||||||
Equity Method Investment Indirect Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | 26.00% | 26.00% | 25.00% | 25.00% | 50.00% | |||||||||||||||||
Subsidiary or Equity Method Investee, Nature of Operations | Fish cultivation | Fish cultivation | Fishery development and holder of A-Power Technology master license. | Fishery | Dormant | Dormant | Dormant | Dormant | Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | Hylocereus Undatus Plantation ("HU Plantation"). The Company has not commenced beef business. | Hylocereus Undatus Plantation ("HU Plantation"). The Company has not commenced beef business. | Investment holding | Investment holding | Investment holding | Investment holding | ||||||||
Equity Method Investment, Description of Principal Activities | Beef cattle cultivation | Beef cattle cultivation | Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | ||||||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Activities of VIE | Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures | Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures |
DUE FROM RELATED PARTIES (Details Textual) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Jun. 30, 2012
|
|
Due from related parties | $ 15,820,752 | $ 12,820,752 |
Zhong Xing Nong Nu Co Ltd [Member]
|
||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 3,796,215 | |
Due from related parties | 2,386,233 | |
Due From Related Parties Frequency Of Periodic Payment | April 30, June 30, August 31, October31 and December 31 of 2011 | |
Due From Related Parties Periodic Payment | 759,243 | |
Zhong Xing Nong Nu Co Ltd [Member] | Use Rights [Member]
|
||
Due from related parties | $ 40,499,397 |
UNCONSOLIDATED EQUITY INVESTEE (Details Textual) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Apr. 02, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Jan. 01, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Dec. 31, 2011
Jiang Men City Power Fishery Development Co Limited [Member]
|
Feb. 11, 2011
Capital Award Inc [Member]
Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member]
|
Feb. 11, 2011
Tri Way Industries Limited [Member]
Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member]
|
Nov. 17, 2011
Tri Way Industries Limited [Member]
Jiang Men City Power Fishery Development Co Limited [Member]
|
Feb. 11, 2011
Tri Way Industries Limited [Member]
Jiang Men City Power Fishery Development Co Limited [Member]
|
Nov. 17, 2011
Tri Way Industries Limited [Member]
Enping City Bi Tao A Power Fishery Development Co Limited [Member]
|
Feb. 28, 2011
Tri Way Industries Limited [Member]
Enping City Bi Tao A Power Fishery Development Co Limited [Member]
|
Feb. 11, 2011
Tri Way Industries Limited [Member]
Enping City Bi Tao A Power Fishery Development Co Limited [Member]
|
Apr. 15, 2011
MEIJI [Member]
Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentage Of Right To Bo Acquire Minority Interest In Joint Venture | 25.00% | 25.00% | 75.00% | |||||||||||
Percentage Of Minority Interest In Joint Ventures | 50.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||
Percentage Of Withdrawal Of Minority Interest In Joint Venture | 25.00% | 25.00% | ||||||||||||
Percentage Of Addition Minority Interest In Joint Ventures | 25.00% | 25.00% | 25.00% | |||||||||||
Business Acquisition, Cost of Acquired Entity, Equity Interests Issued and Issuable | $ 1,702,580 | $ 1,662,365 | ||||||||||||
Unconsolidated equity investee | $ 1,076,489 | $ 1,258,607 | $ 1,702,580 | $ 1,258,607 |
LAND USE RIGHTS (Details Textual) (Use Rights [Member], USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Minimum [Member]
|
Jun. 30, 2012
Maximum [Member]
|
Dec. 31, 2007
First Lot [Member]
|
Dec. 31, 2007
Second Lot [Member]
|
Dec. 31, 2008
Third Lot [Member]
|
Dec. 31, 2010
Fourth Lot [Member]
|
Dec. 31, 2011
Fifth Lot [Member]
|
|
Finite-Lived Intangible Asset, Useful Life | 30 years | 60 years | |||||||||
Payments to Acquire Land Held-for-use | $ 6,194,505 | $ 6,408,289 | $ 764,128 | $ 3,223,411 | $ 7,042,831 | ||||||
Book Value Of Land Held-For Use | 6,194,505 | 3,223,411 | |||||||||
Amortization of Leased Asset | $ 642,905 | $ 60,680 | $ 944,176 | $ 128,644 |
VARIABLE INTEREST ENTITY (Details Textual) (USD $)
|
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Qinghai Sanjiang Power Agriculture Co Limited [Member]
|
|
Equity Method Investments Eliminated Amount | $ 2,251,359 | ||
Unconsolidated equity investee | $ 1,076,489 | $ 1,258,607 | $ 2,251,359 |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% |
