As filed with the Securities and Exchange Commission on September 30, 2013
Registration No. 333-187604
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PRE-EFFECTIVE AMENDMENT NO. 2 TO
FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
SINO AGRO FOOD, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada | 2020 | 33-1219070 | ||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(IRS Employer Identification Number) |
Sino Agro Food, Inc.
Room 3801, Block A, China Shine Plaza
No. 9 Lin He Xi Road
Tianhe District, Guangzhou City, P.R.C. 510610
(860) 20 22057860
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Solomon Lee
Chief Executive Officer
Sino Agro Food, Inc.
Room 3801, Block A, China Shine Plaza
No. 9 Lin He Xi Road
Tianhe District, Guangzhou City, P.R.C. 510610
(860) 20 22057860
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Marc Ross, Esq.
Henry Nisser, Esq.
Sichenzia Ross Friedman Ference, LLP
61 Broadway, 32nd Floor
New York, New York 10006
Telephone: (212) 930-9700
Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.
If any of the securities being registered on the Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: x
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ¨
If this Form is a post-effective amendment filed pursuant to Rule 462 (c) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier registration statement for the same offering: ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier registration statement for the same offering: ¨
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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer ¨ | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller reporting company x |
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to Be Registered | Amount to Be Registered (1) | Proposed Maximum Offering Price Per Share | Proposed Maximum Aggregate Offering Price | Amount Of Registration Fee | ||||||||||||
Common stock, par value $0.001 per share (2) | 26,250,000 | $ | 1.00 | (3) | $ | 26,250,000.00 | $ | 3,580.50 | ||||||||
Total | 26,250,000 | $ | 1.00 | $ | 26,250,000.00 | $ | 3,580.50 | (4) |
(1) In the event of a stock split, stock dividend, or similar transaction involving the common stock, the number of shares registered shall automatically be increased to cover the additional shares of common stock issuable pursuant to Rule 416.
(2) Represents shares of the Registrant’s common stock being offered pursuant to the Registrant’s public offering.
(3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(a) of the Securities Act of 1933, as amended.
(4) Previously paid.
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
EXPLANATORY NOTE
This Amendment No. 2 on Form S-1/A (the “Amendment”) amends Amendment No. 1 to the Registration Statement on Form S-1 of Sino Agro Food, Inc. (the “Company”) originally filed with the Securities and Exchange Commission on September 23, 2013 (the “Original Filing”). This Amendment is being filed solely to add Exhibit 101, which was omitted from the Original Filing and contains XBRL (eXtensible Business Reporting Language) Interactive Data Files for the financial statements and notes included in the Original Filing.
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 date of the Original Filing 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 attached as 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.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 16. Exhibits and Financial Statement Schedules
Exhibit No. | Exhibit Description | |
2.1 | Stock Purchase Agreement and Share Exchange – Volcanic Gold and Capital Award. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 2.1 thereto. | |
2.2 | Acquisition Agreement - Hang Yu Tai Investment Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 2.2 thereto. | |
2.3 | Acquisition Agreement - Macau Eiji Company Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 2.3 thereto. | |
2.4 | Acquisition Agreement - Tri-way Industries Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 2.4 thereto. | |
2.5 | Disposition Agreement - Triway selling equity interest in TianQuan Science. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 2.5 thereto. | |
2.6 | Acquisition Agreement - A Power Agro Agriculture Development (Macau) Limited acquired the Pretty Mountains’ 45% equity interest in Sanjiang A Power. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 2.6 thereto. | |
3.1 | Articles of Incorporation of Volcanic Gold, Inc. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.1 thereto. | |
3.2 | Amendment to Articles of Incorporation – Name Change: Volcanic Gold, Inc. to A Power Agro Agriculture Development, Inc. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.2 thereto. | |
3.3 | Certificate of Correction. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.3 thereto. | |
3.4 | Amendment to Articles of Incorporation – Name Change: A Power Agro Agriculture Development, Inc. to Sino Agro Food, Inc. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.4 thereto. | |
3.5 | Bylaws of Volcanic Gold, Inc. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.5 thereto. | |
3.6 | Organizational Documents: Capital Award, Inc. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.6 thereto. | |
3.7 | Organizational Documents: Hang Yu Tai Investment Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.7 thereto. | |
3.8 | Organizational Documents: ZhongXingNongMu Co. Ltd. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.8 thereto. | |
3.9 | Organizational Documents: Macau Eiji Company Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.9 thereto. | |
3.10 | Organizational Documents: Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.10 thereto. | |
3.11 | Organizational Documents: Tri-way Industries Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.11 thereto. | |
II-1 |
3.12 | Organizational Documents: A Power Agro Agriculture Development (Macau) Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 3.12 thereto. | |
3.13 | Bylaws. Incorporated herein by reference to the Current Report on Form 8-K filed on November 28, 2012 as Exhibit 3.1 thereto. | |
3.14 | Certificate of Amendment to Articles of Incorporation. Incorporated herein by reference to the Current Report on Form 8-K filed on January 30, 2013 as Exhibit 3.1thereto. | |
4.1 | Form of common stock Certificate of Sino Agro Foods, Inc. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 4.1 thereto. | |
4.2 | Form of Certificate of Series A Preferred. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 4.2 thereto. | |
4.3 | Form of Certificate of Series B Preferred. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 4.3 thereto. | |
4.4 | Certificate of Rights and Preferences – Series A Preferred. Incorporated herein by reference to the Registration Statement on Form 10 filed on April 25, 2011 as Exhibit 4.4 thereto. | |
4.5 | Certificate of Rights and Preferences – Series B Preferred. Incorporated herein by reference to the Registration Statement on Form 10 filed on April 25, 2011 as Exhibit 4.5 thereto. | |
4.6 | Certificate of Designation of the Series F Non-Convertible Preferred Stock. Incorporated herein by reference to the Current Report on Form 8-K filed on November 16, 2012 as Exhibit 3.1 thereto. | |
5.1 | Opinion of Sichenzia Ross Friedman Ference LLP* | |
10.1 | Patented “Intellectual Property” namely “Zhi Wu Jei Gan Si Liao Chan Ye Hua Chan Pin Ji Qi Zhi Bei Fang Fa” registered under the Patent Number “ZL2005 10063039.9” and Certificate number “329722” of China. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.1 thereto. | |
10.2 | Sino Foreign Joint Venture Agreement: Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.2 thereto. | |
10.3 | Sino Foreign Joint Venture Agreement: Qinghai Sanjiang A Power Agriculture Co. Ltd. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.3 thereto. | |
10.4 | Deed of Trust - A Power Agro Agriculture Development (Macau) Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.4 thereto. | |
10.5 | Deed of Trust - Macau Eiji Company Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.5 thereto. | |
10.6 | Deed of Trust - Hang Yu Tai Investment Limited. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.6 thereto. | |
10.7 | Master License from Infinity Environmental Group, a Belize corporation. Incorporated herein by reference to the Registration Statement on Form 10 filed on November 19, 2010 as Exhibit 10.7 thereto. | |
10.8 | Capital Award Consulting Service Agreement. Incorporated herein by reference to the Registration Statement on Form 10 filed on January 19, 2011 as Exhibit 10.8 thereto. | |
10.9 | Tri-Way Joint Venture Agreement. Incorporated herein by reference to the Registration Statement on Form 10 filed on January 19, 2011 as Exhibit 10.9 thereto. | |
10.10.a | Share Sale Agreement of Zhongxingnongmu Co. Ltd. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.10(a) thereto. | |
II-2 |
10.10.b | MOU SIAF and Mr. Sun Sales and Purchase of shares Hang Yu Tai. Incorporated herein by reference to the Registration Statement on Form 10 filed on July 6, 2011 as Exhibit 10.10(b) thereto. | |
10.11 | Joint Venture Agreement for Enping City Bi Tao A Power Prawn Culture Development Co., Ltd. Incorporated herein by reference to the Registration Statement on Form 10 filed on April 25, 2011 as Exhibit 10.11 thereto. | |
10.12 | AP Technology Consulting Services Agreement between Capital Award and a Group of China Parties. Incorporated herein by reference to the Registration Statement on Form 10 filed on April 25, 2011 as Exhibit 10.12 thereto. | |
10.13 | Organic Premium Beef Cattle (Fragrant Beef) Breeding and Feed Production Technology Cooperation Agreement. Incorporated herein by reference to the Registration Statement on Form 10 filed on April 25, 2011 as Exhibit 10.13 thereto. | |
10.14 | Organic Premium Beef Cattle (Fragrant Beef) Breeding and Feed Production Technology Sale and Transfer Agreement. Incorporated herein by reference to the Registration Statement on Form 10 filed on April 25, 2011 as Exhibit 10.14 thereto. | |
10.15 | Employment Agreement – Lee. Incorporated herein by reference to the Registration Statement on Form 10 filed on July 6, 2011 as Exhibit 10.15 thereto. | |
10.16 | Employment Agreement – Tan. Incorporated herein by reference to the Registration Statement on Form 10 filed on July 6, 2011 as Exhibit 10.16 thereto. | |
10.17 | Employment Agreement – Chen. Incorporated herein by reference to the Registration Statement on Form 10 filed on July 6, 2011 as Exhibit 10.17 thereto. | |
10.18 | SJVC Enping Cattle and Sheep Farm Joint Venture Agreement. Incorporated herein by reference to the Registration Statement on Form 10 filed on July 6, 2011 as Exhibit 10.18 thereto. | |
10.19 | Bait Fish Contract between Enping A Power Fishery Development Co. Ltd. and Guangzhou Jinyang Aquaculture Co. Ltd. Incorporated herein by reference to the Current Report on Form 8-K filed on December 19, 2011 as Exhibit 10.1 thereto. | |
10.20 | Sleepy Cod Contract between Enping A Power Fishery Development Co. Ltd. and Guangzhou Jinyang Aquaculture Co. Ltd. Incorporated herein by reference to the Current Report on Form 8-K filed on December 19, 2011 as Exhibit 10.2 thereto. | |
10.21 | Agreement between Capital Award, Inc. and Liu Gang, et al. Incorporated herein by reference to the Current Report on Form 8-K filed on February 29, 2012 as Exhibit 10.1 thereto. | |
10.22 | Agreement between Macau Eiji Company Limited and Mr. Jin Xuesong. Incorporated herein by reference to the Current Report on Form 8-K filed on March 28, 2012 as Exhibit 10.1 thereto. | |
10.23 | Addendum to Consulting and Services Agreement. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.1 thereto. | |
10.24 | SJVC Agreement between MEIJI and Mr. He Yue Xiong. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.2 thereto. | |
10.25 | Consulting and Services Agreement MEIJI and Mr. He Yue Xiong, et al. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.3 thereto. | |
10.26 | Agreement to Purchase Young Beef between MEIJI and Yang Zi Shao Town Cattle Farm. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.4 thereto. | |
10.27 | WSPS SJVC between the Company and Zhou Jianfeng. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.5 thereto. | |
10.28 | WSPS Consulting and Services Agreement between Capital Award and Zhou Jianfeng, et al. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.6 thereto. | |
II-3 |
10.29 | Memorandum of Understanding between the Company and Wu Xiaofeng. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on August 14, 2012 as Exhibit 10.7 thereto. | |
10.30 | Jiangman Hang Meiji Cattle Farm Co. Ltd. Statutory Documents. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on November 15, 2012 as Exhibit 10.8 thereto. | |
10.31 | Consulting and Service Agreement (Wholesale 2) between the Company and Guangzhou YiLi Na Wei Trading Co. Ltd. Incorporated herein by reference to the Quarterly Report on Form 10-Q filed on November 15, 2012 as Exhibit 10.9 thereto. | |
10.32 | JFD Lease agreement. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.32 thereto. | |
10.33 | JHMC Lease Agreement. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.33 thereto. | |
10.34 | JHST Lease Agreement. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.34 thereto. | |
10.35 | Sino Agro Food, Inc. Lease Agreement. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.35 thereto. | |
10.36 | Capital Award Consulting Service Agreement related to Fish Farm 2. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.36 thereto. | |
10.37 | WXC Consulting Agreement. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.37 thereto. | |
10.38 | Consulting and Service Agreement between MEIJI and Wei Da Xing, et al. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 10.38 thereto. | |
14 | Code of Ethics. Incorporated herein by reference to the Registration Statement on Form S-1 filed on March 28, 2013 as Exhibit 14 thereto. | |
21 | List of subsidiaries. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 21 thereto. | |
23.1 | Consent of Madsen & Associates CPA’s, Inc. ** | |
23.2 | Consent of Sichenzia Ross Friedman Ference LLP (included in Exhibit 5.1)* | |
99.1 | Opinion of PR Counsel. Incorporated herein by reference to Amendment No. 1 to the Registration Statement on Form S-1 filed on September 23, 2013 as Exhibit 99.1 thereto. | |
101 .INS | XBRL Instance Document*** | |
101.SCH | XBRL Taxonomy Extension Schema Document*** | |
101.CAL | XBRL Taxonomy Calculation Linkbase Document*** | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document*** | |
101.LAB | XBRL Taxonomy Label Linkbase Document*** | |
101.PRE | XBRL Taxonomy Presentation Linkbase Document*** |
* To be filed by amendment
** Filed herewith
*** Submitted herewith
II-4 |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant meets all of the requirements for filing on Form S-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Guangzhou, in the PRC, on this 30th day of September, 2013.
