XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 12,784,302 $ 8,822,581
Accounts receivable 36,069,325 50,634,388
Inventories 32,091,155 36,874,804
Value added tax receivable 1,934,816 1,908,436
Other receivables and prepaid expenses 1,206,921 1,122,570
Advances on inventory purchases 1,728,313 2,177,544
Amounts due from related party 14,187,529 17,623,712
Total Current Assets 100,002,361 119,164,035
LAND USE RIGHT, NET 3,090,196 2,845,552
PROPERTY AND EQUIPMENT, NET 12,638,604 13,210,628
TOTAL ASSETS 115,731,161 135,220,215
CURRENT LIABILITIES    
Bank loans 25,039,786 29,185,381
Accounts payable 29,373,555 41,466,844
Accounts payable and other payables - related parties 1,997,708 2,759,003
Other payables and accrued liabilities 5,008,484 5,996,434
Value added and other taxes payable 2,280,101 2,268,872
Income tax payable 314,882 368,714
Deferred tax liabilities 2,842,129 2,460,377
Total Current Liabilities 66,856,645 84,505,625
LONG-TERM LIABILITIES    
Derivative liability 280,000 390,800
Total Long-term Liabilities 280,000 390,800
TOTAL LIABILITIES 67,136,645 84,896,425
COMMITMENTS AND CONTINGENCIES      
Stockholders' equity of the Company:    
Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding 0 0
Common stock ($.001 par value, authorized 50,000,000 shares, 14,765,942 and 14,760,873 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively) 14,766 14,761
Additional paid-in capital 3,542,200 3,532,369
Retained earnings 37,098,062 34,976,853
Statutory reserve 5,311,921 5,311,921
Accumulated other comprehensive income 6,884,251 6,487,886
Amounts due from related party (4,256,684) 0
Total Stockholders' Equity 48,594,516 50,323,790
TOTAL LIABILITIES AND EQUITY $ 115,731,161 $ 135,220,215