0001213900-15-005980.txt : 20150812 0001213900-15-005980.hdr.sgml : 20150812 20150812145406 ACCESSION NUMBER: 0001213900-15-005980 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150812 DATE AS OF CHANGE: 20150812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ever-Glory International Group, Inc. CENTRAL INDEX KEY: 0000943184 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 650548697 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34124 FILM NUMBER: 151046675 BUSINESS ADDRESS: STREET 1: EVER-GLORY COMMERCIAL CENTER STREET 2: 509 CHENGXIN RD JIANGNING DEVELOPMT ZONE CITY: NANJING, JIANGSU PROVINCE STATE: F4 ZIP: 000000 BUSINESS PHONE: 8625-5209-6875 MAIL ADDRESS: STREET 1: EVER-GLORY COMMERCIAL CENTER STREET 2: 509 CHENGXIN RD JIANGNING DEVELOPMT ZONE CITY: NANJING, JIANGSU PROVINCE STATE: F4 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ever-glory international group, inc. DATE OF NAME CHANGE: 20051121 FORMER COMPANY: FORMER CONFORMED NAME: ANDEAN DEVELOPMENT CORP DATE OF NAME CHANGE: 19950329 10-Q 1 f10q0615_evergloryinter.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 0-28806

Ever-Glory International Group Inc.

(Exact name of registrant as specified in its charter)

Florida

65-0420146

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Ever-Glory Commercial Center,

509 Chengxin Road, Jiangning Development Zone,

Nanjing, Jiangsu Province,

People’s Republic of China

(Address of principal executive offices)

(8625) 5209-6875

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition 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	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 11, 2015, 14,785,868 shares of the Company’s common stock, $0.001 par value, were issued and outstanding.

EVER-GLORY INTERNATIONAL GROUP, INC.

FORM 10-Q

INDEX

		Page Number

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		3

PART I. FINANCIAL INFORMATION		4

Item 1.	Financial Statements	4

	Condensed Consolidated Balance Sheets as of June 30, 2015 (unaudited) and December 31, 2014	4

	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2015 and 2014 (unaudited)	5

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2015 and 2014 (unaudited)	6

	Notes to the Condensed Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

Item 4.	Controls and Procedures	31

PART II. OTHER INFORMATION		32

Item 1.	Legal Proceedings	32

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults Upon Senior Securities	32

Item 4.	Mine Safety Disclosures	32

Item 5.	Other Information	32

Item 6.	Exhibits	32

SIGNATURES		33

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this Quarterly Report on Form 10-Q, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to:

	●	Competition within our industry;
	●	Seasonality of our sales;
	●	Success of our investments in new product development
	●	Our plans and ability to open new retail stores;
	●	Success of our acquired businesses;
	●	Our relationships with our major customers;
	●	The popularity of our products;
	●	Relationships with suppliers and cost of supplies;
	●	Financial and economic conditions in Asia, Japan, Europe and the U.S.;
	●	Anticipated effective tax rates in future years;
	●	Regulatory requirements affecting our business;
	●	Currency exchange rate fluctuations;
	●	Our future financing needs; and
	●	Our ability to attract additional investment capital on attractive terms.

Forward-looking statements also include the assumptions underlying or relating to any of the foregoing or other such statements. When used in this report, the words “may,” “will,”“should,”“could,”“expect,”“plan,”“anticipate,” “believe,”“estimate,”“predict,”“continue,” and similar expressions are generally intended to identify forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the factors described in the Section entitled “Risk Factors” on Form 10-K and other documents we file from time to time with the Securities and Exchange Commission (‘SEC’).

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2015 (UNAUDITED) AND DECEMBER 31, 2014

	2015			2014
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	28,250,926		$	34,134,239
Accounts receivable		58,207,714			91,874,693
Inventories		77,822,975			70,270,213
Value added tax receivable		4,043,652			2,697,080
Other receivables and prepaid expenses		2,673,142			3,523,862
Advances on inventory purchases		2,876,584			3,916,913
Amounts due from related parties		1,367,997			1,651,987
Total Current Assets		175,242,990			208,068,987

INTANGIBLE ASSETS		6,588,881			4,041,284
PROPERTY AND EQUIPMENT, NET		21,007,935			20,102,976
TOTAL ASSETS	$	202,839,806		$	232,213,247

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Bank loans	$	40,917,467		$	60,216,950
Accounts payable		45,736,091			58,923,234
Accounts payable and other payables - related parties		3,193,353			3,895,578
Other payables and accrued liabilities		19,009,402			20,911,191
Value added and other taxes payable		5,463,016			6,217,081
Income tax payable		4,445,608			5,523,173
Deferred tax liabilities		3,894,156			3,874,594
Total Current Liabilities		122,659,093			159,561,801
TOTAL LIABILITIES		122,659,093			159,561,801

COMMITMENTS AND CONTINGENCIES

EQUITY
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, 14,784,094 and 14,784,094 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively)		14,784			14,784
Additional paid-in capital		3,587,195			3,587,195
Retained earnings		73,653,615			67,659,920
Statutory reserve		12,536,641			12,536,641
Accumulated other comprehensive income		8,606,141			8,277,248
Amounts due from related party		(18,341,688	)		(19,424,342	)
Total Stockholders' Equity		80,056,688			72,651,446
Noncontrolling interest		124,025			-

Total Equity		80,180,713			72,651,446
TOTAL LIABILITIES AND EQUITY	$	202,839,806		$	232,213,247

See the accompanying notes to the consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (UNAUDITED)

	Three months ended						Six months ended
	June 30,						June 30,
	2015			2014			2015			2014
NET SALES	$	75,726,998		$	85,667,780		$	173,629,960		$	191,682,949
COST OF SALES		45,679,590			56,317,989			112,974,179			136,552,201

GROSS PROFIT		30,047,408			29,349,791			60,655,781			55,130,748

OPERATING EXPENSES
Selling expenses		17,582,288			14,402,662			37,837,662			30,525,958
General and administrative expenses		7,606,070			7,539,418			14,520,019			13,934,406
Total Operating Expenses		25,188,358			21,942,080			52,357,681			44,460,364

INCOME FROM OPERATIONS		4,859,050			7,407,711			8,298,100			10,670,384

OTHER INCOME (EXPENSES)
Interest income		215,351			336,414			538,755			577,747
Interest expense		(716,441	)		(774,693	)		(1,492,287	)		(1,481,808	)
Other income (expenses)		538,613			440,464			772,697			912,223
Total Other Income (Expenses)		37,523			2,185			(180,835	)		8,162

INCOME BEFORE INCOME TAX EXPENSE		4,896,573			7,409,896			8,117,265			10,678,546
Income tax expense		(1,378,827	)		(1,879,752	)		(2,203,964	)		(2,758,674	)

NET INCOME		3,517,746			5,530,144			5,913,301			7,919,872

Net (income) loss attributable to the non-controlling interest		80,394			-			80,394			-
NET INCOME ATTRIBUTABLE TO THE COMPANY		3,598,140			5,530,144			5,993,695			7,919,872

NET INCOME	$	3,517,746		$	5,530,144		$	5,913,301		$	7,919,872

Foreign currency translation (loss) gain		(127,037	)		356,044			328,893			(343,382	)
COMPREHENSIVE INCOME		3,390,709			5,886,188			6,242,194			7,576,490

Comprehensive (income) loss attributable to the non-controlling interest		80,560			-			80,560			-
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$	3,471,269		$	5,886,188		$	6,322,754		$	7,576,490

EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS
Basic and diluted	$	0.24		$	0.37		$	0.41		$	0.54
Weighted average number of shares outstanding
Basic and diluted		14,784,094			14,781,241			14,784,094			14,781,241

See the accompanying notes to the condensed consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014 (UNAUDITED)

	2015			2014

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	5,913,301		$	7,919,872
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		4,678,225			3,462,128
Recovering for doubtful accounts		(142,757	)
Deferred income tax		2,861			(2,409,053	)
Changes in operating assets and liabilities
Accounts receivable		34,100,343			19,441,054
Inventories		(7,265,652	)		(1,927,458	)
Value added tax receivable		(1,332,500	)		(1,286,005	)
Other receivables and prepaid expenses		864,521			(529,644	)
Advances on inventory purchases		1,055,259			(404,581	)
Amounts due from related parties		185,880			1,334,894
Accounts payable		(13,416,258	)		(22,393,350	)
Accounts payable and other payables- related parties		(1,073,581	)		(2,527,146	)
Other payables and accrued liabilities		(1,987,362	)		(1,076,252	)
Value added and other taxes payable		(779,412	)		(631,814	)
Income tax payable		(1,099,332	)		3,830,846
Net cash provided by operating activities		19,703,536			2,803,491

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment		(5,438,113	)		(4,185,207	)
Proceeds from sale of property and equipment		3,526			-
Purchase of intangible assets		(1,731,627	)		-
Acquisition of Yiduo net of cash acquired		(456,776	)		-
Net cash used in investing activities		(7,622,990	)		(4,185,207	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans		52,715,587			73,693,038
Repayment of bank loans		(72,217,424	)		(71,260,909	)
Advances to related party		(814,500	)		(5,046,800	)
Repayment of advances from related party		2,443,500			-
Interest income received from related party		-			1,302,400
Net cash (used in) provided by financing activities		(17,872,837	)		(1,312,271	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(91,022	)		(66,731	)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(5,883,313	)		(2,760,718	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		34,134,239			27,772,878

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	28,250,926		$	25,012,160

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:
Interest	$	1,492,287		$	1,481,808
Income taxes	$	3,300,525		$	1,354,679
SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES
Increase in intangible assets and non-controlling interests	$	232,947		$	-

See the accompanying notes to the condensed consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014

(UNAUDITED)

NOTE 1 SUMMARY OF BUSINESS AND BASIS OF PRESENTATION

Organization and business

Ever-Glory International Group, Inc. (the “Company”), together with its subsidiaries, is an apparel manufacturer, supplier and retailer in The People's Republic of China ("China or "PRC"), with a wholesale segment and a retail segment. The Company’s wholesale business consists of recognized brands for department and specialty stores located in China, Europe, Japan and the United States. The Company’s retail business consists of flagship stores and store-in-stores for the Company’s own-brand products.

The Company’s wholesale operations are provided primarily through the Company’s wholly-owned PRC subsidiaries, Goldenway Nanjing Garments Co. Ltd. (“Goldenway”), Nanjing Catch-Luck Garments Co. Ltd. (“Catch-Luck”), Nanjing New-Tailun Garments Co. Ltd (“New-Tailun”), Ever-Glory International Group Apparel Inc.(“Ever-Glory Apparel”), Chuzhou Huirui Garments Co. Ltd. (“Huirui”) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”), and the Company’s wholly-owned Samoa subsidiary, Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Xizang He Meida Trading Company Limited (“He Meida”) and 78% owned Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”).

On June 26, 2014, Shanghai LA GO GO entered into a contract with Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) to acquire 78% of the shares of Shanghai Yiduo for $0.75 million (RMB4.6 million). The last $0.08 million was paid by the Company to Shanghai Yiduo on March 27, 2015 when Shanghai Yiduo collected all the accounts receivable from Mecox Lane. The Company gained effective control of Shanghai Yiduo by the end of March 2015 and Shanghai Yiduo was consolidated on March 31, 2015. Management made a preliminary valuation of Shanghai Yiduo, including the value of the designer team and other marketing related intangibles and recorded $852,925 as intangible assets in the consolidated balance sheet as of March 31, 2015. During the three months ended June 30, 2015, the Company made a $1,062,800 (RMB6.5 million) capital contribution to Shanghai Yiduo as required by the acquisition agreement. As a result, the value of Shanghai Yiduo recorded as intangible assets, and the non-controlling interest increased by $232,947. Management believes that the acquisition will improve the Company’s design and product development ability. Management will complete the final valuation and allocation of the acquired business components within 12 months.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheet as of June 30, 2015, the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the six months ended June 30, 2015 and 2014. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for completed consolidated financial statements. Wholesale revenues are generally higher in the third and fourth fiscal quarters, while retail revenues are generally higher in the first and fourth fiscal quarters. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and Form 10-Q for the three and six months ended June 30, 2014.

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Financial Instruments

Management has estimated that the carrying amounts of non-related party financial instruments approximate their fair values due to their short-term maturities. The fair value of amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions.

Accounts Receivable

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and recorded based on management’s assessment of the credit history of its customers and current relationships with them. The Company writes off accounts receivable when amounts are deemed uncollectible.

Fair Value Accounting

Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2

Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At June 30, 2015, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

At December 31, 2014, the Company had an outstanding forward foreign exchange option contract subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

The reporting currency of the Company is the U.S. dollar. The functional currency of Ever-Glory, Perfect Dream and Ever-Glory HK is the U.S. dollar. The functional currency of Goldenway, New Tailun, Catch-luck, Ever-Glory Apparel, Shanghai LA GO GO, Jiangsu LA GO GO, Tianjin LA GO GO, Shanghai Yiduo, Ya Lan, He Meida, Huirui and Taixin is the Chinese RMB.

For subsidiaries whose functional currency is the RMB, all assets and liabilities were translated at the exchange rate at the balance sheet date; equity was translated at historical rates and items in the statement of comprehensive income were translated at the average rate for the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Items in the cash flow statement are translated at the average exchange rate for the period.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts from Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB delayed the effective date by one year. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating this new standard and the potential impact this standard may have upon adoption.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s condensed consolidated financial statements.

NOTE 3 INVENTORIES

Inventories at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30, 2015			December 31, 2014
Raw materials	$	3,031,159		$	2,779,719
Work-in-progress		28,188,836			15,197,489
Finished goods		63,346,430			69,168,169
		94,566,425			87,145,377
Less: allowance for obsolete inventories		(16,743,450	)		(16,875,164	)
Total inventories	$	77,822,975		$	70,270,213

NOTE 4 BANK LOANS

Bank loans represent amounts due to various banks and are generally due on demand or within one year. These loans can be renewed with the banks. Bank loans consisted of the following at June 30, 2015 and December 31, 2014:

Bank	June 30, 2015		December 31, 2014
Nanjing Bank	$	14,103,540	$	17,357,412
Industrial and Commercial Bank of China		13,056,000		11,375,000
HSBC		5,077,764		6,766,960
Bank of Communications		3,264,000		13,021,612
China Minsheng Banking		3,264,000		3,250,000
China Citic Bank		1,468,800		-
Pin An Bank		683,363		3,867,605
Shanghai Pudong Development Bank		-		3,250,000
Bank of China		-		1,328,361
	$	40,917,467	$	60,216,950

In June 2014, Goldenway entered into a line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $8.16 million (RMB50 million). These loans are guaranteed by Mr. Kang and Jiangsu Ever-Glory International Group Corp. (“Jiangsu Ever-Glory”), an entity controlled by Mr. Kang, the Company’s Chairman and Chief Executive Officer. These loans are also collateralized by the Company’s property and equipment. As of June 30, 2015, Goldenway had borrowed $3.26 million (RMB20 million) under this line of credit with an annual interest rate of 6.1% and due in September 2015. At June 30, 2015, approximately $4.9 million was unused and available under this line of credit.

In July 2014, Ever-Glory Apparel entered into a line of credit agreement for approximately $9.79 million (RMB60 million) with Nanjing Bank and guaranteed by Jiangsu Ever-Glory, Mr. Kang and Goldenway. As of June 30, 2015, Ever-Glory Apparel had borrowed $6.53 million (RMB40 million) from Nanjing Bank with annual interest rates ranging from 5.5% to 6.4% and due on various dates from August to December 2015. Ever-Glory Apparel had also borrowed $1.86 million from Nanjing Bank with annual interest rates ranging from 1.7% to 2.1% and due on various dates from July to August 2015, and collateralized by approximately $2.45 million of accounts receivable from wholesale customers. At June 30, 2015, approximately $1.4 million was unused and available under this line of credit.

In July 2014, LA GO GO entered into a revolving line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $3.26 million (RMB20 million). The line of credit is guaranteed by Mr. Kang and Goldenway. As of June 30, 2015, LA GO GO had borrowed $2.45 million (RMB15 million) under this line of credit with an annual interest rates ranging from 5.9% to 6.2% and due on various dates from August 2015 to January 2016. At June 30, 2015, approximately $0.81 million (RMB5 million) was unused and available under this line of credit.

In January 2014, Goldenway entered into a line of credit agreement with Industrial and Commercial Bank of China, which allows the Company to borrow up to approximately $9.79 million (RMB60 million). These loans are collateralized by the Company’s property and equipment. As of June 30, 2015, Goldenway had borrowed $6.53 million (RMB40 million) under this line of credit with an annual interest rates ranging from 5.5% - 5.8% and due on various dates from November 2015 to February 2016. At June 30, 2015, approximately $3.26 million was unused and available under this line of credit.

In January 2014, Ever-Glory Apparel entered into a line of credit agreement for approximately $6.53 million (RMB40 million) with Industrial and Commercial Bank of China and guaranteed by Goldenway. As of June 30, 2015, Ever-Glory Apparel had borrowed $6.53 million (RMB 40 million) under this line of credit with an annual interest rates ranging from 5.1% - 5.4% and due on various dates from October to December 2015.

In July 2011, Ever-Glory Apparel and Perfect Dream collectively entered into a secured banking facility agreement for a combined revolving import facility, letter of credit, invoice financing facilities and a credit line for treasury products of up to $7.0 million with the Nanjing Branch of HSBC (China) Company Limited (“HSBC”). This agreement is guaranteed by the Company and Mr. Kang. As of June 30, 2015, Ever-Glory Apparel had borrowed $5.08 million from HSBC with an annual interest rate of 5.88%, due in August 2015, and collateralized by approximately $6.68 million of accounts receivable from wholesale customers. These bank loans are to be repaid upon receipt of payments from customers. As of June 30, 2015, approximately $1.92 million was unused and available.

In July 2013, LA GO GO entered into a line of credit agreement for approximately $5.39 million (RMB33 million) with the Bank of Communications and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2015, LA GO GO had borrowed $3.26 million (RMB20 million) from the Bank of Communications with annual interest rates ranging from 5.3% to 6.6% and due on various dates from August 2015 to June 2016. At June 30, 2015, approximately $2.13 million was unused and available under this line of credit.

As of June 30, 2015, LA GO GO had borrowed $3.26 million (RMB 20 million) from China Minsheng Bank, with annual interest rate of 6.3% and due in August 2015. This loan is guaranteed by Ever-Glory Apparel and Mr. Kang.

In December 2014, LA GO GO entered into a line of credit agreement for approximately $5.88 million (RMB36 million) with the China Citic Bank and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2015, LA GO GO had borrowed $1.47 million (RMB 9.0 million) from the China Citic Bank with annual interest rate of 5.88% and due in December 2015. At June 30, 2015, approximately $4.41 million was unused and available under this line of credit.

As of June 30, 2015, Ever-Glory Apparel had borrowed $0.68 million from Ping An Bank, with annual interest rate of 5.4% and due in July 2015, and collateralized by approximately $0.89 million of accounts receivable from wholesale customers.

In November 2013, Ever-Glory Apparel entered into a line of credit agreement for approximately $5.70 million (RMB35 million) with the Bank of China and guaranteed by Jiangsu Ever-Glory and Mr. Kang. At June 30, 2015, approximately $5.70 million was unused and available under this line of credit.

In November 2014, Goldenway entered into a line of credit agreement with Shanghai Pudong Development Bank, which allows the Company to borrow up to approximately $3.26 million (RMB20 million). These loans are guaranteed by Ever-Glory Apparel and Jiangsu Ever-Glory. These loans are also collateralized by Jiangsu Ever-Glory’s property and equipment. At June 30, 2015, approximately $3.26 million was unused and available under this line of credit.

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $716,441, $1,492,287, $774,693, $1,481,808 for the three and six months ended June 30, 2015 and 2014, respectively.

NOTE 5 DERIVATIVES LIABILITY

In October 2014, we entered into a forward foreign exchange option contract (sell EUR dollars for RMB), with a notional amount of EUR $60,000, that expires in March 2015. The fair value of this contract at December 31, 2014 was not significant.

NOTE 6 INCOME TAX

The Company’s operating subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws (“the Income Tax Laws”).

All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream was incorporated in the British Virgin Islands (BVI), and under the current laws of the BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.

Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.

Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, and sales are made globally. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory HK, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3,186,000 as of December 31, 2013 based on the probability for such outcomes.

The Company and the PRC Tax Bureau have agreed that payments on the tax liability $ 3,186,000 will be made by the Company prospectively over the next two to three years period. Approximately $346,421 was paid as of June 30, 2015. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.

The PRC’s Enterprise Income Tax Law imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise in PRC to its immediate holding company outside China; such distributions were exempted under the previous income tax law and regulations. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The foreign invested enterprise became subject to the withholding tax starting from January 1, 2008. Given that the undistributed profits of the Company's subsidiaries in China are intended to be retained in China for business development and expansion purposes, no withholding tax accrual has been made.

The pre-tax income for the three and six months ended June 30, 2015 and 2014 was taxable in the following jurisdictions:

	Three months ended						Six months ended
	June 30,						June 30,
	2015			2014			2015			2014
PRC	$	4,900,055		$	7,439,468		$	8,213,264		$	10,713,481
BVI		(982	)		(24,572	)		(90,999	)		(24,935	)
Others		(2,500	)		(5,000	)		(5,000	)		(10,000	)
	$	4,896,573		$	7,409,896		$	8,117,265		$	10,678,546

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2015 and 2014, respectively:

	Three months ended						Six months ended
	June 30,						June 30,
	2015			2014			2015			2014
PRC statutory rate		25.0	%		25.0	%		25.0	%		25.0	%
Preferential tax treatment		(0.3	)		-			(0.7	)		-
Effect of foreign income tax rates		-			0.1			0.3			0.1
Other		3.5			0.3			2.6			0.7
Effective income tax rate		28.2	%		25.4	%		27.2	%		25.8	%

Income tax expense for the three and six months ended June 30, 2015 and 2014 is as follows:

	Three months ended					Six months ended
	June 30,					June 30,
	2015		2014			2015		2014
Current	$	1,245,118	$	4,281,918		$	2,184,402	$	5,216,018
Deferred		133,709		(2,402,166	)		19,562		(2,457,344	)
Income tax expense	$	1,378,827	$	1,879,752		$	2,203,964	$	2,758,674

The Company has not recorded U.S. deferred income taxes of approximately $73,653,615 of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.

NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the Company’s stockholders for the three and six months ended June 30, 2015 and 2014:

	Three months ended				Six months ended
	June 30,				June 30,
	2015		2014		2015		2014
Weighted average number of common shares – Basic and diluted		14,784,094		14,781,241		14,784,094		14,781,241
Earnings per share – Basic and diluted	$	0.24	$	0.37	$	0.41	$	0.54

NOTE 8 STOCKHOLDERS’ EQUITY

On August 15, 2014, the Company issued an aggregate of 2,055 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2013. The shares were valued at $4.91 per share, which was the average market price of the common stock for the five days before the grant date.

On August 15, 2014, the Company issued an aggregate of 798 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2014. The shares were valued at $6.22 per share, which was the average market price of the common stock for the five days before the grant date.

On July 29, 2015, the Company issued an aggregate of 854 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2014. The shares were valued at $5.91 per share, which was the average market price of the common stock for the five days before the grant date.

On July 29, 2015, the Company issued an aggregate of 920 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2015. The shares were valued at $5.39 per share, which was the average market price of the common stock for the five days before the grant date.

NOTE 9 RELATED PARTY TRANSACTIONS

Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-tem in nature and are expected to be settled in cash.

Other income from Related Parties

JiangsuWubijia trading company limited (“JiangsuWubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. JiangsuWubijia has sold their home goods on consignment in some Company’s retail stores since the third quarter of 2014. During the three and six months ended June 30, 2015, the Company received other income $2,026 and $9,786 from the customers and paid $2,480 and $9,100 to Wubijia through the consignment, respectively. The net (loss) profit of ($454) and $686 was recorded as other income during three and six months ended June 30, 2015, respectively.

