Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 25, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2014 | ||
Document Fiscal Year Focus | 2,014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | KIWA BIO-TECH PRODUCTS GROUP CORP | ||
Entity Central Index Key | 1,159,275 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 400,000 | ||
Trading Symbol | KWBT | ||
Entity Common Stock, Shares Outstanding | 400,000,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash and cash equivalents | $ 2,963 | $ 2,039 |
Deposits and other receivables | 14,280 | 14,491 |
Total current assets | 17,243 | 16,530 |
Property, plant and equipment - net | 7,372 | 11,955 |
Total assets | 24,615 | 28,485 |
Current liabilities | ||
Accounts payable | 316,842 | 321,670 |
Advances from customers | 14,562 | 14,784 |
Construction costs payable | 288,851 | 293,256 |
Due to related parties - trade | 1,025,057 | 875,498 |
Due to related parties - non-trade | 4,190,315 | 4,096,718 |
Convertible notes payable | 150,250 | 150,250 |
Salary payable | 1,538,266 | 1,343,096 |
Taxes payable | 440,885 | 382,881 |
Penalty payable | 332,600 | 265,998 |
Interest payable | 138,224 | 115,806 |
Other payable | 525,488 | 576,427 |
Total current liabilities | 8,961,340 | 8,436,384 |
Unsecured loans payable | 1,871,136 | 1,899,665 |
Total long-term liabilities | 1,871,136 | 1,899,665 |
Total liabilities | 10,832,476 | 10,336,049 |
Stockholders' deficiency | ||
Common stock - $0.001 par value. Authorized 400,000,000 shares. Issued and outstanding 400,000,000 shares at December 31, 2014 and 2013 | 400,000 | 400,000 |
Preferred stock - $0.001 par value. Authorized 20,000,000 shares, none issued | 0 | 0 |
Additional paid-in capital | 8,093,337 | 8,093,337 |
Accumulated deficit | (18,608,154) | (17,990,598) |
Accumulated other comprehensive loss | (693,044) | (810,303) |
Total stockholders' deficiency | (10,807,861) | (10,307,564) |
Total liabilities and stockholders' deficiency | $ 24,615 | $ 28,485 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 400,000,000 | 400,000,000 |
Common Stock, Shares, Outstanding | 400,000,000 | 400,000,000 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 0 | $ 0 |
Operating expenses | ||
General and administrative | 364,843 | 394,100 |
Research and development | 162,715 | 162,752 |
Total operating expenses | 527,558 | 556,852 |
Operating loss | (527,558) | (556,852) |
Other income (expense) | ||
Penalty expense | (66,602) | (495,508) |
Interest expense | (23,396) | (187,654) |
Gain on extinguishment of convertible notes | 0 | 4,953,880 |
Total other income (expense) | (89,998) | 4,270,718 |
Net income (loss) before income tax | (617,556) | 3,713,866 |
Income tax | 0 | 0 |
Net income (loss) | (617,556) | 3,713,866 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustment | 117,259 | (215,149) |
Total comprehensive income (loss) | $ (500,297) | $ 3,498,717 |
Net income/(loss) per common share - basic and diluted (in dollars per share) | $ 0 | $ 0.01 |
Weighted average number of common shares outstanding-basic and diluted (in shares) | 400,000,000 | 400,000,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY DEFICIENCY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2012 | $ (13,806,281) | $ 400,000 | $ 8,093,337 | $ (21,704,464) | $ (595,154) |
Net income (loss) | 3,713,866 | 0 | 0 | 3,713,866 | 0 |
Foreign currency translation adjustment | (215,149) | 0 | 0 | 0 | (215,149) |
Balance at Dec. 31, 2013 | (10,307,564) | $ 400,000 | 8,093,337 | (17,990,598) | (810,303) |
Balance (in Shares) at Dec. 31, 2013 | 400,000,000 | ||||
Net income (loss) | (617,556) | $ 0 | 0 | (617,556) | 0 |
Foreign currency translation adjustment | 117,259 | 0 | 0 | 117,259 | |
Balance at Dec. 31, 2014 | $ (10,807,861) | $ 400,000 | $ 8,093,337 | $ (18,608,154) | $ (693,044) |
Balance (in Shares) at Dec. 31, 2014 | 400,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (617,556) | $ 3,713,866 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 4,401 | 4,450 |
Provision for penalty payable | 66,602 | 495,508 |
Accrued interest on convertible notes | 22,538 | 183,923 |
Gain on extinguishment of convertible notes | 0 | (4,953,880) |
Changes in operating assets and liabilities: | ||
Deposit and other receivables | (8) | (7,508) |
Salary payable | 202,790 | 203,545 |
Taxes payable | 63,759 | 64,341 |
Due to related parties - trade | 162,715 | 164,201 |
Other payable | (48,496) | (6,474) |
Net cash used in operating activities | (143,255) | (138,028) |
Cash flows from financing activities: | ||
Proceeds from related parties, net of payments to related parties | 144,194 | 199,084 |
Cash paid on extinguishment of convertible notes | 0 | (75,000) |
Net cash provided by financing activities | 144,194 | 124,084 |
Effect of exchange rate change | (15) | 11,490 |
Cash and cash equivalents: | ||
Net increase (decrease) | 924 | (2,454) |
Balance at beginning of year | 2,039 | 4,493 |
Balance at end of year | 2,963 | 2,039 |
Supplemental Disclosures of Cash flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Description of Business and Org
Description of Business and Organization | 12 Months Ended |
Dec. 31, 2014 | |
Business Description [Abstract] | |
