XML 26 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 7,184,037 $ 8,822,581
Accounts receivable 36,638,369 50,634,388
Inventories 38,870,698 36,874,804
Value added tax receivable 3,514,667 1,908,436
Other receivables and prepaid expenses 1,424,516 1,122,570
Advances on inventory purchases 2,749,725 2,177,544
Amounts due from related party 18,672,420 17,623,712
Total Current Assets 109,054,432 119,164,035
LAND USE RIGHT, NET 3,082,466 2,845,552
PROPERTY AND EQUIPMENT, NET 12,934,685 13,210,628
TOTAL ASSETS 125,071,583 135,220,215
CURRENT LIABILITIES    
Bank loans 22,473,539 29,185,381
Accounts payable 33,066,119 41,466,844
Accounts payable and other payables - related parties 2,660,262 2,759,003
Other payables and accrued liabilities 6,191,050 5,996,434
Value added and other taxes payable 2,252,625 2,268,872
Income tax payable 280,852 368,714
Deferred tax liabilities 3,041,151 2,460,377
Derivative liability 100,000   
Total Current Liabilities 70,065,598 84,505,625
LONG-TERM LIABILITIES    
Derivative liability    390,800
Total Long-term Liabilities    390,800
TOTAL LIABILITIES 70,065,598 84,896,425
Stockholders' equity of the Company:    
Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding      
Common stock ($.001 par value, authorized 50,000,000 shares, 14,765,942 and 14,760,873 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively 14,766 14,761
Additional paid-in capital 3,542,200 3,532,369
Retained earnings 39,449,211 34,976,853
Statutory reserve 5,311,921 5,311,921
Accumulated other comprehensive income 6,687,887 6,487,886
Total Stockholders' Equity 55,005,985 50,323,790
TOTAL LIABILITIES AND EQUITY $ 125,071,583 $ 135,220,215