Other expenses due to Related Parties

Included in other expenses for the three and six months ended June 30, 2015 and 2014 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2015		2014		2015		2014
Jiangsu Ever-Glory	$	12,819	$	12,733	$	25,575	$	25,560
Kunshan Enjin		12,201		10,491		24,342		21,060
Total	$	25,020	$	23,224	$	49,917	$	46,620

The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Kunshan Enjin's warehouse space because the location is convenient for transportation and distribution.

Purchases from, and Sub-contracts with Related Parties

For the three and six months ended June 30, 2015 and 2014, the Company purchased raw materials of $506,904, $685,843, $450,620, $884,070, respectively, from Nanjing Knitting.

In addition, the Company provided raw materials to the sub-contractors and was charged a fixed fee for labor provided by the sub-contractors. Sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2015 and 2014 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Chuzhou huarui	$	1,461,299	$	-	$	2,492,911	$	-
Fengyang huarui		327,129		-		735,835		-
Nanjing Ever-Kyowa		313,883		426,451		586,583		861,970
Ever-Glory Vietnam		3,852,460		1,776,620		4,887,750		4,964,884
Ever-Glory Cambodia		68,228		696,136		372,061		2,957,190
EsCeLav		-		-		2,009		-
Shanghai Weiwen		-		1,502,785		-		1,502,785
Shanghai Sea to Sky		158		377,793		258,741		377,793
Jiangsu Ever-Glory		25,576		-		25,911		25,284
	$	6,048,733	$	4,779,785	$	9,361,801	$	10,689,906

Accounts Payable – Related Parties

Accounts payable to related parties at June 30, 2015 and December 31, 2014 are as follows:

	June 30, 2015		December 31, 2014
Fengyang huarui	$	-		622,060
Ever-Glory Vietnam		2,024,905		1,883,556
Nanjing Ever-Kyowa		552,521		479,032
Chuzhou huarui		455,300		414,583
Nanjing Knitting		150,685		199,766
JiangsuWubijia		5,877		5,460
Kunshan Enjin		4,065		-
Ever-Glory Cambodia		-		291,121
Total	$	3,193,353	$	3,895,578

Amounts Due From Related Parties

The amounts due from related parties at June 30, 2015 and December 31, 2014 are as follows:

	June 30, 2015		December 31, 2014
Nanjing Eight-One-Five Hi-tech (M&E) Co., Ltd.	$	20,647	$	20,558
Ever-Glory Cambodia		958,957		-
EsCeLav		9,114		-
Fengyang huarui		53,895		-
Sea to sky		-		48,750
Jiangsu Ever-Glory		325,384		1,582,679
Total	$	1,367,997	$	1,651,987

The Company had prepaid $958,957 and $53,895 to the sub-contractors, Ever-Glory Cambodia and Fengyang huarui, respectively, for the next period’s subcontracting fees.

Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During six months ended June 30, 2015 and 2014, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices. The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at cost for $3,026,053 and $0 during the six month period ended June 30, 2015 and 2014, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at cost for $25,911 and $19,221 during the six months ended June 30, 2015 and 2014, respectively.

Amounts Due From Related Party under Counter Guarantee Agreement

In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not less than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of June 30, 2015 and December 31, 2014, Jiangsu Ever-Glory has provided guarantees for approximately $38.19 million (RMB 234 million) and $40.62 million (RMB 250 million) of lines of credit obtained by the Company. Jiangsu Ever-Glory and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $10.0 million (RMB 61 million) and $22.3 million (RMB 136 million) as of June 30, 2015 and December 31, 2014. Mr. Kang has also provided a personal guarantee for $41.4 million (RMB 254 million).

At December 31, 2014, $17.36 million (RMB 107 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2015, an additional US$0.82 million (RMB5 million) was provided to and repayment of $2.45 million (RMB 15 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2015, the amount of the counter-guarantee was $15.8 million (RMB 96.8 million) (the difference represents currency exchange adjustment of $0.07 million), which was 41.4% of the aggregate amount of lines of credit. This amount plus accrued interest of $2.54 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2015 and December 31, 2014, the amount classified as a reduction of equity was $18.34 million and $19.42 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. From April 1, 2015, interest rate change to 0.41% as the bank benchmark interest rate decreased. Interest income for the three and six months ended June 30, 2015 and 2014 was approximately $0.2 million, $0.5 million, $0.3 million and $0.5 million, respectively.

NOTE 10 CONCENTRATIONS AND RISKS

The Company extends unsecured credit to its customers in the normal course of business and generally does not require collateral. As a result, management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. Based on management’s assessment of the amount of probable credit losses, if any, in existing accounts receivable. The allowance for doubtful accounts at June 30, 2015 and December 31, 2014 was $1,651,961 and $1,787,282, respectively. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of accounts receivable. In the analysis, management primarily considers the age of the customer’s receivable and also considers the credit worthiness of the customer, the economic conditions in the customer’s industry, and general economic conditions and trends, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of accounts receivables are incorrect, adjustments to the allowance may be required, which would reduce profitability.

For the six-month period ended June 30, 2015, the Company had two wholesale customers that represented approximately 13% and 11% of the Company’s revenues, respectively. For the three-month period ended June 30, 2015, the Company had one wholesale customer that represented approximately 10% of the Company’s revenues. For the six-month period ended June 30, 2014, the Company had one wholesale customer that represented approximately 14% of the Company’s revenues. For the three-month period ended June 30, 2014, the Company had one wholesale customer that represented approximately 15% of the Company’s revenues.

For the Company’s wholesale business during the three and six months ended June 30, 2015 and 2014, no supplier represented more than 10% of the total raw materials purchased.

For the Company’s retail business, the Company had no supplier that represented more than 10% of raw materials purchases during the three and six months ended June 30, 2015 and 2014.

For the wholesale business, during the six months ended June 30, 2015, the Company relied on two manufacturers for 23% and 12% of purchased finished goods, respectively. For the wholesale business, during the six months ended June 30, 2014, the Company relied on two manufacturers for 16% and 10% of purchased finished goods, respectively. During the three months ended June 30, 2015, the Company relied on two manufacturers for 35% and 13% of purchased finished goods, respectively. During the three months ended June 30, 2014, the Company relied on two manufacturers for 15% and 14% of purchased finished goods, respectively.

For the retail business, the Company had no supplier that represented more than 10% of finished goods purchases during the three and six months ended June 30, 2015. The Company had no supplier that represented more than 10% of finished goods purchases during the six months ended June 30, 2014. The Company purchased 11% of its finished goods from one supplier during the three months ended June 30, 2014.

The Company’s revenues for the three and six months ended June 30, 2015 and 2014 were earned in the following geographic areas:

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
The People’s Republic of China	$	9,373,554	$	12,929,219	$	28,307,488	$	27,527,244
Germany		2,780,201		5,525,792		7,267,170		11,823,952
United Kingdom		3,828,237		9,018,214		6,980,716		11,642,361
Europe-Other		6,897,024		2,061,398		8,698,730		8,517,320
Japan		2,933,661		2,431,821		5,863,864		8,674,713
United States		3,979,362		4,428,137		5,947,997		7,650,480
Total wholesale business		29,792,039		36,394,581		63,065,965		75,836,070
Retail business		45,934,959		49,273,199		110,563,995		115,846,879
Total	$	75,726,998	$	85,667,780	$	173,629,960	$	191,682,949

NOTE 11 SEGMENTS

The Company reports financial and operating information in the following two segments:

(a) Wholesale segment

(b) Retail segment

	Wholesale segment		Retail segment		Total
Six months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	63,065,965	$	110,563,995	$	173,629,960
Income from operations	$	3,584,692	$	4,713,408	$	8,298,100
Interest income	$	501,180	$	37,575	$	538,755
Interest expense	$	1,116,595	$	375,692	$	1,492,287
Depreciation and amortization	$	597,311	$	4,080,914	$	4,678,225
Income tax expense	$	870,963	$	1,333,001	$	2,203,964

Six months ended June 30, 2014
Segment profit or loss:
Net revenue from external customers	$	75,836,070	$	115,846,879	$	191,682,949
Income from operations	$	3,954,431	$	6,715,953	$	10,670,384
Interest income	$	551,265	$	26,482	$	577,747
Interest expense	$	1,199,618	$	282,190	$	1,481,808
Depreciation and amortization	$	515,773	$	2,946,355	$	3,462,128
Income tax expense	$	946,118	$	1,812,556	$	2,758,674

	Wholesale segment		Retail segment		Total
Three months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers	$	29,792,039	$	45,934,959	$	75,726,998
Income from operations	$	1,752,665	$	3,106,385	$	4,859,050
Interest income	$	192,845	$	22,506	$	215,351
Interest expense	$	522,669	$	193,772	$	716,441
Depreciation and amortization	$	254,784	$	1,913,270	$	2,168,054
Income tax expense	$	415,887	$	962,940	$	1,378,827

Three months ended June 30, 2014
Segment profit or loss:
Net revenue from external customers	$	36,394,581	$	49,273,199	$	85,667,780
Income from operations	$	2,538,511	$	4,869,200	$	7,407,711
Interest income	$	324,638	$	11,776	$	336,414
Interest expense	$	633,051	$	141,642	$	774,693
Depreciation and amortization	$	251,227	$	1,319,974	$	1,571,201
Income tax expense	$	612,044	$	1,267,708	$	1,879,752

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2015 should be read in conjunction with the Financial Statements and corresponding notes included in this Quarterly Report on Form 10-Q. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors and Special Note Regarding Forward-Looking Statements in this report. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” “target”, “forecast” and similar expressions to identify forward-looking statements.

Overview

Our Business

We are a retailer of branded fashion apparel and leading global apparel supply chain solution provider based in China. We are listed on the NASDAQ Global Market under the symbol of “EVK”.

We classify our businesses into two segments: Wholesale and Retail. Our wholesale business consists of wholesale-channel sales made principally to famous brands, and department stores located throughout Europe, the U.S., Japan and the People’s Republic of China (“PRC”). We focus on well-known, middle-to-high grade casual wear, sportswear, and outerwear brands. Our retail business consist of retail-channel sales directly to consumers through retail stores located throughout the PRC as well as sales via online stores at Tmall, Dangdang mall, Jumei Youpin mall, Yi haodian mall and Jindong mall.

Although we have our own manufacturing facilities, we currently outsource most of the manufacturing to our long-term contractors as part of our overall business strategy. We believe outsourcing allows us to maximize our production capacity and maintain flexibility while reducing capital expenditures and the costs of keeping skilled workers on production lines during low seasons. We oversee our long-term contractors with our advanced management solutions and inspect products manufactured by them to ensure that they meet our high quality control standards and timely delivery.

Wholesale Business

We conduct our original design manufacturing (“ODM”) operations through six wholly-owned subsidiaries which are located in the Nanjing Jiangning Economic and Technological Development Zone and Shang Fang Town in the Jiangning District in Nanjing, China, and Chuzhou, Anhui, China: Ever-Glory International Group Apparel Inc. (“Ever-Glory Apparel”), Goldenway Nanjing Garments Company Limited (“Goldenway”), Nanjing New-Tailun Garments Company Limited (“New Tailun”), Nanjing Catch-Luck Garments Co., Ltd. (“Catch-Luck”), Chuzhou Huirui Garments Co., Ltd. (“Huirui) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”).

Retail Business

We conduct our retail operations through Shanghai LA GO GO Fashion Company Limited (“LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Xizang He Meida Trading Company Limited (“He Meida”) and 78% owned subsidiary Shanghai Yi Duo Fashion Company Limited (“Yi Duo”).

Business Objectives

Wholesale Business

We believe the enduring strength of our wholesale business is mainly due to our consistent emphasis on innovative and distinctive product designs that stand for exceptional styling and quality. We maintain long-term, satisfactory relationships with a portfolio of well-known, mid-class global brands.

The primary business objective for our wholesale segment is to expand our portfolio into higher-class brands, expand our customer base and improve our profit. We believe that our growth opportunities and continued investment initiatives include:

	●	Expand the global sourcing network

	●	Expand our overseas low-cost manufacturing base (outside of mainland China);

	●	Focus on high value-added products and continue our strategy to produce mid to high end apparel

	●	Continue to emphasize on product design and technology utilization.

	●	Seek strategic acquisitions of international distributors that could enhance global sales and our distribution network

	●	Maintain stable revenue increase in the markets while shifting focus to higher margin wholesale markets such as mainland China.

Retail Business

The business objective for our retail segment is to establish leading brands of women’s apparel and to build a nationwide retail network in China. As of June 30, 2015, we have 1,204 stores (including store-in-stores) which included 88 stores that were opened and 85 stores that were closed in first half of 2015.

We believe that our growth opportunities and continued investment initiatives include:

	●	Build the retail brand to be recognized as a major player in the mid-end women's apparel market in China;

	●	Expand the retail network throughout China;

	●	Improve the retail stores’ efficiency and increase same-store sales

	●	Continue to launch retail flagship stores in Tier-1 Cities and increase penetration and coverage in Tier-2 and Tier-3 Cities

	●	Become a multi-brand operator

Seasonality of Business

Our business is affected by seasonal trends, with higher levels of wholesale sales in our third and fourth quarters and higher retail sales in our first and fourth quarters. These trends primarily result from the timing of seasonal wholesale shipments and holiday periods in the retail segment.

Collection Policy

Wholesale business

For our new customers, we generally require orders placed to be backed by letters of credit. For our long-term and established customers with a good payment track record, we generally provide payment terms between 30 to 180 days following delivery of finished goods.

Retail business

For store-in-store shops, we generally receive payments from the stores between 60 to 90 days following the date of the register receipt. For our own flagship stores, we receive payments at the same time as the register receipt. For the sales in e-commerce platform such as Tmall, Dangdang mall, Jumei Youpin mall, Yihaodian mall and Jingdong mall. We generally receive payments from these e-commerce companies between 5 to 15 days following the date of the register receipt.

Global Economic Uncertainty

Our business is dependent on consumer demand for our products. We believe that the significant uncertainty in the global economy and a slowdown in the United States and European economies have increased our clients’ sensitivity to the cost of our products. We have experienced continued pricing pressure. If the global economic environment continues to be weak, these worsening economic conditions could have a negative impact on our sales growth and operating margins in our wholesale segment in 2015.

In addition, economic conditions in the United States and in foreign markets in which we operate could substantially affect our sales and profitability and our cash position and collection of accounts receivable. Global credit and capital markets have experienced unprecedented volatility and disruption. Business credit and liquidity have tightened in much of the world. Some of our suppliers and customers may face credit issues and could experience cash flow problems and other financial hardships. These factors currently have not had an impact on the timeliness of receivable collections from our customers. We cannot predict at this time how this situation will develop and whether accounts receivable may need to be allowed for or written off in the coming quarters.

Despite the various risks and uncertainties associated with the current global economy, we believe our core strengths will continue to allow us to execute our strategy for long-term sustainable growth in revenue, net income and operating cash flow.

Summary of Critical Accounting Policies

We have identified critical accounting policies that, as a result of judgments, uncertainties, uniqueness and complexities of the underlying accounting standards and operation involved could result in material changes to our financial position or results of operations under different conditions or using different assumptions.

Revenue Recognition

We recognize wholesale revenue from product sales, net of value-added taxes, upon delivery for local sales and upon shipment of the products for export sales, at such time title passes to the customer provided however that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. We recognize wholesale revenue from manufacturing fees charged to buyers for the assembly of garments from materials provided by the buyers upon completion of the manufacturing process and shipment of the products for export sales, provided that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. Retail sales are recorded net of promotional discounts, rebates, and return allowances. Retail store sales are recognized at the time of register receipt. Retail online sales are recognized when products are shipped and customers receive the products because we retain a portion of the risk of loss on these sales during transit.

Estimates and Assumptions

In preparing our consolidated financial statements, we use estimates and assumptions that affect the reported amounts and disclosures. Our estimates are often based on complex judgments, probabilities and assumptions that we believe to be reasonable, but that are inherently uncertain and unpredictable. We are also subject to other risks and uncertainties that may cause actual results to differ from estimated amounts. Significant estimates in 2015 and 2014 include the assumptions used to value warrants and the estimates of the allowance for deferred tax assets.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts from Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB delayed the effective date by one year. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. We are currently evaluating this new standard and the potential impact this standard may have upon adoption.

We review new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s condensed consolidated financial statements.

Results of Operations for the three months ended June 30, 2015 and 2014

The following table summarizes our results of operations for the three months ended June 30, 2015 and 2014. The table and the discussion below should be read in conjunction with our condensed consolidated financial statements and the notes thereto appearing elsewhere in this report.

	Three Months Ended June 30,
	2015				2014
	(in U.S. Dollars, except for percentages)
Sales	$	75,726,998	100.0	%	$	85,667,780	100.0	%
Gross Profit	$	30,047,408	39.7	%	$	29,349,791	34.3	%
Operating Expense	$	25,188,358	33.3	%	$	21,942,080	25.6	%
Income From Operations	$	4,859,050	6.4	%	$	7,407,711	8.6	%
Other Income (Expenses)	$	37,523	0.1	%	$	2,185	0.1	%
Income tax expense	$	1,378,827	1.8	%	$	1,879,752	2.2	%
Net Income	$	3,517,746	4.6	%	$	5,530,144	6.5	%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the three months ended June 30, 2015 and 2014.

	2015		% of total sales			2014		% of total sales			Growth in 2015 compared with 2014
Wholesales business
The People’s Republic of China	$	9,373,554		12.4	%	$	12,929,219		15.1	%		(27.5	)%
Germany		2,780,201		3.7			5,525,792		6.5			(49.7	)
United Kingdom		3,828,237		5.1			9,018,214		10.5			(57.5	)
Europe-Other		6,897,024		9.1			2,061,398		2.4			234.6
Japan		2,933,661		3.9			2,431,821		2.8			20.6
United States		3,979,362		5.3			4,428,137		5.2			(10.1	)
Total wholesale business		29,792,039		39.3			36,394,581		42.5			(18.1	)
Retail business		45,934,959		60.7			49,273,199		57.5			(6.8	)
Total	$	75,726,998		100.0	%	$	85,667,780		100.0	%		(11.6	)%

Sales for the three months ended June 30, 2015 were $75.7 million, a decrease of 11.6% from the three months ended June 30, 2014. This decrease was primarily attributable to a 6.8% decreased sales in our retail business as well as an 18.1% decreased sales in wholesales business.

Sales generated from our wholesale business contributed 39.3% or $29.8 million of our total sales for the three months ended June 30, 2015, a decrease of 18.1% compared to $36.4 million in the three months ended June 30, 2014. This decrease was primarily attributable to decreased sales in P.R.C, Germany, the United Kingdom and the United States.

Sales generated from our retail business contributed 60.7% or $45.9 million of our total sales for the three months ended June 30, 2015, a decrease of 6.8% compared to 57.5% or $49.3 million in the three months ended June 30, 2014. This decrease was primarily due to the decrease in same store sales. We had 1204 retail stores as of June 30, 2015, compared to 1055 retail stores at June 30, 2014. The decrease in same store sales was mainly a result of (i) lowered consumer consumption due to the continuous slowdown in the general economic condition in China, (ii) stronger competition from online retail stores; and (iii) increased competition from international fashion brands operating China.

Costs and Expenses

Cost of Sales and Gross Margin

Cost of goods sold includes the direct raw material cost, direct labor cost, and manufacturing overhead including depreciation of production equipment and rent, consistent with the revenue earned. Cost of goods sold excludes warehousing costs, which historically have not been significant.

The following table sets forth the components of our cost of sales and gross profit both in amounts and as a percentage of total sales for the three months ended June 30, 2015 and 2014.

									Growth
									(Decrease) in 2015
	Three months ended June 30,								Compared
	2015				2014				with 2014
	(in U.S. dollars, except for percentages)
Net Sales for Wholesale Sales	$	29,792,039	100.0	%	$	36,394,581	100.0	%		(18.1	)%
Raw Materials		13,500,523	45.3			16,454,991	45.2			(18.0	)
Labor		1,471,735	4.9			1,211,243	3.3			21.5
Outsourced Production Costs		8,433,183	28.3			10,059,316	27.6			(16.2	)
Other and Overhead		141,653	0.5			131,151	0.4			8.0
Total Cost of Sales for Wholesale		23,547,094	79.0			27,856,701	76.5			(15.5	)
Gross Profit for Wholesale		6,244,945	21.0			8,537,880	23.5			(26.9	)
Net Sales for Retail		45,934,959	100.0			49,273,199	100.0			(6.8	)
Production Costs		11,379,814	24.8			13,193,339	26.8			(13.7	)
Rent		10,752,682	23.4			15,267,949	31.0			(29.6	)
Total Cost of Sales for Retail		22,132,496	48.2			28,461,288	57.8			(22.2	)
Gross Profit for Retail		23,802,463	51.8			20,811,911	42.2			14.4
Total Cost of Sales		45,679,590	60.3			56,317,989	65.7			(18.9	)
Gross Profit	$	30,047,408	39.7	%	$	29,349,791	34.3	%		2.4	%

Raw material costs for our wholesale business were 45.3% of our total wholesale business sales in the three months ended June 30, 2015, compared to 45.2% in the three months ended June 30, 2014.

Labor costs for our wholesale business were 4.9% of our total wholesale business sales in the three months ended June 30, 2015, compared to 3.3% in the three months ended June 30, 2014. The increase was mainly due to the fact that we outsourced most of the new orders in 2014.

Outsourced manufacturing costs for our wholesale business were 28.3% of our total wholesale business sales in the three months ended June 30, 2015, compared to 27.6% in the three months ended June 30, 2014. This increase was primarily attributable to increased average salaries of the employees in our outsourced manufacturing factories.

Overhead and other expenses for our wholesale business accounted for 0.5% of our total wholesale business sales for the three months ended June 30, 2015, compared to 0.4% of total sales for the three months ended June 30, 2014.

Wholesale business gross profit for the three months ended June 30, 2015 and 2014 was $6.2 million and $8.5 million, respectively. As a percentage of wholesale sales, gross profit accounted for 21.0% of our total wholesale sales for the three months ended June 30, 2015, a decrease of 2.5% compared to 23.5% for the three months ended June 30, 2014. The decrease was mainly due to increased outsourced manufacturing costs.

Production costs for our retail business were $11.4 million during the three months ended June 30, 2015 compared to $13.2 million during the three months ended June 30, 2014. As a percentage of retail sales, retail production costs accounted for 24.8% of our total retail sales in the three months ended June 30, 2015, compared to 26.8% of total retail sales in the three months ended June 30, 2014. The decrease was due to our procurement cost controlling in the three months ended June 30, 2015 being better than the same period of the prior year.

Rent costs for our retail business were $10.8 million for the three months ended June 30, 2015 compared to $15.3 million for the three months ended June 30, 2014. As a percentage of sales, rent costs accounted for 23.4% of our total retail sales for the three months ended June 30, 2015, compared to 31.0% of total retail sales for the three months ended June 30, 2014. The decrease is attributable primarily to negotiated reductions in the variable rent percentage changed at certain locations.

Gross profit in our retail business for the three months ended June 30, 2015 was $23.8 million and gross margin was 51.8%. Gross profit in our retail business for the three months ended June 30, 2014 was $20.8 million and gross margin was 42.2%.

Total cost of sales for the three months ended June 30, 2015 was $45.7 million, compared to $56.3 million for the three months ended June 30, 2014, a decrease of 18.9%. As a percentage of total sales, cost of sales decreased to 60.3% of total sales for the three months ended June 30, 2015, compared to 65.7% of total sales for the three months ended June 30, 2014. Consequently, gross margin increased to 39.7% for the three months ended June 30, 2015 from 34.3% for the three months ended June 30, 2014.

Selling, General and Administrative Expenses

Our selling expenses consist primarily of local transportation, unloading charges, product inspection charges, salaries for retail staff and decoration and marketing expenses associated with our retail business.

Our general and administrative expenses include administrative salaries, office expense, certain depreciation and amortization charges, repairs and maintenance, legal and professional fees, warehousing costs and other expenses that are not directly attributable to our revenues.

Costs of our distribution network that are excluded from cost of sales consist of local transportation and unloading charges, and product inspection charges. Accordingly our gross profit amounts may not be comparable to those of other companies who include these amounts in cost of sales.