Business Description [Text Block] | 1. Description of Business and Organization Organization 89 The Company has established a subsidiary in China, Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”) in 2002. The following chart summarizes the Company’s organizational and ownership structure. Business |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Certain amounts on prior year financial statements were reclassified to conform with current year presentation. Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary. The Company maintains cash with financial institutions in the People’s Republic of China (“PRC”) which are not insured or otherwise protected. Should any of these institutions holding the Company’s cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. Useful Life (In years) Buildings 30 - 35 Machinery and equipment 5 - 10 Automobiles 8 Office equipment 2 - 5 Computer software 3 ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Other comprehensive income (loss) for the year ended December 31, 2014 and 2013 represented foreign currency translation adjustments and were included in the consolidated statements of comprehensive income (loss). As of December 31, 2014 2013 Balance sheet items, except for equity accounts 6.1460 6.0537 Year ended December 31, 2014 2013 Items in the statements of income 6.1457 6.0901 162,715 162,752 387,082,626 543,732,162 ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities. In August 2014, FASB issued ASU 2014-15 “Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” with the intent of defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for annual and interim periods beginning on or after December 15, 2016 and may be applied on either a full or modified retrospective basis. The Company is currently assessing the impact of the new standard on its consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Going Concern [Abstract] | |
Going Concern [Text Block] | 3. Going Concern The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s current liabilities substantially exceeded its current assets by $ 8,944,097 18,608,154 10,807,861 The company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of our business plan and operations. The Company also plans to raise funds from domestic and foreign banks and/or financial institutions to increase working capital in order to meet capital demands. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, Plant and Equipment December 31, 2014 December 31, 2013 Buildings $ 1,381,123 $ 1,402,182 Machinery and equipment 628,544 638,130 Automobiles 90,510 91,890 Office equipment 110,638 112,331 Computer software 23,537 23,895 Property, plant and equipment - total $ 2,234,352 $ 2,268,428 Less: accumulated depreciation (800,542) (808,280) Less: impairment on long-lived assets (1,426,438) (1,448,193) Property, plant and equipment - net $ 7,372 $ 11,955 The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit. Since Kiwa Shandong did not generate any net profit, no fee is payable Depreciation expense was $ 4,401 4,450 Impairment on long-lived assets was $nil for the years ended December 31, 2014 and 2013, respectively. All of our property, plant and equipment have been held as collateral to secure the 6 |
Construction Costs Payable
Construction Costs Payable | 12 Months Ended |
Dec. 31, 2014 | |
Construction Costs Payable [Abstract] | |
Construction Costs Payable [Text Block] | 5. Construction Costs Payable Construction costs payable represents remaining amounts to be paid for the first phase of construction of bio-fertilizer facility in Shandong. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions Item Nature Notes December 31, 2014 December 31, 2013 Mr. Wei Li ("Mr. Li") Non-trade (1) $ 3,553,939 $ 3,544,264 Kangtai Xinnong Agriculture Tech (Beijing) Co., Ltd. (“Kangtai”) Non-trade (2) (13,624) (14,046) Ms. Yvonne Wang ("Ms. Wang") Non-trade (3) 650,000 566,500 Subtotal 4,190,315 4,096,718 Kiwa-CAU R&D Center Trade (4) 1,025,057 875,498 Subtotal 1,025,057 875,498 Total $ 5,215,372 $ 4,972,216 (1) Mr. Li Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company. Advances and Loans As of December 31, 2013, the balance due to Mr. Li for advances made was $ 3,544,264 3,553,939 Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6 (2) Kangtai Kangtai, formerly named Kangtai International Logistics (Beijing) Co., Ltd., Kangtai Xinnong Agriculture Tech (Beijing) Co., Ltd., is a private company, 28 On December 31, 2013, the amount due from Kangtai was $ 14,046 13,624 The Company leased its principal office from Kangtai at the rent of $ 1,000 (3) Ms. Wang Ms. Wang is the Secretary of the Company. On December 31, 2013, the amount due to Ms. Wang was $ 566,500 650,000 (4) Kiwa-CAU R&D Center In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006. · Pursuant to the agreement, Kiwa agree to invest RMB 1 162,715 During the year ended December 31, 2014 and 2013, $ 162,715 162,752 |
Unsecured Loans Payable
Unsecured Loans Payable | 12 Months Ended |
Dec. 31, 2014 | |
Unsecured Loans Payable [Abstract] | |