PLANT AND EQUIPMENT (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Property, Plant and Equipment, Gross book value | $ 8,637,031 | $ 3,265,425 |
Less: Accumulated depreciation | (780,814) | (597,660) |
Property, Plant and Equipment, Net book value | 7,856,217 | 2,667,765 |
Plant and Machinery [Member]
|
||
Property, Plant and Equipment, Gross book value | 1,867,921 | 1,855,068 |
Structure and Leasehold Improvements [Member]
|
||
Property, Plant and Equipment, Gross book value | 3,973,019 | 27,211 |
Mature Seeds [Member]
|
||
Property, Plant and Equipment, Gross book value | 1,342,659 | 503,663 |
Furniture and Equipment [Member]
|
||
Property, Plant and Equipment, Gross book value | 1,347,134 | 773,185 |
Motor Vehicles [Member]
|
||
Property, Plant and Equipment, Gross book value | $ 106,298 | $ 106,298 |
DEPOSITS AND PREPAID EXPENSES (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Deposits for acquisition of land use rights | $ 4,453,665 | $ 4,453,665 |
inventory purchases | 10,308,788 | 5,190,952 |
Shares issued for employee compensation and oversea professional fee | 0 | 2,139,057 |
Aquaculture contract with Gao Riqiang | 3,178,214 | 3,085,164 |
Temporary payment for acquiring equity investments | 5,682,680 | 0 |
Deposits and prepaid expenses | $ 23,623,347 | $ 14,868,838 |
OTHER PAYABLES
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] |
Due to third parties, related parties, employees and others are unsecured, interest free and have no fixed terms of repayment. |
UNCONSOLIDATED EQUITY INVESTEE (Tables)
|
6 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] |
|
ACCOUNTS RECEIVABLE (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Accounts Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Past Due Financing Receivables [Table Text Block] | Aging analysis of accounts receivable is as follows:
|
DUE FROM RELATED PARTIES (Details) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Due from proceeds receivable | $ 2,386,233 | $ 5,386,233 |
Due from related parties | 12,820,752 | 15,820,752 |
HYT [Member]
|
||
Due from related parties | $ 10,434,519 | $ 10,434,519 |
STOCK BASED COMPENSATION (Details Textual) (USD $)
|
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2,760,729 | ||
Stock Issued During Period, Shares, Issued for Services | 1,800,000 | ||
Stock Issued During Period Shares Issued For Services Market Price Offering Date | $ 0.895 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 4,278,114 | ||
Allocated Share-based Compensation Expense | $ 2,139,057 | $ 0 | |
Minimum [Member]
|
|||
Share Based Compensation Arrangement By Share Based Payment Award Market Price Offering Date | $ 0.895 | ||
Maximum [Member]
|
|||
Share Based Compensation Arrangement By Share Based Payment Award Market Price Offering Date | $ 1 |
SEGMENT INFORMATION (Tables)
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Jun. 30, 2012
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended June 30, 2012
For the three months ended June 30, 2011
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DUE TO RELATED PARTIES (Tables)
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6 Months Ended | |||||||||||||||||||||||||||
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Jun. 30, 2012
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Due to Related Parties [Abstract] | ||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] |
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SEGMENT INFORMATION (Details) (USD $)
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3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Dec. 31, 2011
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Revenue | $ 25,348,287 | $ 6,705,370 | $ 41,328,303 | $ 9,826,901 | |
Net income (loss) | 10,290,022 | 3,011,478 | 15,961,484 | 14,126,342 | |
Total assets | 183,329,700 | 113,820,239 | 183,329,700 | 113,820,239 | 151,840,878 |
Corporate and Other [Member]
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Revenue | 0 | 0 | 0 | 0 | |
Net income (loss) | (80,381) | 152,307 | (943,178) | (193,427) | |
Total assets | 14,721,073 | 45,329,296 | 14,721,073 | 45,329,296 | |
Fishery Development Division [Member]
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Revenue | 15,799,765 | 2,555,474 | 26,894,373 | 4,115,219 | |
Net income (loss) | 8,321,886 | 1,544,892 | 13,592,472 | 2,465,690 | |
Total assets | 59,793,491 | 22,301,691 | 59,793,491 | 22,301,691 | |
HU Plantation [Member]
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Revenue | 2,081,863 | 1,222,241 | 2,081,863 | 1,222,241 | |
Net income (loss) | 1,117,450 | 573,224 | 1,090,577 | 553,425 | |