	Three Months Ended June 30,
	2015				2014				Increase
	(in U.S. Dollars, except for percentages)
Gross Profit	$	30,047,408	39.7	%	$	29,349,791	34.3	%		2.4	%
Operating Expenses:
Selling Expenses		17,582,288	23.2			14,402,662	16.8			22.1
General and Administrative Expenses		7,606,070	10.0			7,539,418	8.8			0.9
Total		25,188,358	33.3			21,942,080	25.6			14.8
Income from Operations	$	4,859,050	6.4	%	$	7,407,711	8.6	%		(34.4	)%

Selling expenses increased 22.1% to $17.6 million for the three months ended June 30, 2015 from $14.4 million for the three months ended June 30, 2014. The increase was attributable to the increased average salaries, and increased number of stores, leading to increased number of retail employees, as well as increased store decoration and marketing expenses associated with the promotion of the retail brand.

General and administrative expenses increased 0.9% to $7.6 million for the three months ended June 30, 2015 from $7.5 million for the three months ended June 30, 2014. The increase was attributable to an increase in payroll for additional management and design and marketing staff as a result of our business expansion. As a percentage of total sales, general and administrative expenses increased to 10.0% of total sales for the three months ended June 30, 2015, compared to 8.8% of total sales for the three months ended June 30, 2014. The percentage increase was attributable to the decrease in our sales.

Income from Operations

Income from operations decreased 34.4% to $4.9 million for the three months ended June 30, 2015 from $7.4 million for the three months ended June 30, 2014. As a percentage of sales, income from operations accounted for 6.4% of our total sales for the three months ended June 30, 2015, a decrease of 2.2% compared to the three months ended June 30, 2014 as a result of increasing gross profit.

Interest Expense

Interest expense was $0.7 million for the three months ended June 30, 2015, a decrease of 7.5% compared to the same period in 2014.

Income Tax Expenses

Income tax expense for the three months ended June 30, 2015 was $1.4 million, a decrease of 27% compared to the same period of 2014. The decrease was primarily due to decreased profits of our business.

Our PRC subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws. Each of our consolidated entities files its own separate income tax return.

All PRC subsidiaries are subject to the 25% income tax rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at the 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream Limited was incorporated in the British Virgin Islands on July 1, 2004, and has no income tax.

Ever-Glory International Group (HK) Ltd was incorporated in Samoa on September 15, 2009, and has no liabilities for income tax.

Ever-Glory International Group Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes through 2012. The net operating loss carry forwards for United States income taxes may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, through 2031. Management believes that the realization of the benefits from these losses is uncertain due to our limited operating history and continuing losses for United States income tax purposes. Accordingly, we provided a 100% valuation allowance on the deferred tax asset to reduce the asset to zero.

Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, sales are made globally, and the Company has other subsidiary operations in Hong Kong and Samoa. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory Hong Kong, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3,186,000 as of December 31, 2013 based on the probability for such outcomes.

Ever-Glory International Group Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes through June 30, 2015. The net operating loss carry forwards for United States income taxes may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, through 2031. Management believes that the realization of the benefits from these losses is uncertain due to our limited operating history and continuing losses for United States income tax purposes. Accordingly, we provided a 100% valuation allowance on the deferred tax asset to reduce the asset to zero.

Net Income

Net income for the three months ended June 30, 2015 was $3.5 million, a decrease of 36.4% compared to the same period in 2014. Our basic and diluted earnings per share were $0.24 and $0.37 for the three months ended June 30, 2015 and 2014, respectively.

Results of Operations for the six months ended June 30, 2015 and 2014

The following table summarizes our results of operations for the six months ended June 30, 2015 and 2014. The table and the discussion below should be read in conjunction with the consolidated financial statements and the notes thereto appearing elsewhere in this report.

	Six Months Ended June 30,
	2015					2014
	(in U.S. Dollars, except for percentages)
Sales	$	173,629,960		100.0	%	$	191,682,949	100.0	%
Gross Profit		60,655,781		34.9			55,130,748	28.8
Operating Expense		52,357,681		30.2			44,460,364	23.2
Income From Operations		8,298,100		4.8			10,670,384	5.6
Other Income (Expenses)		(180,835	)	(0.1	)		8,162	0
Income tax expense		2,203,964		1.3			2,758,674	1.4
Net Income	$	5,913,301		3.4	%	$	7,919,872	4.1	%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the six months ended June 30, 2015 and 2014.

	2015		% of total sales			2014		% of total sales			Growth in 2015 compared with 2014
Wholesales business
The People’s Republic of China	$	28,307,488		16.3	%	$	27,527,244		14.4	%		2.8	%
Germany		7,267,170		4.2			11,823,952		6.2			(38.5	)
United Kingdom		6,980,716		4.0			11,642,361		6.1			(40.0	)
Europe-Other		8,698,730		5.0			8,517,320		4.4			2.1
Japan		5,863,864		3.4			8,674,713		4.5			(32.4	)
United States		5,947,997		3.4			7,650,480		4.0			(22.3	)
Total wholesale business		63,065,965		36.3			75,836,070		39.6			(16.8	)
Retail business		110,563,995		63.7			115,846,879		60.4			(4.6	)
Total	$	173,629,960		100.0	%	$	191,682,949		100.0	%		(9.4	)%

Sales for the six months ended June 30, 2015 were $173.6 million, a decrease of 9.4% from the six months ended June 30, 2014. This decrease was primarily attributable to a 4.6% decreased sales in our retail business as well as a 16.8% decreased sales in wholesale business.

Sales generated from our wholesale business contributed 36.3% or $63.1 million of our total sales for the six months ended June 30, 2015, a decrease of 16.8% compared to $75.8 million in the six months ended June 30, 2014. This decrease was primarily attributable to decreased sales in Germany, the United Kingdom, Japan and the United States.

Sales generated from our retail business contributed 63.7% or $110.6 million of our total sales for the six months ended June 30, 2015, a decrease of 4.6% compared to $115.8 million in the six months ended June 30, 2014. This decrease was primarily due to the decrease in same store sales. The decrease in same store sales was mainly a result of (i) lowered consumer consumption due to the continuous slowdown in the general economic condition in China, (ii) stronger competition from online retail stores; and (iii) increased competition from international fashion brands operating China.

Total retail store square footage and sales per square foot for the six months ended June 30, 2015 and 2014 are as follows:

	2015		2014
Total store square footage		1,175,825		956,436
Number of stores		1,204		1,055
Average store size, square feet		977		907
Total store sales	$	110,563,995	$	115,846,879
Sales per square foot	$	94	$	121

Same store sales and newly opened store sales for the six months ended June 30, 2015 and 2014 are as follows:

	2015		2014
Sales from stores open a full year	$	68,237,442	$	81,508,931
Newly opened store sales		34,009,921		31,877,375
Other*		8,316,632		2,460,573
Total	$	110,563,995	$	115,846,879

*Primarily sales from stores that were closed in the current reporting period.

We remodeled or relocated 186 stores in 2014, and we plan to relocate or remodel 150-200 stores in 2015. We remodeled or relocated 85 stores in the first half year of 2014, Remodels and relocations typically drive incremental same-store sales growth. A relocation typically results in an improved, more visible and accessible location, and usually includes increased square footage. We believe we will continue to have opportunities for additional remodels and relocations beyond 2015. Same-store sales are calculated based upon stores that were open at least 12 full fiscal months in each reporting period and remain open at the end of each reporting period.

Costs and Expenses

Cost of Sales and Gross Margin

The following table sets forth the components of our cost of sales and gross profit both in amounts and as a percentage of total sales for the six months ended June 30, 2015 and 2014.

									Growth in 2015
	Six months ended June 30,								compared
	2015				2014				with 2014
	(in U.S. dollars, except for percentages)
Net Sales for Wholesale Sales	$	63,065,965	100.0	%	$	75,836,070	100.0	%		(16.8	)%
Raw Materials		27,566,116	43.7			36,052,958	47.5			(23.5	)
Labor		2,855,300	4.5			2,411,739	3.2			18.4
Outsourced Production Costs		18,964,276	30.1			22,414,004	29.6			(15.4	)
Other and Overhead		279,946	0.4			279,240	0.4			0.3
Total Cost of Sales for Wholesale		49,665,638	78.8			61,157,941	80.6			(18.8	)
Gross Profit for Wholesale		13,400,327	21.2			14,678,129	19.4			(8.7	)
Net Sales for Retail		110,563,995	100.0			115,846,879	100.0			(4.6	)
Production Costs		30,550,410	27.6			33,835,880	29.2			(9.7	)
Rent		32,758,131	29.6			41,558,380	35.9			(21.2	)
Total Cost of Sales for Retail		63,308,541	57.3			75,394,260	65.1			(16.0	)
Gross Profit for Retail		47,255,454	42.7			40,452,619	34.9			16.8
Total Cost of Sales		112,974,179	65.1			136,552,201	71.2			(17.3	)
Gross Profit	$	60,655,781	34.9	%	$	55,130,748	28.8	%		10.0	%

Raw material costs for our wholesale business were 43.7% of our total wholesale business sales in the six months ended June 30, 2015, compared to 47.5% in the six months ended June 30, 2014. The decrease was mainly due to decreased raw materials prices.

Labor costs for our wholesale business were 4.5% of our total wholesale business sales in the six months ended June 30, 2015, compared to 3.2% in the six months ended June 30, 2014. The increase was mainly due to the fact that we outsourced most of the new orders in 2014.

Outsourced manufacturing costs for our wholesale business were 30.1% of our total sales in the six months ended June 30, 2015, compared to 29.6% in the six months ended June 30, 2014. This increase was primarily attributable to increased average salaries of the employees in our outsourced manufacturing factories.

Overhead and other expenses for our wholesale business accounted for 0.4% our total sales for the six months ended June 30, 2015 and 2014, respectively.

Gross profit in our wholesale business for the six months ended June 30, 2015 was $13.4 million, a decrease of 8.7% compared to the six months ended June 30, 2014. As a percentage of wholesale sales, gross profit accounted for 21.2% of our total wholesale sales for the six months ended June 30, 2015, an increase of 1.8% compared to 19.4% for the six months ended June 30, 2014. The increase was mainly due to decreased raw materials prices.

Production costs for our retail business were $30.6 million during the six months ended June 30, 2015 versus $33.8 million during the six months ended June 30, 2014. As a percentage of total retail sales, production costs for our retail business were 27.6% of our total retail sales during the six months ended June 30, 2015, a decreased of 1.6% compared to 29.2% during the six months ended June 30, 2013. The decrease was due to our procurement cost controlling in the six months ended June 30, 2015 being better than the same period of the prior year.

Rent costs for our retail business were $32.8 million or 29.6% of our total retail sales during the six months ended June 30, 2015 versus $41.6 million or 35.9% during the six months ended June 30, 2014. The decrease is attributable primarily to negotiated reductions in the variable rent percentage changed at certain locations.

Gross profit in our retail business for the six months ended June 30, 2015 was $47.3 million and gross margin was 42.7%. Gross profit in our retail business for the six months ended June 30, 2014 was $40.5 million and gross margin was 34.9%.

Total cost of sales for the six months ended June 30, 2015 was $113.0 million, a decrease of 17.3% compared to the six months ended June 30, 2014. As a percentage of total sales, cost of sales decreased to 65.1% for the six months ended June 30, 2015, compared to 71.2% for the six months ended June 30, 2014. Consequently, gross margin increased to 34.9% for the six months ended June 30, 2015 from 28.8% for the six months ended June 30, 2014.

We purchase the majority of our raw materials directly from numerous local fabric and accessories suppliers. For our wholesale business, purchases from our five largest suppliers represented approximately 16.0% and 20.9% of raw material purchases for the six months ended June 30, 2015 and 2014, respectively. No one supplier provided more than 10.0% of our raw material purchases for the six months ended June 30, 2015 and 2014. For our retail business, purchases from our five largest suppliers represented approximately 26.8% and 29.8% of raw material purchases for the six months ended June 30, 2015 and 2014 respectively. No one supplier provided more than 10% of our total purchases for the six months ended June 30, 2015 and 2014. We have not experienced difficulty in obtaining raw materials essential to our business, and we believe we maintain good relationships with our suppliers.

We also purchase finished goods from contract manufacturers. For our wholesale business, purchases from our five largest contract manufacturers represented approximately 49.8 and 46.8% of finished goods purchases for the six months ended June 30, 2015 and 2014 respectively. Two contract manufacturers provided approximately 23.1% and 11.8% of our finished goods purchases for the six months ended June 30, 2015. Two contract manufacturers provided approximately 16.0% and 10.3% of our finished goods purchases for the six months ended June 30, 2014. For our retail business, our five largest contract manufacturers represented approximately 19.5% and 20.0% of finished goods purchases for the six months ended June 30, 2015 and 2014, respectively. No manufacturer provided more than 10% of our finished goods purchases for the six months ended June 30, 2015. One manufacturer provided approximately 11.0% of our finished goods purchases for the six months ended June 30, 2014. We have not experienced difficulty in obtaining finished products from our contract manufacturers and we believe we maintain good relationships with our contract manufacturers.

Selling, General and Administrative Expenses

	Six months ended June 30,
	2015				2014				Increase %
	(in U.S. Dollars, except for percentages)
Gross Profit	$	60,655,781	34.9	%	$	55,130,748	28.8	%		10.0	%
Operating Expenses:
Selling Expenses		37,837,662	21.8			30,525,958	15.9			24.0
General and Administrative Expenses		14,520,019	8.4			13,934,406	7.3			4.2
Total		52,357,681	30.2			44,460,364	23.2			17.8
Income from Operations	$	8,298,100	4.8	%	$	10,670,384	5.6	%		(22.2	)%

Selling expenses were $37.8 million in the six months ended June 30, 2015, an increase of 24.0% or $7.3 million compared to the six months ended June 30, 2014. The increase was attributable to increased average salaries, and increased number of stores, leading to increased number of retail employees, as well as increased store decoration and marketing expenses associated with the promotion of retail brand.

General and administrative expenses were $14.5 million in the six months ended June 30, 2015, an increase of 4.2% compared to the six months ended June 30, 2014. As a percentage of total sales, general and administrative expenses were 8.4% of total sales for the six months ended June 30, 2015, compared to 7.3% of total sales for the six months ended June 30, 2014. The increase was attributable to an increase in payroll for additional management and design and marketing staff.

Income from Operations

Income from operations decreased 22.2% to $8.3 million for the six months ended June 30, 2015 from $10.7 million for the six months ended June 30, 2014. This decrease was due to increase our selling expenses.

Interest Expense

Interest expense was $1.5 million for the six months ended June 30, 2015 and 2014 respectively.

Income Tax Expenses

Income tax expense for the six months ended June 30, 2015 was $2.2 million, a decrease of 20.1% compared to the same period of 2014. This decrease was primarily due to decreased profits of our business.

Net Income

Net income for the six months ended June 30, 2015 was $5.9 million, a decrease of 25.3% compared to the same period in 2014. Our diluted earnings per share were $0.41 and $0.54 for the six months ended June 30, 2015 and 2014, respectively.

Summary of Cash Flows

Net cash provided by operating activities was $19.70 million for the six months ended June 30, 2015, compared with $2.80 million during the six months ended June 30, 2014. The increase was primarily due to a decrease in Accounts receivable.

Net cash used in investing activities was $7.6 million for the six months ended June 30, 2015, compared with $4.2 million during the six months ended June 30, 2014. The increase was mainly due to increased purchases of equipment and intangible assets.

Net cash used in financing activities was $17.9 million for the six months ended June 30, 2015, compared with $1.3 million during the six months ended June 30, 2014. During the six months ended June 30, 2015, we repaid $72.2 million of bank loans and received bank loan proceeds of $52.7 million. Also, under the counter-guarantee agreement, we advanced $0.8 million and received $2.4 million from the related party during the six months ended June 30, 2015.

Liquidity and Capital Resources

As of June 30, 2015, we had cash and cash equivalents of $28.3 million, other current assets of $147.0 million and current liabilities of $122.7 million. We presently finance our operations primarily from cash flows from operations and bank loans and we anticipate that these will continue to be our primary sources of funds to finance our short-term cash needs.

Bank Loans

All bank loans are used to fund our daily operations.

Capital Commitments

We have a continuing program for the purpose of improving our manufacturing facilities and extending our retail stores. We anticipate that cash flows from operations and borrowings from banks will be used to pay for these capital commitments.

Uses of Liquidity

Our cash requirements for the next twelve months will be primarily to fund daily operations and the growth of our business, some of this being used to fund new stores.

Sources of Liquidity

Our primary sources of liquidity for our short-term cash needs are expected to be from cash flows generated from operations, and cash equivalents currently on hand. We believe that we will be able to borrow additional funds if necessary.

We believe our cash flows from operations together with our cash and cash equivalents currently on hand will be sufficient to meet our needs for working capital, capital expenditure and other commitments for the next twelve months. No assurance can be made that additional financing will be available to us if required, and adequate funds may not be available on terms acceptable to us. If funding is insufficient at any time in the future, we will develop or enhance our products or services and expand our business through our own cash flows from operations.

As of June 30, 2015, we had access to approximately $68.7 million in lines of credit, of which approximately $27.8 million was unused and available. These credit facilities do not include any covenants. We have agreed to provide Jiangsu Ever-Glory a counter-guarantee of not less than 50% of the maximum aggregate lines of credit and borrowings guaranteed by Jiangsu Ever-Glory and collateralized by the assets of Jiangsu Ever-Glory under agreements executed between the Company, Jiangsu Ever-Glory and the banks. The maximum aggregate lines of credit and available borrowings was approximately $38.19 million (RMB 234 million) and approximately $15.8 (RMB97 million) was provided to Jiangsu Ever-Glory as the counter guarantee as of June 30, 2015.

Foreign Currency Translation Risk

Our operations are, for the most part, located in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility in foreign exchange rates between the United States dollar and the Chinese RMB. Most of our sales are in dollars. During 2003 and 2004, the exchange rate of RMB to the dollar remained constant at 8.26 RMB to the dollar. On July 21, 2005, the Chinese government adjusted the exchange rate from 8.26 to 8.09 RMB to the dollar. From that time, the RMB continued to appreciate against the U.S. dollar. As of June 30, 2015, the market foreign exchange rate had increased to 6.13 RMB to one U.S. dollar. We are continuously negotiating price adjustments with most of our customers based on the daily market foreign exchange rates, which we believe will reduce our exposure to exchange rate fluctuations in the future, and will pass some of the increased cost to our customers.

In addition, the financial statements of Goldenway, New-Tailun, Catch-Luck, Ever-Glory Apparel, Taixin, He Meida, Huirui, Shanghai LA GO GO, Shanghai Yalan, Shanghai Yiduo, Tianjin LA GO GO and Jiangsu LA GO GO (whose functional currency is RMB) are translated into US dollars using the closing rate method. The balance sheet items are translated into US dollars using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the period. All translation adjustments are included in accumulated other comprehensive income in the statement of equity. The foreign currency translation gain (loss) for the three and six months ended June 30, 2015 and 2014 was $(127,037), $328,893, $356,044, $(343,382), respectively.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We do not use derivative financial instruments in our investment portfolio and have no foreign exchange contracts. Our financial instruments consist of cash and cash equivalents, trade accounts receivable, accounts payable, bank loans and long-term obligations. We consider investments in highly-liquid instruments purchased with a remaining maturity of 90 days or less from the date of purchase to be cash equivalents.

Interest Rates: Our exposure to market risk for changes in interest rates relates primarily to our short-term investments and short-term obligations; thus, fluctuations in interest rates would not have a material impact on the fair value of these securities. On June 30, 2015, we had $28.3 million in cash and cash equivalents. A hypothetical 5% increase or decrease in either the short term or long term interest rates would not have any material impact on our earnings or loss, or the fair market value or cash flows of these instruments.

Foreign Exchange Rates: We pay our suppliers and employees in Chinese RMB, however, most of our wholesale customers are located in the U.S., Japan and Europe and we generate sales from them in U.S. Dollars, Euros and British Pounds. Accordingly, our business has substantial exposure to changes in exchange rates between and among the Chinese RMB, the U.S. Dollar, the Euro and the British Pound. In the last decade, the RMB was initially pegged at 8.26 RMB to one U.S. Dollar. On July 21, 2005 it was revalued to 8.09 per U.S. Dollar. Following the removal of the peg to the U.S. Dollar and pressure from the United States, the People’s Bank of China also announced that the RMB would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. Dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies. The PRC government has stated that the basket is dominated by the U.S. Dollar, Euro, Japanese Yen and South Korean Won, with a smaller proportion made up of the British Pound, Thai Baht, Russian Ruble, Australian Dollar, Canadian Dollar and Singapore Dollar. There can be no assurance that the relationship between the RMB and these currencies will remain stable over time, especially in light of the significant political pressure on the Chinese government to permit the free flotation of the RMB, which could result in greater and more frequent fluctuations in the exchange rate between the RMB, the U.S. Dollar and the Euro. On June 30, 2015, the exchange rate between the RMB and U.S. Dollar was 6.13RMB to one U.S. Dollar. For additional discussion regarding our foreign currency risk, see the section titled Risk Factors in the Annual Report on Form 10-K for our fiscal year ended December 31, 2014. Fluctuation in the value of Chinese RMB relative to other currencies may have a material adverse effect on our business and/or an investment in our shares.

ITEM 4. CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures. As of June 30, 2015, the end of the fiscal quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not operating effectively as of June 30, 2015. Our disclosure controls and procedures were not effective because of certain “material weaknesses” described in the “Management’s Annual Report on Internal Control over Financial Reporting” section in Item 9 of our annual report for fiscal year ended December 31, 2014. As of June 30, 2015, we had not completed the remediation of these material weaknesses.

Limitations on the Effectiveness of Disclosure Controls. Readers are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

Our management has worked, and will continue to work to improve our internal controls over financial reporting. During the six months ended June 30, 2015, there were no other changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no pending legal proceedings to which we are a party which are material or potentially material, either individually or in the aggregate. We are from time to time, during the normal course of our business operations, subject to various litigation claims and legal disputes. We do not believe that the ultimate disposition of any of these matters will have a material adverse effect on our financial position, results of operations or liquidity.

ITEM 1A. RISK FACTORS

There has been no material change in the information provided in Item 1A of Form 10-K Annual Report for the year ended December 31, 2014 filed with the SEC on March 31, 2015.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are filed herewith:

Exhibit No.		Description

31.1		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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101.SCH		XBRL Taxonomy Extension Schema Document

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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

August 12, 2015	EVER-GLORY INTERNATIONAL GROUP, INC.

	By:	/s/ Edward Yihua Kang
		Edward Yihua Kang
		Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Jiansong Wang
		Jiansong Wang
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 ex31_1.htm I, EDWARD YIHUA KANG, CERTIFY THAT:

EXHIBIT 31.1

I, Edward Yihua Kang, certify that:

I have reviewed this quarterly report on Form 10-Q for the period ending June 30, 2015 of Ever-Glory International Group, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2015

/s/ Edward Yihua Kang
Edward Yihua Kang
Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 ex31_2.htm I, JIANSONG WANG, CERTIFY THAT:

EXHIBIT 31.2

I, Jiansong Wang, certify that:

I have reviewed this quarterly report on Form 10-Q for the period ending June 30, 2015 of Ever-Glory International Group, Inc.;

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2015

/s/ Jiansong Wang

Jiansong Wang
Chief Finance Officer
(Principal Financial Officer)

EX-32.1 4 ex32_1.htm CERTIFICATION PURSUANT TO

EXHIBIT 32.1

Certification Pursuant To

Section 906 of Sarbanes-Oxley Act of 2002

I, Edward Yihua Kang, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

The Quarterly report on Form 10-Q of the Company for the fiscal quarter ended June 30, 2015 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2015

/s/ Edward Yihua Kang

Edward Yihua Kang

Chief Executive Officer

(Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.