SINO AGRO FOOD, INC. | ||
September 30, 2013 | By: | /s/ LEE YIP KUN SOLOMON |
Lee Yip Kun Solomon Chief Executive Officer (Principal Executive Officer Principal Financial Officer Principal Accounting Officer) |
In accordance with the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
September 30, 2013 | By: | /s/ LEE YIP KUN SOLOMON |
Lee Yip Kun Solomon Chief Executive Officer, Director (Principal Executive Officer Principal Financial Officer Principal Accounting Officer) |
September 30, 2013 | By: | /s/ TAN POAY TEIK |
Tan PoayTeik Chief Marketing Officer and Director |
September 30, 2013 | By: | /s/ CHEN BORHANN |
Chen BorHann Corporate Secretary and Director |
September 30, 2013 | By: | /s/ YAP KOI MING |
Yap Koi Ming Director |
September 30, 2013 | By: | /s/ NILS-ERIK SANDBERG |
Nils-Erik Sandberg Director |
II-5 |
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in this S-1 filing of Sino Agro Food, Inc. filed on or about September 30, 2013, of our report dated April 14, 2013 and April 23, 2013, relating to the financial statements of Sino Agro Food, Inc. as of December 31, 2012, and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the periods in the two years ended December 31, 2012, and to the reference of being experts in auditing and accounting.
s/Madsen & Associates CPA’s, Inc.
Madsen & Associates CPA’s, Inc.
Salt Lake City, Utah
September 30, 2013
WARRANTS (Details Textual) (Convertible Notes Payable [Member], USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Convertible Notes Payable [Member]
|
||
Debt Instrument, Face Amount | $ 460,000 | |
Interest rate | 12.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. | |
Warrants Issued During Period Number Of Warrants | 842,500 | |
Warrants Issued During Period Exercise Price Of Warrants | $ 0.50 | |
Warrants Discount | 36,113 | 36,113 |
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 52,118 | $ 52,118 |
INVENTORIES (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|
Inventories | $ 18,887,433 | $ 17,114,755 | $ 4,435,445 |
Sleepy Cods And Eels [Member]
|
|||
Inventory, Finished Goods, Gross | 5,432,990 | 4,612,090 | 0 |
Bread Grass [Member]
|
|||
Inventory, Finished Goods, Gross | 709,366 | 1,473,653 | 449,984 |
Beef Cattle [Member]
|
|||
Inventory, Finished Goods, Gross | 2,985,965 | 2,569,659 | 825,853 |
Organic Fertilizer [Member]
|
|||
Inventory, Finished Goods, Gross | 702,836 | 737,166 | 807,689 |
Forage For Cattle and Consumable [Member]
|
|||
Inventory, Finished Goods, Gross | 3,144,896 | 278,900 | 0 |
Raw Materials For Bread Grass and Organic Fertilizer [Member]
|
|||
Inventory, Raw Materials, Gross | 5,237,102 | 6,765,536 | 1,398,965 |
HU Plantation [Member]
|
|||
Inventory, Finished Goods, Gross | 0 | 11,111 | |
Immature Seeds [Member]
|
|||
Inventory, Finished Goods, Gross | 0 | 677,751 | 842,313 |
Unharvested HU Plantation [Member]
|
|||
Inventory, Finished Goods, Gross | $ 674,278 | $ 0 | $ 99,530 |
INCOME TAXES (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 31 |
Deferred tax provision | 0 | 0 | 0 | 0 | ||
Parent Company [Member]
|
||||||
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Award, Capital Stage, Capital Hero [Member]
|
||||||
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 |
Tri Way Industries Limited [Member]
|
||||||
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 |
Meiji and Apwam [Member]
|
||||||
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 |
Jhst, jhmc, hsa, jfd And Sjap [Member]
|
||||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||
Hsa [Member]
|
||||||
Provision for income taxes | 0 | 31 | ||||
Jhst, Jfd, Jhmc and Sjap [Member]
|
||||||
Provision for income taxes | $ 0 | $ 0 |
NET INCOME FROM DISCONTINUED OPERATIONS (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Revenue | $ 0 | $ 0 |
Cost of goods sold | 0 | 0 |
Gross profit | 0 | 0 |
General and administrative expenses | 0 | 0 |
Net income from operations | 0 | 0 |
Interest expense | 0 | 0 |
Net income before income taxes | 0 | 0 |
Net income from sale of subsidiaries | 0 | 10,203,951 |
Net income before income taxes | 0 | 10,203,951 |
Provision for income taxes | 0 | 0 |
Net income from discontinued operations | 0 | 10,203,951 |
Less: Net income attributable to the non - controlling interest | 0 | 0 |
Net income from discontinued operations attributable to the Sino Agro Food, Inc. and subsidiaries | $ 0 | $ 10,203,951 |
DUE TO THIRD PARTIES (Details) (USD $)
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Due to third parties | $ 0 | $ 867,413 |
DUE FROM RELATED PARTIES (Details Textual) (USD $)
|
12 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
Xi Ming Sun [Member]
|
Dec. 31, 2011
Xi Ming Sun [Member]
|
Dec. 31, 2011
Hyt And Zx [Member]
|
|
Proceeds From Equity Interest Sold | $ 10,526,095 | ||||
Percentage Of Equity Interest Sold | 100.00% | ||||
Refund Of Proceeds From Equity Interest Sold | 8,969,078 | ||||
Settlement Of Land Use Rights Payable In Contra Of Disposal Proceeds Receivable | 0 | 38,056,750 | 38,056,750 | ||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 0 | 5,386,233 | 5,386,233 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 45,000,000 | ||||
Due from Related Parties, Current | $ 0 | $ 15,820,752 | $ 0 | $ 5,386,233 |
PROPRIETARY TECHNOLOGIES (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|
Proprietary technologies | $ 9,512,258 | $ 9,512,258 | $ 8,000,000 |
Less: Accumulated amortization | (1,605,591) | (1,397,634) | (1,022,325) |
Net carrying amount | $ 7,906,667 | $ 8,114,624 | $ 6,977,675 |
OTHER RECEIVABLES
|
6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
Dec. 31, 2012
|
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Other Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Receivables Disclosure [Text Block] |
|
Payments due from employees and third parties are unsecured, interest free and without fixed term of repayment. Payments due from employees are the amounts advanced for handling business transactions on behalf of the Company, and are reconciled once the business transactions have been completed. |
OTHER RECEIVABLES (Tables)
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6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Other Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Receivables Disclosure [Table Text Block] |
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CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | |||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Continuing operations | ||||||
Revenue | $ 54,400,329 | $ 25,348,287 | $ 109,508,080 | $ 41,328,303 | $ 138,613,639 | $ 51,879,903 |
Cost of goods sold | 35,009,882 | 11,790,039 | 68,594,816 | 19,756,463 | 68,807,471 | 26,951,874 |
Gross profit | 19,390,447 | 13,558,248 | 40,913,264 | 21,571,840 | 69,806,168 | 24,928,029 |
General and administrative expenses | (1,608,304) | (2,735,677) | (3,813,692) | (4,957,999) | (8,385,862) | (5,302,736) |
Net income from operations | 17,782,143 | 10,822,571 | 37,099,572 | 16,613,841 | 61,420,306 | 19,625,293 |
Other income (expenses) | ||||||
Government grant | 0 | 0 | 79,759 | 79,401 | 139,836 | 0 |
Other income | 47,718 | 20,797 | 65,907 | 436,649 | 308,332 | 449,498 |
Gain on extinguishment of debts | 498,025 | 562,361 | 1,051,013 | 817,513 | 1,666,386 | 987,518 |
Interest expenses | (54,958) | 0 | (112,010) | 0 | (282,320) | 0 |
Net other income (expenses) | 490,785 | 583,158 | 1,084,669 | 1,333,563 | 1,832,234 | 1,437,016 |
Net income before income taxes | 18,272,928 | 11,405,729 | 38,184,241 | 17,947,404 | 63,252,540 | 21,062,309 |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | (31) |
Net income from continuing operations | 18,272,928 | 11,405,729 | 38,184,241 | 17,947,404 | 63,252,540 | 21,062,278 |
Less: Net (income) loss attributable to the non - controlling interest | (3,941,988) | (1,115,707) | (7,474,529) | (1,985,920) | (5,706,708) | (5,371,246) |
Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries | 14,330,940 | 10,290,022 | 30,709,712 | 15,961,484 | 57,545,832 | 15,691,032 |
Discontinued operations | ||||||
Net income from discontinued operations | 0 | 10,203,951 | ||||
Less: Net income attributable to the non - controlling interest | 0 | 0 | ||||
Net income from discontinued operations attributable to the Sino Agro Food, Inc. and subsidiaries | 0 | 10,203,951 | ||||
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | 14,330,940 | 10,290,022 | 30,709,712 | 15,961,484 | 57,545,832 | 25,894,983 |
Other comprehensive income | ||||||
Foreign currency translation gain | 1,728,409 | (73,645) | 1,436,541 | 546,712 | 448,984 | 3,815,775 |
Comprehensive income | 16,059,349 | 10,216,377 | 32,146,253 | 16,508,196 | 57,994,816 | 29,710,758 |
Less: other comprehensive (income) loss attributable to the non - controlling interest | (217,553) | 23,878 | (165,771) | (131,211) | (27,548) | (721,880) |
Comprehensive income attributable to Sino Agro Food, Inc. and subsidiaries | $ 15,841,796 | $ 10,240,255 | $ 31,980,482 | $ 16,376,985 | $ 57,967,268 | $ 28,988,878 |
Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: | ||||||
From continuing and discontinued operations Basic (in dollars per share) | $ 0.13 | $ 0.14 | $ 0.28 | $ 0.22 | $ 0.70 | $ 0.43 |
From continuing and discontinued operations Diluted (in dollars per share) | $ 0.12 | $ 0.13 | $ 0.27 | $ 0.20 | $ 0.63 | $ 0.39 |
Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: | ||||||
From continuing operations Basic (in dollars per share) | $ 0.70 | $ 0.26 | ||||
From continuing operations Diluted (in dollars per share) | $ 0.63 | $ 0.23 | ||||
Weighted average number of shares outstanding: | ||||||
Basic (in shares) | 115,366,595 | 73,836,392 | 110,403,819 | 71,312,129 | 82,016,910 | 60,158,210 |
Diluted (in shares) | 122,366,595 | 80,836,392 | 117,403,819 | 78,312,129 | 92,016,910 | 67,158,210 |
INCOME TAXES
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
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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 consolidated financial statements of the Company. Undistributed Earnings of Foreign Subsidiaries The Company intends to use the remaining accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly, undistributed earnings of foreign subsidiaries are considered to be indefinitely reinvested outside the United States and no provision for U.S. Federal and State income tax or applicable dividend distribution tax has been provided thereon. 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, JHMC, JFD, HSA and SJAP since they are exempt from EIT for the years ended December 31, 2012 and 2011 as they are within the agriculture, dairy and fishery sectors. However, as of December 31, 2012, Taxation Department agreed that HSA is exempt from EIT for the years ended December 31, 2012 and 2011. No EIT has been provided in the financial statements of HSA for the income earned for the years December 31, 2012 as they are within the agriculture, dairy and fishery sectors. EIT has been provided in the financial statements of HSA at 25% for the income for the years ended December 31, 2011 as part of its revenue was generated from other source of supply other than SJAP that was not exempted from EIT. However, as of December 31, 2012, Taxation Department agreed that JFD is exempt from EIT for the years ended December 31, 2012 and 2011. No EIT has been provided in the financial statements of JFD for the income earned for the years December 31, 2012 as they are within the agriculture, dairy and fishery sectors. JFD had been levied with an EIT of 25% in 2011, but JFD’s appeal to the Taxation Department for a waiver of this tax was successful by December 31, 2012. 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 for in the consolidated financial statements of CA for the years ended December 31, 2012 and 2011. Hong Kong No Hong Kong profits tax has been provided in the consolidated financial statements of PMH and TRW, since these entities did not earn any assessable profits for the years ended December 31, 2012 and 2011. Macau No Macau Corporation tax has been provided in the consolidated financial statements of HYT, APWAM and MEIJI since these entities did not earn any assessable profits for the December 31, 2012 and 2011. Provision for income taxes is as follows: No deferred tax assets and liabilities are of June 30, 2013 and December 31, 2012 since there was no difference between the financial statements carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the period in which the differences are expected to reverse.