Unsecured Loans payable [Text Block] | 7. Unsecured Loans Payable Item December 31, 2014 December 31, 2013 Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date $ 1,464,367 $ 1,486,694 Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date 406,769 412,971 Total $ 1,871,136 $ 1,899,665 The Company qualifies for non-interest bearing loans under a Chinese government sponsored program to encourage economic development in certain industries and locations in China. To qualify for the favorable loan terms, a company must meet the following criteria: (1) be a technology company with innovative technology or product (as determined by the Science Bureau of the central Chinese government); (2) operate in specific industries that the Chinese government has determined are important to encourage development, such as agriculture, environmental, education, and others; and (3) be located in an undeveloped area such as Zoucheng, Shandong Province, where the manufacturing facility of the Company is located. According to the Company’s project agreement, Zoucheng Municipal Government granted the Company use of at least 15.7 10 480,000 77,100 18 24 2 |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Dec. 31, 2014 | |
Convertible Notes Payable [Abstract] | |
Convertible Notes Payable [Text Block] | 8. Convertible Notes Payable On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of (1) 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $ 2,450,000 12,250,000 In conjunction with the sale and issuance of the 6% Notes, the Company entered into a Registration Rights Agreement, amended in October 2006, the requirements of which the Company met by filing its registration statement on Form SB-2 on August 11, 2006 and subsequently amended on October 20, 2006 and June 29, 2007. Closings for the sale of the 6% Notes occurred on June 29, August 15 and October 31, 2006 for $ 857,500 735,000 857,500 2,450,000 The conversion price of the 6% Notes is based on a 40 4.99 120,000 The exercise price of the Warrants is $ 0.45 To enable reservation of a sufficient amount of authorized shares that may be issued pursuant to conversion of the 6% Notes and exercise of the Warrants, the Purchase Agreement required the Company to amend its Certificate of Incorporation to increase the number of authorized shares of common stock. At the annual meeting for 2006, which was held on September 12, 2006, a proposal to amend the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock, from 100,000,000 200,000,000 200,000,000 400,000,000 400,000,000 800,000,000 400,000,000 800,000,000 400,000,000 800,000,000 400,000,000 800,000,000 The Company incurs a financial penalty in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches this or other affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110 The 6% Notes require the Company to procure the Purchaser’s consent prior to taking certain actions including the payment of dividends, repurchasing stock, incurring debt, guaranteeing obligations, merging or restructuring the Company, or selling significant assets. The Company’s obligations under the 6% Notes and the Warrants are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Purchasers, and by a first priority security interest in all of the Company’s other assets pursuant to a Security Agreement with the Purchasers. In addition, the Company’s Chief Executive Officer has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes and the Warrants. The Purchasers are accredited investors as defined under the Securities Act and the 6% Notes and the Warrants and the underlying common stock upon conversion and exercise will be issued without registration under the Securities Act in reliance on the exemption provided by Rule 506 under Regulation D under the Securities Act. The intellectual property pledged had a cost of $ 592,901 179,897 The fair value of the Warrants underlying the three sales of the 6% Notes (amounting to 4,287,500 3,675,000 4,287,500 545,477 416,976 505,503 The warrants expired in 2013. On January 31, 2008, the Company entered into three Callable Secured Convertible Notes Agreements (“2% Notes”) with four of the Company’s 6% Notes purchasers converting their unpaid interest of $ 112,917 On August 12, 2013, the Company entered into a Settlement Agreement and Release (the “Release”) with four of the Purchasers of the Company’s 6 2 75,000 6 150,250 138,224 332,600 As of December 31, 2014, 2% Notes have been fully settled. During 2014 and 2013, the Company recorded gain from restructure of convertible notes of $nil and $ 4,953,880 During the twelve months ended December 31, 2014, the Purchasers converted nil principal and nil interest into shares of common stock. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-based Compensation 2,000,000 Number of Weighted- Aggregate Weighted- Average Outstanding at December 31, 2012 1,232,600 $ 0.175 $ - 6 Exercised - - - Expired - - - Forfeited - - - Outstanding at December 31, 2013 1,232,600 $ 0.175 $ - 5 Exercised - - Expired - - - Forfeited - - - Outstanding at December 31, 2014 1,232,600 $ 0.175 $ - 4 Exercisable at December 31, 2014 1,232,600 $ 0.175 $ - 4 (1) The market value of the Company’s common stock at December 31, 2014 was $ 0.0007 The Company has adopted ASC Topic 718 effective as of January 1, 2006. The fair value of the options granted at the grant date was determined to be $ 320,154 0.16 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Tax In accordance with the current tax laws in China, Kiwa Shandong is subject to a corporate income tax rate of 25 No provision for other overseas taxes is made as