EX-32.2 5 ex32_2.htm CERTIFICATION PURSUANT TO

EXHIBIT 32.2

Certification Pursuant To

Section 906 of Sarbanes-Oxley Act of 2002

I, Jiansong Wang, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 12, 2015

/s/ Jiansong Wang
Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

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Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax, Total Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Due from Related Parties Amounts due from related party Amounts due from related party Stockholders' Equity Attributable to Parent Total Stockholders' Equity Total Stockholders' Equity Beginning Balance Balance Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total Equity Total Equity Liabilities and Equity TOTAL LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Common Stock, Par Or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Condensed Consolidated Statements of Comprehensive Income [Abstract] Income Statement [Abstract] NET SALES Net revenue NET SALES Total net sales Net revenue from external customers Cost Of Goods and Services Sold COST OF SALES Cost of Goods and Services Sold, Total COST OF SALES Gross Profit GROSS PROFIT GROSS PROFIT Operating Expenses [Abstract] OPERATING EXPENSES Selling Expense Selling expenses General and Administrative Expense General and administrative expenses General and Administrative Expense, Total Operating Expenses Total operating expenses Total Operating Expenses Operating Income (Loss) Income (loss) from operations INCOME FROM OPERATIONS INCOME FROM OPERATIONS Income from operations Nonoperating Income (Expense) [Abstract] OTHER INCOME (EXPENSES) Investment Income, Interest Interest income Interest Expense, Debt Interest expense Interest Expense, Debt, Total Interest expense Other Nonoperating Income Other income (expenses) Nonoperating Income (Expense) Total other income(expense) Total Other Income (Expenses) Income (Loss) From Continuing Operations Before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total Pre-tax income INCOME BEFORE INCOME TAX EXPENSE INCOME BEFORE INCOME TAX EXPENSE Income Tax Expense (Benefit) Income tax expense INCOME TAX EXPENSE Income tax expense Income tax expense Net Income (Loss) Attributable to Parent Net income NET INCOME NET INCOME Net (loss) profit Net Income (Loss) Attributable to Noncontrolling Interest Net (income) loss attributable to the non-controlling interest Net (income) loss attributable to the non-controlling interest Net Income (Loss), Including Portion Attributable to Noncontrolling Interest NET INCOME ATTRIBUTABLE TO THE COMPANY NET INCOME ATTRIBUTABLE TO THE COMPANY Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax Foreign currency translation gain Foreign currency translation (loss) gain Other Comprehensive Income (Loss), Net of Tax COMPREHENSIVE INCOME Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income attributable to the non-controlling interest Comprehensive (income) loss attributable to the non-controlling interest Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY Earnings Per Share [Abstract] EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS NET INCOME PER SHARE Earnings Per Share, Basic and Diluted, Total Earnings per share - basic and diluted Basic and diluted Earnings Per Share, Basic and Diluted, Total Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] Weighted average number of shares outstanding Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average number of common shares- Basic and diluted Basic and diluted Statements of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Depreciation, Depletion and Amortization, Total Depreciation and amortization Recovering For Doubtful Accounts Recovering for doubtful accounts The amount for Recovering for doubtful accounts. Recovering for doubtful accounts Deferred Income Tax Expense (Benefit) Deferred Deferred income tax Deferred Income Tax Expense (Benefit), Total Deferred income tax Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Recovering for obsolete inventories Recovering for obsolete inventories Increase (Decrease) in Inventories, Total Inventories Increase (Decrease) In Other Receivables Value added tax receivable Value added tax receivable Increase (Decrease) In Prepaid Expense and Other Assets Other receivables and prepaid expenses Increase (Decrease) in Prepaid Expense and Other Assets, Total Other receivables and prepaid expenses Increase (Decrease) In Other Current Assets Advances on inventory purchases Advances on inventory purchases Increase (Decrease) In Due From Related Parties, Current Amounts due from related parties Increase (Decrease) in Due from Related Parties, Current, Total Amounts due from related parties Increase (Decrease) In Accounts Payable, Trade Accounts payable Accounts payable Increase (Decrease) In Accounts Payable, Related Parties Accounts payable and other payables- related parties Accounts payable and other payables- related parties Increase (Decrease) In Accounts Payable and Accrued Liabilities Other payables and accrued liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Other payables and accrued liabilities Increase (Decrease) In Other Accounts Payable Value added and other taxes payable Value added and other taxes payable Increase (Decrease) In Income Taxes Payable Income tax payable Income tax payable Net Cash Provided By (Used In) Operating Activities Net cash (used in) provided by operating activities Net cash provided by operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Additions to property, plant and equipment Purchase of property and equipment Payments to Acquire Property, Plant, and Equipment, Total Purchase of property and equipment Proceeds from Sale of Property, Plant, and Equipment Proceeds from sale of property and equipment Payments to Acquire Intangible Assets Purchase of intangible assets Purchase of intangible assets Payments to Acquire Businesses, Net of Cash Acquired Acquisition of Yiduo net of cash acquired Acquisition of Yiduo net of cash acquired Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Proceeds From Bank Debt Proceeds from bank loans Repayments Of Bank Debt Repayment of bank loans Repayment of bank loans Advances to related party Advances to related party Advances to related party Repayment of Notes Receivable from Related Parties Repayment of advances from related party Interest Income, Related Party Interest income received from related party Interest income received from related party Net Cash Provided By (Used In) Financing Activities Net cash provided by financing activities Net cash (used in) provided by financing activities Effect Of Exchange Rate On Cash and Cash Equivalents, Continuing Operations EFFECT OF EXCHANGE RATE CHANGES ON CASH Cash and Cash Equivalents, Period Increase (Decrease) NET INCREASE IN CASH AND CASH EQUIVALENTS NET DECREASE IN CASH AND CASH EQUIVALENTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Supplemental Cash Flow Elements [Abstract] Cash paid during the period for: Interest Interest Total interest expense Income Taxes Paid Income taxes Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES Noncash or Part Noncash Acquisition, Intangible Assets Acquired Increase in intangible assets and non-controlling interests Summary of Business and Basis of Presentation [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] SUMMARY OF BUSINESS AND BASIS OF PRESENTATION SUMMARY OF BUSINESS AND BASIS OF PRESENTATION Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SIGNIFICANT ACCOUNTING POLICIES Inventories [Abstract] Inventory Disclosure [Text Block] INVENTORIES Bank Loans [Abstract] Debt Disclosure [Text Block] BANK LOANS Derivatives Liability [Abstract] Derivative Notional Amount One Derivative Instruments and Hedging Activities Disclosure [Text Block] DERIVATIVES LIABILITY Income Tax [Abstract] Income Tax Disclosure [Text Block] INCOME TAX Earnings Per Share [Text Block] EARNINGS PER SHARE Stockholders' Equity [Abstract] Stockholders' Equity Note Disclosure [Text Block] STOCKHOLDERS' EQUITY Related Party Transactions [Abstract] Currency exchange adjustment Related Party Transactions Disclosure [Text Block] RELATED PARTY TRANSACTIONS Concentrations and Risks [Abstract] Concentrations and Risks [Abstract] Concentration Risk Disclosure [Text Block] CONCENTRATIONS AND RISKS Segments [Abstract] Segment Reporting Disclosure [Text Block] SEGMENTS Fair Value Of Financial Instruments, Policy [Policy Text Block] Financial Instruments Receivables, Policy [Policy Text Block] Accounts receivable Fair Value Measurement, Policy [Policy Text Block] Fair Value Accounting Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Translation and Other Comprehensive Income New Accounting Pronouncements, Policy [Policy Text Block] Recently Issued Accounting Pronouncements Schedule Of Inventory, Current [Table Text Block] Schedule of inventories Schedule of Debt [Table Text Block] Schedule of bank loans Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block] Summary of pre-tax income in jurisdictions Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] Summary of reconciliation of PRC statutory rates to the Company's effective tax rate Schedule Of Components Of Income Tax Expense (Benefit) [Table Text Block] Schedule of components of income tax expense Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Summary of Basic and diluted earnings per share Other Expenses Due To Related Parties [Table Text Block] Summary of other expenses due to related parties Tabular disclosure for other expenses due to related parties. Purchases From and Sub Contracts With Related Parties [Table Text Block] Summary of sub-contracts with related parties Purchases from, and Sub-contracts with Related Parties. Accounts Payable Related Parties [Table Text Block] Summary of accounts payable - related parties Accounts Payable - Related Parties. Amounts Due From Related Party Current Assets [Table Text Block] Summary of amounts due from related party Amounts due from related party current assets. Reconciliation Of Revenue From Segments To Consolidated [Table Text Block] Company's revenues as per geographic areas Schedule Of Segment Reporting Information, By Segment [Table Text Block] Company's financial and operating information Business Acquisition, Percentage of Voting Interests Acquired Percentage of acquisition Cash paid to Shanghai La Go Go Cash paid to wholly owned subsidiaries. Other Payments to Acquire Businesses Payment made of Installment to Shanghai Yiduo Cash paid to Shanghai Yiduo Business Acquisitions Capital Contribution Capital contribution Business acquisitions capital contribution. Noncontrolling Interest, Increase from Business Combination Increase in intangible assets, and the non-controlling interest Inventory, Net [Abstract] Schedule of inventory Inventory, Raw Materials Raw materials Inventory, Work In Process Inventory gross Work-in-progress Inventory, Finished Goods Finished goods Inventory, Gross Inventory gross Inventory gross Inventory Adjustments Less: Provision for obsolete inventories Less: Provision for obsolete inventories Line Of Credit Facility [Table] Line of Credit Facility [Table] Lender Name [Axis] Lender Name [Axis] Line Of Credit Facility, Lender [Domain] Line of Credit Facility, Lender [Domain] Nanjing Bank [Member] Nanjing Bank [Member] Nanjing Bank. Industrial and Commercial Bank Of China [Member] Industrial and Commercial Bank of China [Member] Industrial and Commercial Bank of China. Hsbc Bank [Member] HSBC [Member] Bank Of Communications [Member] Bank of Communications [Member] Bank of Communications. China Minsheng Bank [Member] China Minsheng Bank [Member] China Minsheng Bank. China Citic Bank [Member] China Citic Bank [Member] Ping An Bank [Member] Ping An Bank [Member] Ping an Bank. Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank. Bank Of China [Member] Bank of China [Member] Bank of China. Line Of Credit Facility [Line Items] Line of Credit Facility [Line Items] Short-Term Debt [Abstract] Schedule of bank loans Hong Kong and Shanghai Bank [Member] The Hong Kong and Shanghai Bank [Member] HSBC [Member] The Hong Kong and Shanghai Bank. Everbright Bank [Member] Bank of Everbright [Member] Everbright Bank [Member] Everbright bank. Huaxia Bank [Member] Huaxia Bank [Member] Huaxia Bank. 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<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 4 BANK LOANS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Bank loans represent amounts due to various banks and are generally due on demand or within one year. These loans can be renewed with the banks. Bank loans consisted of the following at June 30, 2015 and December 31, 2014:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Bank</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,  2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Nanjing Bank</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">14,103,540</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">17,357,412</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Industrial and Commercial Bank of China</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">13,056,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,375,000</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>HSBC</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,077,764</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,766,960</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Bank of Communications</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,264,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">13,021,612</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">China Minsheng Banking</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,264,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,250,000</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">China Citic Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,468,800</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Pin An Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">683,363</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,867,605</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Shanghai Pudong Development Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,250,000</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Bank of China</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,328,361</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">40,917,467</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">60,216,950</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2014, Goldenway entered into a line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $8.16 million (RMB50 million). These loans are guaranteed by Mr. Kang and Jiangsu Ever-Glory International Group Corp. (“Jiangsu Ever-Glory”), an entity controlled by Mr. Kang, the Company’s Chairman and Chief Executive Officer. These loans are also collateralized by the Company’s property and equipment. As of June 30, 2015, Goldenway had borrowed $3.26 million (RMB20 million) under this line of credit with an annual interest rate of 6.1% and due in September 2015. At June 30, 2015, approximately $4.9 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In July 2014, Ever-Glory Apparel entered into a line of credit agreement for approximately $9.79 million (RMB60 million) with Nanjing Bank and guaranteed by Jiangsu Ever-Glory, Mr. Kang and Goldenway. As of June 30, 2015, Ever-Glory Apparel had borrowed $6.53 million (RMB40 million) from Nanjing Bank with annual interest rates ranging from 5.5% to 6.4% and due on various dates from August to December 2015. Ever-Glory Apparel had also borrowed $1.86 million from Nanjing Bank with annual interest rates ranging from 1.7% to 2.1% and due on various dates from July to August 2015, and collateralized by approximately $2.45 million of accounts receivable from wholesale customers. At June 30, 2015, approximately $1.4 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In July 2014, LA GO GO entered into a revolving line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $3.26 million (RMB20 million). The line of credit is guaranteed by Mr. Kang and Goldenway. As of June 30, 2015, LA GO GO had borrowed $2.45 million (RMB15 million) under this line of credit with an annual interest rates ranging from 5.9% to 6.2% and due on various dates from August 2015 to January 2016. At June 30, 2015, approximately $0.81 million (RMB5 million) was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In January 2014, Goldenway entered into a line of credit agreement with Industrial and Commercial Bank of China, which allows the Company to borrow up to approximately $9.79 million (RMB60 million). These loans are collateralized by the Company’s property and equipment. As of June 30, 2015, Goldenway had borrowed $6.53 million (RMB40 million) under this line of credit with an annual interest rates ranging from 5.5% - 5.8% and due on various dates from November 2015 to February 2016. At June 30, 2015, approximately $3.26 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In January 2014, Ever-Glory Apparel entered into a line of credit agreement for approximately $6.53 million (RMB40 million) with Industrial and Commercial Bank of China and guaranteed by Goldenway. As of June 30, 2015, Ever-Glory Apparel had borrowed $6.53 million (RMB 40 million) under this line of credit with an annual interest rates ranging from 5.1% - 5.4% and due on various dates from October to December 2015.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In July 2011, Ever-Glory Apparel and Perfect Dream collectively entered into a secured banking facility agreement for a combined revolving import facility, letter of credit, invoice financing facilities and a credit line for treasury products of up to $7.0 million with the Nanjing Branch of HSBC (China) Company Limited (“HSBC”). This agreement is guaranteed by the Company and Mr. Kang. As of June 30, 2015, Ever-Glory Apparel had borrowed $5.08 million from HSBC with an annual interest rate of 5.88%, due in August 2015, and collateralized by approximately $6.68 million of accounts receivable from wholesale customers. These bank loans are to be repaid upon receipt of payments from customers. As of June 30, 2015, approximately $1.92 million was unused and available.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In July 2013, LA GO GO entered into a line of credit agreement for approximately $5.39 million (RMB33 million) with the Bank of Communications and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2015, LA GO GO had borrowed $3.26 million (RMB20 million) from the Bank of Communications with annual interest rates ranging from 5.3% to 6.6% and due on various dates from August 2015 to June 2016. At June 30, 2015, approximately $2.13 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2015, LA GO GO had borrowed $3.26 million (RMB 20 million) from China Minsheng Bank, with annual interest rate of 6.3% and due in August 2015. This loan is guaranteed by Ever-Glory Apparel and Mr. Kang. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In December 2014, LA GO GO entered into a line of credit agreement for approximately $5.88 million (RMB36 million) with the China Citic Bank and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2015, LA GO GO had borrowed $1.47 million (RMB 9.0 million) from the China Citic Bank with annual interest rate of 5.88% and due in December 2015. At June 30, 2015, approximately $4.41 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2015, Ever-Glory Apparel had borrowed $0.68 million from Ping An Bank, with annual interest rate of 5.4% and due in July 2015, and collateralized by approximately $0.89 million of accounts receivable from wholesale customers.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In November 2013, Ever-Glory Apparel entered into a line of credit agreement for approximately $5.70 million (RMB35 million) with the Bank of China and guaranteed by Jiangsu Ever-Glory and Mr. Kang. At June 30, 2015, approximately $5.70 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In November 2014, Goldenway entered into a line of credit agreement with Shanghai Pudong Development Bank, which allows the Company to borrow up to approximately $3.26 million (RMB20 million). These loans are guaranteed by Ever-Glory Apparel and Jiangsu Ever-Glory. These loans are also collateralized by Jiangsu Ever-Glory’s property and equipment. At June 30, 2015, approximately $3.26 million was unused and available under this line of credit.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">All loans have been repaid before or at maturity date.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Total interest expense on bank loans amounted to $716,441, $1,492,287, $774,693, $1,481,808 for the three and six months ended June 30, 2015 and 2014, respectively.</div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 6 INCOME TAX<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s operating subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws (“the Income Tax Laws”).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Perfect Dream was incorporated in the British Virgin Islands (BVI), and under the current laws of the BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, and sales are made globally. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory HK, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3,186,000 as of December 31, 2013 based on the probability for such outcomes.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company and the PRC Tax Bureau have agreed that payments on the tax liability $ 3,186,000 will be made by the Company prospectively over the next two to three years period. Approximately $346,421 was paid as of June 30, 2015. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The PRC’s Enterprise Income Tax Law imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise in PRC to its immediate holding company outside China; such distributions were exempted under the previous income tax law and regulations. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The foreign invested enterprise became subject to the withholding tax starting from January 1, 2008. Given that the undistributed profits of the Company's subsidiaries in China are intended to be retained in China for business development and expansion purposes, no withholding tax accrual has been made.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The pre-tax income for the three and six months ended June 30, 2015 and 2014 was taxable in the following jurisdictions:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="6">Three months ended</td><td> </td><td> </td><td style="text-align: center;" colspan="6">Six months ended</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;">PRC</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">4,900,055</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">7,439,468</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">8,213,264</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">10,713,481</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>BVI</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(982</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(24,572</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(90,999</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(24,935</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Others</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,500</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(5,000</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(5,000</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(10,000</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">　</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,896,573</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,409,896</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,117,265</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,678,546</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2015 and 2014, respectively:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="6">Three months ended</td><td> </td><td> </td><td style="text-align: center;" colspan="6">Six months ended</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">PRC statutory rate</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">25.0</td><td style="width: 16px; text-align: left;">%</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">25.0</td><td style="width: 16px; text-align: left;">%</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">25.0</td><td style="width: 15px; text-align: left;">%</td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">25.0</td><td style="width: 15px; text-align: left;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Preferential tax treatment</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.3</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(0.7</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Effect of foreign income tax rates</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.1</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.3</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">0.1</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Other</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3.5</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.3</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.6</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">0.7</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Effective income tax rate</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">28.2</td><td style="text-align: left; padding-bottom: 4pt;">%</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">25.4</td><td style="text-align: left; padding-bottom: 4pt;">%</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">27.2</td><td style="text-align: left; padding-bottom: 4pt;">%</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">25.8</td><td style="text-align: left; padding-bottom: 4pt;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Income tax expense for the three and six months ended June 30, 2015 and 2014 is as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="6">Three months ended</td><td> </td><td> </td><td style="text-align: center;" colspan="6">Six months ended</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;">Current</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,245,118</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">4,281,918</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,184,402</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">5,216,018</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Deferred</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">133,709</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,402,166</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">19,562</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2,457,344</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,378,827</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,879,752</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,203,964</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,758,674</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company has not recorded U.S. deferred income taxes of approximately $73,653,615 of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.</div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 9 RELATED PARTY TRANSACTIONS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-tem in nature and are expected to be settled in cash. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other income from Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">JiangsuWubijia trading company limited (“JiangsuWubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. JiangsuWubijia has sold their home goods on consignment in some Company’s retail stores since the third quarter of 2014. During the three and six months ended June 30, 2015, the Company received other income $2,026 and $9,786 from the customers and paid $2,480 and $9,100 to Wubijia through the consignment, respectively. The net (loss) profit of ($454) and $686 was recorded as other income during three and six months ended June 30, 2015, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other expenses due to Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Included in other expenses for the three and six months ended June 30, 2015 and 2014 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="6">Three months ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="6">Six months ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px;">Jiangsu Ever-Glory</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">12,819</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">12,733</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">25,575</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">25,560</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Kunshan Enjin</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">12,201</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">10,491</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">24,342</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">21,060</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">Total</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">25,020</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">23,224</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">49,917</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">46,620</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Kunshan Enjin's warehouse space because the location is convenient for transportation and distribution. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Purchases from, and Sub-contracts with Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For the three and six months ended June 30, 2015 and 2014, the Company purchased raw materials of $506,904, $685,843, $450,620, $884,070, respectively, from Nanjing Knitting. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In addition, the Company provided raw materials to the sub-contractors and was charged a fixed fee for labor provided by the sub-contractors. Sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2015 and 2014 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three Months Ended June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six Months Ended  June 30,</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; text-align: left;">Chuzhou huarui</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">1,461,299</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">-</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">2,492,911</td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">-</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fengyang huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">327,129</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">735,835</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Nanjing Ever-Kyowa</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">313,883</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">426,451</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">586,583</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">861,970</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Ever-Glory Vietnam</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,852,460</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,776,620</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,887,750</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,964,884</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Ever-Glory Cambodia</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">68,228</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">696,136</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">372,061</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,957,190</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>EsCeLav</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,009</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Shanghai Weiwen</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,502,785</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,502,785</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Shanghai Sea to Sky</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">158</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">377,793</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">258,741</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">377,793</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1.5pt;">Jiangsu Ever-Glory</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,576</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,911</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,284</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,048,733</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,779,785</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">9,361,801</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,689,906</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accounts Payable – Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accounts payable to related parties at June 30, 2015 and December 31, 2014 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"> June 30, 2015 </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"> December 31, 2014 </td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Fengyang huarui</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">-</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">622,060</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Ever-Glory Vietnam</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,024,905</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,883,556</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Nanjing Ever-Kyowa</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">552,521</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">479,032</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Chuzhou huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">455,300</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">414,583</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Nanjing Knitting</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">150,685</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">199,766</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>JiangsuWubijia</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,877</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,460</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Kunshan Enjin</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,065</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt;">Ever-Glory Cambodia</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">291,121</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">Total</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,193,353</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,895,578</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Amounts Due From Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The amounts due from related parties at June 30, 2015 and December 31, 2014 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"> June 30,  2015 </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"> December 31, 2014 </td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Nanjing Eight-One-Five Hi-tech (M&E) Co., Ltd.</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">20,647</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">20,558</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Ever-Glory Cambodia</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">958,957</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>EsCeLav</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,114</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fengyang huarui</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">53,895</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Sea to sky</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,750</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt;">Jiangsu Ever-Glory</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">325,384</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,582,679</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,367,997</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,651,987</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company had prepaid $958,957 and $53,895 to the sub-contractors, Ever-Glory Cambodia and Fengyang huarui, respectively, for the next period’s subcontracting fees. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During six months ended June 30, 2015 and 2014, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices. The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at cost for $3,026,053 and $0 during the six month period ended June 30, 2015 and 2014, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at cost for $25,911 and $19,221 during the six months ended June 30, 2015 and 2014, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Amounts Due From Related Party under Counter Guarantee Agreement <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not less than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of June 30, 2015 and December 31, 2014, Jiangsu Ever-Glory has provided guarantees for approximately $38.19 million (RMB 234 million) and $40.62 million (RMB 250 million) of lines of credit obtained by the Company. Jiangsu Ever-Glory and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $10.0 million (RMB 61 million) and $22.3 million (RMB 136 million) as of June 30, 2015 and December 31, 2014.  Mr. Kang has also provided a personal guarantee for $41.4 million (RMB 254 million). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At December 31, 2014, $17.36 million (RMB 107 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2015, an additional US$0.82 million (RMB5 million) was provided to and repayment of $2.45 million (RMB 15 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2015, the amount of the counter-guarantee was $15.8 million (RMB 96.8 million) (the difference represents currency exchange adjustment of $0.07 million), which was 41.4% of the aggregate amount of lines of credit. This amount plus accrued interest of $2.54 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2015 and December 31, 2014, the amount classified as a reduction of equity was $18.34 million and $19.42 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. From April 1, 2015, interest rate change to 0.41% as the bank benchmark interest rate decreased. Interest income for the three and six months ended June 30, 2015 and 2014 was approximately $0.2 million, $0.5 million, $0.3 million and $0.5 million, respectively. </div>