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BUSINESS COMBINATION (Details) (JFD [Member], USD $)
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Apr. 02, 2012
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Jan. 02, 2012
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JFD [Member]
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Net assets at fair value acquired: | ||
Property, plant and equipment | $ 33,535 | $ 34,919 |
Construction in progress | 4,499,376 | 4,495,306 |
Inventories | 1,970,387 | 1,838,337 |
Accounts receivable | 1,337,519 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 7,840,817 | 6,368,562 |
Less: Other payables | (292,663) | (92,603) |
Accounts payable | (1,230,096) | |
Non-controlling interest | (1,702,580) | (3,324,729) |
Held by the Company, 25% (on January 1, 2012) & 50% (on April 1, 2012) | (3,405,159) | (1,662,365) |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 1,210,319 | 1,288,865 |
Satisfied by | ||
Purchase consideration | 1,702,580 | 1,662,365 |
Less: Cash acquired | (492,261) | (373,500) |
Business Combination, Consideration Transferred | $ 1,210,319 | $ 1,288,865 |
UNCONSOLIDATED EQUITY INVESTEE
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Dec. 31, 2012
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
On February 11, 2011, CA applied to form a corporate joint venture, Enping City Bi Tao A Power Prawn Culture Development Co. Limited (“EBAPCD”), incorporated in the People’s Republic of China. CA has the right to acquire up to a 75% equity interest in EBAPCD. EBAPCD has not commenced its business of prawn cultivation. On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“EBAPFD”), incorporated in the PRC. TRW owned a 25% equity interest in EBAPFD. On November 17, 2011, TRW formed Jiang Men City A Power Fishery Development Co., Limited (“JFD”) in which it acquired a 25% equity interest, while it withdrew its 25% equity interest in EBAPFD. As of December 31, 2011, the Company invested $1,258,607 in JFD. On January 1, 2012, the Company acquired an additional 25% equity interest in JFD for the amount of $1,662,365. On April 1, 2012, the Company acquired an additional 25% equity interest in JFD for the amount of $1,702,580. The Company presently owns a 75% equity interest in JFD and controls majority of votes and its board of directors. As result, the Company has consolidated the assets and operations of JFD. On April 15, 2011, MEIJI applied to form Enping City A Power Cattle Farm Co., Limited (“ECF”), incorporated in the People’s Republic of China. MEIJI had 25% equity interest in ECF. The PRC Government granted the official name of Jiang Men City Hang Meiji Cattle Farm Development Co., Limited (“JHMC”) to ECF on June 3, 2012. On April 1, 2012, the Company acquired an additional 25% equity interest in JFD for the amount of $1,702,580. The Company presently owns a 75% equity interest in ECF and controls majority of votes and its board of directors. As result, the Company has consolidated the assets and operations of JFD.
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CONVERTIBLE NOTES PAYABLE (Details Textual) (USD $)
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12 Months Ended | ||||
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2012
Convertible Notes Payable [Member]
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Jun. 30, 2013
Convertible Notes Payable [Member]
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Debt Instrument, Face Amount | $ 460,000 | ||||
Interest rate | 12.00% | ||||
Debt Instrument, Convertible, Terms of Conversion Feature | Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. | ||||
Warrants Issued During Period Number Of Warrants | 842,500 | ||||
Warrants Issued During Period Exercise Price Of Warrants | $ 0.50 | ||||
Debt Instrument, Unamortized Discount | 178,867 | ||||
Convertible notes payable | 0 | 232,000 | 0 | ||
Interest Payable, Current | $ 9,764 | $ 0 |
BUSINESS COMBINATION (Tables)
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Jun. 30, 2013
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Dec. 31, 2012
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2012 and 2011, as well as unaudited consolidated results of operations as though the JFD and JHMC acquisitions had occurred on January 1, 2011.
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JFD [Member]
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Second acquisition on January 1, 2012 25% additional equity interest in JFD.
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Second acquisition on January 1, 2012 25% additional equity interest in JFD. The Company allocated the purchase price on the fair value of the assets acquired as of January 1, 2012.
Third acquisition on April 1, 2012 25% additional equity interest in JFD. The Company allocated the purchase price based on the fair value of the assets acquired as of April 1, 2012.
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JHMC [Member]
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The Company allocated the purchase price based on the fair value of the assets acquired as of September 30, 2012.
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The Company allocated the purchase price based on the fair value of the assets acquired as of September 30, 2012.
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CONSTRUCTION IN PROGRESS (Tables)
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Jun. 30, 2013
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Dec. 31, 2012
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Construction In Progress [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Construction Inprogress [Table Text Block] |
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DUE FROM RELATED PARTIES
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Dec. 31, 2012
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Due From Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Due From Related Parties Disclosure [Text Block] |
The Company sold its 100% equity interest in the HYT Group (This group consisted of HYT and ZX) for the sum of $45,000,000. The purchaser of this equity interest was Mr. Xi Ming Sun, who is a director of ZX and owned an equity interest in the HYT Group prior to this purchase. Mr. Sun paid the Company $10,526,095 in cash (of which $8,969,078 was subsequently refunded by the Company to Mr. Sun) and the Company received land use rights valued at $38,056,750 as partial payment for the purchase of this equity interest. At December 31, 2011, Mr. Sun still owed the Company the sum of $5,386,233 and such amount was repaid to the Company during the fourth quarter of 2012. As of December 31, 2012 and 2011, the outstanding amount due from Mr. Xi Ming Sun is $0 and $5,386,233, respectively. Due from HYT is an advance, which is unsecured, interest free and to be repaid within one year from December 31, 2011. By December 31, 2012, this sum had been repaid. |
DEPOSITS AND PREPAID EXPENSES (Details) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Deposits for - purchases of equipment | $ 2,059,776 | $ 318,192 | |
Deposits for - acquisition of land use rights | 7,826,508 | 7,826,508 | 4,453,665 |
Deposits for - inventories purchases | 4,940,767 | 2,228,854 | 5,190,952 |
Deposits for - aquaculture contract | 6,022,708 | 7,062,600 | 3,085,164 |
Deposits for - building materials | 1,281,935 | 2,000,000 | 0 |
Deposits for - proprietary technologies | 2,254,839 | 2,254,839 | 0 |
Deposits for - construction in progress | 19,658,537 | 14,423,021 | 0 |
Miscellaneous | 251,657 | 4,892,258 | |
Shares issued for employee compensation and overseas professional | 90,600 | 271,800 | 2,139,057 |
Temporary deposits paid to entities for investments in future Sino Foreign Joint Venture companies | 7,704,670 | 6,030,785 | 0 |
Deposits and prepaid expenses | $ 52,091,997 | $ 47,308,857 | $ 14,868,838 |
DIVIDENDS (Tables)
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Dec. 31, 2012
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Dividend [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Payable [Table Text Block] | On December 6, 2012, the Company's Board of Directors has declared cash dividend on its Common Stock, payable in the amount of $0.01 for every one share issued and outstanding as of December 26, 2012, with a distribution date of January 15, 2013.
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NET INCOME FROM DISCONTINUED OPERATIONS (Details 2) (USD $)
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12 Months Ended | |
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Dec. 31, 2012
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Dec. 31, 2011
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Cash and cash equivalents balance disposed of | $ (3,137,885) | |
Net cash used in investing activities | $ 0 | $ (3,137,885) |
LAND USE RIGHTS (Tables)
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Jun. 30, 2013
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Dec. 31, 2012
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Land Use Rights [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Use Rights [Table Text Block] |
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Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
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GAIN ON EXTINGUISHMENT OF DEBTS
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6 Months Ended | 12 Months Ended | |||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Extinguishment Of Debts Disclosure [Abstract] | |||||||||||
Extinguishment of Debts Disclosure [Text Block] |
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The Company executed 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 $1,666,386 and $987,518 has been credited to operations under Other income/(expenses) for the years ended December 31, 2012 and 2011, respectively. As these activities were not part of our ordinary activities, we classified them as other income/(expenses). |
OTHER PAYABLES
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Jun. 30, 2013
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Dec. 31, 2012
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Text Block] |
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Due to third parties, employees and others are unsecured, interest free and have no fixed terms of repayment. |
LICENSE RIGHTS
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Jun. 30, 2013
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Dec. 31, 2012
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License Rights [Abstract] | |||||||||||
License Rights Disclosure [Text Block] |
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Pursuant to an agreement dated August 1, 2006 between Infinity Environmental Group Limited (“Infinity”) and the Company, the Company was granted an A Power Technology License with the condition that the Company was required to pay the license fee covering 500 units of APM as performance payment to Infinity on or before July 31, 2008. This license allows the Company to develop service, manage and supply A Power Technology Farms in the PRC using the A Power Technology, but subject to a condition that the Company is required to pay a license fee to Infinity once the Company has sold the license to its customer. Under the said license, the Company has the right to authorize developers and/or joint venture partners to develop A Power Technology Farms in the PRC. Infinity is a company incorporated in Australia. |
LAND USE RIGHTS (Details Textual) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2007
Guangdong First Lot [Member]
acre
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Dec. 31, 2008
Second Lot [Member]
acre
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Dec. 31, 2007
Second Lot [Member]
acre
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Dec. 31, 2011
Third Lot [Member]
acre
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Dec. 31, 2008
Third Lot [Member]
acre
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Dec. 31, 2011
Fourth Lot [Member]
acre
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Dec. 31, 2010
Fourth Lot [Member]
acre
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Dec. 31, 2012
Fifth Lot [Member]
acre
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Dec. 31, 2011
Fifth Lot [Member]
acre
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Jun. 30, 2013
Sixth Lot [Member]
acre
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Dec. 31, 2011
Sixth Lot [Member]
acre
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Dec. 31, 2012
Seventh Lot [Member]
acre
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Dec. 31, 2012
Use Rights [Member]
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Dec. 31, 2011
Use Rights [Member]
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Jun. 30, 2013
Use Rights [Member]
Minimum [Member]
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Dec. 31, 2012
Use Rights [Member]
Minimum [Member]
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Jun. 30, 2013
Use Rights [Member]
Maximum [Member]
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Dec. 31, 2012
Use Rights [Member]
Maximum [Member]
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Dec. 31, 2007
Use Rights [Member]
Guangdong First Lot [Member]
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Dec. 31, 2007
Use Rights [Member]
First Lot [Member]
acre
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Dec. 31, 2008
Use Rights [Member]
Second Lot [Member]
|
Dec. 31, 2007
Use Rights [Member]
Second Lot [Member]
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Dec. 31, 2011
Use Rights [Member]
Third Lot [Member]
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Dec. 31, 2008
Use Rights [Member]
Third Lot [Member]
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Dec. 31, 2011
Use Rights [Member]
Fourth Lot [Member]
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Dec. 31, 2010
Use Rights [Member]
Fourth Lot [Member]
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Dec. 31, 2012
Use Rights [Member]
Fifth Lot [Member]
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Dec. 31, 2011
Use Rights [Member]
Fifth Lot [Member]
|
Jun. 30, 2013
Use Rights [Member]
Sixth Lot [Member]
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Dec. 31, 2011
Use Rights [Member]
Sixth Lot [Member]
|
Dec. 31, 2012
Use Rights [Member]
Seventh Lot [Member]
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Finite-Lived Intangible Asset, Useful Life | 30 years | 30 years | 60 years | 60 years | |||||||||||||||||||||||||||||||
Payments to Acquire Land Held-for-use | $ 6,408,289 | $ 6,194,505 | $ 764,128 | $ 6,408,289 | $ 7,042,831 | $ 764,128 | $ 35,405,750 | $ 3,223,411 | $ 528,240 | $ 12,040,571 | $ 528,240 | $ 35,405,750 | $ 528,240 | ||||||||||||||||||||||
Amortization of Leased Asset | $ 539,677 | $ 642,905 | $ 768,337 | $ 944,176 | $ 1,599,600 | $ 732,946 | $ 6,194,505 | $ 3,223,411 | |||||||||||||||||||||||||||
Area of Land | 180.23 | 31.84 | 180.23 | 52.46 | 31.84 | 287.21 | 825 | 21.09 | 93.64 | 41.80 | 287.21 | 21.09 | 1,985.06 | ||||||||||||||||||||||
Leasehold Expiration Period | lease expiring in 2067 | lease expiring in 2068 | lease expiring in 2067 | lease expiring in 2037 | lease expiring in 2068 | leases expire in 2051, 2054 and 2071 | lease expiring in 2066 | leases expire in 2051 | lease expiring in 2031 and 2037 | leases expire in 2051 | leases expire in 2061 | leases expire in 2051 | leaseholds expiring in 2036, 2051, 2067 and 2077 |
INCOME TAXES (Tables)
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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OBLIGATION UNDER OPERATING LEASES
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Jun. 30, 2013
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Dec. 31, 2012
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] |
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The Company leases (i) 2,178 square feet of agriculture space used for offices for a monthly rent of $512 in Enping City, Guangdong Province, PRC, its lease expiring on March 31, 2014;(ii) 2,300 square feet of office space in Guangzhou City, Guangdong Province, PRC for a monthly rent of $4,238, its lease expiring on October 15, 2012; (iii)5,081 square feet of office space in Guangzhou City, Guangdong Province, PRC for a monthly rent of $11,838, its lease expiring on July 8, 2014; and (iv) 1,555 square feet each for two staff quarter in Linli District, Hunan Province, PRC for a monthly rent of $159, its lease expiring on January 23, 2013 and May 1, 2014. Lease expense was $155,119 and $64,256 for the years ended December 31, 2012 and 2011, respectively. The future minimum lease payments as of December 31, 2012, are as follows:
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EARNINGS PER SHARE
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] |
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Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution of securities by including other potential common stock, including convertible preferred stock, stock options and warrants, in the weighted average number of common shares outstanding for the period, if dilutive. The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table:
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CASH AND CASH EQUIVALENTS (Tables)
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Jun. 30, 2013
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Schedule of Cash and Cash Equivalents [Table Text Block] |
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SHAREHOLDERS' EQUITY
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Jun. 30, 2013
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] |
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The Group’s share capital as at December 31, 2012 and December 31, 2011shown on the consolidated balance sheet represents the aggregate nominal value of the share capital of the Company as at that date. On March 22, 2010, the Company designated 100 shares of Series A preferred stock at a par value per share of $0.001. As of the same date, 100 shares of Series A preferred stock were issued at $1 per share for cash in the amount of $100. The Series A Preferred Stock:
The Company has designated 100 shares of Series A preferred stock with 100 shares issued and outstanding as of December 31, 2012 and 2011, respectively. The Series B Convertible Preferred Stock: On March 22, 2010, the Company designated 7,000,000 shares of Series B convertible preferred stock at a par value per share of $0.001. The Series B convertible preferred stock is redeemable, the stockholders are not entitled to receive any dividend and voting rights but rank senior over common stockholders on liquidation, and can convert to common stock on a one for one basis at any time. On June 26, 2010, 7,000,000 shares of common stock were surrendered for cancellation and the Company issued 7,000,000 shares of Series B convertible preferred stock at $1.00 per share. Pursuant to share exchange agreement made as of December 22, 2012, between the Company and a stockholder, Capital Adventure Inc., a holder of 3,000,000 shares of common shares, with the consent of Board of Directors, to exchange for 3,000,000 shares of Series B convertible preferred stock on one-for-one basis. As of December 23, 2012, 3,000,000 shares of Series B convertible preferred stock were issued to Capital Adventure Inc., for the exchange of its holding of 3,000,000 shares of common stocks. As of December 31, 2012, 3,000,000 shares of common stocks were still not returned to the Company. There were 10,000,000 shares and 7,000,000 shares of Series B convertible preferred stock issued and outstanding as of December 31, 2012 and December 31, 2011, respectively. The Series F Non-Convertible Preferred Stock: On August 13, 2012, the Company designated 1,000,000 shares of preferred stock with a par value per share of $0.001 as Series F Non-Convertible Preferred Stock with a face value of $1.00 per share with 0 shares issued and outstanding as of December 31, 2012. The Series F Non-Convertible Preferred Stock:
