Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 03, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Trading Symbol | kndi | |
Entity Registrant Name | Kandi Technologies Group, Inc. | |
Entity Central Index Key | 1,316,517 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 46,964,855 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 11,691,023 | $ 26,379,460 |
Restricted cash | 15,689,228 | 13,000,731 |
Accounts receivable | 33,912,043 | 15,736,805 |
Inventories (net of provision for slow moving inventory of 304,677 and 315,584 as of September 30, 2015 and December 31, 2014, respectively) | 31,652,659 | 15,403,840 |
Notes receivable | 18,785,582 | 9,060,441 |
Other receivables | 488,621 | 238,567 |
Prepayments and prepaid expense | 240,609 | 120,761 |
Due from employees | 41,128 | 34,475 |
Advances to suppliers | 457,782 | 6,901,505 |
Amount due from JV Company, net | 76,814,162 | 51,450,612 |
TOTAL CURRENT ASSETS | 189,772,837 | 138,327,197 |
LONG-TERM ASSETS | ||
Plant and equipment, net | 21,788,066 | 26,215,356 |
Land use rights, net | 14,826,253 | 15,649,152 |
Construction in progress | 56,525,652 | 58,510,051 |
Long Term Investment | 1,490,477 | 0 |
Investment in JV Company | 82,273,884 | 83,309,095 |
Goodwill | 322,591 | 322,591 |
Intangible assets | 515,830 | 577,401 |
Other long term assets | 156,892 | 162,509 |
TOTAL Long-Term Assets | 177,899,645 | 184,746,155 |
TOTAL ASSETS | 367,672,482 | 323,073,352 |
CURRENT LIABILITIES | ||
Accounts payables | 87,854,246 | 45,772,481 |
Other payables and accrued expenses | 3,362,729 | 5,101,740 |
Short-term loans | 37,340,362 | 35,589,502 |
Customer deposits | 111,314 | 2,630,723 |
Notes payable | 3,137,846 | 5,702,121 |
Income tax payable | 2,803,621 | 1,835,685 |
Due to employees | 12,862 | 15,787 |
Deferred taxes liabilities | 256,049 | 230,864 |
Financial derivate - liability | 540,299 | 2,245,610 |
Deferred income | 34,954 | 0 |
Total Current Liabilities | 135,454,282 | 99,124,513 |
LONG-TERM LIABILITIES | ||
Deferred taxes liabilities | 402,934 | 2,266,725 |
Financial derivate - liability | 0 | 10,097,275 |
Total Long-Term Liabilities | 402,934 | 12,364,000 |
TOTAL LIABILITIES | 135,857,216 | 111,488,513 |
STOCKHOLDER'S EQUITY | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 46,964,855 and 46,274,855 shares issued and outstanding at September 30,2015 and December 31,2014, respectively | 46,965 | 46,275 |
Additional paid-in capital | 202,744,428 | 190,258,037 |
Retained earnings (the restricted portion is $4,172,324 and $4,172,324 at September 30,2015 and December 31,2014, respectively) | 30,290,776 | 16,390,424 |
Accumulated other comprehensive income(loss) | (1,266,903) | 4,890,103 |
TOTAL STOCKHOLDERS' EQUITY | 231,815,266 | 211,584,839 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 367,672,482 | $ 323,073,352 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Reserve for slow moving inventory | $ 304,677 | $ 315,584 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 46,964,855 | 46,274,855 |
Common stock, shares outstanding (in shares) | 46,964,855 | 46,274,855 |
Restricted Retained Earnings | $ 4,172,324 | $ 4,172,324 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES, NET | $ 50,528,545 | $ 44,206,992 | $ 142,273,091 | $ 117,338,351 |
COST OF GOODS SOLD | 43,411,839 | 38,698,452 | 122,294,189 | 99,748,314 |
GROSS PROFIT | 7,116,706 | 5,508,540 | 19,978,902 | 17,590,037 |
OPERATING EXPENSES: | ||||
Research and development | 785,450 | 391,097 | 1,928,091 | 2,535,027 |
Selling and marketing | 122,873 | 432,365 | 312,284 | 939,516 |
General and administrative | 8,649,541 | 2,076,749 | 16,275,202 | 11,720,693 |
Total Operating Expenses | 9,557,864 | 2,900,211 | 18,515,577 | 15,195,236 |
INCOME (LOSS) FROM OPERATIONS | (2,441,158) | 2,608,329 | 1,463,325 | 2,394,801 |
OTHER INCOME(EXPENSE): | ||||
Interest income | 1,140,756 | 220,911 | 2,454,079 | 1,453,047 |
Interest (expense) | (534,987) | (932,030) | (1,730,898) | (2,850,341) |
Change in fair value of financial instruments | 3,049,242 | 10,187,277 | 11,802,586 | 6,814,675 |
Government grants | (724) | 63,584 | 92,139 | 217,284 |
Share of profit (loss) in associated companies | 0 | 38,702 | 0 | (54,290) |
Share of profit after tax of JV | 1,179,605 | 2,038,388 | 1,900,128 | 3,757,218 |
Other income, net | 988,224 | 21,814 | 1,094,278 | 141,641 |
Total other income (expense), net | 5,822,116 | 11,638,646 | 15,612,312 | 9,479,234 |
INCOME(LOSS) BEFORE INCOME TAXES | 3,380,958 | 14,246,975 | 17,075,637 | 11,874,035 |
INCOME TAX EXPENSE | (1,037,763) | (713,273) | (3,175,287) | (1,269,408) |
NET INCOME | 2,343,195 | 13,533,702 | 13,900,350 | 10,604,627 |
OTHER COMPREHENSIVE INCOME | ||||
Foreign currency translation | (7,098,249) | (109,112) | (6,157,006) | (2,037,704) |
COMPREHENSIVE INCOME(LOSS) | $ (4,755,054) | $ 13,424,590 | $ 7,743,344 | $ 8,566,923 |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC | 46,959,638 | 43,214,455 | 46,670,533 | 41,327,666 |
WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED | 46,959,638 | 43,530,185 | 46,945,277 | 41,462,490 |
NET INCOME PER SHARE, BASIC | $ 0.05 | $ 0.31 | $ 0.30 | $ 0.26 |
NET INCOME PER SHARE, DILUTED | $ 0.05 | $ 0.31 | $ 0.30 | $ 0.26 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 13,900,350 | $ 10,604,627 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 4,388,902 | 4,157,606 |
Assets Impairments | 0 | 0 |
Deferred taxes | (1,854,863) | 808,725 |
Change in fair value of financial instruments | (11,802,586) | (6,814,675) |
Loss (income) in investment in associated companies | 0 | 54,290 |
Share of loss after tax of JV Company | (1,900,128) | (3,757,218) |
Stock Compensation cost | 12,486,881 | 0 |
(Increase) Decrease In: | ||
Accounts receivable | (19,286,512) | 17,190,113 |
Inventories | (17,289,849) | (5,480,008) |
Other receivables | (298,976) | 105,092 |
Due from employee | (10,535) | 413,441 |
Prepayments and prepaid expenses | 6,265,899 | (49,927,475) |
Amount due from JV Company | (27,964,497) | (49,177,160) |
Increase (Decrease) In: | ||
Accounts payable | 44,980,746 | 32,911,627 |
Other payables and accrued liabilities | (1,302,135) | 2,441,464 |
Customer deposits | (2,502,087) | 108,031 |
Income Tax payable | 1,062,643 | (36,060) |
Net cash (used in ) provided by operating activities | (1,126,747) | (46,397,580) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
(Purchases)/Disposal of plant and equipment, net | (408,850) | (813,246) |
Purchases of land use rights | 0 | (1,667,986) |
Purchases of construction in progress | (39,054) | (39,283) |
Disposal of associated company | 0 | (96,268) |
Issuance of notes receivable | (72,040,444) | (21,698,986) |
Repayment of notes receivable | 61,697,894 | 29,344,951 |
Long Term Investment | (1,535,651) | 0 |
Net cash provided by (used in) investing activities | (12,326,105) | 5,029,182 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Restricted cash | (3,232,950) | (13,006,018) |
Proceeds from short-term bank loans | 30,583,709 | 28,616,816 |
Repayments of short-term bank loans | (27,512,406) | (39,998,504) |
Proceeds from notes payable | 9,860,498 | 13,007,644 |
Repayment of notes payable | (12,299,436) | (16,584,746) |
Option exercise‚stock awards & other financing | 0 | 6,429,622 |
Warrant exercise | 0 | 22,447,914 |
Common stock issued for acquisition, net of cost of capital | 0 | 78,155,627 |