<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">NOTE 10 CONCENTRATIONS AND RISKS<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company extends unsecured credit to its customers in the normal course of business and generally does not require collateral. As a result, management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. Based on management’s assessment of the amount of probable credit losses, if any, in existing accounts receivable. The allowance for doubtful accounts at June 30, 2015 and December 31, 2014 was $1,651,961 and $1,787,282, respectively. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of accounts receivable. In the analysis, management primarily considers the age of the customer’s receivable and also considers the credit worthiness of the customer, the economic conditions in the customer’s industry, and general economic conditions and trends, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of accounts receivables are incorrect, adjustments to the allowance may be required, which would reduce profitability.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">For the six-month period ended June 30, 2015, the Company had two wholesale customers that represented approximately 13% and 11% of the Company’s revenues, respectively. For the three-month period ended June 30, 2015, the Company had one wholesale customer that represented approximately 10% of the Company’s revenues. For the six-month period ended June 30, 2014, the Company had one wholesale customer that represented approximately 14% of the Company’s revenues. For the three-month period ended June 30, 2014, the Company had one wholesale customer that represented approximately 15% of the Company’s revenues.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">For the Company’s wholesale business during the three and six months ended June 30, 2015 and 2014, no supplier represented more than 10% of the total raw materials purchased.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">For the Company’s retail business, the Company had no supplier that represented more than 10% of raw materials purchases during the three and six months ended June 30, 2015 and 2014.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">For the wholesale business, during the six months ended June 30, 2015, the Company relied on two manufacturers for 23% and 12% of purchased finished goods, respectively. For the wholesale business, during the six months ended June 30, 2014, the Company relied on two manufacturers for 16% and 10% of purchased finished goods, respectively. During the three months ended June 30, 2015, the Company relied on two manufacturers for 35% and 13% of purchased finished goods, respectively. During the three months ended June 30, 2014, the Company relied on two manufacturers for 15% and 14% of purchased finished goods, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">For the retail business, the Company had no supplier that represented more than 10% of finished goods purchases during the three and six months ended June 30, 2015. The Company had no supplier that represented more than 10% of finished goods purchases during the six months ended June 30, 2014. The Company purchased 11% of its finished goods from one supplier during the three months ended June 30, 2014.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 0.5in;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company’s revenues for the three and six months ended June 30, 2015 and 2014 were earned in the following geographic areas:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended  June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended  June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">The People’s Republic of China</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">9,373,554</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12,929,219</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">28,307,488</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">27,527,244</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Germany</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,780,201</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,525,792</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,267,170</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,823,952</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">United Kingdom</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,828,237</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">9,018,214</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,980,716</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,642,361</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Europe-Other</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,897,024</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,061,398</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8,698,730</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8,517,320</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Japan</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,933,661</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,431,821</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,863,864</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8,674,713</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">United States</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">3,979,362</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">4,428,137</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">5,947,997</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">7,650,480</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Total wholesale business</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">29,792,039</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">36,394,581</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">63,065,965</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">75,836,070</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Retail business</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">45,934,959</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">49,273,199</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">110,563,995</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">115,846,879</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">75,726,998</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">85,667,780</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">173,629,960</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">191,682,949</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><div> </div>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 11 SEGMENTS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company reports financial and operating information in the following two segments:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) Wholesale segment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b) Retail segment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Six months ended June 30, 2015</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">63,065,965</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">110,563,995</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,629,960</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,584,692</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,713,408</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,298,100</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">501,180</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">37,575</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">538,755</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,116,595</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">375,692</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,492,287</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">597,311</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,080,914</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,678,225</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">870,963</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,333,001</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,203,964</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Six months ended June 30, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,836,070</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">115,846,879</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">191,682,949</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income  from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,954,431</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,715,953</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,670,384</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">551,265</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">26,482</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">577,747</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,199,618</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">282,190</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,481,808</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">515,773</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,946,355</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,462,128</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">946,118</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,812,556</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,758,674</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Three months ended June 30, 2015</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,792,039</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">45,934,959</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,726,998</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,752,665</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,106,385</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,859,050</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">192,845</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22,506</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">215,351</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">522,669</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">193,772</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">716,441</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">254,784</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,913,270</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,168,054</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">415,887</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">962,940</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,378,827</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Three months ended June 30, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">36,394,581</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">49,273,199</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">85,667,780</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,538,511</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,869,200</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,407,711</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">324,638</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,776</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">336,414</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">633,051</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">141,642</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">774,693</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">251,227</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,319,974</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,571,201</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">612,044</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,267,708</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,879,752</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;">

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td> </td><td style="text-align: center;" colspan="6">Three months ended</td><td> </td><td> </td><td style="text-align: center;" colspan="6">Six months ended</td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;">Jiangsu Ever-Glory</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12,819</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12,733</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">25,575</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">25,560</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Kunshan Enjin</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">12,201</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">10,491</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">24,342</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">21,060</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">25,020</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">23,224</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">49,917</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">46,620</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><div> </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three Months Ended June 30,</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six Months Ended  June 30,</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Chuzhou huarui</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,461,299</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,492,911</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Fengyang huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">327,129</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">735,835</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Nanjing Ever-Kyowa</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">313,883</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">426,451</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">586,583</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">861,970</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Ever-Glory Vietnam</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,852,460</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,776,620</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,887,750</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,964,884</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Ever-Glory Cambodia</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">68,228</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">696,136</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">372,061</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,957,190</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>EsCeLav</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,009</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Shanghai Weiwen</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,502,785</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,502,785</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Shanghai Sea to Sky</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">158</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">377,793</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">258,741</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">377,793</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Jiangsu Ever-Glory</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">25,576</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">25,911</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">25,284</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">6,048,733</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">4,779,785</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">9,361,801</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">10,689,906</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><div> </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">June 30, <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">December 31, 2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Fengyang huarui</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">622,060</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Ever-Glory Vietnam</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,024,905</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,883,556</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Nanjing Ever-Kyowa</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">552,521</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">479,032</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Chuzhou huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">455,300</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">414,583</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Nanjing Knitting</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">150,685</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">199,766</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>JiangsuWubijia</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,877</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,460</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Kunshan Enjin</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,065</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Ever-Glory Cambodia</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">291,121</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">3,193,353</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">3,895,578</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><div> </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">June 30, <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">2015</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">December 31,<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0px; text-align: center;">2014</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Nanjing Eight-One-Five Hi-tech (M&E) Co., Ltd.</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">20,647</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">20,558</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Ever-Glory Cambodia</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">958,957</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>EsCeLav</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">9,114</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Fengyang huarui</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">53,895</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Sea to sky</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">48,750</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Jiangsu Ever-Glory</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">325,384</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">1,582,679</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">1,367,997</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">1,651,987</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><div> </div>

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Six months ended June 30, 2015</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">63,065,965</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">110,563,995</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">173,629,960</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,584,692</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,713,408</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,298,100</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">501,180</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">37,575</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">538,755</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,116,595</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">375,692</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,492,287</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">597,311</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,080,914</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,678,225</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">870,963</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,333,001</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,203,964</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Six months ended June 30, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,836,070</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">115,846,879</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">191,682,949</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income  from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,954,431</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,715,953</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">10,670,384</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">551,265</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">26,482</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">577,747</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,199,618</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">282,190</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,481,808</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">515,773</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,946,355</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,462,128</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">946,118</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,812,556</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,758,674</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom;"><td>Three months ended June 30, 2015</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td>Segment profit or loss:</td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1003px; text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,792,039</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">45,934,959</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,726,998</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,752,665</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,106,385</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,859,050</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">192,845</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22,506</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">215,351</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">522,669</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">193,772</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">716,441</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">254,784</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,913,270</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,168,054</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">415,887</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">962,940</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,378,827</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td>Three months ended June 30, 2014</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Segment profit or loss:</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">　</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Net revenue from external customers</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">36,394,581</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">49,273,199</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">85,667,780</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,538,511</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,869,200</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,407,711</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Interest income</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">324,638</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">11,776</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">336,414</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Interest expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">633,051</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">141,642</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">774,693</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;">Depreciation and amortization</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">251,227</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,319,974</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,571,201</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;">Income tax expense</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">612,044</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,267,708</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,879,752</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;">

0.78

750000 4600000

80000

1062800 6500000

232947

2779719

3031159

15197489

28188836

69168169

63346430

87145377

94566425

16875164

16743450

7000000

5390000

33000000

5700000

35000000

6530000

40000000

9790000

60000000

8480000

52000000

8160000

50000000

3260000

20000000

9790000

60000000

3260000

20000000

5880000

36000000

5080000

3260000

20000000

6530000

40000000

6530000

40000000

3260000

20000000

2450000

15000000

1470000

9000000

680000

3260000

20000000

5920000

6530000

40000000

1860000 3260000

0.0588

0.054

0.053

0.066

0.055

0.064

0.063

0.055

0.058

0.059

0.062

0.051

0.054

<div>October to December 2015</div>

<div>November 2015 to February 2016</div>

<div>August to December 2015</div>

December 2015.

July 2015

<div>August 2015 to June 2016</div>

August 2015.

1920000

2130000

5700000

3260000

8480000

4900000

810000

5000000

1400000

4410000

September 2015. <div>August 2015 to January 2016</div> <div>July to August 2015</div> 0.061 0.017 0.021

22300000

136000000

6680

10000000

61000000

2450000

890000

60000 2015-03-31

0.250

0.15

0.250

0.25

-0.003

-0.007

0.001

0.003

0.007

0.035

0.026

0.254

0.258

0.282

0.272

4281918

5216018

1245118

2184402

3186000

0.15

0.09

2017-12-31

346421

0.10

73653615

2055

798

854

920

4.91

6.22

5.91

5.39

Five days before the grant date. Five days before the grant date. Five days before the grant date. Five days before the grant date.

23224

12733

10491

46620

25560

21060

25020

12819

12201

49917

25575

24342

4779785

426451

1776620

696136

377793

1502785

10689906

25284

861970

4964884

2957190

377793

1502785

6048733

25576

313883

3852460

68228

1461299

327129

158

9361801

25911

2009

586583

4887750

372061

2492911

735835

258741

450620

3026053

685843

506904

884070

19221

3026053

25911

40620000 250000000 38190000 234000000 41400000 254000000

0.70

0.060

0.0041

0.005

15800000 96800000

70000

2540000

2026

9786

2480

9100

17360000 107000000 820000 5000000 0.414 19420000 18340000 0.83 2450000 15000000 1 2 2 1 2 2

0.15

0.10

0.15

0.14

0.11

0.14

0.10

0.16

0.10

0.15

0.10

0.35

0.13

0.11

0.13

0.10

0.23

0.12

0.10

0.11

0.10

1787282

1651961

EX-101.DEF 10 evk-20150630_def.xml XBRL DEFINITION FILE EX-101.PRE 11 evk-20150630_pre.xml XBRL PRESENTATION FILE XML 12 R39.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 3) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Summary of amounts due from related parties
Amounts due from related parties	$ 1,367,997	$ 1,651,987
Nanjing Eight-One-Five Hi-Tech (M&E) Co., Ltd. [Member]
Summary of amounts due from related parties
Amounts due from related parties	20,647	$ 20,558
Ever Glory Cambodia [Member]
Summary of amounts due from related parties
Amounts due from related parties	958,957
EsC'eLav [Member]
Summary of amounts due from related parties
Amounts due from related parties	9,114
Fengyang Huarui [Member]
Summary of amounts due from related parties
Amounts due from related parties	$ 53,895
Sea To Sky [Member]
Summary of amounts due from related parties
Amounts due from related parties		$ 48,750
Jiangsu Ever-Glory [Member]
Summary of amounts due from related parties
Amounts due from related parties	$ 325,384	$ 1,582,679

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Income Tax (Details Textual) - USD ($)
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Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2013

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Tax Expiration Dec. 31, 2017

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U.S. deferred income taxes $ 73,653,615

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Summary of Business and Basis of Presentation (Details Textual)
¥ in Millions
1 Months Ended 3 Months Ended 6 Months Ended

Mar. 27, 2015

USD ($)

Jun. 26, 2014

USD ($)

Jun. 26, 2014

CNY (¥)

Jun. 30, 2015

USD ($)

Jun. 30, 2015

CNY (¥)

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Summary of Business and Basis of Presentation [Abstract]

Percentage of acquisition 78.00% 78.00%

Cash paid to Shanghai La Go Go $ 750,000 ¥ 4.6

Cash paid to Shanghai Yiduo $ 80,000

Intangible assets $ 6,588,881 $ 6,588,881 $ 852,925 $ 4,041,284

Capital contribution $ 1,062,800 ¥ 6.5

Increase in intangible assets, and the non-controlling interest $ 232,947

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Concentrations and Risks (Details Textual)
3 Months Ended 6 Months Ended

Jun. 30, 2015

USD ($)

Customer

Jun. 30, 2014

Customer

Jun. 30, 2015

USD ($)

Customer

Jun. 30, 2014

Customer

Dec. 31, 2014

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Allowance for doubtful accounts | $ $ 1,651,961 $ 1,651,961 $ 1,787,282

Wholesale Business [Member] | Raw Materials [Member]

Concentrations and Risks (Textual)

Concentration Risk, Percentage 10.00% 10.00% 10.00% 10.00%

Wholesale Business [Member] | Finished Goods [Member] | Manufacturer One [Member]

Concentrations and Risks (Textual)

Concentration Risk, Percentage 35.00% 15.00% 23.00% 16.00%

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Concentrations and Risks (Textual)

Concentration Risk, Percentage 13.00% 14.00% 12.00% 10.00%

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Concentrations and Risks (Textual)

Concentration Risk, Percentage 10.00%

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Concentrations and Risks (Textual)

Number of wholesale customer 1 1 2 2

Concentration Risk, Percentage 10.00% 15.00% 13.00% 14.00%

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Concentration Risk, Percentage 11.00% 15.00%

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Concentrations and Risks (Textual)

Concentration Risk, Percentage 10.00% 10.00% 10.00% 10.00%

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Related Party Transactions (Details 1) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Summary of sub-contracts with related parties

Total $ 6,048,733 $ 4,779,785 $ 9,361,801 $ 10,689,906

Chuzhou Huarui [Member]

Summary of sub-contracts with related parties

Total 1,461,299 2,492,911

Fengyang Huarui [Member]

Summary of sub-contracts with related parties

Total 327,129 735,835

Nanjing Ever-Kyowa [Member]

Summary of sub-contracts with related parties

Total 313,883 $ 426,451 586,583 $ 861,970

Ever-Glory Vietnam [Member]

Summary of sub-contracts with related parties

Total 3,852,460 1,776,620 4,887,750 4,964,884

Ever-Glory Cambodia [Member]

Summary of sub-contracts with related parties

Total $ 68,228 $ 696,136 372,061 $ 2,957,190

EsC'eLav [Member]

Summary of sub-contracts with related parties

Total $ 2,009

Shanghai Weiwen [Member]

Summary of sub-contracts with related parties

Total $ 1,502,785 $ 1,502,785

Shanghai Sea to Sky [Member]

Summary of sub-contracts with related parties

Total $ 158 $ 377,793 $ 258,741 377,793

Jiangsu Ever-Glory [Member]

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Total $ 25,576 $ 25,911 $ 25,284

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Bank Loans
6 Months Ended

Jun. 30, 2015

Bank Loans [Abstract]

BANK LOANS
NOTE 4 BANK LOANS

Bank loans represent amounts due to various banks and are generally due on demand or within one year. These loans can be renewed with the banks. Bank loans consisted of the following at June 30, 2015 and December 31, 2014:

Bank June 30,
2015 December 31,
2014
Nanjing Bank $ 14,103,540 $ 17,357,412
Industrial and Commercial Bank of China 13,056,000 11,375,000
HSBC 5,077,764 6,766,960
Bank of Communications 3,264,000 13,021,612
China Minsheng Banking 3,264,000 3,250,000
China Citic Bank 1,468,800 -
Pin An Bank 683,363 3,867,605
Shanghai Pudong Development Bank -　 3,250,000
Bank of China - 1,328,361
$ 40,917,467 $ 60,216,950

In June 2014, Goldenway entered into a line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $8.16 million (RMB50 million). These loans are guaranteed by Mr. Kang and Jiangsu Ever-Glory International Group Corp. (“Jiangsu Ever-Glory”), an entity controlled by Mr. Kang, the Company’s Chairman and Chief Executive Officer. These loans are also collateralized by the Company’s property and equipment. As of June 30, 2015, Goldenway had borrowed $3.26 million (RMB20 million) under this line of credit with an annual interest rate of 6.1% and due in September 2015. At June 30, 2015, approximately $4.9 million was unused and available under this line of credit.

In July 2014, Ever-Glory Apparel entered into a line of credit agreement for approximately $9.79 million (RMB60 million) with Nanjing Bank and guaranteed by Jiangsu Ever-Glory, Mr. Kang and Goldenway. As of June 30, 2015, Ever-Glory Apparel had borrowed $6.53 million (RMB40 million) from Nanjing Bank with annual interest rates ranging from 5.5% to 6.4% and due on various dates from August to December 2015. Ever-Glory Apparel had also borrowed $1.86 million from Nanjing Bank with annual interest rates ranging from 1.7% to 2.1% and due on various dates from July to August 2015, and collateralized by approximately $2.45 million of accounts receivable from wholesale customers. At June 30, 2015, approximately $1.4 million was unused and available under this line of credit.

In July 2014, LA GO GO entered into a revolving line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $3.26 million (RMB20 million). The line of credit is guaranteed by Mr. Kang and Goldenway. As of June 30, 2015, LA GO GO had borrowed $2.45 million (RMB15 million) under this line of credit with an annual interest rates ranging from 5.9% to 6.2% and due on various dates from August 2015 to January 2016. At June 30, 2015, approximately $0.81 million (RMB5 million) was unused and available under this line of credit.
In January 2014, Goldenway entered into a line of credit agreement with Industrial and Commercial Bank of China, which allows the Company to borrow up to approximately $9.79 million (RMB60 million). These loans are collateralized by the Company’s property and equipment. As of June 30, 2015, Goldenway had borrowed $6.53 million (RMB40 million) under this line of credit with an annual interest rates ranging from 5.5% - 5.8% and due on various dates from November 2015 to February 2016. At June 30, 2015, approximately $3.26 million was unused and available under this line of credit.

In January 2014, Ever-Glory Apparel entered into a line of credit agreement for approximately $6.53 million (RMB40 million) with Industrial and Commercial Bank of China and guaranteed by Goldenway. As of June 30, 2015, Ever-Glory Apparel had borrowed $6.53 million (RMB 40 million) under this line of credit with an annual interest rates ranging from 5.1% - 5.4% and due on various dates from October to December 2015.

In July 2011, Ever-Glory Apparel and Perfect Dream collectively entered into a secured banking facility agreement for a combined revolving import facility, letter of credit, invoice financing facilities and a credit line for treasury products of up to $7.0 million with the Nanjing Branch of HSBC (China) Company Limited (“HSBC”). This agreement is guaranteed by the Company and Mr. Kang. As of June 30, 2015, Ever-Glory Apparel had borrowed $5.08 million from HSBC with an annual interest rate of 5.88%, due in August 2015, and collateralized by approximately $6.68 million of accounts receivable from wholesale customers. These bank loans are to be repaid upon receipt of payments from customers. As of June 30, 2015, approximately $1.92 million was unused and available.

In July 2013, LA GO GO entered into a line of credit agreement for approximately $5.39 million (RMB33 million) with the Bank of Communications and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2015, LA GO GO had borrowed $3.26 million (RMB20 million) from the Bank of Communications with annual interest rates ranging from 5.3% to 6.6% and due on various dates from August 2015 to June 2016. At June 30, 2015, approximately $2.13 million was unused and available under this line of credit.

As of June 30, 2015, LA GO GO had borrowed $3.26 million (RMB 20 million) from China Minsheng Bank, with annual interest rate of 6.3% and due in August 2015. This loan is guaranteed by Ever-Glory Apparel and Mr. Kang.

In December 2014, LA GO GO entered into a line of credit agreement for approximately $5.88 million (RMB36 million) with the China Citic Bank and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of June 30, 2015, LA GO GO had borrowed $1.47 million (RMB 9.0 million) from the China Citic Bank with annual interest rate of 5.88% and due in December 2015. At June 30, 2015, approximately $4.41 million was unused and available under this line of credit.

As of June 30, 2015, Ever-Glory Apparel had borrowed $0.68 million from Ping An Bank, with annual interest rate of 5.4% and due in July 2015, and collateralized by approximately $0.89 million of accounts receivable from wholesale customers.

In November 2013, Ever-Glory Apparel entered into a line of credit agreement for approximately $5.70 million (RMB35 million) with the Bank of China and guaranteed by Jiangsu Ever-Glory and Mr. Kang. At June 30, 2015, approximately $5.70 million was unused and available under this line of credit.

In November 2014, Goldenway entered into a line of credit agreement with Shanghai Pudong Development Bank, which allows the Company to borrow up to approximately $3.26 million (RMB20 million). These loans are guaranteed by Ever-Glory Apparel and Jiangsu Ever-Glory. These loans are also collateralized by Jiangsu Ever-Glory’s property and equipment. At June 30, 2015, approximately $3.26 million was unused and available under this line of credit.

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $716,441, $1,492,287, $774,693, $1,481,808 for the three and six months ended June 30, 2015 and 2014, respectively.

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Segments (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Summary of segment profit or loss:

Net revenue from external customers $ 75,726,998 $ 85,667,780 $ 173,629,960 $ 191,682,949

Income from operations 4,859,050 7,407,711 8,298,100 10,670,384

Interest income 215,351 336,414 538,755 577,747

Interest expense 716,441 774,693 1,492,287 1,481,808

Depreciation and amortization 2,168,054 1,571,201 4,678,225 3,462,128

Income tax expense 1,378,827 1,879,752 2,203,964 2,758,674

Wholesale segment [Member]

Summary of segment profit or loss:

Net revenue from external customers 29,792,039 36,394,581 63,065,965 75,836,070

Income from operations 1,752,665 2,538,511 3,584,692 3,954,431

Interest income 192,845 324,638 501,180 551,265

Interest expense 522,669 633,051 1,116,595 1,199,618

Depreciation and amortization 254,784 251,227 597,311 515,773

Income tax expense 415,887 612,044 870,963 946,118

Retail segment [Member]

Summary of segment profit or loss:

Net revenue from external customers 45,934,959 49,273,199 110,563,995 115,846,879

Income from operations 3,106,385 4,869,200 4,713,408 6,715,953

Interest income 22,506 11,776 37,575 26,482

Interest expense 193,772 141,642 375,692 282,190

Depreciation and amortization 1,913,270 1,319,974 4,080,914 2,946,355

Income tax expense $ 962,940 $ 1,267,708 $ 1,333,001 $ 1,812,556

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Derivatives Liability (Details) - Oct. 31, 2014 - EUR (€)

Total

Derivative Warrant Liability (Textual)

Derivative notional amount € 60,000

Warrants expiration date Mar. 31, 2015

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Bank Loans (Details Textual)
¥ in Millions
1 Months Ended 3 Months Ended 6 Months Ended

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2014

USD ($)

Jun. 30, 2015

CNY (¥)

Dec. 31, 2014

USD ($)

Dec. 31, 2014

CNY (¥)

Nov. 30, 2014

USD ($)

Nov. 30, 2014

CNY (¥)

Jul. 31, 2014

USD ($)

Jul. 31, 2014

CNY (¥)

Jun. 30, 2014

CNY (¥)

Jan. 31, 2014

USD ($)

Jan. 31, 2014

CNY (¥)

Nov. 30, 2013

USD ($)

Nov. 30, 2013

CNY (¥)

Jul. 31, 2013

USD ($)

Jul. 31, 2013

CNY (¥)

Jul. 31, 2011

USD ($)

Bank Loans (Textual)

Total interest expense $ 716,441 $ 774,693 $ 1,492,287 $ 1,481,808

Nanjing Bank [Member] | Goldenway [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity $ 8,160,000 3,260,000 $ 8,160,000 3,260,000 $ 8,160,000 ¥ 20.0 ¥ 50.0

Revolving line of credit agreement, unused capacity 4,900,000 4,900,000

Due date of additional borrowing September 2015.