the Company has no taxable income in the U.S. In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes. Year ended December 31, 2014 2013 Pre-tax income (loss) $ (617,556) $ 3,713,866 U.S. federal corporate income tax rate 34 % 34 % Income tax computed at U.S. federal corporate income tax rate (209,969) 1,262,714 Reconciling items: Rate differential for PRC earnings 29,775 29,392 Change of valuation allowance 139,394 (1,332,906) Non-deductible expenses and non-reportable income 40,800 40,800 Effective tax expense $ - $ - December 31 December 31 Net operating losses carried forward $ 3,167,589 $ 3,555,928 Less: Valuation allowance (3,167,589) (3,555,928) Net deferred tax assets $ - $ - As of December 31, 2014 and 2013, the Company had approximately $ 8 10 As of December 31, 2014 and 2013, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the two years ended December 31, 2014 and 2013, and no provision for interest and penalties is deemed necessary as of December 31, 2014 and 2013. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies The Company has the following material contractual obligations: (1) Operating lease commitments On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $ 1,000 Fiscal Year Amount 2015 $ 1,000 Total $ 1,000 (2) Technology acquisition On May 8, 2006 we entered into a Technology Transfer Agreement (“TTA”) with Jinan Kelongboao Bio-Tech Co. Ltd. (“JKB”). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB 10 1.62 6 4 As of December 31, 2014, we had paid one-third of the first installment, or RMB 1,000,000 165,188 (3) Operation of Kiwa-CAU R&D Center Pursuant to the agreement on joint incorporation of the research and development center between CAU and Kiwa Shandong dated November 14, 2006, Kiwa Shandong agrees to invest RMB 1 million (approximately $165,188) each year to fund research at the R&D Center. The term of this agreement is ten years starting from July 1, 2006. Prof. Qi Wang, who became one of our directors in July 2007, has acted as the Director of Kiwa-CAU R&D Center since July 2006. (4) Investment in manufacturing and research facilities in Zoucheng, Shandong Province in China According to the Project Agreement with Zoucheng Municipal Government in 2002, we have committed to investing approximately $ 18 24 1.91 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 12. Subsequent Events The Company has reviewed its subsequent events from December 31, 2014 through the date these financial statements were issued and has determined that no material subsequent events have occurred through such date. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principle of Consolidation Certain amounts on prior year financial statements were reclassified to conform with current year presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash - The Company maintains cash with financial institutions in the People’s Republic of China (“PRC”) which are not insured or otherwise protected. Should any of these institutions holding the Company’s cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivables - |
Inventory, Policy [Policy Text Block] | Inventories - |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Useful Life (In years) Buildings 30 - 35 Machinery and equipment 5 - 10 Automobiles 8 Office equipment 2 - 5 Computer software 3 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets - |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of warrants and options - |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs - |
Income Tax, Policy [Policy Text Block] | Income Taxes ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation and Other Comprehensive Income Other comprehensive income (loss) for the year ended December 31, 2014 and 2013 represented foreign currency translation adjustments and were included in the consolidated statements of comprehensive income (loss). As of December 31, 2014 2013 Balance sheet items, except for equity accounts 6.1460 6.0537 Year ended December 31, 2014 2013 Items in the statements of income 6.1457 6.0901 |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs 162,715 162,752 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Common Share 387,082,626 543,732,162 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements adopted In August 2014, FASB issued ASU 2014-15 “Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” with the intent of defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for annual and interim periods beginning on or after December 15, 2016 and may be applied on either a full or modified retrospective basis. The Company is currently assessing the impact of the new standard on its consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Property Plant And Equipment Useful Lives [Table Text Block] | Useful Life (In years) Buildings 30 - 35 Machinery and equipment 5 - 10 Automobiles 8 Office equipment 2 - 5 Computer software 3 |