Net cash (used in) provided by financing activities | (2,600,585) | 79,068,355 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (16,053,437) | 37,699,957 |
Effect of exchange rate changes on cash | 1,365,000 | (961,614) |
Cash and cash equivalents at beginning of year | 26,379,460 | 12,762,369 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 11,691,023 | 49,500,712 |
SUPPLEMENTARY CASH FLOW INFORMATION | ||
Income taxes paid | 1,794,115 | 1,305,468 |
Interest paid | $ 1,718,257 | $ 1,748,140 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 9 Months Ended |
Sep. 30, 2015 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES [Text Block] | NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES Kandi Technologies Group, Inc. (“Kandi Technologies”) was incorporated under the laws of the State of Delaware on March 31, 2004. Kandi Technologies changed its name from Stone Mountain Resources, Inc. to Kandi Technologies, Corp. on August 13, 2007. On December 21, 2012, Kandi Technologies changed its name to Kandi Technologies Group, Inc. As used herein, the term the “Company” means Kandi Technologies and its operating subsidiaries, as described below. Headquartered in the Jinhua city, Zhejiang Province, China, the Company is one of China’s leading producers and manufacturers of electrical vehicle products, electrical vehicle parts and off-road vehicles for sale in the People’s Republic of China (the “PRC”) and global markets. The Company conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), and the partial and wholly-owned subsidiaries of Kandi Vehicles. The Company’s organizational chart is as follows: [The Image Has Been Excluded For XBRL Purpose] Operating Subsidiaries: Pursuant to relevant agreements executed in January 2011, Kandi Vehicles is entitled to 100% of the economic benefits, voting rights and residual interests ( 100% the profits and losses) of Jinhua Kandi New Energy Vehicles Co., Ltd. (“Kandi New Energy”), a company in which Kandi Vehicles has a 50% interest. Kandi New Energy was established in accordance with relevant Chinese government regulations on automobile manufacturing enterprises, which prohibit foreign ownership of greater than 50%. Mr. Hu Xiaoming owns the other 50%, which he entrusted to Kandi Vehicles to manage. Kandi New Energy currently holds vehicle production rights (a PRC license) to manufacture Kandi-brand electric utility vehicles (“Special-purpose Vehicles”) and production rights (a PRC license) to manufacture battery packs used in Kandi-brand electric vehicles (“EVs”). Kandi New Energy supplies battery packs for Kandi-brand EVs. In April 2012, pursuant to the agreement, the Company acquired 100% of YongkangScrou Electric Co, Ltd. (“YongkangScrou”), a manufacturer of automobile and EV parts, including EV drive motors, EV controllers, air conditioners and other electrical products, that are sold primarily to the JV Company (defined below). As a part of the Company’s EV business strategy, the Company believes it needs more production resources to timely and efficiently satisfy the market demands. In March 2013, pursuant to a joint venture agreement (the “JV Agreement”) entered into by and between Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd. (“Shanghai Guorun”), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. (“Geely”), the parties established Zhejiang Kandi Electric Vehicles Co., Ltd. (the “JV Company”) to develop, manufacture and sell EVs and related auto parts, and to invest in other companies with related or similar businesses. Each of Kandi Vehicles and Shanghai Guorun holds a 50% ownership interest in the JV Company. In March 2014, the JV Company changed its name to Kandi Electric Vehicles Group Co., Ltd. At present, the JV Company is a holding company with products manufactured by its subsidiaries. In March 2013, Kandi Vehicles formed Kandi Electric Vehicles (Changxing) Co., Ltd. (“Kandi Changxing”) in the Changxing (National) Economic and Technological Development Zone. Kandi Changxing is engaged in the production of EVs. In the fourth quarter of 2013, Kandi Vehicles entered into a share transfer agreement with the JV Company pursuant to which Kandi Vehicles transferred 100% of its ownership in Kandi Changxing to the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Changxing. In April 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) was formed in Wanning City of Hainan Province by Kandi Vehicles and Kandi New Energy. Kandi Vehicles has a 90% ownership in Kandi Wanning, and Kandi New Energy has the remaining 10% interest. However, by contract, Kandi Vehicles is, effectively, entitled to 100% of the economic benefits, voting rights and residual interests ( 100% of the profits and losses) of Kandi Wanning. In July 2013, Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the “Service Company”) was formed. The Service Company is engaged in various pure EV leasing businesses. The JV Company had a 19% ownership interest in the Service Company. In August 2015, because the Service Company started to prepare for Initial Pricing Offering, the JV Company transferred its shares of the Service Company to Shanghai Guorun and Kandi Vehicles for 9.5% respectively. As the result, the Company has the direct economic interest of 9.5% of the Service Company through Kandi Vehicles. In November 2013, Zhejiang Kandi Electric Vehicles Jinhua Co., Ltd. (“Kandi Jinhua”) was formed by the JV Company. The JV Company has 100% ownership interest in Kandi Jinhua, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jinhua. According to the terms of the JV Agreement, except through the JV Company and its subsidiaries, Kandi Vehicle and its subsidiaries will not manufacture pure EVs. However, Kandi New Energy holds the production rights (a PRC license) to manufacture of Special-purpose Vehicles. Therefore, it was necessary to establish Kandi Jinhua, which is in charge of the Special-purpose Vehicle business and entitled to use Kandi New Energy’s Special-purpose Vehicle production rights (license). In November 2013, Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”) was formed by the JV Company and is engaged in the EV car sales business. The JV Company has 100% ownership interest in JiHeKang, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in JiHeKang. In December 2013, the JV Company entered into an ownership transfer agreement with Shanghai Guorun pursuant to which the JV Company acquired 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. (“Kandi Shanghai”). As a result, Kandi Shanghai is a wholly-owned subsidiary of the JV Company, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Shanghai. Kandi Shanghai is mainly engaged in EV research and development, manufacturing and sales. In January 2014, Zhejiang Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”) was formed by the JV Company. The JV Company has a 100% ownership interest in Kandi Jiangsu, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jiangsu. Kandi Jiangsu is mainly engaged in EV research and development, manufacturing and sales. The Company’s primary business operations are the design, development, manufacturing and commercialization of EV products, EV parts, and off-road vehicles. As part of its strategic objective to become a leading manufacturer of EV products and related services, the Company has increased its focus on fuel efficient, pure EV products with a particular emphasis on expanding its market share in China. |