Line of credit interest rate on additional borrowing 6.10%

Nanjing Bank [Member] | Ever Glory Apparel [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity $ 9,790,000 ¥ 60.0

Revolving line of credit agreement, amount borrowed 6,530,000 6,530,000 40.0

Revolving line of credit agreement, borrowed 1,860,000 $ 1,860,000

Due date of revolving line of credit agreement
August to December 2015

Revolving line of credit agreement, unused capacity 1,400,000 $ 1,400,000

Due date of additional borrowing
July to August 2015

Revolving line of credit agreement, collateral amount $ 2,450,000

Nanjing Bank [Member] | Ever Glory Apparel [Member] | Minimum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.50%

Line of credit interest rate on additional borrowing 1.70%

Nanjing Bank [Member] | Ever Glory Apparel [Member] | Maximum [Member]

Bank Loans (Textual)

Effective interest rate during the period 6.40%

Line of credit interest rate on additional borrowing 2.10%

Nanjing Bank [Member] | La Go Go [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 2,450,000 $ 2,450,000 15.0 $ 3,260,000 ¥ 20.0

Revolving line of credit agreement, unused capacity 810,000 $ 810,000 5.0

Due date of additional borrowing
August 2015 to January 2016

Nanjing Bank [Member] | La Go Go [Member] | Minimum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.90%

Nanjing Bank [Member] | La Go Go [Member] | Maximum [Member]

Bank Loans (Textual)

Effective interest rate during the period 6.20%

Shanghai Pudong Development Bank [Member] | Goldenway [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity $ 3,260,000 ¥ 20.0

Revolving line of credit agreement, borrowed 3,260,000 $ 3,260,000

Industrial and Commercial Bank of China [Member] | Goldenway [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 6,530,000 $ 6,530,000 40.0 $ 9,790,000 ¥ 60.0

Due date of revolving line of credit agreement
November 2015 to February 2016

Revolving line of credit agreement, unused capacity 3,260,000 $ 3,260,000

Industrial and Commercial Bank of China [Member] | Goldenway [Member] | Minimum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.50%

Industrial and Commercial Bank of China [Member] | Goldenway [Member] | Maximum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.80%

Industrial and Commercial Bank of China [Member] | Ever Glory Apparel [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 6,530,000 $ 6,530,000 40.0 6,530,000 40.0

Due date of revolving line of credit agreement
October to December 2015

Industrial and Commercial Bank of China [Member] | Ever Glory Apparel [Member] | Minimum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.10%

Industrial and Commercial Bank of China [Member] | Ever Glory Apparel [Member] | Maximum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.40%

Bank of Communications [Member] | Ever Glory Apparel [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity $ 8,480,000 ¥ 52.0

Revolving line of credit agreement, unused capacity 8,480,000 $ 8,480,000

Bank of Communications [Member] | La Go Go [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 3,260,000 3,260,000 20.0 $ 5,390,000 ¥ 33.0

Revolving line of credit agreement, unused capacity 2,130,000 $ 2,130,000

Bank of Communications [Member] | La Go Go [Member] | Minimum [Member]

Bank Loans (Textual)

Effective interest rate during the period 5.30%

Due date of revolving line of credit agreement
August 2015 to June 2016

Bank of Communications [Member] | La Go Go [Member] | Maximum [Member]

Bank Loans (Textual)

Effective interest rate during the period 6.60%

Bank of China [Member] | Ever Glory Apparel [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity $ 5,700,000 ¥ 35.0

Revolving line of credit agreement, unused capacity 5,700,000 $ 5,700,000

HSBC [Member] | Ever Glory Apparel [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 5,920,000 5,920,000

HSBC [Member] | Ever-Glory Apparel and Perfect Dream [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 5,080,000 $ 5,080,000 $ 7,000,000

Effective interest rate during the period 5.88%

Revolving line of credit agreement, unused capacity 1,920,000 $ 1,920,000

Revolving line of credit agreement, collateral amount 6,680

China Minsheng Bank [Member] | La Go Go [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 3,260,000 $ 3,260,000 20.0

Effective interest rate during the period 6.30%

Due date of revolving line of credit agreement August 2015.

Ping An Bank [Member] | Ever Glory Apparel [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 680,000 $ 680,000

Effective interest rate during the period 5.40%

Due date of revolving line of credit agreement July 2015

Revolving line of credit agreement, collateral amount $ 890,000

China Citic Bank [Member] | La Go Go [Member]

Bank Loans (Textual)

Revolving line of credit agreement, maximum borrowing capacity 1,470,000 $ 1,470,000 ¥ 9.0 $ 5,880,000 ¥ 36.0

Effective interest rate during the period 5.88%

Due date of revolving line of credit agreement December 2015.

Revolving line of credit agreement, unused capacity $ 4,410,000 $ 4,410,000

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Income Tax (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Summary of Pre-tax income in jurisdictions

Pre-tax income $ 4,896,573 $ 7,409,896 $ 8,117,265 $ 10,678,546

PRC [Member]

Summary of Pre-tax income in jurisdictions

Pre-tax income 4,900,055 7,439,468 8,213,264 10,713,481

BVI [Member]

Summary of Pre-tax income in jurisdictions

Pre-tax income (982) (24,572) (90,999) (24,935)

Others [Member]

Summary of Pre-tax income in jurisdictions

Pre-tax income $ (2,500) $ (5,000) $ (5,000) $ (10,000)

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Income Tax (Details 1)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Summary of Reconciliation of PRC statutory rates to the Company's effective tax rate

PRC statutory rate 15.00%

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Summary of Reconciliation of PRC statutory rates to the Company's effective tax rate

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Preferential tax treatment (0.30%) (0.70%)

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Other 3.50% 0.30% 2.60% 0.70%

Effective income tax rate 28.20% 25.40% 27.20% 25.80%

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Inventories
6 Months Ended

Jun. 30, 2015

Inventories [Abstract]

INVENTORIES
NOTE 3 INVENTORIES

Inventories at June 30, 2015 and December 31, 2014 consisted of the following:

June 30,
2015

December 31,
2014

Raw materials $ 3,031,159 $ 2,779,719
Work-in-progress 28,188,836 15,197,489
Finished goods 63,346,430 69,168,169
94,566,425 87,145,377
Less: allowance for obsolete inventories (16,743,450 ) (16,875,164 )
Total inventories $ 77,822,975 $ 70,270,213

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Income Tax (Details 2) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Summary of Components of income tax expense

Current $ 1,245,118 $ 4,281,918 $ 2,184,402 $ 5,216,018

Deferred 133,709 (2,402,166) 2,861 (2,409,053)

Income tax expense $ 1,378,827 $ 1,879,752 $ 2,203,964 $ 2,758,674

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Related Party Transactions (Details Textual)
¥ in Millions
1 Months Ended 3 Months Ended 6 Months Ended

Mar. 31, 2012

Dec. 31, 2014

USD ($)

Dec. 31, 2014

CNY (¥)

Jun. 30, 2015

USD ($)

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2015

CNY (¥)

Jun. 30, 2014

USD ($)

Jun. 30, 2015

CNY (¥)

Dec. 31, 2014

CNY (¥)

Mar. 31, 2014

USD ($)

Related Party Transactions (Textual)

Amounts due from related party $ 19,424,342 $ 18,341,688 $ 18,341,688

Accounts payable and other payables - related parties 3,895,578 3,193,353 3,193,353

Sub-contracts with related parties 6,048,733 $ 4,779,785 9,361,801 $ 10,689,906

Company sold raw materials $ 3,026,053 0

Interest income received from related party (1,302,400)

Net (loss) profit 3,517,746 $ 5,530,144 $ 5,913,301 7,919,872

Amounts due from related parties 1,651,987 1,367,997 $ 1,367,997

Ever-Glory Enterprises [Member]

Related Party Transactions (Textual)

Acquired interest 83.00% 83.00%

Repayment received under counter guarantee $ 2,450,000 ¥ 15.0

Jiangsu Ever-Glory [Member]

Related Party Transactions (Textual)

Purchase of raw material 0 3,026,053

Sub-contracts with related parties $ 25,576 25,911 25,284

Company sold raw materials 25,911 19,221

Guaranty on lines of credit 40,620,000 ¥ 250.0 $ 38,190,000 ¥ 234.0

Minimum percentage counter-guaranty on lines of credit 70.00%

Line of credit facility, Interest rate at expiration or termination 6.00%

Interest charged on net amounts due 0.41% 0.50% 0.50%

Interest income received from related party $ 200,000 $ 300,000 $ 500,000 500,000

Amount of Guarantee reduced 15,800,000 ¥ 96.8

Currency exchange adjustment 70,000

Accrued interest 2,540,000

Counter guaranty provided by parent company on lines of credit 17,360,000 820,000 $ 820,000 ¥ 5.0 ¥ 107.0

Percentage of reduced guarantee 41.40% 41.40%

Value of equity redemption 18,340,000 $ 18,340,000 $ 19,420,000

Amounts due from related parties 1,582,679 325,384 325,384

Nanjing Knitting [Member]

Related Party Transactions (Textual)

Purchase of raw material 506,904 450,620 884,070 685,843

Line of credit facility, collateral amount 22,300,000 ¥ 136.0 10,000,000 ¥ 61.0

Amounts due from related parties 20,558 $ 20,647 20,647

Edward Yihua Kang [Member]

Related Party Transactions (Textual)

Guaranty on lines of credit $ 41,400,000 ¥ 254.0

Shanghai Weiwen [Member]

Related Party Transactions (Textual)

Sub-contracts with related parties 1,502,785 1,502,785

Shanghai Sea to Sky [Member]

Related Party Transactions (Textual)

Sub-contracts with related parties $ 158 377,793 $ 258,741 377,793

Jiangsu Wubijia [Member]

Related Party Transactions (Textual)

Accounts payable and other payables - related parties 5,460 5,877 5,877

Other Income 2,026 9,786

Consignment received 2,480 9,100

Net (loss) profit $ (454) $ 686

Ever Glory Cambodia [Member]

Related Party Transactions (Textual)

Accounts payable and other payables - related parties $ 291,121

Sub-contracts with related parties $ 68,228 $ 696,136 $ 372,061 $ 2,957,190

Amounts due from related parties $ 958,957 $ 958,957

Fengyang Huarui [Member]

Related Party Transactions (Textual)

Accounts payable and other payables - related parties $ 622,060

Sub-contracts with related parties $ 327,129 $ 735,835

Amounts due from related parties $ 53,895 $ 53,895

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

CURRENT ASSETS

Cash and cash equivalents $ 28,250,926 $ 34,134,239

Accounts receivable 58,207,714 91,874,693

Inventories 77,822,975 70,270,213

Value added tax receivable 4,043,652 2,697,080

Other receivables and prepaid expenses 2,673,142 3,523,862

Advances on inventory purchases 2,876,584 3,916,913

Amounts due from related parties 1,367,997 1,651,987

Total Current Assets 175,242,990 208,068,987

INTANGIBLE ASSETS 6,588,881 4,041,284

PROPERTY AND EQUIPMENT, NET 21,007,935 20,102,976

TOTAL ASSETS 202,839,806 232,213,247

CURRENT LIABILITIES

Bank loans 40,917,467 60,216,950

Accounts payable 45,736,091 58,923,234

Accounts payable and other payables - related parties 3,193,353 3,895,578

Other payables and accrued liabilities 19,009,402 20,911,191

Value added and other taxes payable 5,463,016 6,217,081

Income tax payable 4,445,608 5,523,173

Deferred tax liabilities 3,894,156 3,874,594

Total Current Liabilities 122,659,093 159,561,801

TOTAL LIABILITIES $ 122,659,093 $ 159,561,801

COMMITMENTS AND CONTINGENCIES

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, 14,784,094 and 14,784,094 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively) $ 14,784 $ 14,784

Additional paid-in capital 3,587,195 3,587,195

Retained earnings 73,653,615 67,659,920

Statutory reserve 12,536,641 12,536,641

Accumulated other comprehensive income 8,606,141 8,277,248

Amounts due from related party (18,341,688) (19,424,342)

Total Stockholders' Equity 80,056,688 $ 72,651,446

Noncontrolling interest 124,025

Total Equity 80,180,713 $ 72,651,446

TOTAL LIABILITIES AND EQUITY $ 202,839,806 $ 232,213,247

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Summary of Business and Basis of Presentation
6 Months Ended

Jun. 30, 2015

Summary of Business and Basis of Presentation [Abstract]

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION

NOTE 1 SUMMARY OF BUSINESS AND BASIS OF PRESENTATION

Organization and business

Ever-Glory International Group, Inc. (the “Company”), together with its subsidiaries, is an apparel manufacturer, supplier and retailer in The People's Republic of China ("China or "PRC"), with a wholesale segment and a retail segment. The Company’s wholesale business consists of recognized brands for department and specialty stores located in China, Europe, Japan and the United States. The Company’s retail business consists of flagship stores and store-in-stores for the Company’s own-brand products.

The Company’s wholesale operations are provided primarily through the Company’s wholly-owned PRC subsidiaries, Goldenway Nanjing Garments Co. Ltd. (“Goldenway”), Nanjing Catch-Luck Garments Co. Ltd. (“Catch-Luck”), Nanjing New-Tailun Garments Co. Ltd (“New-Tailun”), Ever-Glory International Group Apparel Inc.(“Ever-Glory Apparel”), Chuzhou Huirui Garments Co. Ltd. (“Huirui”) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”), and the Company’s wholly-owned Samoa subsidiary, Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Xizang He Meida Trading Company Limited (“He Meida”) and 78% owned Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”).

On June 26, 2014, Shanghai LA GO GO entered into a contract with Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) to acquire 78% of the shares of Shanghai Yiduo for $0.75 million (RMB4.6 million). The last $0.08 million was paid by the Company to Shanghai Yiduo on March 27, 2015 when Shanghai Yiduo collected all the accounts receivable from Mecox Lane. The Company gained effective control of Shanghai Yiduo by the end of March 2015 and Shanghai Yiduo was consolidated on March 31, 2015. Management made a preliminary valuation of Shanghai Yiduo, including the value of the designer team and other marketing related intangibles and recorded $852,925 as intangible assets in the consolidated balance sheet as of March 31, 2015. During the three months ended June 30, 2015, the Company made a $1,062,800 (RMB6.5 million) capital contribution to Shanghai Yiduo as required by the acquisition agreement. As a result, the value of Shanghai Yiduo recorded as intangible assets, and the non-controlling interest increased by $232,947. Management believes that the acquisition will improve the Company’s design and product development ability. Management will complete the final valuation and allocation of the acquired business components within 12 months.



In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheet as of June 30, 2015, the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the six months ended June 30, 2015 and 2014. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for completed consolidated financial statements. Wholesale revenues are generally higher in the third and fourth fiscal quarters, while retail revenues are generally higher in the first and fourth fiscal quarters. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and Form 10-Q for the three and six months ended June 30, 2014.

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Stockholders' Equity (Details) - $ / shares
1 Months Ended

Aug. 15, 2014

Jul. 29, 2015

Three Independent Directors [Member]

Stockholders' Equity (Textual)

Common stock shares issued to independent directors 2,055 854

Common stock issued at five days average market price $ 4.91 $ 5.91

Number of days used to calculation average market price of common stock Five days before the grant date. Five days before the grant date.

Two Independence Directors [Member]

Stockholders' Equity (Textual)

Common stock shares issued to independent directors 798 920

Common stock issued at five days average market price $ 6.22 $ 5.39

Number of days used to calculation average market price of common stock Five days before the grant date. Five days before the grant date.

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Related Party Transactions (Tables)
6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Summary of other expenses due to related parties
Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
Jiangsu Ever-Glory $ 12,819 $ 12,733 $ 25,575 $ 25,560
Kunshan Enjin 12,201 10,491 24,342 21,060
Total $ 25,020 $ 23,224 $ 49,917 $ 46,620

Summary of sub-contracts with related parties
Three Months Ended
June 30, Six Months Ended
June 30,
2015 2014 2015 2014
Chuzhou huarui $ 1,461,299 $ - $ 2,492,911 $ -
Fengyang huarui 327,129 - 735,835 -
Nanjing Ever-Kyowa 313,883 426,451 586,583 861,970
Ever-Glory Vietnam 3,852,460 1,776,620 4,887,750 4,964,884
Ever-Glory Cambodia 68,228 696,136 372,061 2,957,190
EsCeLav - - 2,009 -
Shanghai Weiwen - 1,502,785 - 1,502,785
Shanghai Sea to Sky 158 377,793 258,741 377,793
Jiangsu Ever-Glory 25,576 - 25,911 25,284
$ 6,048,733 $ 4,779,785 $ 9,361,801 $ 10,689,906

Summary of accounts payable - related parties

June 30,
2015

December 31,
2014

Fengyang huarui $ - 622,060
Ever-Glory Vietnam 2,024,905 1,883,556
Nanjing Ever-Kyowa 552,521 479,032
Chuzhou huarui 455,300 414,583
Nanjing Knitting 150,685 199,766
JiangsuWubijia 5,877 5,460
Kunshan Enjin 4,065 -
Ever-Glory Cambodia - 291,121
Total $ 3,193,353 $ 3,895,578

Summary of amounts due from related party

June 30,
2015

December 31,
2014

Nanjing Eight-One-Five Hi-tech (M&E) Co., Ltd. $ 20,647 $ 20,558
Ever-Glory Cambodia 958,957 -
EsCeLav 9,114 -
Fengyang huarui 53,895 -
Sea to sky - 48,750
Jiangsu Ever-Glory 325,384 1,582,679
Total $ 1,367,997 $ 1,651,987

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Related Party Transactions (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Summary of other expenses due to related parties

Total $ 25,020 $ 23,224 $ 49,917 $ 46,620

Jiangsu Ever-Glory [Member]

Summary of other expenses due to related parties

Total 12,819 12,733 25,575 25,560

Kunshan Enjin [Member]

Summary of other expenses due to related parties

Total $ 12,201 $ 10,491 $ 24,342 $ 21,060

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Segments (Tables)
6 Months Ended

Jun. 30, 2015

Segments [Abstract]

Company's financial and operating information
Wholesale
segment Retail
segment Total
Six months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers $ 63,065,965 $ 110,563,995 $ 173,629,960
Income from operations $ 3,584,692 $ 4,713,408 $ 8,298,100
Interest income $ 501,180 $ 37,575 $ 538,755
Interest expense $ 1,116,595 $ 375,692 $ 1,492,287
Depreciation and amortization $ 597,311 $ 4,080,914 $ 4,678,225
Income tax expense $ 870,963 $ 1,333,001 $ 2,203,964
　　　
Six months ended June 30, 2014 　　　
Segment profit or loss: 　　　
Net revenue from external customers $ 75,836,070 $ 115,846,879 $ 191,682,949
Income from operations $ 3,954,431 $ 6,715,953 $ 10,670,384
Interest income $ 551,265 $ 26,482 $ 577,747
Interest expense $ 1,199,618 $ 282,190 $ 1,481,808
Depreciation and amortization $ 515,773 $ 2,946,355 $ 3,462,128
Income tax expense $ 946,118 $ 1,812,556 $ 2,758,674

Wholesale
segment Retail
segment Total
Three months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers $ 29,792,039 $ 45,934,959 $ 75,726,998
Income from operations $ 1,752,665 $ 3,106,385 $ 4,859,050
Interest income $ 192,845 $ 22,506 $ 215,351
Interest expense $ 522,669 $ 193,772 $ 716,441
Depreciation and amortization $ 254,784 $ 1,913,270 $ 2,168,054
Income tax expense $ 415,887 $ 962,940 $ 1,378,827
　　　
Three months ended June 30, 2014 　　　
Segment profit or loss: 　　　
Net revenue from external customers $ 36,394,581 $ 49,273,199 $ 85,667,780
Income from operations $ 2,538,511 $ 4,869,200 $ 7,407,711
Interest income $ 324,638 $ 11,776 $ 336,414
Interest expense $ 633,051 $ 141,642 $ 774,693
Depreciation and amortization $ 251,227 $ 1,319,974 $ 1,571,201
Income tax expense $ 612,044 $ 1,267,708 $ 1,879,752

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Significant Accounting Policies
6 Months Ended

Jun. 30, 2015

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Financial Instruments

Management has estimated that the carrying amounts of non-related party financial instruments approximate their fair values due to their short-term maturities. The fair value of amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions.

Accounts Receivable

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and recorded based on management’s assessment of the credit history of its customers and current relationships with them. The Company writes off accounts receivable when amounts are deemed uncollectible.

Fair Value Accounting

Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At June 30, 2015, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

At December 31, 2014, the Company had an outstanding forward foreign exchange option contract subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

The reporting currency of the Company is the U.S. dollar. The functional currency of Ever-Glory, Perfect Dream and Ever-Glory HK is the U.S. dollar. The functional currency of Goldenway, New Tailun, Catch-luck, Ever-Glory Apparel, Shanghai LA GO GO, Jiangsu LA GO GO, Tianjin LA GO GO, Shanghai Yiduo, Ya Lan, He Meida, Huirui and Taixin is the Chinese RMB.

For subsidiaries whose functional currency is the RMB, all assets and liabilities were translated at the exchange rate at the balance sheet date; equity was translated at historical rates and items in the statement of comprehensive income were translated at the average rate for the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Items in the cash flow statement are translated at the average exchange rate for the period.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts from Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB delayed the effective date by one year. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating this new standard and the potential impact this standard may have upon adoption.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s condensed consolidated financial statements.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares

Jun. 30, 2015

Dec. 31, 2014

Condensed Consolidated Balance Sheets [Abstract]

Preferred stock, par value $ 0.001 $ 0.001

Preferred stock, shares authorized 5,000,000 5,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value $ 0.001 $ 0.001

Common stock, shares authorized 50,000,000 50,000,000

Common stock, shares issued 14,784,094 14,784,094

Common stock, shares outstanding 14,784,094 14,784,094

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Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2015

Significant Accounting Policies [Abstract]

Financial Instruments
Financial Instruments

Management has estimated that the carrying amounts of non-related party financial instruments approximate their fair values due to their short-term maturities. The fair value of amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions.

Accounts receivable
Accounts Receivable

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and recorded based on management’s assessment of the credit history of its customers and current relationships with them. The Company writes off accounts receivable when amounts are deemed uncollectible.

Fair Value Accounting
Fair Value Accounting

Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At June 30, 2015, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

At December 31, 2014, the Company had an outstanding forward foreign exchange option contract subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income
Foreign Currency Translation and Other Comprehensive Income

The reporting currency of the Company is the U.S. dollar. The functional currency of Ever-Glory, Perfect Dream and Ever-Glory HK is the U.S. dollar. The functional currency of Goldenway, New Tailun, Catch-luck, Ever-Glory Apparel, Shanghai LA GO GO, Jiangsu LA GO GO, Tianjin LA GO GO, Shanghai Yiduo, Ya Lan, He Meida, Huirui and Taixin is the Chinese RMB.

For subsidiaries whose functional currency is the RMB, all assets and liabilities were translated at the exchange rate at the balance sheet date; equity was translated at historical rates and items in the statement of comprehensive income were translated at the average rate for the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Items in the cash flow statement are translated at the average exchange rate for the period.

Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts from Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB delayed the effective date by one year. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating this new standard and the potential impact this standard may have upon adoption.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s condensed consolidated financial statements.

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Document and Entity Information - shares
6 Months Ended

Jun. 30, 2015

Aug. 11, 2015

Document and Entity Information [Abstract]

Entity Registrant Name Ever-Glory International Group, Inc.