Common Stock: During the year ended December 31, 2011: (i) the Company reacquired 1,000,000 shares of its common stock which became treasury shares, for $1,250,000 at a price of $1.25 per share ; (ii) the Company issued 15,619,397 shares of common stock for $12,499,902 at values ranging from$0.50 to $1.50 per share to settle debts due to third parties; (iii) the Company purchased 8,620,000 shares for $1,579,400 at prices ranging from $0.01 to $0.78 for cancellation; (iv) the Company issued employees a total of 2,760,729 shares of common stock valued at fair value of range from $0.895 per share to $1.01 per share for $2,667,114; and (v) the Company issued 1,800,000 shares of common stock to a certain company that provided consulting services for the benefit of the Company at $0.895 per share for $1,620,000. The Company executed 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 $987,518 has been credited to operations under Other income/(expenses) for the year ended December 31, 2011. As these activities were not part of our ordinary activities, we classified them as other income/(expenses). On December 5, 2012, the Company obtained stockholder consent for the approval of an amendment to our articles of incorporation to increase our authorized shares of common stock, no par value (the “ Common Stock”), from 100,000,000 to 130,000,000. The board of directors believes that the increase in our authorized Common Stock will provide is with greater flexibility with respect to our capital structure for purposes including additional equity financings and stock based acquisitions. During the year ended December 31, 2012, the Company issued (i) 32,064,588 shares of common stock for 18,193,714 at values ranging from $0.40 to $0.71 per share to settle debts due to third parties; and (ii) 906,000 shares of common stock valued to employees at fair value of $0.40 per share for $362,400 for employee compensation. The fair value of the common stock issued was determined by using the trading price of the Company’s common stock on the date the Shares were issued. The Company executed 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 $1,666,386 has been credited to operations under Other income/(expenses) for the year ended December 31, 2012. As these activities were not part of our ordinary activities, we classified them as other income/(expenses). The Company had common stock 100,004,850 and 67,034,262 issued and outstanding as of December 31, 2012 and 2011, respectively. |
EARNINGS PER SHARE (Details) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | |||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
|
Dec. 31, 2011
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BASIC | ||||||
Net income of continued operation used in computing basic earnings per share | $ 57,545,832 | $ 156,910,322 | ||||
Basic earnings per share (in dollars per share) | $ 0.70 | $ 0.26 | ||||
Basic weighted average shares outstanding | 82,016,910 | 60,158,210 | ||||
DILUTED | ||||||
Net income of continued operation used in computing basic earnings per share | 57,545,832 | 15,691,032 | ||||
Basic earnings per share (in dollars per share) | $ 0.63 | $ 0.23 | ||||
Basic weighted average shares outstanding | 82,016,910 | 60,158,210 | ||||
Add: weight average Series B Convertible preferred shares outstanding | 7,000,000 | 7,000,000 | ||||
Diluted weighted average shares outstanding | 89,016,910 | 67,158,210 | ||||
BASIC | ||||||
Net income of continued and discontinued operation used in computing basic earnings per share | 14,330,940 | 10,290,022 | 30,709,712 | 15,961,484 | 57,545,832 | 25,894,983 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.14 | $ 0.28 | $ 0.22 | $ 0.70 | $ 0.43 |
Basic weighted average shares outstanding | 115,366,595 | 73,836,392 | 110,403,819 | 71,312,129 | 82,016,910 | 60,158,210 |
DILUTED | ||||||
Net income of continued and discontinued operation used in computing basic earnings per share | $ 14,330,940 | $ 10,290,022 | $ 30,709,712 | $ 15,961,484 | $ 57,545,832 | $ 25,894,983 |
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.13 | $ 0.27 | $ 0.20 | $ 0.63 | $ 0.39 |
Basic weighted average shares outstanding | 115,366,595 | 73,836,392 | 110,403,819 | 71,312,129 | 82,016,910 | 60,158,210 |
Add: weight average Series B Convertible preferred shares outstanding | 7,000,000 | 7,000,000 | 8,607,734 | 7,000,000 | 7,000,000 | 7,000,000 |
Diluted weighted average shares outstanding | 122,366,595 | 80,836,392 | 117,403,819 | 78,312,129 | 92,016,910 | 67,158,210 |
BORROWINGS (Details Textual) (USD $)
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6 Months Ended | 12 Months Ended |
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Jun. 30, 2013
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Dec. 31, 2012
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Book Value Of Land Held For Use | $ 515,186 | $ 528,240 |
BORROWINGS (Tables)
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
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Short term bank loan
Long term debts
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CONSTRUCTION CONTRACT (Details) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Costs and estimated earnings in excess of billings on uncompleted contract | $ 922,375 | $ 2,790,084 | $ 1,962,119 |
Long Term Contracts Or Programs One [Member]
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Billings | (5,965,253) | (9,725,618) | 19,066,400 |
Less: Costs | 2,505,402 | 3,755,046 | (8,249,145) |
Estimated earnings | 4,746,626 | 8,307,452 | (8,855,136) |
Costs and estimated earnings in excess of billings on uncompleted contract | 1,286,775 | 2,336,880 | 1,962,119 |
Long Term Contracts Or Programs Two [Member]
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Billings | 14,916,618 | 9,810,427 | (2,405,640) |
Less: Costs | (4,302,086) | (1,886,705) | 887,540 |
Estimated earnings | (9,692,157) | (5,133,638) | 1,974,204 |
Costs and estimated earnings in excess of billings on uncompleted contract | 922,375 | 2,790,084 | 456,104 |
Long Term Contracts Or Programs Three [Member]
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Billings | (20,881,871) | (19,536,045) | 21,472,040 |
Less: Costs | 6,807,488 | 5,641,751 | (9,136,685) |
Estimated earnings | 14,438,783 | 13,441,090 | (10,829,340) |
Costs and estimated earnings in excess of billings on uncompleted contract | $ 364,400 | $ (453,204) | $ 1,506,015 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)
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Jun. 30, 2013
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Dec. 31, 2012
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Machinery and Equipment [Member] | Minimum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 5 Years | 5 Years |
Machinery and Equipment [Member] | Maximum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 10 Years | 10 Years |
Leasehold Improvements [Member] | Minimum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 10 Years | 10 Years |
Leasehold Improvements [Member] | Maximum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 20 Years | 20 Years |
Mature Seeds [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 20 years | 20 Years |
Furniture and Fixtures [Member] | Minimum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 2.5 Years | 2.5 Years |
Furniture and Fixtures [Member] | Maximum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 10 Years | 10 Years |
Vehicles [Member] | Minimum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 5 Years | 5 Years |
Vehicles [Member] | Maximum [Member]
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Property, Plant and Equipment, Estimated Useful Lives | 10 Years | 10 Years |
STOCK BASED COMPENSATION (Details Textual) (USD $)
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1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
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Aug. 31, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 100,000 | 2,760,729 | |||||
Stock Issued During Period, Shares, Issued for Services | 806,000 | 1,800,000 | |||||
Stock Issued During Period Shares Issued For Services Market Price Offering Date (in dollars per share) | $ 0.40 | $ 0.895 | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 90,600 | $ 1,069,529 | $ 181,200 | $ 2,139,058 | $ 2,229,657 | $ 4,278,114 | |
Allocated Share-based Compensation Expense | 90,600 | 271,800 | 2,139,057 | ||||
Deferred Compensation Share-based Arrangements, Liability, Current | 90,600 | 90,600 | 271,800 | 2,139,057 | |||
Employee Benefits and Share-based Compensation | $ 2,501,457 | $ 4,278,114 | $ 2,501,457 | ||||
Maximum [Member]
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Stock Issued During Period Shares Issued For Services Market Price Offering Date (in dollars per share) | $ 1.00 | ||||||
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Stock Issued During Period Shares Issued For Services Market Price Offering Date (in dollars per share) | $ 0.895 |
CONSTRUCTION CONTRACT (Tables)
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Contractors [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Billing in Excess of Costs and Estimated Earnings on Uncompleted Contract [Table Text Block] |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Period, Policy [Policy Text Block] |
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The Company has adopted December 31 as its fiscal year end. |
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Reporting Entity Policy [Policy Text Block] |
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The accompanying consolidated financial statements include the following entities:
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Basis of Accounting, Policy [Policy Text Block] |
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The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Interim results are not necessarily indicative of results for a full year. The information included in this interim report should be read in conjunction with the information included in the Company’s annual report on Form 10-K/A for the fiscal year ended December 31, 2012. |
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Consolidation, Policy [Policy Text Block] |
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The consolidated financial statements include the financial statements of the Company, its subsidiaries CA, CS, CH, TRW, MEIJI, HYT, ZX, HJST, JFD, JHMC, HSA and APWAM and its variable interest entity SJAP. All material inter-company transactions and balances have been eliminated in consolidation. HYT and ZX were no longer recognized as subsidiaries as of January 1, 2011 and PMH was dissolved on January 28, 2011. SIAF, CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM and SJAP are hereafter referred to as (the “Company”). |
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Business Combinations Policy [Policy Text Block] |
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The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 “Business Combinations”), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements he identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Company’s adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. |
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Consolidation Subsidiaries or Other Investments Consolidated Entities Policy [Policy Text Block] |
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The Company adopted the accounting pronouncement on non-controlling interests in consolidated financial statements, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. This guidance is primarily contained in ASC Topic “Consolidation.” It clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated financial statements. The adoption of this standard has not had material impact on the Company’s consolidated financial statements. |
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Use of Estimates, Policy [Policy Text Block] |
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The preparation of consolidated financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods covered thereby. Actual results could differ from these estimates. Judgments and estimates of uncertainties are required in applying the Company’s accounting policies in certain areas. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets, estimates of the realization of deferred tax assets and inventory reserves. |
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Revenue Recognition, Policy [Policy Text Block] |
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The Company’s revenue recognition policies are in compliance with ASC 605. Sales revenue is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable, and (iv) the ability to collect is reasonably assured. These criteria are generally satisfied at the time of shipment when risk of loss and title passes to the customer. License fee income is recognized on the accrual basis in accordance with the agreements. Government grants are recognized when (i) the Company has substantially accomplished what must be done pursuant to the terms of the grant that are established by the local government; and (ii) the Company receives notification from the local government that the Company has satisfied all of the requirements to receive the government grants; and (iii) the amounts are received. Revenues from the Company's fishery development services contracts are performed under fixed-price contracts. Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term. The percentage of costs incurred determines the amount of revenue to be recognized. Payment terms are generally defined by the installation contract and as a result may not match the timing of the costs incurred by the Company and the related recognition of revenue. Such differences are recorded as either costs or estimated earnings in excess of billings on uncompleted contracts or billings in excess of costs and estimated earnings on uncompleted contracts. The Company determines a customer’s credit worthiness at the time an order is accepted. Sudden and unexpected changes in a customer’s financial condition could put recoverability at risk. The percentage of completion method requires the ability to estimate several factors, including the ability of the customer to meet its obligations under the contract, including the payment of amounts when due. If the Company determines that collectability is not assured, the Company will defer revenue recognition and use methods of accounting for the contract such as the completed contract method until such time as the Company determines that collectability is reasonably assured or through the completion of the project. For fixed-price contracts, the Company uses the ratio of costs incurred to date on the contract to management's estimate of the contract's total costs, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract costs include all direct material, subcontract and labor costs and those indirect costs related to contract performance, such as supplies, tool repairs and depreciation. The Company accounts for maintenance and repair services under the guidance of ASC 605 as the services provided relate to construction work. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions, and estimated profitability arising from contract penalty, change orders and final contract settlements may result in revisions to the estimated profit ability during the contract. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized as contract costs in the period in which the revisions are determined. Profit incentives are included in revenues when their realization is reasonably assured. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the loss was identified. The Company’s fishery development consultancy services revenues are recognized when the relevant services are rendered to a buyer. The Company does not provide warranties to customers on a basis customary to the industry, however, customers can claim warranty directly from product manufacturers for defects in equipment or products. Historically, the Company has experienced no warranty claims |
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Cost of Sales, Policy [Policy Text Block] |
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Cost of goods sold consists primarily of direct purchase cost of merchandise goods, and related levies. |
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Shipping and Handling Cost, Policy [Policy Text Block] |
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Shipping and handling costs related to cost of goods sold are included in general and administrative expenses which totaled $84,298 and $58,096 for the years ended December 31, 2012 and 2011, respectively. |
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Advertising Costs, Policy [Policy Text Block] |
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Advertising costs are included in general and administrative expenses, which totaled $1,973 and $99,526 for the years ended December 31, 2012 and 2011, respectively. |
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Foreign Currency Transactions and Translations Policy [Policy Text Block] |
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The reporting currency of the Company is the U.S. dollar. The functional currency of the Company is the Chinese Renminbi (RMB). For those entities whose functional currency is other than the U.S. dollar, all assets and liabilities are translated into U.S. dollars at the exchange rate on the balance sheet date; shareholders’ equity is translated at historical rates and items in the statements of income and of cash flows are translated at the average rate for the period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily agree with changes in the corresponding balances in the balance sheets. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statements of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of income and comprehensive income, as incurred. Accumulated other comprehensive income in the consolidated statement of shareholders’ equity amounted to $3,875,101 as of December 31, 2012 and $ 3,446,838 as of December 31, 2011. The balance sheet amounts with the exception of equity as of December 31, 2012 and December 31, 2011 were translated using an exchange rate of RMB 6.29 to $1.00 and RMB 6.30 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the years ended December 31, 2012 and 2011 were RMB 6.31 to $1.00 and RMB 6.33 to $1.00, respectively. |
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Cash and Cash Equivalents, Policy [Policy Text Block] |
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The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the PRC are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. |
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Receivables, Policy [Policy Text Block] |
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The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. The standard credit period for most of the Company’s clients is three months. The collection period over 1 year is classified as long-term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for doubtful accounts as of December 31, 2012 and 2011 are $0. |
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Inventory, Policy [Policy Text Block] |
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Inventories are valued at the lower of cost (determined on a weighted average basis) and net realizable value. Costs incurred in bringing each product to its location and conditions are accounted for as follows:
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs for completion and the estimated costs necessary to make the sale. |
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Property, Plant and Equipment, Policy [Policy Text Block] |
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Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for capitalization when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognized in the carrying amount of the property and equipment as a replacement only if it is eligible for capitalization. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.