Foreign Currency Exchange Rate [Table Text Block] | The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows: As of December 31, 2014 2013 Balance sheet items, except for equity accounts 6.1460 6.0537 Year ended December 31, 2014 2013 Items in the statements of income 6.1457 6.0901 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following: Property, Plant and Equipment December 31, 2014 December 31, 2013 Buildings $ 1,381,123 $ 1,402,182 Machinery and equipment 628,544 638,130 Automobiles 90,510 91,890 Office equipment 110,638 112,331 Computer software 23,537 23,895 Property, plant and equipment - total $ 2,234,352 $ 2,268,428 Less: accumulated depreciation (800,542) (808,280) Less: impairment on long-lived assets (1,426,438) (1,448,193) Property, plant and equipment - net $ 7,372 $ 11,955 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Amounts due to related parties consisted of the following as of December 31, 2014 and 2013: Item Nature Notes December 31, 2014 December 31, 2013 Mr. Wei Li ("Mr. Li") Non-trade (1) $ 3,553,939 $ 3,544,264 Kangtai Xinnong Agriculture Tech (Beijing) Co., Ltd. (“Kangtai”) Non-trade (2) (13,624) (14,046) Ms. Yvonne Wang ("Ms. Wang") Non-trade (3) 650,000 566,500 Subtotal 4,190,315 4,096,718 Kiwa-CAU R&D Center Trade (4) 1,025,057 875,498 Subtotal 1,025,057 875,498 Total $ 5,215,372 $ 4,972,216 |
Unsecured Loans Payable (Tables
Unsecured Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Unsecured Loans Payable [Abstract] | |
Unsecured Loans Payable [Table Text Block] | Unsecured loans payable consisted of the following: Item December 31, 2014 December 31, 2013 Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date $ 1,464,367 $ 1,486,694 Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date 406,769 412,971 Total $ 1,871,136 $ 1,899,665 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | On December 12, 2006, the Company granted options for 2,000,000 Number of Weighted- Aggregate Weighted- Average Outstanding at December 31, 2012 1,232,600 $ 0.175 $ - 6 Exercised - - - Expired - - - Forfeited - - - Outstanding at December 31, 2013 1,232,600 $ 0.175 $ - 5 Exercised - - Expired - - - Forfeited - - - Outstanding at December 31, 2014 1,232,600 $ 0.175 $ - 4 Exercisable at December 31, 2014 1,232,600 $ 0.175 $ - 4 (1) The market value of the Company’s common stock at December 31, 2014 was $ 0.0007 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2014 2013 Pre-tax income (loss) $ (617,556) $ 3,713,866 U.S. federal corporate income tax rate 34 % 34 % Income tax computed at U.S. federal corporate income tax rate (209,969) 1,262,714 Reconciling items: Rate differential for PRC earnings 29,775 29,392 Change of valuation allowance 139,394 (1,332,906) Non-deductible expenses and non-reportable income 40,800 40,800 Effective tax expense $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 December 31 Net operating losses carried forward $ 3,167,589 $ 3,555,928 Less: Valuation allowance (3,167,589) (3,555,928) Net deferred tax assets $ - $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The Company’s commitments for minimum lease payments under the operating lease for the next five years and thereafter as of December 31, 2014 are as follows: Fiscal Year Amount 2015 $ 1,000 Total $ 1,000 |
Description of Business and O27
Description of Business and Organization (Details Textual) | Dec. 31, 2014 |
Kiwa Bvi [Member] | |
Equity Method Investment, Ownership Percentage | 89.00% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building [Member] | Maximum [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 35 years |
Building [Member] | Minimum [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Automobiles [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 8 years |
Office Equipment [Member] | Maximum [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office Equipment [Member] | Minimum [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Software Development [Member] | |
Summaries of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details 1) | Dec. 31, 2014 | Dec. 31, 2013 |
Balance Sheet Items, Except For Equity Accounts [Member] | ||
Foreign Currency Exchange Rate, Translation | 6.1460 | 6.0537 |
Items In Statements Of Income [Member] | ||
Foreign Currency Exchange Rate, Translation | 6.1457 | 6.0901 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summaries of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount | 387,082,626 | 543,732,162 |
Research and Development Expense, Total | $ 162,715 | $ 162,752 |
Advertising Expense | 0 | 0 |
Shipping, Handling and Transportation Costs | $ 0 | $ 0 |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Going Concern [Line Items] | |||
Excess Of Current Liabilities Over Current Assets | $ 8,944,097 | ||
Accumulated deficit | (18,608,154) | $ (17,990,598) | |
Stockholders Equity Attributable to Parent, Total | $ (10,807,861) | $ (10,307,564) | $ (13,806,281) |
Property, Plant and Equipment32
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - total | $ 2,234,352 | $ 2,268,428 |
Less: accumulated depreciation | (800,542) | (808,280) |
Less: impairment on long-lived assets | (1,426,438) | (1,448,193) |
Property, plant and equipment - net | 7,372 | 11,955 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - total | 1,381,123 | 1,402,182 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - total | 628,544 | 638,130 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - total | 90,510 | 91,890 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - total | 110,638 | 112,331 |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment - total | $ 23,537 | $ 23,895 |
Property, Plant and Equipment33
Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 4,401 | $ 4,450 |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Land Use Right Description | The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit. Since Kiwa Shandong did not generate any net profit, no fee is payable |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 5,215,372 | $ 4,972,216 | |
Non Trade [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 4,190,315 | 4,096,718 | |
Trade [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 1,025,057 | 875,498 | |
Mr.Wei Li [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 3,553,939 | 3,544,264 | |
Mr.Wei Li [Member] | Non Trade [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | [1] | 3,553,939 | 3,544,264 |
Kangtai International Logistics (Beijing) Co Ltd [Member] | Non Trade [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties | (13,624) | (14,046) | |
Ms.Yvonne Wang [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | 650,000 | 566,500 | |
Ms.Yvonne Wang [Member] | Non Trade [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | [2] | 650,000 | 566,500 |
Kiwa(Cau R&d Center) [Member] | Trade [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | [3] | $ 1,025,057 | $ 875,498 |
[1] | Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company. Advances and Loans As of December 31, 2013, the balance due to Mr. Li for advances made was $3,544,264. During the year ended December 31, 2014, Mr. Li paid various expenses on behalf of the Company. As of December 31, 2014, the balance due to Mr. Li was $3,553,939. Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows. Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below). | ||
[2] | Ms. Wang is the Secretary of the Company. On December 31, 2013, the amount due to Ms. Wang was $566,500. During the year ended December 31, 2014, Ms. Wang paid various expenses on behalf of the Company. As of December 31, 2014, the amount due to Ms. Wang was $650,000. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows. | ||
[3] | In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006. Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $162,715) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center. During the year ended December 31, 2014 and 2013, $162,715 and $162,752 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid nil to Kiwa-CAU R&D Center in the year 2014 and 2013. |
Related Party Transactions (D35
Related Party Transactions (Details Textual) - Entity [Domain] ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013USD ($) | ||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | $ 5,215,372 | $ 4,972,216 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Related Party Transaction, Amounts of Transaction | $ 162,715 | ¥ 1 | ||
Research and Development Expense, Total | 162,715 | 162,752 | ||
Non Trade [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | 4,190,315 | 4,096,718 | ||
Trade [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | $ 1,025,057 | 875,498 | ||
Mr.Wei Li [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 28.00% | |||
Due To Related Parties | $ 3,553,939 | 3,544,264 | ||
Mr.Wei Li [Member] | Non Trade [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | [1] | 3,553,939 | 3,544,264 | |
Kangtai International Logistics (Beijing) Co Ltd [Member] | Non Trade [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from Related Parties | 13,624 | 14,046 | ||
Ms.Yvonne Wang [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | 650,000 | 566,500 | ||
Ms.Yvonne Wang [Member] | Non Trade [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | [2] | $ 650,000 | 566,500 | |
Kiwa(Cau R&d Center) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Commencement Date Of Agreement | Jul. 01, 2006 | Jul. 01, 2006 | ||
Term Of Agreement | 10 years | 10 years | ||
Kiwa(Cau R&d Center) [Member] | Trade [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due To Related Parties | [3] | $ 1,025,057 | 875,498 | |
Kangtai New Agricutual Technologies Development Beijing Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sublease Rental Income Monthly | 1,000 | |||
Due from Related Parties | $ 13,624 | $ 14,046 | ||
[1] | Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company. Advances and Loans As of December 31, 2013, the balance due to Mr. Li for advances made was $3,544,264. During the year ended December 31, 2014, Mr. Li paid various expenses on behalf of the Company. As of December 31, 2014, the balance due to Mr. Li was $3,553,939. Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows. Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below). | |||
[2] | Ms. Wang is the Secretary of the Company. On December 31, 2013, the amount due to Ms. Wang was $566,500. During the year ended December 31, 2014, Ms. Wang paid various expenses on behalf of the Company. As of December 31, 2014, the amount due to Ms. Wang was $650,000. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows. | |||
[3] | In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006. Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $162,715) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center. During the year ended December 31, 2014 and 2013, $162,715 and $162,752 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid nil to Kiwa-CAU R&D Center in the year 2014 and 2013. |