Entity Central Index Key 0000943184

Amendment Flag false

Current Fiscal Year End Date --12-31

Document Type 10-Q

Document Period End Date Jun. 30, 2015

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q2

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 14,785,868

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Inventories (Tables)
6 Months Ended

Jun. 30, 2015

Inventories [Abstract]

Schedule of inventories

June 30,
2015

December 31,
2014

Raw materials $ 3,031,159 $ 2,779,719
Work-in-progress 28,188,836 15,197,489
Finished goods 63,346,430 69,168,169
94,566,425 87,145,377
Less: allowance for obsolete inventories (16,743,450 ) (16,875,164 )
Total inventories $ 77,822,975 $ 70,270,213

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Condensed Consolidated Statements of Comprehensive Income [Abstract]

NET SALES $ 75,726,998 $ 85,667,780 $ 173,629,960 $ 191,682,949

COST OF SALES 45,679,590 56,317,989 112,974,179 136,552,201

GROSS PROFIT 30,047,408 29,349,791 60,655,781 55,130,748

OPERATING EXPENSES

Selling expenses 17,582,288 14,402,662 37,837,662 30,525,958

General and administrative expenses 7,606,070 7,539,418 14,520,019 13,934,406

Total Operating Expenses 25,188,358 21,942,080 52,357,681 44,460,364

INCOME FROM OPERATIONS 4,859,050 7,407,711 8,298,100 10,670,384

OTHER INCOME (EXPENSES)

Interest income 215,351 336,414 538,755 577,747

Interest expense (716,441) (774,693) (1,492,287) (1,481,808)

Other income (expenses) 538,613 440,464 772,697 912,223

Total Other Income (Expenses) 37,523 2,185 (180,835) 8,162

INCOME BEFORE INCOME TAX EXPENSE 4,896,573 7,409,896 8,117,265 10,678,546

Income tax expense (1,378,827) (1,879,752) (2,203,964) (2,758,674)

NET INCOME 3,517,746 $ 5,530,144 5,913,301 $ 7,919,872

Net (income) loss attributable to the non-controlling interest 80,394 80,394

NET INCOME ATTRIBUTABLE TO THE COMPANY 3,598,140 $ 5,530,144 5,993,695 $ 7,919,872

NET INCOME 3,517,746 5,530,144 5,913,301 7,919,872

Foreign currency translation (loss) gain (127,037) 356,044 328,893 (343,382)

COMPREHENSIVE INCOME 3,390,709 $ 5,886,188 6,242,194 $ 7,576,490

Comprehensive (income) loss attributable to the non-controlling interest 80,560 80,560

COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY $ 3,471,269 $ 5,886,188 $ 6,322,754 $ 7,576,490

EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS

Basic and diluted $ 0.24 $ 0.37 $ 0.41 $ 0.54

Weighted average number of shares outstanding

Basic and diluted 14,784,094 14,781,241 14,784,094 14,781,241

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Earnings Per Share
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE
NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the Company’s stockholders for the three and six months ended June 30, 2015 and 2014:

Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
Weighted average number of common shares – Basic and diluted 14,784,094 14,781,241 14,784,094 14,781,241
Earnings per share – Basic and diluted $ 0.24 $ 0.37 $ 0.41 $ 0.54

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Income Tax
6 Months Ended

Jun. 30, 2015

Income Tax [Abstract]

INCOME TAX
NOTE 6 INCOME TAX

The Company’s operating subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws (“the Income Tax Laws”).

All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream was incorporated in the British Virgin Islands (BVI), and under the current laws of the BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.

Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.

Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, and sales are made globally. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory HK, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3,186,000 as of December 31, 2013 based on the probability for such outcomes.

The Company and the PRC Tax Bureau have agreed that payments on the tax liability $ 3,186,000 will be made by the Company prospectively over the next two to three years period. Approximately $346,421 was paid as of June 30, 2015. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.

The PRC’s Enterprise Income Tax Law imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise in PRC to its immediate holding company outside China; such distributions were exempted under the previous income tax law and regulations. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The foreign invested enterprise became subject to the withholding tax starting from January 1, 2008. Given that the undistributed profits of the Company's subsidiaries in China are intended to be retained in China for business development and expansion purposes, no withholding tax accrual has been made.

The pre-tax income for the three and six months ended June 30, 2015 and 2014 was taxable in the following jurisdictions:

Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
PRC $ 4,900,055 $ 7,439,468 $ 8,213,264 $ 10,713,481
BVI (982 ) (24,572 ) (90,999 ) (24,935 )
Others (2,500 ) (5,000 ) (5,000 ) (10,000 )
　 $ 4,896,573 $ 7,409,896 $ 8,117,265 $ 10,678,546

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three and six months ended June 30, 2015 and 2014, respectively:

Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
PRC statutory rate 25.0 % 25.0 % 25.0 % 25.0 %
Preferential tax treatment (0.3 ) - (0.7 ) -
Effect of foreign income tax rates - 0.1 0.3 0.1
Other 3.5 0.3 2.6 0.7
Effective income tax rate 28.2 % 25.4 % 27.2 % 25.8 %

Income tax expense for the three and six months ended June 30, 2015 and 2014 is as follows:

Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
Current $ 1,245,118 $ 4,281,918 $ 2,184,402 $ 5,216,018
Deferred 133,709 (2,402,166 ) 19,562 (2,457,344 )
Income tax expense $ 1,378,827 $ 1,879,752 $ 2,203,964 $ 2,758,674

The Company has not recorded U.S. deferred income taxes of approximately $73,653,615 of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.

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Concentrations and Risks (Tables)
6 Months Ended

Jun. 30, 2015

Concentrations and Risks [Abstract]

Company's revenues as per geographic areas
Three months ended
June 30, Six months ended
June 30,
2015 2014 2015 2014
The People’s Republic of China $ 9,373,554 $ 12,929,219 $ 28,307,488 $ 27,527,244
Germany 2,780,201 5,525,792 7,267,170 11,823,952
United Kingdom 3,828,237 9,018,214 6,980,716 11,642,361
Europe-Other 6,897,024 2,061,398 8,698,730 8,517,320
Japan 2,933,661 2,431,821 5,863,864 8,674,713
United States 3,979,362 4,428,137 5,947,997 7,650,480
Total wholesale business 29,792,039 36,394,581 63,065,965 75,836,070
Retail business 45,934,959 49,273,199 110,563,995 115,846,879
Total $ 75,726,998 $ 85,667,780 $ 173,629,960 $ 191,682,949

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Bank Loans (Tables)
6 Months Ended

Jun. 30, 2015

Bank Loans [Abstract]

Schedule of bank loans
Bank June 30,
2015 December 31,
2014
Nanjing Bank $ 14,103,540 $ 17,357,412
Industrial and Commercial Bank of China 13,056,000 11,375,000
HSBC 5,077,764 6,766,960
Bank of Communications 3,264,000 13,021,612
China Minsheng Banking 3,264,000 3,250,000
China Citic Bank 1,468,800 -
Pin An Bank 683,363 3,867,605
Shanghai Pudong Development Bank -　 3,250,000
Bank of China - 1,328,361
$ 40,917,467 $ 60,216,950

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Concentrations and Risks
6 Months Ended

Jun. 30, 2015

Concentrations and Risks [Abstract]

CONCENTRATIONS AND RISKS
NOTE 10 CONCENTRATIONS AND RISKS

The Company extends unsecured credit to its customers in the normal course of business and generally does not require collateral. As a result, management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. Based on management’s assessment of the amount of probable credit losses, if any, in existing accounts receivable. The allowance for doubtful accounts at June 30, 2015 and December 31, 2014 was $1,651,961 and $1,787,282, respectively. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of accounts receivable. In the analysis, management primarily considers the age of the customer’s receivable and also considers the credit worthiness of the customer, the economic conditions in the customer’s industry, and general economic conditions and trends, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of accounts receivables are incorrect, adjustments to the allowance may be required, which would reduce profitability.

For the six-month period ended June 30, 2015, the Company had two wholesale customers that represented approximately 13% and 11% of the Company’s revenues, respectively. For the three-month period ended June 30, 2015, the Company had one wholesale customer that represented approximately 10% of the Company’s revenues. For the six-month period ended June 30, 2014, the Company had one wholesale customer that represented approximately 14% of the Company’s revenues. For the three-month period ended June 30, 2014, the Company had one wholesale customer that represented approximately 15% of the Company’s revenues.

For the Company’s wholesale business during the three and six months ended June 30, 2015 and 2014, no supplier represented more than 10% of the total raw materials purchased.

For the Company’s retail business, the Company had no supplier that represented more than 10% of raw materials purchases during the three and six months ended June 30, 2015 and 2014.

For the wholesale business, during the six months ended June 30, 2015, the Company relied on two manufacturers for 23% and 12% of purchased finished goods, respectively. For the wholesale business, during the six months ended June 30, 2014, the Company relied on two manufacturers for 16% and 10% of purchased finished goods, respectively. During the three months ended June 30, 2015, the Company relied on two manufacturers for 35% and 13% of purchased finished goods, respectively. During the three months ended June 30, 2014, the Company relied on two manufacturers for 15% and 14% of purchased finished goods, respectively.

For the retail business, the Company had no supplier that represented more than 10% of finished goods purchases during the three and six months ended June 30, 2015. The Company had no supplier that represented more than 10% of finished goods purchases during the six months ended June 30, 2014. The Company purchased 11% of its finished goods from one supplier during the three months ended June 30, 2014.

The Company’s revenues for the three and six months ended June 30, 2015 and 2014 were earned in the following geographic areas:

Three months ended
June 30, Six months ended
June 30,
2015 2014 2015 2014
The People’s Republic of China $ 9,373,554 $ 12,929,219 $ 28,307,488 $ 27,527,244
Germany 2,780,201 5,525,792 7,267,170 11,823,952
United Kingdom 3,828,237 9,018,214 6,980,716 11,642,361
Europe-Other 6,897,024 2,061,398 8,698,730 8,517,320
Japan 2,933,661 2,431,821 5,863,864 8,674,713
United States 3,979,362 4,428,137 5,947,997 7,650,480
Total wholesale business 29,792,039 36,394,581 63,065,965 75,836,070
Retail business 45,934,959 49,273,199 110,563,995 115,846,879
Total $ 75,726,998 $ 85,667,780 $ 173,629,960 $ 191,682,949

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Stockholders' Equity
6 Months Ended

Jun. 30, 2015

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY
NOTE 8 STOCKHOLDERS’ EQUITY

On August 15, 2014, the Company issued an aggregate of 2,055 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2013. The shares were valued at $4.91 per share, which was the average market price of the common stock for the five days before the grant date.

On August 15, 2014, the Company issued an aggregate of 798 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2014. The shares were valued at $6.22 per share, which was the average market price of the common stock for the five days before the grant date.

On July 29, 2015, the Company issued an aggregate of 854 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2014. The shares were valued at $5.91 per share, which was the average market price of the common stock for the five days before the grant date.

On July 29, 2015, the Company issued an aggregate of 920 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2015. The shares were valued at $5.39 per share, which was the average market price of the common stock for the five days before the grant date.

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Related Party Transactions
6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 9 RELATED PARTY TRANSACTIONS

Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-tem in nature and are expected to be settled in cash.

Other income from Related Parties

JiangsuWubijia trading company limited (“JiangsuWubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. JiangsuWubijia has sold their home goods on consignment in some Company’s retail stores since the third quarter of 2014. During the three and six months ended June 30, 2015, the Company received other income $2,026 and $9,786 from the customers and paid $2,480 and $9,100 to Wubijia through the consignment, respectively. The net (loss) profit of ($454) and $686 was recorded as other income during three and six months ended June 30, 2015, respectively.

Other expenses due to Related Parties

Included in other expenses for the three and six months ended June 30, 2015 and 2014 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows:

Three months ended Six months ended

June 30, June 30,

2015 2014 2015 2014

Jiangsu Ever-Glory $ 12,819 $ 12,733 $ 25,575 $ 25,560

Kunshan Enjin 12,201 10,491 24,342 21,060

Total $ 25,020 $ 23,224 $ 49,917 $ 46,620

The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Kunshan Enjin's warehouse space because the location is convenient for transportation and distribution.

Purchases from, and Sub-contracts with Related Parties

For the three and six months ended June 30, 2015 and 2014, the Company purchased raw materials of $506,904, $685,843, $450,620, $884,070, respectively, from Nanjing Knitting.

In addition, the Company provided raw materials to the sub-contractors and was charged a fixed fee for labor provided by the sub-contractors. Sub-contracts with related parties included in cost of sales for the three and six months ended June 30, 2015 and 2014 are as follows:

Three Months Ended
June 30, Six Months Ended
June 30,

2015 2014 2015 2014

Chuzhou huarui $ 1,461,299 $ - $ 2,492,911 $ -

Fengyang huarui 327,129 - 735,835 -

Nanjing Ever-Kyowa 313,883 426,451 586,583 861,970

Ever-Glory Vietnam 3,852,460 1,776,620 4,887,750 4,964,884

Ever-Glory Cambodia 68,228 696,136 372,061 2,957,190

EsCeLav - - 2,009 -

Shanghai Weiwen - 1,502,785 - 1,502,785

Shanghai Sea to Sky 158 377,793 258,741 377,793

Jiangsu Ever-Glory 25,576 - 25,911 25,284

$ 6,048,733 $ 4,779,785 $ 9,361,801 $ 10,689,906

Accounts Payable – Related Parties

Accounts payable to related parties at June 30, 2015 and December 31, 2014 are as follows:

June 30,

2015

December 31,
2014

Fengyang huarui $ - 622,060

Ever-Glory Vietnam 2,024,905 1,883,556

Nanjing Ever-Kyowa 552,521 479,032

Chuzhou huarui 455,300 414,583

Nanjing Knitting 150,685 199,766

JiangsuWubijia 5,877 5,460

Kunshan Enjin 4,065 -

Ever-Glory Cambodia - 291,121

Total $ 3,193,353 $ 3,895,578

Amounts Due From Related Parties

The amounts due from related parties at June 30, 2015 and December 31, 2014 are as follows:

June 30,

2015

December 31,

2014

Nanjing Eight-One-Five Hi-tech (M&E) Co., Ltd. $ 20,647 $ 20,558

Ever-Glory Cambodia 958,957 -

EsCeLav 9,114 -

Fengyang huarui 53,895 -

Sea to sky - 48,750

Jiangsu Ever-Glory 325,384 1,582,679

Total $ 1,367,997 $ 1,651,987

The Company had prepaid $958,957 and $53,895 to the sub-contractors, Ever-Glory Cambodia and Fengyang huarui, respectively, for the next period’s subcontracting fees.

Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During six months ended June 30, 2015 and 2014, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices. The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at cost for $3,026,053 and $0 during the six month period ended June 30, 2015 and 2014, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at cost for $25,911 and $19,221 during the six months ended June 30, 2015 and 2014, respectively.

Amounts Due From Related Party under Counter Guarantee Agreement

In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not less than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of June 30, 2015 and December 31, 2014, Jiangsu Ever-Glory has provided guarantees for approximately $38.19 million (RMB 234 million) and $40.62 million (RMB 250 million) of lines of credit obtained by the Company. Jiangsu Ever-Glory and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $10.0 million (RMB 61 million) and $22.3 million (RMB 136 million) as of June 30, 2015 and December 31, 2014. Mr. Kang has also provided a personal guarantee for $41.4 million (RMB 254 million).



At December 31, 2014, $17.36 million (RMB 107 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the six months ended June 30, 2015, an additional US$0.82 million (RMB5 million) was provided to and repayment of $2.45 million (RMB 15 million) was received from Jiangsu Ever-Glory under the counter-guarantee. As of June 30, 2015, the amount of the counter-guarantee was $15.8 million (RMB 96.8 million) (the difference represents currency exchange adjustment of $0.07 million), which was 41.4% of the aggregate amount of lines of credit. This amount plus accrued interest of $2.54 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At June 30, 2015 and December 31, 2014, the amount classified as a reduction of equity was $18.34 million and $19.42 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. From April 1, 2015, interest rate change to 0.41% as the bank benchmark interest rate decreased. Interest income for the three and six months ended June 30, 2015 and 2014 was approximately $0.2 million, $0.5 million, $0.3 million and $0.5 million, respectively.

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Segments
6 Months Ended

Jun. 30, 2015

Segments [Abstract]

SEGMENTS
NOTE 11 SEGMENTS

The Company reports financial and operating information in the following two segments:

(a) Wholesale segment

(b) Retail segment

Wholesale
segment Retail
segment Total
Six months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers $ 63,065,965 $ 110,563,995 $ 173,629,960
Income from operations $ 3,584,692 $ 4,713,408 $ 8,298,100
Interest income $ 501,180 $ 37,575 $ 538,755
Interest expense $ 1,116,595 $ 375,692 $ 1,492,287
Depreciation and amortization $ 597,311 $ 4,080,914 $ 4,678,225
Income tax expense $ 870,963 $ 1,333,001 $ 2,203,964
　　　
Six months ended June 30, 2014 　　　
Segment profit or loss: 　　　
Net revenue from external customers $ 75,836,070 $ 115,846,879 $ 191,682,949
Income from operations $ 3,954,431 $ 6,715,953 $ 10,670,384
Interest income $ 551,265 $ 26,482 $ 577,747
Interest expense $ 1,199,618 $ 282,190 $ 1,481,808
Depreciation and amortization $ 515,773 $ 2,946,355 $ 3,462,128
Income tax expense $ 946,118 $ 1,812,556 $ 2,758,674

Wholesale
segment Retail
segment Total
Three months ended June 30, 2015
Segment profit or loss:
Net revenue from external customers $ 29,792,039 $ 45,934,959 $ 75,726,998
Income from operations $ 1,752,665 $ 3,106,385 $ 4,859,050
Interest income $ 192,845 $ 22,506 $ 215,351
Interest expense $ 522,669 $ 193,772 $ 716,441
Depreciation and amortization $ 254,784 $ 1,913,270 $ 2,168,054
Income tax expense $ 415,887 $ 962,940 $ 1,378,827
　　　
Three months ended June 30, 2014 　　　
Segment profit or loss: 　　　
Net revenue from external customers $ 36,394,581 $ 49,273,199 $ 85,667,780
Income from operations $ 2,538,511 $ 4,869,200 $ 7,407,711
Interest income $ 324,638 $ 11,776 $ 336,414
Interest expense $ 633,051 $ 141,642 $ 774,693
Depreciation and amortization $ 251,227 $ 1,319,974 $ 1,571,201
Income tax expense $ 612,044 $ 1,267,708 $ 1,879,752

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Earnings Per Share (Details) - $ / shares
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Basic and diluted earnings per share

Weighted average number of common shares- Basic and diluted 14,784,094 14,781,241 14,784,094 14,781,241

Earnings per share - basic and diluted $ 0.24 $ 0.37 $ 0.41 $ 0.54

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6 Months Ended

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Weighted average number of common shares – Basic and diluted 14,784,094 14,781,241 14,784,094 14,781,241
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Inventories (Details) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Schedule of inventory

Raw materials $ 3,031,159 $ 2,779,719

Work-in-progress 28,188,836 15,197,489

Finished goods 63,346,430 69,168,169

Inventory gross 94,566,425 87,145,377

Less: Provision for obsolete inventories (16,743,450) (16,875,164)

Total inventories $ 77,822,975 $ 70,270,213

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Concentrations and Risks (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Company's revenues as per geographic areas

Net revenue $ 75,726,998 $ 85,667,780 $ 173,629,960 $ 191,682,949

Wholesale Business [Member]

Company's revenues as per geographic areas

Net revenue 29,792,039 36,394,581 63,065,965 75,836,070

Retail business [Member]

Company's revenues as per geographic areas

Net revenue 45,934,959 49,273,199 110,563,995 115,846,879

The People's Republic of China [Member]

Company's revenues as per geographic areas

Net revenue 9,373,554 12,929,219 28,307,488 27,527,244

Germany [Member]

Company's revenues as per geographic areas

Net revenue 2,780,201 5,525,792 7,267,170 11,823,952

United Kingdom [Member]

Company's revenues as per geographic areas

Net revenue 3,828,237 9,018,214 6,980,716 11,642,361

Europe-Other [Member]

Company's revenues as per geographic areas

Net revenue 6,897,024 2,061,398 8,698,730 8,517,320

Japan [Member]

Company's revenues as per geographic areas

Net revenue 2,933,661 2,431,821 5,863,864 8,674,713

United States [Member]

Company's revenues as per geographic areas

Net revenue $ 3,979,362 $ 4,428,137 $ 5,947,997 $ 7,650,480

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES

Net income $ 5,913,301 $ 7,919,872

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization 4,678,225 $ 3,462,128

Recovering for doubtful accounts (142,757)

Deferred income tax 2,861 $ (2,409,053)

Changes in operating assets and liabilities

Accounts receivable 34,100,343 19,441,054

Inventories (7,265,652) (1,927,458)

Value added tax receivable (1,332,500) (1,286,005)

Other receivables and prepaid expenses 864,521 (529,644)

Advances on inventory purchases 1,055,259 (404,581)

Amounts due from related parties 185,880 1,334,894

Accounts payable (13,416,258) (22,393,350)

Accounts payable and other payables- related parties (1,073,581) (2,527,146)

Other payables and accrued liabilities (1,987,362) (1,076,252)

Value added and other taxes payable (779,412) (631,814)

Income tax payable (1,099,332) 3,830,846

Net cash provided by operating activities 19,703,536 2,803,491

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment (5,438,113) $ (4,185,207)

Proceeds from sale of property and equipment 3,526

Purchase of intangible assets (1,731,627)

Acquisition of Yiduo net of cash acquired (456,776)

Net cash used in investing activities (7,622,990) $ (4,185,207)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bank loans 52,715,587 73,693,038

Repayment of bank loans (72,217,424) (71,260,909)

Advances to related party (814,500) $ (5,046,800)

Repayment of advances from related party $ 2,443,500

Interest income received from related party $ 1,302,400

Net cash (used in) provided by financing activities $ (17,872,837) (1,312,271)

EFFECT OF EXCHANGE RATE CHANGES ON CASH (91,022) (66,731)

NET DECREASE IN CASH AND CASH EQUIVALENTS (5,883,313) (2,760,718)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 34,134,239 27,772,878

CASH AND CASH EQUIVALENTS AT END OF PERIOD 28,250,926 25,012,160

Cash paid during the period for:

Interest 1,492,287 1,481,808

Income taxes 3,300,525 $ 1,354,679

SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES

Increase in intangible assets and non-controlling interests $ 232,947

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Derivatives Liability
6 Months Ended

Jun. 30, 2015

Derivatives Liability [Abstract]

DERIVATIVES LIABILITY
NOTE 5 DERIVATIVES LIABILITY

In October 2014, we entered into a forward foreign exchange option contract (sell EUR dollars for RMB), with a notional amount of EUR $60,000, that expires in March 2015. The fair value of this contract at December 31, 2014 was not significant.