Total assets | 27,151,644 | 23,546,271 | 27,151,644 | 23,546,271 | |
Organic Fertilizer Beef and Bread Grass Division [Member]
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Revenue | 5,684,693 | 1,973,078 | 9,628,641 | 3,534,864 | |
Net income (loss) | 469,629 | 467,664 | 1,035,018 | 823,345 | |
Total assets | 71,872,466 | 9,011,260 | 71,872,466 | 9,011,260 | |
Catttle Farm Development Division [Member]
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Revenue | 1,781,966 | 954,577 | 2,723,426 | 954,577 | |
Net income (loss) | 461,438 | 273,391 | 1,186,596 | 273,358 | |
Total assets | 9,791,026 | 13,631,721 | 9,791,026 | 13,631,721 | |
Dairy Production Division [Member]
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Revenue | 0 | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | 0 | 10,203,951 | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
LAND USE RIGHTS (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Land Use Rights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Use Rights [Table Text Block] |
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INCOME TAXES
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6 Months Ended | ||
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Jun. 30, 2012
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Income Tax Disclosure [Abstract] | |||
Income Tax Disclosure [Text Block] |
United States of America
The Company was incorporated in the State of Nevada, in the United States of America. The Company has no trading operations in United States of America and no US corporate tax has been provided for in the financial statements of the Company.
China
Beginning January 1, 2008, the new Enterprise Income Tax (“EIT”) law replaced the existing laws for Domestic Enterprises (“DE’s”) and Foreign Invested Enterprises (“FIE’s”). The new standard EIT rate of 25% replaced the 33% rate currently applicable to both DE’s and FIE’s. The Company is currently evaluating the impact that the new EIT will have on its financial condition. Beginning January 1, 2008, China unified the corporate income tax rule on foreign invested enterprises and domestic enterprises. The unified corporate income tax rate is 25%.
Under new tax legislation in China beginning in January 2008, the agriculture, dairy and fishery sectors are exempt from enterprise income taxes.
No EIT has been provided in the financial statements of CA, ZX, JHST and SJAP since they are exempt from EIT for the six months ended June 30, 2012 and 2011 as they are within the agriculture, dairy and fishery sectors.
No EIT has been provided in the financial statements of HSA at 25% for the income the six months ended June 30, 2012 and 2011 as HSA incurred tax loss for the period.
JFD is imposed with an EIT of 25%. The Company is appealing to the local tax authority to determine the taxation method and tax rate. The result of the appeal is pending. No EIT has been provided for in the financial statements of JFD for the six months ended June 30, 2012 and 2011.
Belize and Malaysia
CA, CS and CH are international business companies incorporated in Belize, and are exempt from corporate tax in Belize.
All sales invoices of CA were issued by its representative office in Malaysia and its trading and service activities are conducted in China. As the Malaysia tax law is imposed on a territorial basis and not on a worldwide basis, CA’s income is not subject to Malaysian corporate tax.
As a result, neither Belize nor Malaysia corporate tax is provided in the financial statements of CA for the six months ended June 30, 2012 and 2011.
Hong Kong
No Hong Kong profits tax has been provided in the financial statements of PMH and TRW, since these entities did not earn any assessable profits for the six months ended June 30, 2012 and 2011.
Macau
No Macau Corporation tax has been provided in the financial statements of HYT, APWAM and MEIJI since these entities did not earn any assessable profits for the six months ended June 30, 2012 and 2011. |
INCOME TAXES (Details Textual)
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12 Months Ended | 6 Months Ended | 12 Months Ended | |
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Dec. 31, 2008
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Jun. 30, 2012
Jfd [Member]
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Dec. 31, 2008
Standard Rate [Member]
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Dec. 31, 2008
Revised Rate [Member]
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Corporate Income Tax Rate | 25.00% | |||
Enterprise Income Tax Rate | 25.00% | 25.00% | 33.00% |