LIQUIDITY
LIQUIDITY | 9 Months Ended |
Sep. 30, 2015 | |
LIQUIDITY [Text Block] | NOTE 2 – LIQUIDITY The Company had a working capital surplus of $54,318,555 as of September 30, 2015, an increase of $15,115,871 from $39,202,684 as of December 31, 2014. As of September 30, 2015, the Company had credit lines from commercial banks of $37,340,362. The Company believes that its cash flows generated internally may not be sufficient to support the growth of future operations and to repay short-term bank loans for the next twelve (12) months. However, the Company believes its cash reserves and its access to existing financing sources, including established relationships with PRC banks, will enable it to fund its ongoing operations. The Company has historically financed its operations through short-term commercial bank loans from PRC banks. The term of these loans is typically for one year, and upon the payment of all outstanding principal and interest in a particular loan, the banks have typically rolled over the loan for an additional one-year term, with adjustments made to the interest rate to reflect prevailing market rates. The Company believes this situation has not changed and that short-term bank loans remain available on normal trade terms if needed. On March 24, 2014, the Company raised approximately $11.05 million from the sale to two institutional investors of an aggregate of 606,000 shares of its common stock at a price of $18.24 per share. As part of the transaction, the Company also issued to the investors warrants for the purchase of up to 90,900 shares of common stock at an exercise price of $22.80 per share, with a term of 18 months from the date of issuance. On July 25, 2015, the Company adjusted the warrant exercise price to $9.72 per share in connection with the grant of employee stock options that triggered the warrant exercise price adjustment term according to the warrant agreement. On August 8, 2015, the Company extended the expiration date of these warrants from September 21, 2015 to January 20, 2016. On September 4, 2014, the Company raised approximately $71.00 million before deducting fees to the placement agent and other offering expenses incurred from the sale to six institutional investors of an aggregate of 4,127,908 shares of its common stock at a price of $17.20 per share. As part of the transaction terms, the Company also issued to the investors warrants for the purchase of up to 743,024 shares of common stock at an exercise price of $21.50 per share, with a term of 17 months from the date of issuance. On July 25, 2015, the Company adjusted the warrant exercise price to $9.72 per share as a result of the grant of employee stock options that triggered the warrant exercise price adjustment term according to the warrant agreement. On August 8, 2015, the Company extended the expiration date of these warrants from February 4, 2016 to June 3, 2016. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2015 | |
BASIS OF PRESENTATION [Text Block] | NOTE 3 - BASIS OF PRESENTATION The Company maintains its general ledger and journals with the accrual method accounting for financial reporting purposes. The financial statements and notes are representations of management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States (“U.S. GAAP”) and have been consistently applied in the presentation of the Company’s financial statements. The financial information included herein for the three-month and nine-month period ended September 30, 2015 and 2014 are unaudited; however, such information reflects all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the Company’s condensed consolidated financial statements for these interim periods. The results of operations for the three-month and nine-months ended September 30, 2015 are not necessarily indicative of the results expected for the entire fiscal year ending December 31, 2015. |
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION | 9 Months Ended |
Sep. 30, 2015 | |
PRINCIPLES OF CONSOLIDATION [Text Block] | NOTE 4 – PRINCIPLES OF CONSOLIDATION The consolidated financial statements reflect the accounts of the Company and its ownership interest in following subsidiaries: (i) Continental, a wholly-owned subsidiary of the Company; (ii) Kandi Vehicles, a wholly-owned subsidiary of Continental; (iii) Kandi New Energy, a 50% owned subsidiary of Kandi Vehicles. Pursuant to relevant agreements executed in January 2011, Kandi Vehicles is entitled to 100% of the economic benefits, voting rights and residual interests of Kandi New Energy; (iv) YongkangScrou, a wholly-owned subsidiary of Kandi Vehicles; (v) Kandi Wanning, a subsidiary 10% owned by Kandi New Energy and 90% owned by Kandi Vehicles. All inter-company accounts and transactions have been eliminated in consolidation. Equity Method Investees The consolidated net income also includes the Company’s proportionate share of the net income or loss of its equity method investees as following: (i) The JV Company, a 50% owned subsidiary of Kandi Vehicles; (ii) Kandi Changxing, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; (iii) Kandi Jinhua, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; (iv) JiHeKang, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; (v) Kandi Shanghai, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest; (vi) Kandi Jiangsu, a wholly-owned subsidiary of the JV Company. The Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest. All intra-entity profits and losses with the Company’s equity method investees have been eliminated. |
USE OF ESTIMATES
USE OF ESTIMATES | 9 Months Ended |
Sep. 30, 2015 | |
USE OF ESTIMATES [Text Block] | NOTE 5 – USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made. However, actual results when ultimately realized could differ from those estimates. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 6 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Economic and Political Risks The Company’s operations are conducted in the PRC. As a result, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC economy. In addition, the Company’s earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is the Company’s functional currency. Accordingly, the Company’s operating results are affected by changes in the exchange rate between the U.S. dollar and the RMB. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s performance may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. (b) Fair Value of Financial Instruments ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1—defined as observable inputs such as quoted prices in active markets; Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2015, the Company’s assets, measured at fair value, on a recurring basis, subject to the disclosure requirements of ASC 820, were as follows: Fair Value Active Significant Significant Cash and cash equivalents $ 11,691,023 $ 11,691,023 - - Restricted cash 15,689,228 15,689,228 - - Warrants $ 540,299 - - 540,299 Cash and cash equivalents consist primarily of highly-rated money market funds at a number of well-known institutions with original maturities of three months or less. Restricted cash represents time deposits on account, some of which are used to secure short-term bank loans and notes payable. The original cost of these assets approximates fair value due to their short term maturity. Warrants, which are accounted as liabilities, are treated as derivative instruments, and are measured at each reporting date for their fair value using Level 3 inputs. Also see Note 6 (t). (c) Cash and Cash Equivalents The Company considers highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Restricted cash, as of September 30, 2015 and December 31, 2014, represented time deposits on account, some of which were used to secure short-term bank loans and notes payable. As of September 30, 2015, the Company’s restricted cash was $15,689,228. (d) Inventories Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the weighted average basis and comprises direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is based on estimated selling prices less selling expenses and any further costs expected to be incurred for completion. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. (e) Accounts Receivable Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts is recorded in periods in which the Company determines a loss is probable, based on its assessment of specific factors, such as troubled collections, historical experience, accounts aging, ongoing business relations and other factors. Accounts are written off after an exhaustive collection effort. If accounts receivable are to be provided for, or written off, they are recognized in the consolidated statement of operations within the operating expenses line item. As of September 30, 2015 and December 31, 2014, the Company had no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. As of September 30, 2015 and December 31, 2014, the credit terms with the Company’s customers were typically 90 to 120 days after delivery. (f) Notes receivable Notes receivable represent short-term loans to third parties with the maximum term of one year. Interest income will be recognized according to each agreement between a borrower and the Company on an accrual basis. If notes receivable are paid back, or written off, that transaction will be recognized in the relevant year. If the loan default is probable, reasonably assured and the loss can be reasonably estimated, the Company will recognize income if the written-off loan is recovered at a future date. In case of any foreclosure proceedings or legal actions being taken, the Company provides an accrual for the related foreclosure expenses and related litigation expenses. (g) Prepayments Prepayments represent cash paid in advance to suppliers, which also includes advances to raw material suppliers, mold manufacturers, and suppliers of equipment. Advances for raw materials purchases typically are settled within two months by the Company’s receipt of raw materials. Prepayment is offset against purchase amount after equipment or materials are delivered. (h) Plant and Equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets estimated useful lives, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. Estimated useful lives are as follows: Buildings 30 years Machinery and equipment 10 years Office equipment 5 years Motor vehicles 5 years Molds 5 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to expense as incurred, whereas significant renewals and betterments are capitalized. (i) Construction in Progress Construction in progress represents the direct costs of construction, the acquisition cost of buildings or machinery and design fees. Capitalization of these costs ceases, and the construction in progress is transferred to plant and equipment, when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until the assets are completed and ready for their intended use. (j) Long Term Investment Long Term Investment will be recorded at cost. For investments using the cost method, the Company recognizes, initially at cost, investments in stock of investees as assets on the statement of financial position. The value of the investment in stock accounted for under the cost method may lose its value because of a series of operating losses or other factors. We evaluate our long term investments for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of long term investments may not be recoverable. Impairment exists if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such investments. Should impairment exist, the impairment loss would be measured based on the excess carrying value of the asset over the investment’s estimated fair value. As at the end of September 30, 2015, the Company did not record any material impairment losses on our long term investment. (k) Land Use Rights According to Chinese laws, land in the PRC is owned by the government and land ownership rights cannot be sold to an individual or to a private company. However, the government grants the user a “land use right” to use the land. The land use rights granted to the Company are being amortized using the straight-line method over a term of fifty years. (l) Accounting for the Impairment of Long-Lived Assets The Company periodically evaluates the carrying value of long-lived assets to be held and used, including intangible assets subject to amortization, when events and circumstances warrant such a review, pursuant to the guidelines established in Statement of Financial Accounting Standards (“SFAS”) No. 144 (now known as “ASC 360”). The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose. During the three-month and nine-month periods ended September 30, 2015, no impairment loss was recognized. (m) Revenue Recognition Revenue represents the invoiced value of goods sold. Revenue is recognized when the Company ships the goods to its customers and all of the following criteria are met: • Persuasive evidence of an arrangement exists; • Delivery has occurred or services have been rendered; • The seller’s price to the buyer is fixed or determinable; and • Collectability is reasonably assured. The Company recognized revenue when the products and the risk they carry are transferred to the other party. (n) Research and Development Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. Research and development expenses were $785,450 and $391,097 for the three months ended September 30, 2015 and 2014, respectively. Research and development expenses were $1,928,091 and $2,535,027 for the nine months ended September 30, 2015 and 2014, respectively. (o) Government Grants Grants and subsidies received from the PRC Government are recognized when the proceeds are received or collectible. For the three months ended September 30, 2015 and 2014, $- 724 (due to the change resulting from the RMB depreciation against the US dollars) and $63,584, respectively, was received. For the nine months ended September 30, 2015 and 2014, $92,139 and $217,284 was, respectively, received. (p) Income Taxes The Company accounts for income tax using an asset and liability approach, which allows for the recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The accounting for deferred tax calculation represents the management’s best estimate on the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. (q) Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). Capital accounts of the consolidated financial statements are translated into United States dollars from RMB at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the reporting period, which rates are obtained from the website: http://www.oanda.com September 30, 2015 December 31, 2014 September 30, 2014 Period end RMB : USD exchange rate 6.37380 6.15350 6.15600 Average RMB : USD exchange rate 6.18630 6.14821 6.15023 (r) Comprehensive Income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes. (s) Segments In accordance with ASC 280-10, Segment Reporting (t) Stock Option Expenses The Company’s stock option expenses are recorded in accordance with ASC 718, Compensation — Stock Compensation Equity The fair value of stock options is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s common stock. The expected life assumption is primarily based on the expiration date of the option. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The recognition of the stock option expenses is based on awards expected to vest, and there were no estimated forfeitures. ASC standards require forfeitures to be estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from those estimates. The stock-based option expenses for the three months and nine months ended September 30, 2015 were 6,109,666 and $8,146,221, respectively. See Note 21. (u) Warrant Costs The Company’s warrant costs are recorded in liabilities and equities, respectively, in accordance with ASC 480, Distinguishing Liabilities From Equity Equity Derivatives and Hedging The fair value of a warrant, which is classified as a liability, is estimated using the Black-Scholes-Merton model and the lattice valuation model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s common stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the warrant is based on the U.S. Treasury yield curve in effect at the time of measurement. The warrants, which are freestanding derivatives and are classified as liabilities on the balance sheet, will be measured at fair value on each reporting date, with decreases in fair value recognized in earnings and increases in fair values were recognized in expenses. The fair value of equity-based warrants, which are not considered derivatives under ASC 815, is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s common stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. (v) Goodwill The Company allocates goodwill from business combinations to reporting units based on the expectation that the reporting unit is to benefit from the business combination. The Company evaluates its reporting units on an annual basis and, if necessary, reassigns goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgments, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of each reporting unit. The Company first assesses qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, the Company performs a quantitative impairment test. As of September 30, 2015, the Company determined that its goodwill was not impaired. (w) Intangible assets Intangible assets consist of tradenames and customer relations associated with the purchase price from the allocation of Yongkang Scrou. Such assets are being amortized over their estimated useful lives of 9.7 years. Intangible assets were straight-line amortized as of September 30, 2015. (x) Accounting for Sale of Common Stock and Warrants Gross proceeds are first allocated according to the initial fair value of the freestanding derivative instruments (i.e. the warrants issued to the Company’s investors in its previous offerings or the “Investor Warrants”). The remaining proceeds are allocated to common stock. The related issuance expenses, including the placement agent cash fees, legal fees, the initial fair value of the warrants issued to the placement agent and others were allocated between the common stock and the Investor Warrants based on how the proceeds are allocated to these instruments. Expenses related to the issuance of common stock were charged to paid-in capital. Expenses related to the issuance of derivative instruments were expensed upon issuance. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
NEW ACCOUNTING PRONOUNCEMENTS [Text Block] | NOTE 7 – NEW ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2015-01 “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items”. The objective is to reduce the cost and complexity of income statement presentation by eliminating the concept of extraordinary items while maintaining or improving the usefulness of the information provided to the users of financial statements. The extraordinary items must meet two criteria: unusual nature and infrequency of occurrence. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either. This amendment will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Board decided to permit early adoption provided that the guidance is applied from the beginning of the fiscal year of adoption. The FASB has issued ASU No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs”. The objective is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The FASB has issued ASU No. 2015-05 “Intangibles-Goodwill and Other-Internal-Use Software”. The objective is to provide a guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendment will not change GAAP for a customer accounting for service contracts. In addition, the guidance in this Update supersedes paragraph 350-40-25-16. Consequently, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. For public business entities, the FASB decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendment will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities. The FASB has issued ASU No. 2015-07 “Topic 820, Fair Value Measurement”, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this Update apply to reporting entities that elect to measure the fair value of an investment within the related scope by using the net asset value per share (or its equivalent) practical expedient. The FASB has issued No. 2015-10 “Technical Corrections and Improvements”, which aims to address feedback received from stakeholders on the Codification and make improvements to GAAP. The amendments in this Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Some of the amendments will make the Codification easier to understand and apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification. The amendments in this Update will apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The FASB has issued No. 2015-11“Topic 330,Inventory”, which aims to simplify the measurement of inventory by changing the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of this Update. The amendments in this Update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The FASB has issued No. 2015-14“Topic 606, Revenue from Contracts with Customers”, which aims to respond to stakeholders’ requests to defer the effective date of the guidance in Update 2014-09 and to consider feedback received through extensive outreach with preparers, practitioners, and users of financial statements. The amendments in this Update defer the effective date of Update 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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. |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Sep. 30, 2015 | |