Unsecured Loans Payable (Detail
Unsecured Loans Payable (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Unsecured Loans Payable [Line Items] | ||
Unsecured loans payable | $ 1,871,136 | $ 1,899,665 |
Zoucheng Municipal Government [Member] | ||
Unsecured Loans Payable [Line Items] | ||
Unsecured loans payable | 1,464,367 | 1,486,694 |
Zoucheng Science Technology Bureau [Member] | ||
Unsecured Loans Payable [Line Items] | ||
Unsecured loans payable | $ 406,769 | $ 412,971 |
Unsecured Loans Payable (Deta37
Unsecured Loans Payable (Details Textual) - Dec. 31, 2014 | USD ($)a | CNY (¥) |
Unsecured Loans Payable [Line Items] | ||
Number Of Years For Free Use Of Land Right | 10 years | 10 years |
Zoucheng, Shandong Province [Member] | Minimum [Member] | ||
Unsecured Loans Payable [Line Items] | ||
Commitment To Invest In Developing Manufacturing and Research Facilities | $ 18,000,000 | |
Zoucheng, Shandong Province [Member] | Maximum [Member] | ||
Unsecured Loans Payable [Line Items] | ||
Commitment To Invest In Developing Manufacturing and Research Facilities | $ 24,000,000 | |
Shandong Province China [Member] | ||
Unsecured Loans Payable [Line Items] | ||
Area of Land | a | 15.7 | |
Fee Payable For Number Of Years After Free Use Of Land Right | $ 77,100 | ¥ 480,000 |
Payments to Acquire Property, Plant, and Equipment | $ 2,000,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) | Aug. 12, 2013 | Jan. 31, 2008 | Jun. 29, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 18, 2012 | Dec. 16, 2011 | Dec. 15, 2010 | Dec. 28, 2009 | Dec. 30, 2008 | Oct. 31, 2006 | Sep. 12, 2006 | Aug. 15, 2006 |
Convertible Notes Payable [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||
Convertible Notes Payable, Current | $ 150,250 | $ 150,250 | ||||||||||||
Liquidation Damages | 332,600 | |||||||||||||
Income From Restructure Of Convertible Notes | 0 | 4,953,880 | ||||||||||||
Repayments of Convertible Debt | $ 75,000 | 0 | $ 75,000 | |||||||||||
Interest Payable | $ 138,224 | |||||||||||||
Underlying Number of shares (in shares) | 12,250,000 | |||||||||||||
Common Stock Percentage | 110.00% | |||||||||||||
Proposed Common Stock Shares Authorized Before Amendment | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 200,000,000 | 100,000,000 | ||||||||
Proposed Common Stock Shares Authorized After Amendment | 800,000,000 | 800,000,000 | 800,000,000 | 800,000,000 | 400,000,000 | 200,000,000 | ||||||||
Exercise Price | $ 0.45 | |||||||||||||
Intellectual Property [Member] | ||||||||||||||
Convertible Notes Payable [Line Items] | ||||||||||||||
Pledged Assets, Not Separately Reported, Other | $ 592,901 | |||||||||||||
Impairment of Intangible Assets, Finite-lived | $ 179,897 | |||||||||||||
Six Percentage Notes [Member] | ||||||||||||||
Convertible Notes Payable [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||
Common Stock Percentage | 4.99% | |||||||||||||
Debt Instrument Conversion Discount Percentage | 40.00% | |||||||||||||
Debt Instrument, Face Amount | $ 120,000 | |||||||||||||
Proceeds From Issuance Of Convertible Notes | $ 2,450,000 | |||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 2,450,000 | |||||||||||||
Two Percentage Notes [Member] | ||||||||||||||
Convertible Notes Payable [Line Items] | ||||||||||||||
Debt Conversion, Converted Instrument, Rate | 2.00% | |||||||||||||
Interest Payable | $ 112,917 | |||||||||||||
Note One Six Percentage [Member] | ||||||||||||||
Convertible Notes Payable [Line Items] | ||||||||||||||
Underlying Number of shares (in shares) | 4,287,500 | |||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 545,477 | |||||||||||||
Proceeds From Issuance Of Convertible Notes | $ 857,500 | |||||||||||||
Note Two Six Percentage [Member] | ||||||||||||||
Convertible Notes Payable [Line Items] | ||||||||||||||
Underlying Number of shares (in shares) | 3,675,000 | |||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 416,976 | |||||||||||||
Proceeds From Issuance Of Convertible Notes | $ 735,000 | |||||||||||||
Note Three Six Percentage [Member] | ||||||||||||||
Convertible Notes Payable [Line Items] | ||||||||||||||
Underlying Number of shares (in shares) | 4,287,500 | |||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 505,503 | |||||||||||||
Proceeds From Issuance Of Convertible Notes | $ 857,500 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of underlying shares Outstanding beginning of the period | 1,232,600 | 1,232,600 | ||
Number of underlying shares Exercised | 0 | 0 | ||
Number of underlying shares Expired | 0 | 0 | ||
Number of underlying shares Forfeited | 0 | 0 | ||
Number of underlying shares Outstanding ending of the period | 1,232,600 | 1,232,600 | 1,232,600 | |
Number of underlying shares Exercisable ending of the period | 1,232,600 | |||
Weighted Average Exercise Price Per Share Outstanding beginning of the period | $ 0.175 | $ 0.175 | ||
Weighted Average Exercise Price Per Share Exercised | 0 | 0 | ||
Weighted Average Exercise Price Per Share Expired | 0 | 0 | ||
Weighted Average Exercise Price Per Share Forfeited | 0 | 0 | ||
Weighted Average Exercise Price Per Share Outstanding ending of the period | 0.175 | $ 0.175 | $ 0.175 | |
Weighted Average Exercise Price Per Share Exercisable ending of the period | $ 0.175 | |||