An item of property and equipment is removed from the accounts upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the period the item is disposed. |
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Goodwill and Intangible Assets, Policy [Policy Text Block] |
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Goodwill is an asset representing the fair economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. Goodwill is tested for impairment on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. The Company uses a fair-value-based approach to test for impairment at the level of each reporting unit. The Company directly acquired MEIJI, which is the holding company of JHST that operates the Hu Plantation. As a result of this acquisition, the Company recorded goodwill in the amount of $724,940. This goodwill represents the fair value of the assets acquired in these acquisitions over the cost of the assets acquired. |
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Proprietary Technologies Policy [Policy Text Block] |
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A master license of stock feed manufacturing technology was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Stock feed manufacturing technology is amortized using the straight-line method over its estimated life of 20 years. An aromatic cattle-feeding formula was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Stock feed manufacturing technology is amortized using the straight-line method over its estimated life of 25 years. The Company has determined that technological feasibility is established at the time a working model of products is completed. Proprietary technologies are intangible assets of finite lives. Management evaluates the recoverability of proprietary technologies on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. As required by ASC Topic 350 “Intangible Goodwill and Other”, the Company uses a fair-value-based approach to test for impairment. |
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Government Contractors, Contracts in Progress, Policy [Policy Text Block] |
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Construction in progress represents direct costs of construction as well as acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until construction is completed and the asset is ready for its intended use. |
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Land Use Rights Policy [Policy Text Block] |
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Land use rights represent acquisition of rights to agricultural land from farmers and are amortized on the straight-line basis over their respective lease periods. The lease period of agricultural land is in the range from 30 to 60 years. Land use rights purchase prices were determined in accordance with the 2007 PRC Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors. |
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Corporate Joint Venture Policy [Policy Text Block] |
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A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. |
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Consolidation, Variable Interest Entity, Policy [Policy Text Block] |
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A variable interest entity (“VIE”) is an entity (investee) in which the investor has obtained less than a majority interest, according to the Financial Accounting Standards Board (FASB). A VIE is subject to consolidation if a VIE meets one of the following three criteria as elaborated in ASC Topic 810-10, Consolidation:
If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. A corporation formed, owned, and operated by two or more businesses (ventures) as a separate and discrete business or project (venture) for their mutual benefit is defined as a joint venture. |
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Treasury Stock Policy [Policy Text Block] |
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Treasury stock means shares of a corporation’s own stock that have been issued and subsequently reacquired by the corporation. Converting outstanding shares to treasury shares does not reduce the number of shares issued but does reduce the number of shares outstanding. These shares are not eligible to receive dividends. Accounting for excesses and deficiencies on treasury stock transactions is governed by ASC 505-30-30. State laws and federal agencies closely regulate transactions involving a company’s own capital stock, so the purchase of outstanding shares must have a legitimate purpose. Some of the most common reasons for purchasing outstanding shares are as follows:
The cost method of accounting for treasury shares has been adopted by the Company. The purchase of outstanding shares and thus converting them into treasury shares is treated as a temporary reduction in shareholders’ equity in view of the expectation to reissue the shares instead of retiring them. When the Company reissues the treasury shares, the temporary account is eliminated. The cost of acquiring outstanding shares for converting into treasury shares is charged to a contra account, in this case a contra equity account that reduces the stockholder equity balance. |
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Income Tax, Policy [Policy Text Block] |
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The Company accounts for income taxes under the provisions of ASC Topic 740 “Accounting for Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. |
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Political and Business Risk Policy [Policy Text Block] |
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The Company's operations are carried out in the PRC. Accordingly, the political, economic and legal environment in the PRC may influence the Company’s business, financial condition and results of operations by the general state of the PRC's economy. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. |
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Concentration Risk, Credit Risk, Policy [Policy Text Block] |
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Cash includes cash at banks and demand deposits in accounts maintained with banks within the PRC. Total cash in these banks as of December 31, 2012 and 2011 amounted to $8,403,458 and $1,379,837, respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. Accounts receivable are derived from revenue earned from customers located primarily in the PRC. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company had 5 major customers (A, B, C, D & E) whose business individually represented the following percentages of the Company’s total revenue for the periods indicated:
The Company’s same 5 major customers (A, B, C, D & E) whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable for the periods indicated:
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Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] |
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As of December 31, 2012, amounts due from customers A, B, and C are $9,628,321, $7,584,293 and $5,898,681respectively. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware ofany financial difficulties of its major customers. In accordance with ASC Topic 360, “Property, Plant and Equipment,” long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the carrying amount of its long-lived assets, including intangibles, for impairment, each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of December 31, 2012 and 2011, the Company determined no impairment charges were necessary. |
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Earnings Per Share, Policy [Policy Text Block] |
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As prescribed in ASC Topic 260 “Earnings per Share,” Basic Earnings per Share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company’s common stock at the average market price during the period. For the years ended December 31, 2012 and 2011, basic earnings per share from continuing and discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.70 and $0.43, respectively. For the years ended December 31, 2012 and 2011, diluted earnings per share from continuing and discontinued operations attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.63 and $0.39, respectively. For the years ended December 31, 2012 and 2011, basic earnings per share from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.70 and $0.26, respectively. For the years ended December 31, 2012 and 2011, diluted earnings per share from continuing operations attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.63 and $0.23, respectively. |
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Comprehensive Income, Policy [Policy Text Block] |
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ASC Topic 220 “Comprehensive Income” establishes standards for reporting and displaying comprehensive income and its components in financial statements. Comprehensive income is defined as the change in stockholders’ equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The comprehensive income for all periods presented includes both the reported net income and net change in cumulative translation adjustments. |
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Postemployment Benefit Plans, Policy [Policy Text Block] |
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PRC state managed retirement benefit programs are defined contribution plans and the payments to the plans are charged as expenses when employees have rendered service entitling them to the contribution made by the employer. |
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Compensation Related Costs, Policy [Policy Text Block] |
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The Company has adopted both ASC Topic 718, “Compensation - Stock Compensation” and ASC Topic 505-50, “Equity-Based Payments to Non- Employees” using the fair value method in which an entity issues its equity instruments to acquire goods and services from employees and non-employees. Stock compensation for stock granted to non-employees has been determined in accordance with this accounting standard and the accounting standard regarding accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling goods or services, as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. This accounting standard allows the “simplified” method to determine the term of employee options when other information is not available. Under ASC Topic 718 and ASC Topic 505-50, stock compensation expenses is measured at the grant date on the value of the option or restricted stock and is recognized as expenses, less expected forfeitures, over the requisite service period, which is generally the vesting period. |
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Fair Value of Financial Instruments, Policy [Policy Text Block] |
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The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at December 31, 2012 or December 31, 2011, nor gains or losses are reported in the statements of income and comprehensive income that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the fiscal year ended December 31, 2012 or December 31, 2011. |
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New Accounting Pronouncements, Policy [Policy Text Block] |
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The Company does not expect any recent accounting pronouncements to have a material effect on the Company’s financial position, results of operations, or cash flows. In May 2011, the FASB issued amendments to authoritative guidance related to fair value measurement and disclosure requirements. The new guidance changes some fair value measurement principles and enhances disclosure requirements related to activities in Level 3 of the fair value hierarchy. The amendments are effective for interim and annual periods beginning after December 15, 2011. The adoption of this guidance did not have a material effect on our consolidated financial statements. In June 2011, the FASB issued authoritative guidance on the presentation of comprehensive income. This guidance specifies that an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This guidance does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. It also does not change the presentation of related tax effects, before related tax effects, or the portrayal or calculation of earnings per share. This guidance is to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance did not have a material effect on our consolidated financial statements as it amended only the presentation of comprehensive income. In July 2012, the FASB issued Accounting Standards Update ASU 2012-02, the amendments to ASC 350, IntangiblesGoodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). The amendments apply to all entities, both public and nonpublic, that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. In accordance with the amendments an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. An entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, and early adoption is permitted. The Company will apply these amendments for reporting periods beginning after December 31, 2012. The Company does not expect the adoption of the amendments to have a material impact on the consolidated financial statements. |
RESTATEMENT OF CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)
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Dec. 31, 2012
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Restatement Of Prior Year Cash Flow [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restatement Of Prior Year Cash Flow [Table Text Block] |
The statement of cash flows has been restated to correct an error related to the reporting of cash flows from sale of subsidiaries during the year ended December 31, 2011. The effects of this restatement are outlined below:
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PLANT AND EQUIPMENT (Details) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Property, Plant and Equipment, Gross book value | $ 22,698,946 | $ 20,987,324 | $ 3,265,425 |
Less: Accumulated depreciation | (1,679,693) | (1,041,022) | (597,660) |
Net book value | 21,019,253 | 19,946,302 | 2,667,765 |
Plant and Machinery [Member]
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Property, Plant and Equipment, Gross book value | 3,681,644 | 3,681,644 | 1,855,068 |
Structure and Leasehold Improvements [Member]
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Property, Plant and Equipment, Gross book value | 15,446,062 | 15,446,062 | 27,211 |
Mature Seeds [Member]
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Property, Plant and Equipment, Gross book value | 2,660,357 | 1,369,626 | 503,663 |
Furniture and Equipment [Member]
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Property, Plant and Equipment, Gross book value | 633,370 | 212,479 | 773,185 |
Motor Vehicles [Member]
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Property, Plant and Equipment, Gross book value | $ 277,513 | $ 277,513 | $ 106,298 |
PLANT AND EQUIPMENT (Details Textual) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | |||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Depreciation | $ 331,596 | $ 125,530 | $ 638,671 | $ 183,154 | $ 443,361 | $ 220,810 |
WARRANTS (Details) (Stock Warrants [Member], USD $)