CONCENTRATIONS [Text Block] | NOTE 8 – CONCENTRATIONS (a) Customers For the nine-month period ended September 30, 2015, the Company’s major customers, each of whom accounted for more than 10% of the Company’s consolidated revenue, were as follows: Sales Accounts Receivable Nine Months Nine Months Ended Ended September 30 September 30 September 30 December 31 Major Customers 2015 2014 2015 2014 Kandi Electric Vehicles (Shanghai) Co., Ltd. 29% 21% 22% 16% Kandi Electric Vehicles (Changxing) Co., Ltd. 29% 44% 3% 17% Kandi Electric Vehicles Group Co., Ltd. 17% - 28% - Zhejiang Zuozhongyou Electric Vehicle Service Co., Ltd. 10% - 11% - Shanghai Maple Auto Co., Ltd - 15% - 3% For the three-month period ended September 30, 2015, the Company’s major customers, each of whom accounted for more than 10% of the Company’s consolidated revenue, were as follows: Sales Accounts Receivable Three Months Three Months Ended Ended September 30 September 30 September 30 December 31 Major Customers 2015 2014 2015 2014 Kandi Electric Vehicles Group Co., Ltd. 44% - 28% - Kandi Electric Vehicles (Changxing) Co., Ltd. 13% 49% 3% 17% Kandi Electric Vehicles (Shanghai) Co., Ltd. 13% 30% 22% 16% Both Kandi Changxing and Kandi Shanghai are wholly-owned subsidiaries of the JV Company. The Company indirectly has a 50% economic interest in each of Kandi Changxing and Kandi Shanghai through its 50% ownership interest in the JV Company. For the nine months ended September 30, 2015, the Company sold $42,815,210 and $42,882,613 of battery packs, body parts, motors, air conditioning units, and other auto parts to Kandi Changxing and Kandi Shanghai, respectively. For the three months ended September 30, 2015, the Company sold $7,225,901 and $7,187,811 of battery packs, body parts, motors, air conditioning units, and other auto parts to Kandi Changxing and Kandi Shanghai, respectively. The balances due from both Kandi Changxing and Kandi Shanghai were included in amount due from JV Company, net on the Company’s balance sheets. See Note 24. The Company has 9.5% direct economic interest of the Service Company. For the three months ended September 30, 2015, the Company has the sales of $1,116,097 from the Service Company. For the nine months ended September 30, 2015, the Company has the sale of $14,611,084, respectively, of EV Parts to the Service Company and the balance due from it was $9,891,440 at September 30, 2015. (b) Suppliers For the nine-month period ended September 30, 2015, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows: Purchases Accounts Payable Major Suppliers Nine Months Nine Months September, 30 December, 31 Zhejiang Tianneng Energy Technology Co., Ltd. 24% - 29% - Dongguan Chuangming Battery Technology Co., Ltd. 17% - 12% - Zhejiang Xinneng Automotive Systems Co. Ltd. 16% 16% - 12% Shandong Henyuan New Energy Tech Co., Ltd. 5% 30% 10% 32% Zhongju (Tianjin) New Energy Investment Co., Ltd. - 11% - 29% For the three-month period ended September 30, 2015, the Company’s material suppliers, each of whom accounted for more than 10% of the Company’s total purchases, were as follows: Purchases Accounts Payable Major Suppliers Three Months Three Months September, 30 December 31 Zhejiang Tianneng Energy Technology Co., Ltd. 29% - 29% - Dongguan Chuangming Battery Technology Co., Ltd. 26% - 12% - Zhejiang Xinneng Automotive Systems Co. Ltd. - 38% - 12% Shandong Henyuan New Energy Tech Co., Ltd. 2% 30% 10% 32% |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2015 | |
EARNINGS (LOSS) PER SHARE [Text Block] | NOTE 9 –EARNINGS (LOSS) PER SHARE The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share The following is the calculation of earnings per share for the nine-month periods ended September 30, 2015: For nine months ended September 30, 2015 2014 Net income $ 13,900,350 $ 10,604,627 Weighted average shares used in basic computation 46,670,533 41,327,666 Dilutive shares 274,744 134,824 Weighted average shares used in diluted computation 46,945,277 41,462,490 Earnings per share: Basic $ 0.30 $ 0.26 Diluted $ 0.30 $ 0.26 The following is the calculation of earnings per share for the three-month periods ended September 30, 2015: For three months ended September 30, 2015 2014 Net income $ 2,343,195 $ 13,533,702 Weighted average shares used in basic computation 46,959,638 43,214,455 Dilutive shares - 315,730 Weighted average shares used in diluted computation 46,959,638 43,530,185 Earnings per share: Basic $ 0.05 $ 0.31 Diluted $ 0.05 $ 0.31 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended |
Sep. 30, 2015 | |
ACCOUNTS RECEIVABLE [Text Block] | NOTE 10 - ACCOUNTS RECEIVABLE Accounts receivable are summarized as follows: September 30, 2015 December 31, 2014 Accounts receivable $ 33,912,043 $ 15,736,805 Less: Provision for doubtful debts - - Accounts receivable, net $ 33,912,043 $ 15,736,805 During the three months ended September 30, 2015 and 2014, the Company sold products to Kandi USA Inc., a company that operates under the trade name of Eliteway Motorsports (“Eliteway”), in the amount of $0 and $597,481, respectively. During the nine months ended September 30, 2015 and 2014, the Company sold products to Kandi USA Inc. in the amount of $0 and $2,784,596, respectively. As of September 30, 2015 and December 31, 2014, the outstanding receivable due from Eliteway were $0 and $620,410, respectively. Mr. Hu Wangyuan was the sole shareholder and officer of Eliteway, which served as a U.S. importer of the Company's products. Mr. Hu Wangyuan is the adult son of the Company's Chairman and Chief Executive Officer, Mr. Hu Xiaoming. For the nine months ended September 30, 2015 and the year ended December 31, 2014, Eliteway and Mr. Hu Wangyuan were financially independent from the Company. The transactions between the Company and Eliteway were carried out at arm's-length without any preferential terms when compared with other customers at the comparative order size or volume. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2015 | |
INVENTORIES [Text Block] | NOTE 11 - INVENTORIES Inventories are summarized as follows: September 30, December 31, 2015 2014 Raw material $ 14,485,371 $ 3,621,428 Work-in-progress 2,253,507 3,104,678 Finished goods 15,218,458 8,993,318 Total inventories 31,957,336 15,719,424 Less: provision for slowing moving inventories (304,677 ) (315,584 ) Inventories, net $ 31,652,659 $ 15,403,840 |
NOTES RECEIVABLE
NOTES RECEIVABLE | 9 Months Ended |
Sep. 30, 2015 | |
NOTES RECEIVABLE [Text Block] | NOTE 12 - NOTES RECEIVABLE Notes receivable are summarized as follows: September December 30, 31, 2015 2014 Notes receivable from unrelated companies: Due September 30, 2015, interest at 9.6% per annum $ 10,802,903 $ 8,117,888 Bank acceptance notes 7,982,679 942,553 Notes receivable $ 18,785,582 $ 9,060,441 Details of Notes receivable are as below as of September 30, 2015 Inde x Amount ($) Counter party Relationship Nature Manner of 1 10,802,903 Yongkang HuiFeng No relationship beyond loan Receive interest income Not due 2 690,326 Kandi Changxing Subsidery of JV company Payments for sales Not due 3 75,308 Kandi Shanghai Subsidery of JV company Payments for sales Not due 4 941,354 Zhejiang Zuozhongyou Other equity Payments for sales Not due 5 6,275,691 Kandi Vehicle Notes were originally transferred from client Payments for sales Not due Details of Notes Receivable are as below as of December 31, 2014 Index Amount ($) Counter party Relationship Nature Manner of settlement 1 8,117,888 Yongkang HuiFeng No relationship beyond loan Receive interest income Not due 2 406,273 Kandi Changxing Subsidiary of JV company payment for sales Not due 3 455,025 Kandi Shanghai Subsidiary of JV company payment for sales Not due 4 81,255 Kandi Jinhua Subsidiary of JV company payment for sales Not due |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2015 | |