Aggregate Intrinsic Value Outstanding beginning of the period | [1] | $ 0 | $ 0 | |
Aggregate Intrinsic Value Outstanding ending of the peiod | [1] | 0 | $ 0 | $ 0 |
Aggregate Intrinsic Value Exercisable ending of the peiod | [1] | $ 0 | ||
Weighted Average Contractual Life Remaining in Years Outstanding beginning of the period | 4 years | 5 years | 6 years | |
Weighted Average Contractual Life Remaining in Years Exercisable ending of the period | 4 years | |||
[1] | The market value of the Company’s common stock at December 31, 2014 was $0.0007 per share. The outstanding options had no intrinsic value at December 31, 2014. |
Stock-based Compensation (Det40
Stock-based Compensation (Details Textual) - USD ($) | Dec. 12, 2006 | Dec. 31, 2014 | Dec. 31, 2013 |
Stock-based Compensation [Line Items] | |||
Common Stock Market Value (in dollars per share) | $ 0.0007 | ||
Stock Granted, Value, Share-based Compensation, Gross | $ 320,154 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.16 | ||
Stock or Unit Option Plan Expense | $ 0 | $ 0 | |
Stock Incentive Plan 2004 [Member] | |||
Stock-based Compensation [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 2,000,000 |
Income Tax (Details)
Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
schedule of deferred tax assets [Line Items] | ||
Pre-tax income (loss) | $ (617,556) | $ 3,713,866 |
U.S. federal corporate income tax rate | 34.00% | 34.00% |
Income tax computed at U.S. federal corporate income tax rate | $ (209,969) | $ 1,262,714 |
Reconciling items: | ||
Rate differential for PRC earnings | 29,775 | 29,392 |
Change of valuation allowance | 139,394 | (1,332,906) |
Non-deductible expenses and non-reportable income | 40,800 | 40,800 |
Effective tax expense | $ 0 | $ 0 |
Income Tax (Details 1)
Income Tax (Details 1) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
schedule of deferred tax assets [Line Items] | ||
Net operating losses carried forward | $ 3,167,589 | $ 3,555,928 |
Less: Valuation allowance | (3,167,589) | (3,555,928) |
Net deferred tax assets | $ 0 | $ 0 |
Income Tax (Details Textual)
Income Tax (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | ||
Operating Loss Carry forwards | $ 8 | $ 10 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Kiwa Tianjin [Member] | Kiwa Shandong [Member] | ||
Income Tax [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% |
Commitments and Contingencies44
Commitments and Contingencies (Details) | Dec. 31, 2014USD ($) |
Commitments and Contingencies [Line Items] | |
2,015 | $ 1,000 |
Total | $ 1,000 |
Commitments and Contingencies45
Commitments and Contingencies (Details Textual) - Related Party [Domain] ¥ in Millions | May. 08, 2006USD ($) | Jun. 30, 2011USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | May. 08, 2006CNY (¥) |
Commitments and Contingencies [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | $ 162,715 | ¥ 1 | |||
Technology Rights Purchase Price | $ 1,620,000 | ¥ 10 | |||
Technology Purchase Price Cash Paid | ¥ | 6 | ||||
Technology Rights Agreed To Be Paid In Stock | ¥ | ¥ 4 | ||||
Technology Rights Agreement Description | On May 8, 2006 we entered into a Technology Transfer Agreement (“TTA”) with Jinan Kelongboao Bio-Tech Co. Ltd. (“JKB”). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB 10 million (approximately $1.62 million), of which RMB 6 million will be paid in cash and RMB 4 million will be paid in stock. The cash portion will be paid in installments, the first installment RMB 3 million was set for May 23, 2006 initially, of which RMB 1 million has been paid and both parties have agreed to extend the remaining RMB 2 million to the date when the application for new veterinary drug certificate is accepted.  Three other installments of RMB 1 million are due upon the achievement of certain milestones, the last milestone being issuance by the PRC Ministry of Agriculture of a new medicine certificate in respect of the technology.  The RMB 4 million stock payment will be due 90 days after the AF-01 technology is approved by the appropriate PRC department for use as a livestock disinfector for preventing bird flu. The agreement will become effective when the first installment has been fully paid | ||||
Technology Rights Amount Paid | $ 165,188 | ¥ 1 | |||
Kangtai Pursuant [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Sublease Agreement Description | On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $1,000. The sublease expired on June 30, 2014 and both parties agreed to extend the lease to January 2015. | On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $1,000. The sublease expired on June 30, 2014 and both parties agreed to extend the lease to January 2015. | |||
Sublease Rental Income Monthly | $ 1,000 | ||||
Zoucheng, Shandong Province [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Investment Owned, at Cost | $ 1,910,000 | ||||
Minimum [Member] | Zoucheng, Shandong Province [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Commitment To Invest In Developing Manufacturing And Research Facilities | 18,000,000 | ||||
Maximum [Member] | Zoucheng, Shandong Province [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Commitment To Invest In Developing Manufacturing And Research Facilities | $ 24,000,000 |