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6 Months Ended | 12 Months Ended |
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Jun. 30, 2013
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Dec. 31, 2012
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Stock Warrants [Member]
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Expected annual dividend rate | 0.00% | 0.00% |
Weighted average exercise price | $ 0.50 | $ 0.50 |
Risk-free interest rate | 2.00% | 2.00% |
Average expected life | 6 months | 6 months |
Expected volatility of common stock | 80.00% | 80.00% |
Forfeiture rate | 0.00% | 0.00% |
LAND USE RIGHTS (Details) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Cost | $ 60,045,896 | $ 58,630,950 | $ 57,845,574 | $ 18,776,139 |
Less: Accumulated amortisation | (3,666,041) | (2,897,704) | (1,338,104) | |
Net carrying amount | $ 56,379,855 | $ 55,733,246 | $ 56,507,470 |
VARIABLE INTEREST ENTITY
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6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Variable Interest Entity [Abstract] | ||||||||||||||||||||||||||||||||||||||
Variable Interest Entity Disclosure [Text Block] |
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On September 28, 2009, APWAM acquired the PMH’s 45% equity interest in the Sino-Foreign joint venture company, Qinghai Sanjiang A Power Agriculture Co. Limited (“SJAP”), which was incorporated in the People’s Republic of China. As of December 31, 2012, the Company has invested $2,251,359 in this joint venture. SJAP is engaged in its business of the manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures. Continuous assessment of the VIE relationship with SJAP The Company may also have a controlling financial interest in an entity through an arrangement that does not involve voting interests, such as a VIE. The Company evaluates entities deemed to be VIE’s using a risk and reward model to determine whether to consolidate. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company also quantitatively and qualitatively examined if SJAP is considered a VIE. Qualitative analyses considered the extent to which the nature of its variable interest exposed the Company to losses. For quantitative analyses, the Company also used internal cash flow models to determine if SJAP was a VIE and, if so, whether the Company was the primary beneficiary. The projection of these cash flows and probabilities thereof requires significant managerial judgment because of the inherent limitations that relate to the use of historical data for the projection of future events. On December 31, 2012, the Company evaluated the above VIE testing results and concluded that the Company is the primary beneficiary of SJAP’s expected losses or residual returns and that SJAP qualifies as a VIE of the Company. As result, the Company has consolidated SJAP as a VIE. The reasons for the changes are as follows: • Originally, the board of directors of SJAP consisted of 7 members; 3 appointees from Qinghai Sanjiang (one stockholder), 1 from Garwor (one stockholder), and 3 from the Company, such that the Company did not have majority interest represented on the board of directors of SJAP. • On May 7, 2010, Qinghai Sanjiang sold and transferred its equity interest in SJAP to Garwor. The State Administration for Industry and Commerce of Xining City Government of the People’s Republic of China approved the sale and transfer. Consequently Garwor and the Company agreed that the new board of directors of SJAP would consist of 3 members; 1 appointee from Garwor and 2 appointees from the Company, such that the Company now had a majority interest in the board of directors of SJAP. Also, and in accordance with the Company’s Sino Joint Venture Agreement, the Company’s management appointed the chief financial officer of SJAP. As result, the financial statements of SJAP were included in the consolidated financial statements of the Company. |
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
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6 Months Ended | 12 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Cash flows from operating activities | ||||
Net income from continuing operations | $ 38,184,241 | $ 17,947,404 | $ 63,252,540 | $ 21,062,278 |
Adjustments to reconcile net income to net cash from operations: | ||||
Depreciation | 638,671 | 183,154 | 443,361 | 220,810 |
Amortization | 976,294 | 1,138,176 | 1,934,909 | 1,043,181 |
Common stock issued for services and employee's compensation | 181,200 | 2,139,057 | 2,229,657 | 2,139,057 |
Gain on extinguishment of debts | (1,051,013) | (817,513) | (1,666,386) | (987,518) |
Changes in operating assets and liabilities: | ||||
Increase in inventories | (1,842,406) | (4,618,431) | (10,037,494) | (3,018,112) |
Increase in deposits and prepaid expenses | (4,783,140) | (10,893,566) | (34,307,276) | (7,374,355) |
Increase (decrease) in due to a director | 8,264,907 | 346,076 | 12,239,470 | (6,313,966) |
Increase (decrease) in accounts payable and accrued expenses | 2,606,191 | (509,997) | 3,330,443 | 833,667 |
(Decrease) increase in other payables | 3,608,856 | 9,426,533 | 1,482,417 | 16,748,043 |
(Increase) decrease in accounts receivable | (29,425,520) | (5,173,526) | (18,142,198) | (18,250,484) |
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contracts | 1,050,105 | (1,966,711) | (1,880,776) | (456,104) |
(Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts | (1,867,709) | 578,889 | 827,965 | 1,962,119 |
(Decrease) Increase in due to related parties | 0 | (52,321) | (867,413) | 643,529 |
Decrease (Increase) in due from related parties | 15,820,752 | 0 | ||
Decrease (increase) in other receivables | (420,024) | (839,683) | 3,734,623 | (3,651,677) |
Net cash provided by operating activities | 16,120,653 | 9,887,541 | 38,394,594 | 4,600,468 |
Cash flows from investing activities | ||||
Acquisition of proprietary technologies | 0 | (1,500,000) | (1,500,000) | 0 |
Purchases of property and equipment | (490,323) | (20,423) | (10,756,744) | (252,346) |
Proceeds of disposal of subsidiaries | 0 | 557,700 | ||
Acquisition of land use rights | (490,323) | 0 | ||
Investment in unconsolidated equity investee | 0 | (1,076,489) | 0 | (1,258,607) |
Net cash outflow from business combination of subsidiaries less cash acquired | (6,893,349) | 0 | ||
Business combination of a subsidiary | (2,499,184) | |||
Payment for construction in progress | (13,596,632) | (6,626,688) | (19,185,878) | (1,346,394) |
Net cash used in investing activities | (14,086,955) | (11,722,784) | (38,335,971) | (2,299,647) |
Cash flows from financing activities | ||||
Proceeds From Long term debt | 175,006 | 0 | ||
Non - controlling interest contribution | 0 | 1,806,664 | 3,634,064 | 0 |
Proceeds from Short term debt | 3,181,927 | 0 | ||
Dividends paid | (951,308) | (134,631) | (134,631) | (573,814) |
Net cash (used in) provided by financing activities | (951,308) | 1,672,033 | 6,856,366 | (573,814) |
Net cash provided by continuing operations | 6,914,989 | 1,727,007 | ||
Cash flows from discontinued operations | ||||
Net cash provided by operating activities | 0 | 0 | ||
Net cash used in investing activities | 0 | (3,137,885) | ||
Net cash used in financing activities | 0 | 0 | ||
Net cash used in discontinued operations | 0 | (3,137,885) | ||
Effects on exchange rate changes on cash | (115,206) | 1,467,667 | 121,368 | (1,091,240) |
Increase in cash and cash equivalents | 967,184 | 1,304,457 | 7,036,357 | (2,502,118) |
Cash and cash equivalents, beginning of period | 8,424,265 | 1,387,908 | 1,387,908 | 3,890,026 |
Cash and cash equivalents, end of period | 9,391,449 | 2,692,365 | 8,424,265 | 1,387,908 |
Less: cash and cash equivalents at the end of the year - discontinued operation | 0 | 0 | ||
Cash and cash equivalents at the end of the year - continuing operations | 8,424,265 | 1,387,908 | ||
Supplementary disclosures of cash flow information: | ||||
Cash paid for interest | 112,010 | 0 | 282,320 | 0 |
Cash paid for income taxes | 0 | 0 | 0 | 31 |
Non - cash transactions | ||||
Common stock issued for settlement of debts | 9,404,638 | 2,373,992 | 17,863,417 | 11,512,386 |
Series B Convertible preferred shares cancelled | (3,000) | 0 | 3,000 | 0 |
Common stock issued for service and employee compensation | 362,400 | 4,278,114 | ||
Common stock acquired for cancellation | 0 | (1,579,400) | ||
Transfer to property and equipment from construction in progress | 6,419,170 | 0 | ||
Transfer to land use rights from construction in progress | 528,451 | 0 | ||
Settlement of land use rights payable in contra of disposal proceeds receivable | 0 | 38,056,750 | ||
Disposal proceeds receivable from sale of subsidiaries, HYT and ZX | 0 | 5,386,233 | ||
Purchases of treasury stock | $ 0 | $ (1,250,000) |
OTHER PAYABLES (Details) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Due to third parties | $ 664,865 | $ 877,259 | $ 10,794,449 |
Promissory notes issued to third parties | 4,477,414 | 3,352,394 | 0 |
Convertible notes payable | 0 | 232,000 | 0 |
Due to local government | 2,192,825 | 2,192,825 | 0 |
Due to employees and others | 0 | 1,114,848 | |
Land Use Rights Payable | 0 | 58,851 | |
Miscellaneous | 2,924,074 | 0 | |
Other Liabilities, Current | $ 10,259,178 | $ 6,654,478 | $ 11,968,148 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
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The Company has adopted December 31 as its fiscal year end.
The accompanying consolidated financial statements include the following entities:
The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Interim results are not necessarily indicative of results for a full year. The information included in this interim report should be read in conjunction with the information included in the Company’s annual report on Form 10-K/A for the fiscal year ended December 31, 2012.
The consolidated financial statements include the financial statements of the Company, its subsidiaries CA, CS, CH, TRW, MEIJI, HYT, ZX, HJST, JFD, JHMC, HSA and APWAM and its variable interest entity SJAP. All material inter-company transactions and balances have been eliminated in consolidation. HYT and ZX were no longer recognized as subsidiaries as of January 1, 2011 and PMH was dissolved on January 28, 2011. SIAF, CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM and SJAP are hereafter referred to as (the “Company”).
The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 “Business Combinations”), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements he identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Company’s adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions.
The Company adopted the accounting pronouncement on non-controlling interests in consolidated financial statements, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. This guidance is primarily contained in ASC Topic “Consolidation.” It clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated financial statements. The adoption of this standard has not had material impact on the Company’s consolidated financial statements.
The preparation of consolidated financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods covered thereby. Actual results could differ from these estimates. Judgments and estimates of uncertainties are required in applying the Company’s accounting policies in certain areas. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets, estimates of the realization of deferred tax assets and inventory reserves.
The Company’s revenue recognition policies are in compliance with ASC 605. Sales revenue is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable, and (iv) the ability to collect is reasonably assured. These criteria are generally satisfied at the time of shipment when risk of loss and title passes to the customer. License fee income is recognized on the accrual basis in accordance with the agreements. Government grants are recognized when (i) the Company has substantially accomplished what must be done pursuant to the terms of the grant that are established by the local government; and (ii) the Company receives notification from the local government that the Company has satisfied all of the requirements to receive the government grants; and (iii) the amounts are received. Revenues from the Company's fishery development services contracts are performed under fixed-price contracts. Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term. The percentage of costs incurred determines the amount of revenue to be recognized. Payment terms are generally defined by the installation contract and as a result may not match the timing of the costs incurred by the Company and the related recognition of revenue. Such differences are recorded as either costs or estimated earnings in excess of billings on uncompleted contracts or billings in excess of costs and estimated earnings on uncompleted contracts. The Company determines a customer’s credit worthiness at the time an order is accepted. Sudden and unexpected changes in a customer’s financial condition could put recoverability at risk. The percentage of completion method requires the ability to estimate several factors, including the ability of the customer to meet its obligations under the contract, including the payment of amounts when due. If the Company determines that collectability is not assured, the Company will defer revenue recognition and use methods of accounting for the contract such as the completed contract method until such time as the Company determines that collectability is reasonably assured or through the completion of the project. For fixed-price contracts, the Company uses the ratio of costs incurred to date on the contract to management's estimate of the contract's total costs, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract costs include all direct material, subcontract and labor costs and those indirect costs related to contract performance, such as supplies, tool repairs and depreciation. The Company accounts for maintenance and repair services under the guidance of ASC 605 as the services provided relate to construction work. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions, and estimated profitability arising from contract penalty, change orders and final contract settlements may result in revisions to the estimated profit ability during the contract. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized as contract costs in the period in which the revisions are determined. Profit incentives are included in revenues when their realization is reasonably assured. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the loss was identified. The Company’s fishery development consultancy services revenues are recognized when the relevant services are rendered to a buyer. The Company does not provide warranties to customers on a basis customary to the industry, however, customers can claim warranty directly from product manufacturers for defects in equipment or products. Historically, the Company has experienced no warranty claims
Cost of goods sold consists primarily of direct purchase cost of merchandise goods, and related levies.
Shipping and handling costs related to cost of goods sold are included in general and administrative expenses which totaled $84,298 and $58,096 for the years ended December 31, 2012 and 2011, respectively.
Advertising costs are included in general and administrative expenses, which totaled $1,973 and $99,526 for the years ended December 31, 2012 and 2011, respectively.