PLANT AND EQUIPMENT [Text Block] | NOTE 13 – PLANT AND EQUIPMENT Plant and equipment consisted of the following: September 30, December 31, At cost: Buildings $ 14,059,394 $ 14,492,949 Machinery and equipment 9,406,955 7,916,281 Office equipment 405,079 283,494 Motor vehicles 342,648 355,547 Moulds 33,338,265 34,523,167 57,552,341 57,571,438 Less : Accumulated depreciation Buildings $ (3,707,675 ) $ (3,480,417 ) Machinery and equipment (8,782,551 ) (7,371,047 ) Office equipment (244,074 ) (220,944 ) Motor vehicles (268,932 ) (254,331 ) Moulds (22,706,306 ) (19,972,647 ) (35,709,538 ) (31,299,386 ) Less: provision for impairment for fixed assets (54,737 ) (56,696 ) Plant and equipment, net $ 21,788,066 $ 26,215,356 As of September 30, 2015 and December 31, 2014, the net book value of plant and equipment pledged as collateral for bank loans was $10,066,053 and $10,816,480, respectively. Depreciation expenses for the nine months ended September 30, 2015 and 2014, was $4,036,771 and $3,814,892, respectively. Depreciation expenses for the three months ended September 30, 2015 and 2014, was $1,317,383 and $1,274,860, respectively. |
LAND USE RIGHTS
LAND USE RIGHTS | 9 Months Ended |
Sep. 30, 2015 | |
LAND USE RIGHTS [Text Block] | NOTE 14 – LAND USE RIGHTS The Company’s land use rights consisted of the following: September 30, 2015 December 31, 2014 Cost of land use rights $ 17,299,281 $ 17,786,170 Less: Accumulated amortization (2,473,028 ) (2,137,018 ) Land use rights, net $ 14,826,253 $ 15,649,152 As of September 30, 2015 and December 31, 2014, the net book value of land use rights pledged as collateral for the Company’s bank loans was $9,754,026 and $9,665,834, respectively. Also see Note 17. The amortization expense for the nine months ended September 30, 2015 and 2014 was $290,559 and $281,143, respectively. The amortization expense for the three months ended September 30, 2015 and 2014 was $95,332 and $97,238, respectively. Amortization expenses for the next five years and thereafter are as follows: 2015 (three months) $ 96,853 2016 387,412 2017 387,412 2018 387,412 2019 387,412 Thereafter 13,179,752 Total $ 14,826,253 |
CONSTRUCTION-IN-PROGRESS
CONSTRUCTION-IN-PROGRESS | 9 Months Ended |
Sep. 30, 2015 | |
CONSTRUCTION-IN-PROGRESS [Text Block] | NOTE 15 - CONSTRUCTION-IN-PROGRESS Construction-in-progress (“CIP”) relates to the facility being built in Wanning City of Hainan Province. Kandi Wanning facility In April 2013, Kandi Electric Vehicles (Wanning) Co., Ltd. (“Kandi Wanning”) was formed in Wanning City of Hainan Province. The Company signed an agreement with Wanning city government and planned to invest a total of RMB1 billion, or $156,892,278, to develop a factory in Wanning with an annual production of 100,000 EVs. In 2013, the Company contracted with an unrelated third party equipment supplier, Nanjing Shangtong Auto Technologies Co., Ltd. (“Nanjing Shangtong”), to purchase equipment. The equipment was purchased and delivered according to the construction schedule and development of Kandi Wanning. As of September 30, 2015, a total amount of advances to suppliers of RMB353,000,000, or $55,382,974, made by Kandi Wanning to Nanjing Shangtong for equipment purchases was transferred to Construction in Process (“CIP”). None of CIP was transferred to property, plant and equipment at September 30, 2015. Because the government of Hainan Province is enforcing a new plan to centralize the manufacturing in designated industry park, the Wanning facility was required to move from Wanning City to the national high tech development zone in Haikou City. After relocation, Kandi Wanning is expected to obtain more support from the government of Hainan Province and Haikou City. Currently the relocation is in process. Although causing certain delay to our production, Kandi Wanning will eventually benefit from the relocation because Haikou City is the capital of Hainan Province. In addition, all related expenses caused by the relocation is expected to be compensated by local government. No depreciation is provided for CIP until such time as the facility is completed and placed into operation. Information with respect to the Company’s CIP as of September 30, 2015 is as follow: Project Total in CIP as Estimated Cost to Estimated Estimated Kandi Wanning facility $ 56,525,652 $ 100,366,626 $ 156,892,278 June 30, 2017 Total $ 56,525,652 $ 100,366,626 $ 156,892,278 As of September 30, 2015 and December 31, 2014, the Company had CIP amounting to $56,525,652 and $58,510,051, respectively. No interest expense has been capitalized for CIP at the end of September 30, 2015 and December 31, 2014, respectively. |
LONG TERM INVESTMENT
LONG TERM INVESTMENT | 9 Months Ended |
Sep. 30, 2015 | |
LONG TERM INVESTMENT [Text Block] | NOTE 16 – LONG TERM INVESTMENT In August 2015, according to the agreement, the JV Company transferred 50% of the total 19% equity share of the Service Company to Shanghai Guorun and Kandi Vehicles respectively, thus Kandi Vehicles has directly own 9.5% of the Service Company. The total equity of the Service Company is $15,689,228, and the long term investment to the Service Company from Kandi Vehicles was 1,490,477 as at the end of September 30, 2015. |
SHORT TERM BANK LOANS
SHORT TERM BANK LOANS | 9 Months Ended |
Sep. 30, 2015 | |
SHORT TERM BANK LOANS [Text Block] | NOTE 17 – SHORT TERM BANK LOANS Short-term loans are summarized as follows: September 30, 2015 December 31, 2014 Loans from China Ever-bright Bank Interest rate up to 18% based on the base rate - 12,675,713 Interest rate 5.778% per annum, consist of $6,589,475 12,237,597 - Loans from China Evergrowing Bank Interest rate up to 20% based on the base rate - 3,250,183 Loans from Hangzhou Bank Interest rate 6.00% per annum, due October 20, 2015, 7,656,343 7,930,446 Interest rate 6.00% per annum, due November 17, 2015, - 11,733,160 Interest rate 4.85% per annum, due July 2, 2016, 7,844,614 - Interest rate 4.85% per annum, due July 12, 2016, 3,483,009 - Interest rate 5.35% per annum, due March 23, 2016, 6,118,799 - $ 37,340,362 $ 35,589,502 The interest expenses for the nine months ended September 30, 2015 and 2014 were $1,712,872 and $1,728,432, respectively. The interest expenses for the three months ended September 30, 2015 and 2014 were $528,285 and $558,806, respectively. As of September 30, 2015, the aggregate amount of short-term loans that was guaranteed by various third parties was $12,237,597. No. Amount Guarantor 1 $ 12,237,597 Jointly guaranteed by Zhejiang Mengdeli Electric Co Ltd (“ZMEC”) and Nanlong Group Co., Ltd. For Nanlong Group Co., Ltd, whose bank loans of $3,137,846 was also guaranteed by the Company. Also see Note 25. It is a common business practice among companies in the region of the PRC in which the Company is located to exchange guarantees for bank debts with no additional consideration given. It is considered a “favor for favor” business practice and is commonly required by Chinese lending banks, as in these cases. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2015 | |