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Dec. 31, 2014

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Jun. 30, 2015

Dec. 31, 2014

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Fengyang Huarui [Member]

Summary of accounts payable - related parties

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Ever-Glory Vietnam [Member]

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Nanjing Ever-Kyowa [Member]

Summary of accounts payable - related parties

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Chuzhou Huarui [Member]

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Nanjing Knitting [Member]

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Jiangsu Wubijia [Member]

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Kunshan Enjin [Member]

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XML 59 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727

Income Tax (Tables)
6 Months Ended

Jun. 30, 2015

Income Tax [Abstract]

Summary of pre-tax income in jurisdictions
Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
PRC $ 4,900,055 $ 7,439,468 $ 8,213,264 $ 10,713,481
BVI (982 ) (24,572 ) (90,999 ) (24,935 )
Others (2,500 ) (5,000 ) (5,000 ) (10,000 )
　 $ 4,896,573 $ 7,409,896 $ 8,117,265 $ 10,678,546

Summary of reconciliation of PRC statutory rates to the Company's effective tax rate
Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
PRC statutory rate 25.0 % 25.0 % 25.0 % 25.0 %
Preferential tax treatment (0.3 ) - (0.7 ) -
Effect of foreign income tax rates - 0.1 0.3 0.1
Other 3.5 0.3 2.6 0.7
Effective income tax rate 28.2 % 25.4 % 27.2 % 25.8 %

Schedule of components of income tax expense
Three months ended Six months ended
June 30, June 30,
2015 2014 2015 2014
Current $ 1,245,118 $ 4,281,918 $ 2,184,402 $ 5,216,018
Deferred 133,709 (2,402,166 ) 19,562 (2,457,344 )
Income tax expense $ 1,378,827 $ 1,879,752 $ 2,203,964 $ 2,758,674

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Income Tax (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Income Tax (Details Textual) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Income Tax (Textual)
PRC statutory rate			15.00%
Tax liability					$ 3,186,000
Tax Expiration			Dec. 31, 2017
Income Taxes Paid, Net			$ 346,421
U.S. deferred income taxes			$ 73,653,615
Maximum [Member]
Income Tax (Textual)
Effective income tax reduction, Percent			15.00%
Minimum [Member]
Income Tax (Textual)
Effective income tax reduction, Percent			9.00%
PRC [Member]
Income Tax (Textual)
PRC statutory rate	25.00%	25.00%	25.00%	25.00%
Tax liability	$ 3,186,000		$ 3,186,000
Income tax rate for dividends distribution			10.00%
HK [ Member]
Income Tax (Textual)
PRC statutory rate			25.00%

Summary of Business and Basis of Presentation (Details Textual) ¥ in Millions		1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 27, 2015 USD ($)	Jun. 26, 2014 USD ($)	Jun. 26, 2014 CNY (¥)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 CNY (¥)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Summary of Business and Basis of Presentation [Abstract]
Percentage of acquisition		78.00%	78.00%
Cash paid to Shanghai La Go Go		$ 750,000	¥ 4.6
Cash paid to Shanghai Yiduo	$ 80,000
Intangible assets				$ 6,588,881		$ 6,588,881	$ 852,925	$ 4,041,284
Capital contribution				$ 1,062,800	¥ 6.5
Increase in intangible assets, and the non-controlling interest						$ 232,947

Concentrations and Risks (Details Textual)	3 Months Ended		6 Months Ended
Concentrations and Risks (Details Textual)	Jun. 30, 2015 USD ($) Customer	Jun. 30, 2014 Customer	Jun. 30, 2015 USD ($) Customer	Jun. 30, 2014 Customer	Dec. 31, 2014 USD ($)
Concentrations and Risks (Textual)
Allowance for doubtful accounts \| $	$ 1,651,961		$ 1,651,961		$ 1,787,282
Wholesale Business [Member] \| Raw Materials [Member]
Concentrations and Risks (Textual)
Concentration Risk, Percentage	10.00%	10.00%	10.00%	10.00%
Wholesale Business [Member] \| Finished Goods [Member] \| Manufacturer One [Member]
Concentrations and Risks (Textual)
Concentration Risk, Percentage	35.00%	15.00%	23.00%	16.00%
Wholesale Business [Member] \| Finished Goods [Member] \| Manufacturer Two [Member]
Concentrations and Risks (Textual)
Concentration Risk, Percentage	13.00%	14.00%	12.00%	10.00%
Wholesale Business [Member] \| Finished Goods [Member] \| Manufacturer Three [Member]
Concentrations and Risks (Textual)
Concentration Risk, Percentage			10.00%
Wholesale Business [Member] \| Revenues [Member] \| Customer One [Member]
Concentrations and Risks (Textual)
Number of wholesale customer	1	1	2	2
Concentration Risk, Percentage	10.00%	15.00%	13.00%	14.00%
Wholesale Business [Member] \| Revenues [Member] \| Customer Two [Member]
Concentrations and Risks (Textual)
Number of wholesale customer			2	2
Concentration Risk, Percentage			11.00%	15.00%
Retail Business [Member] \| Raw Materials [Member]
Concentrations and Risks (Textual)
Concentration Risk, Percentage	10.00%	10.00%	10.00%	10.00%
Retail Business [Member] \| Finished Goods [Member]
Concentrations and Risks (Textual)
Concentration Risk, Percentage	11.00%	11.00%	10.00%	10.00%

Related Party Transactions (Details 1) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details 1) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of sub-contracts with related parties
Total	$ 6,048,733	$ 4,779,785	$ 9,361,801	$ 10,689,906
Chuzhou Huarui [Member]
Summary of sub-contracts with related parties
Total	1,461,299		2,492,911
Fengyang Huarui [Member]
Summary of sub-contracts with related parties
Total	327,129		735,835
Nanjing Ever-Kyowa [Member]
Summary of sub-contracts with related parties
Total	313,883	$ 426,451	586,583	$ 861,970
Ever-Glory Vietnam [Member]
Summary of sub-contracts with related parties
Total	3,852,460	1,776,620	4,887,750	4,964,884
Ever-Glory Cambodia [Member]
Summary of sub-contracts with related parties
Total	$ 68,228	$ 696,136	372,061	$ 2,957,190
EsC'eLav [Member]
Summary of sub-contracts with related parties
Total			$ 2,009
Shanghai Weiwen [Member]
Summary of sub-contracts with related parties
Total		$ 1,502,785		$ 1,502,785
Shanghai Sea to Sky [Member]
Summary of sub-contracts with related parties
Total	$ 158	$ 377,793	$ 258,741	377,793
Jiangsu Ever-Glory [Member]
Summary of sub-contracts with related parties
Total	$ 25,576		$ 25,911	$ 25,284

Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
Segments (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of segment profit or loss:
Net revenue from external customers	$ 75,726,998	$ 85,667,780	$ 173,629,960	$ 191,682,949
Income from operations	4,859,050	7,407,711	8,298,100	10,670,384
Interest income	215,351	336,414	538,755	577,747
Interest expense	716,441	774,693	1,492,287	1,481,808
Depreciation and amortization	2,168,054	1,571,201	4,678,225	3,462,128
Income tax expense	1,378,827	1,879,752	2,203,964	2,758,674
Wholesale segment [Member]
Summary of segment profit or loss:
Net revenue from external customers	29,792,039	36,394,581	63,065,965	75,836,070
Income from operations	1,752,665	2,538,511	3,584,692	3,954,431
Interest income	192,845	324,638	501,180	551,265
Interest expense	522,669	633,051	1,116,595	1,199,618
Depreciation and amortization	254,784	251,227	597,311	515,773
Income tax expense	415,887	612,044	870,963	946,118
Retail segment [Member]
Summary of segment profit or loss:
Net revenue from external customers	45,934,959	49,273,199	110,563,995	115,846,879
Income from operations	3,106,385	4,869,200	4,713,408	6,715,953
Interest income	22,506	11,776	37,575	26,482
Interest expense	193,772	141,642	375,692	282,190
Depreciation and amortization	1,913,270	1,319,974	4,080,914	2,946,355
Income tax expense	$ 962,940	$ 1,267,708	$ 1,333,001	$ 1,812,556

Derivatives Liability (Details) - Oct. 31, 2014 - EUR (€)	Total
Derivative Warrant Liability (Textual)
Derivative notional amount	€ 60,000
Warrants expiration date	Mar. 31, 2015

Bank Loans (Details Textual) ¥ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
Bank Loans (Details Textual) ¥ in Millions	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 CNY (¥)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY (¥)	Nov. 30, 2014 USD ($)	Nov. 30, 2014 CNY (¥)	Jul. 31, 2014 USD ($)	Jul. 31, 2014 CNY (¥)	Jun. 30, 2014 CNY (¥)	Jan. 31, 2014 USD ($)	Jan. 31, 2014 CNY (¥)	Nov. 30, 2013 USD ($)	Nov. 30, 2013 CNY (¥)	Jul. 31, 2013 USD ($)	Jul. 31, 2013 CNY (¥)	Jul. 31, 2011 USD ($)
Bank Loans (Textual)
Total interest expense		$ 716,441	$ 774,693	$ 1,492,287	$ 1,481,808
Nanjing Bank [Member] \| Goldenway [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity	$ 8,160,000	3,260,000	$ 8,160,000	3,260,000	$ 8,160,000	¥ 20.0							¥ 50.0
Revolving line of credit agreement, unused capacity		4,900,000		4,900,000
Due date of additional borrowing	September 2015.
Line of credit interest rate on additional borrowing	6.10%
Nanjing Bank [Member] \| Ever Glory Apparel [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity											$ 9,790,000	¥ 60.0
Revolving line of credit agreement, amount borrowed		6,530,000		6,530,000		40.0
Revolving line of credit agreement, borrowed		1,860,000		$ 1,860,000
Due date of revolving line of credit agreement				August to December 2015
Revolving line of credit agreement, unused capacity		1,400,000		$ 1,400,000
Due date of additional borrowing				July to August 2015
Revolving line of credit agreement, collateral amount				$ 2,450,000
Nanjing Bank [Member] \| Ever Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.50%
Line of credit interest rate on additional borrowing				1.70%
Nanjing Bank [Member] \| Ever Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period				6.40%
Line of credit interest rate on additional borrowing				2.10%
Nanjing Bank [Member] \| La Go Go [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		2,450,000		$ 2,450,000		15.0					$ 3,260,000	¥ 20.0
Revolving line of credit agreement, unused capacity		810,000		$ 810,000		5.0
Due date of additional borrowing				August 2015 to January 2016
Nanjing Bank [Member] \| La Go Go [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.90%
Nanjing Bank [Member] \| La Go Go [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period				6.20%
Shanghai Pudong Development Bank [Member] \| Goldenway [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity									$ 3,260,000	¥ 20.0
Revolving line of credit agreement, borrowed		3,260,000		$ 3,260,000
Industrial and Commercial Bank of China [Member] \| Goldenway [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		6,530,000		$ 6,530,000		40.0								$ 9,790,000	¥ 60.0
Due date of revolving line of credit agreement				November 2015 to February 2016
Revolving line of credit agreement, unused capacity		3,260,000		$ 3,260,000
Industrial and Commercial Bank of China [Member] \| Goldenway [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.50%
Industrial and Commercial Bank of China [Member] \| Goldenway [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.80%
Industrial and Commercial Bank of China [Member] \| Ever Glory Apparel [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		6,530,000		$ 6,530,000		40.0								6,530,000	40.0
Due date of revolving line of credit agreement				October to December 2015
Industrial and Commercial Bank of China [Member] \| Ever Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.10%
Industrial and Commercial Bank of China [Member] \| Ever Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.40%
Bank of Communications [Member] \| Ever Glory Apparel [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity														$ 8,480,000	¥ 52.0
Revolving line of credit agreement, unused capacity		8,480,000		$ 8,480,000
Bank of Communications [Member] \| La Go Go [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		3,260,000		3,260,000		20.0												$ 5,390,000	¥ 33.0
Revolving line of credit agreement, unused capacity		2,130,000		$ 2,130,000
Bank of Communications [Member] \| La Go Go [Member] \| Minimum [Member]
Bank Loans (Textual)
Effective interest rate during the period				5.30%
Due date of revolving line of credit agreement				August 2015 to June 2016
Bank of Communications [Member] \| La Go Go [Member] \| Maximum [Member]
Bank Loans (Textual)
Effective interest rate during the period				6.60%
Bank of China [Member] \| Ever Glory Apparel [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity																$ 5,700,000	¥ 35.0
Revolving line of credit agreement, unused capacity		5,700,000		$ 5,700,000
HSBC [Member] \| Ever Glory Apparel [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		5,920,000		5,920,000
HSBC [Member] \| Ever-Glory Apparel and Perfect Dream [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		5,080,000		$ 5,080,000																$ 7,000,000
Effective interest rate during the period				5.88%
Revolving line of credit agreement, unused capacity		1,920,000		$ 1,920,000
Revolving line of credit agreement, collateral amount				6,680
China Minsheng Bank [Member] \| La Go Go [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		3,260,000		$ 3,260,000		20.0
Effective interest rate during the period				6.30%
Due date of revolving line of credit agreement				August 2015.
Ping An Bank [Member] \| Ever Glory Apparel [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		680,000		$ 680,000
Effective interest rate during the period				5.40%
Due date of revolving line of credit agreement				July 2015
Revolving line of credit agreement, collateral amount				$ 890,000
China Citic Bank [Member] \| La Go Go [Member]
Bank Loans (Textual)
Revolving line of credit agreement, maximum borrowing capacity		1,470,000		$ 1,470,000		¥ 9.0	$ 5,880,000	¥ 36.0
Effective interest rate during the period				5.88%
Due date of revolving line of credit agreement				December 2015.
Revolving line of credit agreement, unused capacity		$ 4,410,000		$ 4,410,000

Income Tax (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Tax (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ 4,896,573	$ 7,409,896	$ 8,117,265	$ 10,678,546
PRC [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	4,900,055	7,439,468	8,213,264	10,713,481
BVI [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	(982)	(24,572)	(90,999)	(24,935)
Others [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ (2,500)	$ (5,000)	$ (5,000)	$ (10,000)

Income Tax (Details 1)	3 Months Ended		6 Months Ended
Income Tax (Details 1)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of Reconciliation of PRC statutory rates to the Company's effective tax rate
PRC statutory rate			15.00%
PRC [Member]
Summary of Reconciliation of PRC statutory rates to the Company's effective tax rate
PRC statutory rate	25.00%	25.00%	25.00%	25.00%
Preferential tax treatment	(0.30%)		(0.70%)
Effect of foreign income tax rates		0.10%	0.30%	0.10%
Other	3.50%	0.30%	2.60%	0.70%
Effective income tax rate	28.20%	25.40%	27.20%	25.80%

Income Tax (Details 2) - USD ($)	3 Months Ended		6 Months Ended
Income Tax (Details 2) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of Components of income tax expense
Current	$ 1,245,118	$ 4,281,918	$ 2,184,402	$ 5,216,018
Deferred	133,709	(2,402,166)	2,861	(2,409,053)
Income tax expense	$ 1,378,827	$ 1,879,752	$ 2,203,964	$ 2,758,674

Related Party Transactions (Details Textual) ¥ in Millions		1 Months Ended		3 Months Ended		6 Months Ended
Related Party Transactions (Details Textual) ¥ in Millions	Mar. 31, 2012	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY (¥)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 CNY (¥)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 CNY (¥)	Dec. 31, 2014 CNY (¥)	Mar. 31, 2014 USD ($)
Related Party Transactions (Textual)
Amounts due from related party		$ 19,424,342		$ 18,341,688		$ 18,341,688
Accounts payable and other payables - related parties		3,895,578		3,193,353		3,193,353
Sub-contracts with related parties				6,048,733	$ 4,779,785	9,361,801		$ 10,689,906
Company sold raw materials						$ 3,026,053		0
Interest income received from related party								(1,302,400)
Net (loss) profit				3,517,746	$ 5,530,144	$ 5,913,301		7,919,872
Amounts due from related parties		1,651,987		1,367,997		$ 1,367,997
Ever-Glory Enterprises [Member]
Related Party Transactions (Textual)
Acquired interest						83.00%	83.00%
Repayment received under counter guarantee						$ 2,450,000	¥ 15.0
Jiangsu Ever-Glory [Member]
Related Party Transactions (Textual)
Purchase of raw material						0		3,026,053
Sub-contracts with related parties				$ 25,576		25,911		25,284
Company sold raw materials						25,911		19,221
Guaranty on lines of credit		40,620,000	¥ 250.0			$ 38,190,000	¥ 234.0
Minimum percentage counter-guaranty on lines of credit	70.00%
Line of credit facility, Interest rate at expiration or termination	6.00%
Interest charged on net amounts due				0.41%		0.50%	0.50%
Interest income received from related party				$ 200,000	$ 300,000	$ 500,000		500,000
Amount of Guarantee reduced						15,800,000	¥ 96.8
Currency exchange adjustment						70,000
Accrued interest						2,540,000
Counter guaranty provided by parent company on lines of credit		17,360,000		820,000		$ 820,000			¥ 5.0	¥ 107.0
Percentage of reduced guarantee						41.40%	41.40%
Value of equity redemption				18,340,000		$ 18,340,000					$ 19,420,000
Amounts due from related parties		1,582,679		325,384		325,384
Nanjing Knitting [Member]
Related Party Transactions (Textual)
Purchase of raw material				506,904	450,620	884,070		685,843
Line of credit facility, collateral amount		22,300,000	¥ 136.0			10,000,000	¥ 61.0
Amounts due from related parties		20,558		$ 20,647		20,647
Edward Yihua Kang [Member]
Related Party Transactions (Textual)
Guaranty on lines of credit						$ 41,400,000	¥ 254.0
Shanghai Weiwen [Member]
Related Party Transactions (Textual)
Sub-contracts with related parties					1,502,785			1,502,785
Shanghai Sea to Sky [Member]
Related Party Transactions (Textual)
Sub-contracts with related parties				$ 158	377,793	$ 258,741		377,793
Jiangsu Wubijia [Member]
Related Party Transactions (Textual)
Accounts payable and other payables - related parties		5,460		5,877		5,877
Other Income				2,026		9,786
Consignment received				2,480		9,100
Net (loss) profit				$ (454)		$ 686
Ever Glory Cambodia [Member]
Related Party Transactions (Textual)
Accounts payable and other payables - related parties		$ 291,121
Sub-contracts with related parties				$ 68,228	$ 696,136	$ 372,061		$ 2,957,190
Amounts due from related parties				$ 958,957		$ 958,957
Fengyang Huarui [Member]
Related Party Transactions (Textual)
Accounts payable and other payables - related parties		$ 622,060
Sub-contracts with related parties				$ 327,129		$ 735,835
Amounts due from related parties				$ 53,895		$ 53,895

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 28,250,926	$ 34,134,239
Accounts receivable	58,207,714	91,874,693
Inventories	77,822,975	70,270,213
Value added tax receivable	4,043,652	2,697,080
Other receivables and prepaid expenses	2,673,142	3,523,862
Advances on inventory purchases	2,876,584	3,916,913
Amounts due from related parties	1,367,997	1,651,987
Total Current Assets	175,242,990	208,068,987
INTANGIBLE ASSETS	6,588,881	4,041,284
PROPERTY AND EQUIPMENT, NET	21,007,935	20,102,976
TOTAL ASSETS	202,839,806	232,213,247
CURRENT LIABILITIES
Bank loans	40,917,467	60,216,950
Accounts payable	45,736,091	58,923,234
Accounts payable and other payables - related parties	3,193,353	3,895,578
Other payables and accrued liabilities	19,009,402	20,911,191
Value added and other taxes payable	5,463,016	6,217,081
Income tax payable	4,445,608	5,523,173
Deferred tax liabilities	3,894,156	3,874,594
Total Current Liabilities	122,659,093	159,561,801
TOTAL LIABILITIES	$ 122,659,093	$ 159,561,801
COMMITMENTS AND CONTINGENCIES
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, 14,784,094 and 14,784,094 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively)	$ 14,784	$ 14,784
Additional paid-in capital	3,587,195	3,587,195
Retained earnings	73,653,615	67,659,920
Statutory reserve	12,536,641	12,536,641
Accumulated other comprehensive income	8,606,141	8,277,248
Amounts due from related party	(18,341,688)	(19,424,342)
Total Stockholders' Equity	80,056,688	$ 72,651,446
Noncontrolling interest	124,025
Total Equity	80,180,713	$ 72,651,446
TOTAL LIABILITIES AND EQUITY	$ 202,839,806	$ 232,213,247

Stockholders' Equity (Details) - $ / shares		1 Months Ended
Stockholders' Equity (Details) - $ / shares	Aug. 15, 2014	Jul. 29, 2015
Three Independent Directors [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors	2,055	854
Common stock issued at five days average market price	$ 4.91	$ 5.91
Number of days used to calculation average market price of common stock	Five days before the grant date.	Five days before the grant date.
Two Independence Directors [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors	798	920
Common stock issued at five days average market price	$ 6.22	$ 5.39
Number of days used to calculation average market price of common stock	Five days before the grant date.	Five days before the grant date.

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of other expenses due to related parties
Total	$ 25,020	$ 23,224	$ 49,917	$ 46,620
Jiangsu Ever-Glory [Member]
Summary of other expenses due to related parties
Total	12,819	12,733	25,575	25,560
Kunshan Enjin [Member]
Summary of other expenses due to related parties
Total	$ 12,201	$ 10,491	$ 24,342	$ 21,060

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	14,784,094	14,784,094
Common stock, shares outstanding	14,784,094	14,784,094

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 11, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Ever-Glory International Group, Inc.
Entity Central Index Key	0000943184
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,785,868

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2015
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 STOCKHOLDERS’ EQUITY On August 15, 2014, the Company issued an aggregate of 2,055 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2013. The shares were valued at $4.91 per share, which was the average market price of the common stock for the five days before the grant date. On August 15, 2014, the Company issued an aggregate of 798 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2014. The shares were valued at $6.22 per share, which was the average market price of the common stock for the five days before the grant date. On July 29, 2015, the Company issued an aggregate of 854 shares of its common stock to three of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2014. The shares were valued at $5.91 per share, which was the average market price of the common stock for the five days before the grant date. On July 29, 2015, the Company issued an aggregate of 920 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2015. The shares were valued at $5.39 per share, which was the average market price of the common stock for the five days before the grant date.

Earnings Per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
Earnings Per Share (Details) - $ / shares	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic and diluted earnings per share
Weighted average number of common shares- Basic and diluted	14,784,094	14,781,241	14,784,094	14,781,241
Earnings per share - basic and diluted	$ 0.24	$ 0.37	$ 0.41	$ 0.54

Inventories (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of inventory
Raw materials	$ 3,031,159	$ 2,779,719
Work-in-progress	28,188,836	15,197,489
Finished goods	63,346,430	69,168,169
Inventory gross	94,566,425	87,145,377
Less: Provision for obsolete inventories	(16,743,450)	(16,875,164)
Total inventories	$ 77,822,975	$ 70,270,213

Concentrations and Risks (Details) - USD ($)	3 Months Ended		6 Months Ended
Concentrations and Risks (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Company's revenues as per geographic areas
Net revenue	$ 75,726,998	$ 85,667,780	$ 173,629,960	$ 191,682,949
Wholesale Business [Member]
Company's revenues as per geographic areas
Net revenue	29,792,039	36,394,581	63,065,965	75,836,070
Retail business [Member]
Company's revenues as per geographic areas
Net revenue	45,934,959	49,273,199	110,563,995	115,846,879
The People's Republic of China [Member]
Company's revenues as per geographic areas
Net revenue	9,373,554	12,929,219	28,307,488	27,527,244
Germany [Member]
Company's revenues as per geographic areas
Net revenue	2,780,201	5,525,792	7,267,170	11,823,952
United Kingdom [Member]
Company's revenues as per geographic areas
Net revenue	3,828,237	9,018,214	6,980,716	11,642,361
Europe-Other [Member]
Company's revenues as per geographic areas
Net revenue	6,897,024	2,061,398	8,698,730	8,517,320
Japan [Member]
Company's revenues as per geographic areas
Net revenue	2,933,661	2,431,821	5,863,864	8,674,713
United States [Member]
Company's revenues as per geographic areas
Net revenue	$ 3,979,362	$ 4,428,137	$ 5,947,997	$ 7,650,480

Derivatives Liability	6 Months Ended
Derivatives Liability	Jun. 30, 2015
Derivatives Liability [Abstract]
DERIVATIVES LIABILITY	NOTE 5 DERIVATIVES LIABILITY In October 2014, we entered into a forward foreign exchange option contract (sell EUR dollars for RMB), with a notional amount of EUR $60,000, that expires in March 2015. The fair value of this contract at December 31, 2014 was not significant.

Bank Loans (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of bank loans
Bank loans	$ 40,917,467	$ 60,216,950
Nanjing Bank [Member]
Schedule of bank loans
Bank loans	14,103,540	17,357,412
Industrial and Commercial Bank of China [Member]
Schedule of bank loans
Bank loans	13,056,000	11,375,000
HSBC [Member]
Schedule of bank loans
Bank loans	5,077,764	6,766,960
Bank of Communications [Member]
Schedule of bank loans
Bank loans	3,264,000	13,021,612
China Minsheng Bank [Member]
Schedule of bank loans
Bank loans	3,264,000	$ 3,250,000
China Citic Bank [Member]
Schedule of bank loans
Bank loans	1,468,800
Ping An Bank [Member]
Schedule of bank loans
Bank loans	$ 683,363	$ 3,867,605
Shanghai Pudong Development Bank [Member]
Schedule of bank loans
Bank loans		3,250,000
Bank of China [Member]
Schedule of bank loans
Bank loans		$ 1,328,361

Related Party Transactions (Details 2) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Summary of accounts payable - related parties
Total	$ 3,193,353	$ 3,895,578
Fengyang Huarui [Member]
Summary of accounts payable - related parties
Total		622,060
Ever-Glory Vietnam [Member]
Summary of accounts payable - related parties
Total	$ 2,024,905	1,883,556
Nanjing Ever-Kyowa [Member]
Summary of accounts payable - related parties
Total	552,521	479,032
Chuzhou Huarui [Member]
Summary of accounts payable - related parties
Total	455,300	414,583
Nanjing Knitting [Member]
Summary of accounts payable - related parties
Total	150,685	199,766
Jiangsu Wubijia [Member]
Summary of accounts payable - related parties
Total	5,877	$ 5,460
Kunshan Enjin [Member]
Summary of accounts payable - related parties
Total	$ 4,065
Ever-Glory Cambodia [Member]
Summary of accounts payable - related parties
Total		$ 291,121