The reporting currency of the Company is the U.S. dollar. The functional currency of the Company is the Chinese Renminbi (RMB). For those entities whose functional currency is other than the U.S. dollar, all assets and liabilities are translated into U.S. dollars at the exchange rate on the balance sheet date; shareholders’ equity is translated at historical rates and items in the statements of income and of cash flows are translated at the average rate for the period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily agree with changes in the corresponding balances in the balance sheets. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statements of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of income and comprehensive income, as incurred. Accumulated other comprehensive income in the consolidated statement of shareholders’ equity amounted to $3,875,101 as of December 31, 2012 and $ 3,446,838 as of December 31, 2011. The balance sheet amounts with the exception of equity as of December 31, 2012 and December 31, 2011 were translated using an exchange rate of RMB 6.29 to $1.00 and RMB 6.30 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the years ended December 31, 2012 and 2011 were RMB 6.31 to $1.00 and RMB 6.33 to $1.00, respectively.
The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the PRC are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution.
The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. The standard credit period for most of the Company’s clients is three months. The collection period over 1 year is classified as long-term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for doubtful accounts as of December 31, 2012 and 2011 are $0.
Inventories are valued at the lower of cost (determined on a weighted average basis) and net realizable value. Costs incurred in bringing each product to its location and conditions are accounted for as follows:
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs for completion and the estimated costs necessary to make the sale.
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for capitalization when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognized in the carrying amount of the property and equipment as a replacement only if it is eligible for capitalization. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.
An item of property and equipment is removed from the accounts upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the period the item is disposed.
Goodwill is an asset representing the fair economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. Goodwill is tested for impairment on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. The Company uses a fair-value-based approach to test for impairment at the level of each reporting unit. The Company directly acquired MEIJI, which is the holding company of JHST that operates the Hu Plantation. As a result of this acquisition, the Company recorded goodwill in the amount of $724,940. This goodwill represents the fair value of the assets acquired in these acquisitions over the cost of the assets acquired.
A master license of stock feed manufacturing technology was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Stock feed manufacturing technology is amortized using the straight-line method over its estimated life of 20 years. An aromatic cattle-feeding formula was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Stock feed manufacturing technology is amortized using the straight-line method over its estimated life of 25 years. The Company has determined that technological feasibility is established at the time a working model of products is completed. Proprietary technologies are intangible assets of finite lives. Management evaluates the recoverability of proprietary technologies on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. As required by ASC Topic 350 “Intangible Goodwill and Other”, the Company uses a fair-value-based approach to test for impairment.
Construction in progress represents direct costs of construction as well as acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until construction is completed and the asset is ready for its intended use.
Land use rights represent acquisition of rights to agricultural land from farmers and are amortized on the straight-line basis over their respective lease periods. The lease period of agricultural land is in the range from 30 to 60 years. Land use rights purchase prices were determined in accordance with the 2007 PRC Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors.
A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment.
A variable interest entity (“VIE”) is an entity (investee) in which the investor has obtained less than a majority interest, according to the Financial Accounting Standards Board (FASB). A VIE is subject to consolidation if a VIE meets one of the following three criteria as elaborated in ASC Topic 810-10, Consolidation:
If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. A corporation formed, owned, and operated by two or more businesses (ventures) as a separate and discrete business or project (venture) for their mutual benefit is defined as a joint venture.
Treasury stock means shares of a corporation’s own stock that have been issued and subsequently reacquired by the corporation. Converting outstanding shares to treasury shares does not reduce the number of shares issued but does reduce the number of shares outstanding. These shares are not eligible to receive dividends. Accounting for excesses and deficiencies on treasury stock transactions is governed by ASC 505-30-30. State laws and federal agencies closely regulate transactions involving a company’s own capital stock, so the purchase of outstanding shares must have a legitimate purpose. Some of the most common reasons for purchasing outstanding shares are as follows:
The cost method of accounting for treasury shares has been adopted by the Company. The purchase of outstanding shares and thus converting them into treasury shares is treated as a temporary reduction in shareholders’ equity in view of the expectation to reissue the shares instead of retiring them. When the Company reissues the treasury shares, the temporary account is eliminated. The cost of acquiring outstanding shares for converting into treasury shares is charged to a contra account, in this case a contra equity account that reduces the stockholder equity balance.
The Company accounts for income taxes under the provisions of ASC Topic 740 “Accounting for Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The provision for income tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense.
The Company's operations are carried out in the PRC. Accordingly, the political, economic and legal environment in the PRC may influence the Company’s business, financial condition and results of operations by the general state of the PRC's economy. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.
Cash includes cash at banks and demand deposits in accounts maintained with banks within the PRC. Total cash in these banks as of December 31, 2012 and 2011 amounted to $8,403,458 and $1,379,837, respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. Accounts receivable are derived from revenue earned from customers located primarily in the PRC. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. The Company had 5 major customers (A, B, C, D & E) whose business individually represented the following percentages of the Company’s total revenue for the periods indicated:
The Company’s same 5 major customers (A, B, C, D & E) whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable for the periods indicated:
As of December 31, 2012, amounts due from customers A, B, and C are $9,628,321, $7,584,293 and $5,898,681respectively. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware ofany financial difficulties of its major customers. In accordance with ASC Topic 360, “Property, Plant and Equipment,” long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the carrying amount of its long-lived assets, including intangibles, for impairment, each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of December 31, 2012 and 2011, the Company determined no impairment charges were necessary.
As prescribed in ASC Topic 260 “Earnings per Share,” Basic Earnings per Share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company’s common stock at the average market price during the period. For the years ended December 31, 2012 and 2011, basic earnings per share from continuing and discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.70 and $0.43, respectively. For the years ended December 31, 2012 and 2011, diluted earnings per share from continuing and discontinued operations attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.63 and $0.39, respectively. For the years ended December 31, 2012 and 2011, basic earnings per share from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.70 and $0.26, respectively. For the years ended December 31, 2012 and 2011, diluted earnings per share from continuing operations attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.63 and $0.23, respectively.
ASC Topic 220 “Comprehensive Income” establishes standards for reporting and displaying comprehensive income and its components in financial statements. Comprehensive income is defined as the change in stockholders’ equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The comprehensive income for all periods presented includes both the reported net income and net change in cumulative translation adjustments.
PRC state managed retirement benefit programs are defined contribution plans and the payments to the plans are charged as expenses when employees have rendered service entitling them to the contribution made by the employer.
The Company has adopted both ASC Topic 718, “Compensation - Stock Compensation” and ASC Topic 505-50, “Equity-Based Payments to Non- Employees” using the fair value method in which an entity issues its equity instruments to acquire goods and services from employees and non-employees. Stock compensation for stock granted to non-employees has been determined in accordance with this accounting standard and the accounting standard regarding accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling goods or services, as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. This accounting standard allows the “simplified” method to determine the term of employee options when other information is not available. Under ASC Topic 718 and ASC Topic 505-50, stock compensation expenses is measured at the grant date on the value of the option or restricted stock and is recognized as expenses, less expected forfeitures, over the requisite service period, which is generally the vesting period.
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at December 31, 2012 or December 31, 2011, nor gains or losses are reported in the statements of income and comprehensive income that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the fiscal year ended December 31, 2012 or December 31, 2011.
The Company does not expect any recent accounting pronouncements to have a material effect on the Company’s financial position, results of operations, or cash flows. In May 2011, the FASB issued amendments to authoritative guidance related to fair value measurement and disclosure requirements. The new guidance changes some fair value measurement principles and enhances disclosure requirements related to activities in Level 3 of the fair value hierarchy. The amendments are effective for interim and annual periods beginning after December 15, 2011. The adoption of this guidance did not have a material effect on our consolidated financial statements. In June 2011, the FASB issued authoritative guidance on the presentation of comprehensive income. This guidance specifies that an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This guidance does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. It also does not change the presentation of related tax effects, before related tax effects, or the portrayal or calculation of earnings per share. This guidance is to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance did not have a material effect on our consolidated financial statements as it amended only the presentation of comprehensive income. In July 2012, the FASB issued Accounting Standards Update ASU 2012-02, the amendments to ASC 350, IntangiblesGoodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). The amendments apply to all entities, both public and nonpublic, that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. In accordance with the amendments an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. An entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, and early adoption is permitted. The Company will apply these amendments for reporting periods beginning after December 31, 2012. The Company does not expect the adoption of the amendments to have a material impact on the consolidated financial statements. |
OBLIGATION UNDER OPERATING LEASES (Details Textual) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Operating Leases, Rent Expense | $ 38,002 | $ 14,150 | $ 75,052 | $ 28,300 | $ 155,119 | $ 64,256 |
Agriculture Land [Member]
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||||||
Area of Land | 2,178 | 2,178 | 2,178 | |||
Operating Leases Rent Periodic Payment | 512 | 512 | ||||
Operating Leases Rent Frequency Of Periodic Payment | monthly | monthly | ||||
Lease Expiration Date | Mar. 31, 2014 | Mar. 31, 2014 | ||||
Office Space One [Member]
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||||||
Area of Land | 5,081 | 5,081 | 2,300 | |||
Operating Leases Rent Periodic Payment | 11,838 | 4,238 | ||||
Operating Leases Rent Frequency Of Periodic Payment | monthly | monthly | ||||
Lease Expiration Date | Jul. 08, 2014 | Oct. 15, 2012 | ||||
Office Space Two [Member]
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||||||
Area of Land | 5,081 | |||||
Operating Leases Rent Periodic Payment | 11,838 | |||||
Operating Leases Rent Frequency Of Periodic Payment | monthly | |||||
Lease Expiration Date | Jul. 08, 2014 | |||||
Staff Quarter One [Member]
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||||||
Area of Land | 1,555 | 1,555 | 1,555 | |||
Operating Leases Rent Periodic Payment | 159 | 159 | ||||
Operating Leases Rent Frequency Of Periodic Payment | monthly | monthly | ||||
Lease Expiration Date | Jan. 23, 2013 | Jan. 23, 2013 | ||||
Staff Quarter Two [Member]
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||||||
Area of Land | 1,555 | 1,555 | 1,555 | |||
Operating Leases Rent Periodic Payment | $ 159 | $ 159 | ||||
Operating Leases Rent Frequency Of Periodic Payment | monthly | monthly | ||||
Lease Expiration Date | May 01, 2014 | May 01, 2014 |
NET INCOME FROM DISCONTINUED OPERATIONS
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Dec. 31, 2012
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
On February 15, 2011 and on March 29, 2011, the Company entered into an agreement and memorandum of understanding, respectively, to sell 100% equity interest in HYT group (including HYT and ZX) to Mr. Xin Ming Sun, a director of ZhongXingNong Nu Co., Ltd for $45,000,000, with an effective date of January 1, 2011.HYT group contributed revenue and net income for the Dairy Production Division. Prior to sale of HYT group, the Dairy Production Division represented a separate business segment; the disposal group has been treated as a discontinued operation in this quarterly financial report. The post-tax result of the Dairy Production Division has been disclosed as a discontinued operation in the consolidated statement of income and comprehensive income.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Revenue | $ 54,400,329 | $ 25,348,287 | $ 109,508,080 | $ 41,328,303 | $ 138,613,639 | $ 51,879,903 |
Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 64.19% | 80.05% | 65.89% | 74.38% | 64.75% | 71.78% |
Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 62.20% | 61.81% | 49.66% | |||
Customer A [Member] | Fishery Development Division [Member]
|
||||||
Revenue | 20,338,677 | 44,966,265 | ||||
Customer A [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 26.94% | 12.76% | 18.57% | 7.82% | 32.44% | 0.00% |
Customer A [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 15.21% | 11.14% | 15.31% | |||
Customer B [Member] | Fishery Development Division [Member]
|
||||||
Revenue | 18,293,639 | 17,206,190 | ||||
Customer B [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 25.65% | 16.71% | 21.85% | 10.27% | 0.00% |
Customer B [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 15.01% | 14.32% | 0.00% | |||
Customer C [Member] | Organic Fertilizer and Bread Grass Division [Member]
|
||||||
Revenue | 13,494,997 | |||||
Customer C [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 12.51% | 14.44% | 12.32% | 12.21% | 9.69% | 0.00% |
Customer C [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 12.03% | 9.94% | 0.00% | |||
Customer D [Member] | Fishery Development Division [Member]
|
||||||
Revenue | $ 11,051,367 | |||||
Customer D [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 8.90% | 0.00% | 10.09% | 11.87% | 6.34% | 0.00% |
Customer D [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 11.69% | 18.18% | 0.00% | |||
Customer E [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 0.00% | 8.20% | 0.00% | 6.01% | 0.00% |
Customer E [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 8.26% | 8.23% | 0.00% | |||
Customer F [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 18.99% | 0.00% | 20.63% | 29.03% | |
Customer F [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 9.14% | |||||
Customer G [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 8.21% | 0.00% | 0.00% | 0.00% | 13.96% |
Customer G [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 8.60% | ||||
Customer H [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 7.98% | 0.00% | 13.87% | |||
Customer H [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 8.39% | ||||
Customer I [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 7.86% | 0.00% | 8.24% | |||
Customer I [Member] | Accounts Receivable [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 8.22% | ||||
Customer J [Member] | Sales Revenue, Product Line [Member]
|
||||||
Concentration Risk, Percentage | 0.00% | 6.68% |
SEGMENT INFORMATION
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Jun. 30, 2013
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Dec. 31, 2012
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
For the six months ended June 30, 2012
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The Company establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as business segments and major customers in consolidated financial statements. The Company operated in four principal reportable segments: Fishery Development Division, and HU Plantation Division and Organic Fertilizer and Bread Grass Division, Cattle Development Division and discontinued Dairy Production Division since January 1, 2011 and added a new segment in that it refers to as “Corporate and others” in January 2012. No geographic information is required as all revenue and assets are located in PRC.
Notes
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RESTATEMENT OF CONSOLIDATED STATEMENTS OF CASH FLOWS
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Dec. 31, 2012
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Restatement Of Prior Year Cash Flow [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restatement Of Prior Year Cash Flow [Text Block] |
The statement of cash flows has been restated to correct an error related to the reporting of cash flows from sale of subsidiaries during the year ended December 31, 2011. The effects of this restatement are outlined below:
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DUE TO THIRD PARTIES
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Dec. 31, 2012
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Due to Related Parties [Abstract] | |||||||||||||||||||||||||||||
Due To Related Parties Disclosure [Text Block] |
Due to third parties represents short term advances to various companies and individuals that in the opinion of management are for the benefit of the Company. These advances are unsecured, interest fee, have no fixed terms of repayment and are due upon demand by the Company. |
CONVERTIBLE NOTES PAYABLE
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6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Convertible Notes Payable [Text Block] |
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In December of 2011, the Board of Directors passed a resolution authorizing the Company to enter into an agreement to borrow funds from a third party to assist in providing a method for certain Chinese shareholders to sell their shares in the Company. The Company entered into a series of convertible promissory notes along with common stock purchase warrants whereby this third party could exercise the conversion option and settle the amount due by receiving shares of stock from these certain Chinese shareholders. The monies borrowed from this third party were deposited into a custodial account that was not controlled by the Company. The Chinese shareholders also deposited their shares with this custodian. The shares transferred to the custodian were at all times, in the opinion of management, sufficient to satisfy the obligations of the convertible promissory notes and the outstanding common stock purchase warrants. All amounts owed this financing arrangement were to be repaid through the conversion options exercised by the third party and by the deliverance of the common shares of these certain Chinese investors. During 2012, the Company borrowed a total of $ 460,000 from this third party under five separate promissory notes. Each note carried an interest rate of 12% per annum with a maturity date of six months from the date of issuance. Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. The Company also issued a total of 842,500 common stock purchase warrants with an exercise price of $0.50 per share with an expiration date six months from the date of issuance. The Company calculated the fair value of the warrants and the beneficial conversion feature utilizing the Black Scholes model at the date of the issuance of each promissory note. The relative fair values were allocated to the warrants and the debt. Accordingly, a discount was created on the debt and this discount will be amortized to interest expense of the life of the debt. Debt discount amortization as of December 31, 2012 was $ 178,867. At December 31, 2012, there was $ 232,000 principal outstanding and accrued interest in the amount of $ 9,764 that was owed under the terms of the promissory notes. The Company has recorded these amounts as payable by the Company with a corresponding asset represented by the value of the shares of the Company held by the custodian at December 31, 2012. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
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6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
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Jun. 30, 2013
Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member]
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Dec. 31, 2012
Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member]
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Jun. 30, 2013
Jiangmen Hang Meiji Cattle Farm Development Co Limited [Member]
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Dec. 31, 2012
Jiangmen Hang Meiji Cattle Farm Development Co Limited [Member]
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Jun. 30, 2013
Hunan Shenghua Power Agriculture Co Limited [Member]
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Dec. 31, 2012
Hunan Shenghua Power Agriculture Co Limited [Member]
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Jun. 30, 2013
Jiang Men City Power Fishery Development Co Limited [Member]
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Dec. 31, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Jun. 30, 2013
Capital Award Inc [Member]
|
Dec. 31, 2012
Capital Award Inc [Member]
|
Jun. 30, 2013
Capital Stage Inc [Member]
|
Dec. 31, 2012
Capital Stage Inc [Member]
|
Jun. 30, 2013
Capital Hero Inc [Member]
|
Dec. 31, 2012
Capital Hero Inc [Member]
|
Jun. 30, 2013
Tri Way Industries Limited [Member]
|
Dec. 31, 2012
Tri Way Industries Limited [Member]
|
Jun. 30, 2013
Macau Meiji Limited [Member]
|
Dec. 31, 2012
Macau Meiji Limited [Member]
|
Nov. 27, 2007
Macau Meiji Limited [Member]
|
Jun. 30, 2013
Power Agro Agriculture Development Limited [Member]
|
Dec. 31, 2012
Power Agro Agriculture Development Limited [Member]
|
Jun. 30, 2013
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member]
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Dec. 31, 2012
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member]
|
Jul. 18, 2011
Qinghai Sanjiang A Power Agriculture Co., Ltd [Member]
|
Jun. 30, 2013
Qinghai Sanjiang A Power Agriculture Co., Ltd [Member]
Variable Interest Entity [Member]
|
Dec. 31, 2012
Qinghai Sanjiang A Power Agriculture Co., Ltd [Member]
Variable Interest Entity [Member]
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Entity Incorporation, State Country Name | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | Belize | Belize | Belize | Belize | Belize | Belize | Hong Kong, PRC | Hong Kong, PRC | Macau, PRC | Macau, PRC | Macau, PRC | Macau, PRC | PRC | PRC | PRC | PRC | ||
Noncontrolling Interest, Ownership Percentage by Parent | 25.00% | 25.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 75.00% | 75.00% | 45.00% | 45.00% | ||||||||||||
Equity Method Investment Indirect Ownership Percentage | 75.00% | 75.00% | 50.00% | 50.00% | 75.00% | 75.00% | 100.00% | 100.00% | 45.00% | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 26.00% | 26.00% | 100.00% | 100.00% | 100.00% | 100.00% | 75.00% | 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 development and holder of A-Power Technology master license. | 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. | Investment holding, cattle farm development, beef cattle and beef trading | Investment holding, cattle farm development, beef cattle and beef trading | Investment holding | Investment holding | Hylocereus Undatus Plantation ("HU Plantation"). | Hylocereus Undatus Plantation ("HU Plantation"). | ||||||||||||||
Equity Method Investment, Description of Principal Activities | Prawn cultivation | Prawn cultivation | 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 | Dormant | Dormant | Dormant | Dormant | ||||||||||||||||
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 |
GOODWILL (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|
Goodwill from acquisition | $ 724,940 | $ 724,940 | $ 724,940 |
Less: Accumulated impairment losses | 0 | 0 | 0 |
Net carrying amount | $ 724,940 | $ 724,940 | $ 724,940 |
BUSINESS COMBINATION (Details 2) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Revenue | $ 54,400,329 | $ 25,348,287 | $ 109,508,080 | $ 41,328,303 | $ 138,613,639 | $ 51,879,903 |
Net income from continuing operations | 14,330,940 | 10,290,022 | 30,709,712 | 15,961,484 | 57,545,832 | 15,691,032 |
Net income from discontinued operations | 0 | 10,203,951 | ||||
Total net income from continuing and discontinued operations | 14,330,940 | 10,290,022 | 30,709,712 | 15,961,484 | 57,545,832 | 25,894,983 |
From continuing and discontinued operations Earning per share | ||||||
Basic (in dollars per share) | $ 0.13 | $ 0.14 | $ 0.28 | $ 0.22 | $ 0.70 | $ 0.43 |
Diluted (in dollars per share) | $ 0.12 | $ 0.13 | $ 0.27 | $ 0.20 | $ 0.63 | $ 0.39 |
From continuing operations Earning per share | ||||||
Basic (in dollars per share) | $ 0.70 | $ 0.26 | ||||
Diluted (in dollars per share) | $ 0.63 | $ 0.23 | ||||
Pro Forma [Member]
|
||||||
Revenue | 128,725,067 | 47,718,758 | ||||
Net income from continuing operations | 50,655,603 | 14,041,347 | ||||
Net income from discontinued operations | 0 | 10,203,951 | ||||
Total net income from continuing and discontinued operations | $ 50,655,603 | $ 24,245,298 | ||||
From continuing and discontinued operations Earning per share | ||||||
Basic (in dollars per share) | $ 0.68 | $ 0.40 | ||||
Diluted (in dollars per share) | $ 0.55 | $ 0.36 | ||||
From continuing operations Earning per share | ||||||
Basic (in dollars per share) | $ 0.68 | $ 0.23 | ||||
Diluted (in dollars per share) | $ 0.55 | $ 0.21 |
CONTINGENCIES
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6 Months Ended | 12 Months Ended | |||||||||
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Jun. 30, 2013
|
Dec. 31, 2012
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Legal Matters and Contingencies [Text Block] |
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As of December 31, 2012 and 2011, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its consolidated balance sheets, consolidated statements of incomes and other comprehensive income or cash flows. |
CORPORATE INFORMATION (Details Textual) (USD $)
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12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Dec. 31, 2007
|
Dec. 31, 2012
|
Jul. 18, 2011
Chinese Partners [Member]
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Sep. 05, 2007
Hyt [Member]
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Sep. 30, 2012
Enping City Bi Tao A Power Fishery Development Co Limited [Member]
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Apr. 02, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Jan. 02, 2012
Jiang Men City Power Fishery Development Co Limited [Member]
|
Dec. 31, 2011
Jiang Men City Power Fishery Development Co Limited [Member]
|
Jan. 31, 2012
Enping City A Power Cattle Farm Co Limited [Member]
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Sep. 17, 2012
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member]
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Jun. 30, 2013
Meiji [Member]
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Dec. 31, 2012
Meiji [Member]
|
Nov. 27, 2007
Meiji [Member]
|
May 25, 2009
Pmh [Member]
|
Nov. 26, 2008
Pmh [Member]
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May 25, 2009
Other Entities [Member]
|
May 07, 2010
Apwam [Member]
|
Sep. 30, 2009
Apwam [Member]
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Dec. 31, 2012
Sjap [Member]
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Jul. 18, 2011
Sjap [Member]
|
Sep. 30, 2009
Sjap [Member]
|
May 07, 2010
Garwor [Member]
|
Apr. 02, 2012
Jfd [Member]
|
Nov. 17, 2011
Jfd [Member]
|
Nov. 17, 2011
Ebapfd [Member]
|
Feb. 28, 2011
Ebapfd [Member]
|
Jun. 30, 2013
Hsa [Member]
|
Jul. 18, 2011
Hsa [Member]
|
Jun. 30, 2013
Tri Way Industries Limited [Member]
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Dec. 31, 2012
Tri Way Industries Limited [Member]
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Nov. 27, 2007
Hst [Member]
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Sep. 05, 2007
Hst [Member]
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Feb. 28, 2011
Ebapcd [Member]
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Jun. 30, 2013
Jhmc [Member]
|
Sep. 30, 2012
Jhmc [Member]
|
Sep. 17, 2012
Jhmc [Member]
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Sep. 30, 2012
Ecf [Member]
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Nov. 17, 2011
Ecf [Member]
|
Jun. 30, 2013
Meiji and Sjap [Member]
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Dec. 31, 2011
Hyt And Zx [Member]
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Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 32,000,000 | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | 45.00% | 80.00% | 55.00% | 45.00% | 100.00% | 55.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 45.00% | ||||||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.00% | 75.00% | 50.00% | 75.00% | 25.00% | 25.00% | 25.00% | 26.00% | 25.00% | 75.00% | 25.00% | 75.00% | 25.00% | 25.00% | |||||||||||||||||||||||||||
Additional Equity Method Investment Ownership Percentage | 78.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Sale of Interest by Parent | $ 45,000,000 | $ 45,000,000 | |||||||||||||||||||||||||||||||||||||||
Percentage Of Addition Minority Interest In Joint Ventures | 25.00% | 25.00% | 75.00% | ||||||||||||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 1,662,365 | ||||||||||||||||||||||||||||||||||||||||
Unconsolidated equity investee | $ 1,258,607 | $ 0 | $ 2,944,176 | $ 1,702,580 | $ 1,258,607 | $ 1,076,489 | $ 130,000 | $ 425,000 | $ 719,100 | $ 400,000 | $ 4,020,665 | $ 2,944,176 | $ 280,000 |
CONSTRUCTION IN PROGRESS (Details) (USD $)
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Jun. 30, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|
Construction in progress | $ 38,089,142 | $ 24,492,510 | $ 3,577,869 |
Oven room for production of dried flowers [Member]
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Construction in progress | 828,905 | 828,905 | 826,359 |
Office, warehouse and organic fertilizer plant in HSA [Member]
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Construction in progress | 10,450,518 | 10,450,518 | 26,646 |
Organic fertilizer and bread grass production plant and office building [Member]
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Construction in progress | 13,228,105 | 7,921,105 | 2,724,864 |
Rangeland for beef cattle and office building [Member]
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Construction in progress | 5,291,982 | 5,291,982 | 0 |
Cattle houses, office building and staff quarter in SJAP [Member]
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Construction in progress | $ 8,289,632 | $ 0 |
PLANT AND EQUIPMENT (Tables)
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6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] |
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