NOTES PAYABLE [Text Block] | NOTE 18 – NOTES PAYABLE By issuing bank notes payables rather than paying cash to suppliers, the Company can defer the payments until the date the bank notes payable are due. Simultaneously, the Company may need to deposit restricted cash in banks to back up the bank notes payable. The restricted cash deposited in banks will generate interest income. Notes payable are summarized as follows: September 30 2015 December 31, 2014 Bank acceptance notes: Due April 30, 2015 $ - $ 4,062,729 Due May 4, 2015 - 826,846 Due June 2, 2015 - 812,546 Due December 1, 2015 3,137,846 - Total $ 3,137,846 $ 5,702,121 A bank acceptance note is a promised future payment or time draft, which is accepted and guaranteed by a bank and drawn on a deposit at the bank. The banker's acceptance note specifies the amount of money, the date, and the person to which the payment is due. After acceptance, the draft becomes an unconditional liability of the bank. But the holder of the draft can sell (exchange) it for cash at a discount to a buyer who is willing to wait until the maturity date for the funds in the deposit. All of the bank acceptance notes do not bear interest, but are subject to bank charges of 0.05% of the principal as a commission on each transaction. Bank charges for notes payable were $6,585 and $6,498 for the nine months ended September 30, 2015 and 2014, respectively. Bank charges for notes payable were $1,616 and $0 for the three months ended September 30, 2015 and 2014, respectively. No restricted cash was held as collateral for the notes payable as of September 30, 2015 and December 31, 2014. |
BOND PAYABLE
BOND PAYABLE | 9 Months Ended |
Sep. 30, 2015 | |
BOND PAYABLE [Text Block] | NOTE 19 – BOND PAYABLE On December 27, 2013, the Company issued a bond in the amount of RMB80,000,000, or $13,000,731, to China Ever-bright Securities Co. Ltd. and CITIC Securities Company Limited. The term of this bond was 3 years, and the material terms of this bond were similar to the terms of the bond issued in 2012 and repaid in August 2013, except that the interest rate was reduced to 11.5%. Bond interest was payable on December 27 in each of 2014, 2015 and 2016. In October 2014, the Company repaid, without a prepayment penalty, all principal and interest to China Ever-bright Securities Co. Ltd. and CITIC Securities Company Limited. For the year ended December 31, 2014, $1,262,691 of interest expense was paid. There was no bond payable as of September 30, 2015 and December 31, 2014 respectively. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2015 | |
TAXES [Text Block] | NOTE 20 – TAXES (a) Corporation Income Tax In accordance with the relevant tax laws and regulations of the PRC, applicable corporate income tax (“CIT”) rate is 25%. However, Kandi Vehicle is qualified as a high technology company in China and is entitled to pay income tax at a reduced rate of 15%. The applicable CIT rate of each of Kandi Vehicle's three subsidiaries, Kandi New Energy, Yongkang Scrou and Kandi Wanning, the JV Company and its subsidiaries and the Service Company is 25%. The Company is qualified as a high technology company in China and is entitled to pay a reduced CIT rate of 15%. After combining with the research and development tax credit of 25% on certain qualified research and development expenses, the final effective reduced income tax rate is 37.16%. The combined tax benefits were 44.25%. The actual effective income tax rate was reduced from 25% to 13.94% at September 30, 2015. According to the PRC CIT reporting system, the CIT sales cut-off base is concurrent with the value-added tax (“VAT”), which should be reported to the State Administration of Taxation (“SAT”) on a quarterly basis. Since the VAT and CIT are accounted for on a VAT tax basis that recorded all sales on a “State provided official invoices” reporting system, the Company is reporting the CIT according to the SAT prescribed tax reporting rules. Under the VAT tax reporting system, sales cut-off is not done on an accrual basis but rather on a VAT taxable reporting basis. Therefore, when the Company adopted U.S. GAAP using an accrual basis, the sales cut-off CIT timing (due to the VAT reporting system) created a temporary sales cut-off timing difference. This difference is reflected in the deferred tax assets or liabilities calculations on the income tax estimate reported in the Company’s annual report on Form 10-K. Effective January 1, 2007, the Company adopted ASC 740, Income Taxes Under ASC 740, Income Taxes As of September 30, 2015, the Company did not have a liability for unrecognized tax benefits. The Company files income tax returns with the U.S. Internal Revenue Services (“IRS”) and state tax authorities where the Company has operations. The Company is subject to U.S. federal or state income tax examinations by the IRS and relevant state tax authorities for years after 2006. During the periods open to examination, the Company has net operating loss carry forwards (“NOLs”) for U.S. federal and state tax purposes that have attributes from closed periods. Since these NOLs may be utilized in future periods, they remain subject to examination. The Company also files certain tax returns in China. As of September 30, 2015, the Company was not aware of any pending income tax examinations by U.S. or China tax authorities. The Company's policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of September 30, 2015, the Company has no accrued interest or penalties related to uncertain tax positions. The Company has not recorded a provision for U.S. federal income tax for the three months or nine months ended September 30, 2015 due to the accumulated net operating loss carry forward from prior years in the United States. Income tax expense for the nine months ended September 30, 2015 and 2014 is summarized as follows: For Nine Months Ended September 30, (Unaudited) 2015 2014 Current: Provision for CIT $ 3,175,287 $ 1,269,408 Provision for Federal Income Tax - - Deferred: Provision for CIT - - Income tax expense $ 3,175,287 $ 1,269,408 The Company’s income tax expense differs from the “expected” tax expense for the nine months ended September 30, 2015 and 2014 (computed by applying the U.S. Federal Income Tax rate of 34% and PRC CIT rate of 25%, respectively, to income before income taxes) as follows: For Nine Months Ended September 30, (Unaudited) 2015 2014 Computed “expected” expense $ (322,716 ) $ 1,594,293 Favorable tax rate (880,016 ) (368,675 ) Permanent differences 280,798 (877,509 ) Valuation allowance 4,097,221 921,299 Income tax expense $ 3,175,287 $ 1,269,408 The tax effects of temporary differences that give rise to the Company’s net deferred tax assets and liabilities as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30‚ December 31‚ (Unaudited) Current portion: Deferred tax assets (liabilities): Expense $ 163,944 $ (80,016 ) Subtotal 163,944 (80,016 ) Deferred tax assets (liabilities): Sales cut-off difference derived from Value (329,933 ) (26,226 ) Other (90,059 ) (124,622 ) Subtotal (419,992 ) (150,848 ) Total deferred tax assets (liabilities) – current portion (256,049 ) (230,864 ) Non-current portion: Deferred tax assets (liabilities): Depreciation (402,934 ) (551,697 ) Loss carried forward 4,097,221 3,025,997 Valuation allowance (4,097,221 ) (3,025,997 ) Subtotal (402,934 ) (551,697 ) Deferred tax liabilities: Accumulated other comprehensive gain - (1,715,028 ) Subtotal - (1,715,028 ) Total deferred tax assets – non-current portion (402,934 ) (2,266,725 ) Net deferred tax assets (liabilities) $ (658,982 ) $ (2,497,589 ) (b) Tax Benefit (Holiday) Effect For the nine months ended September 30, 2015 and 2014, the PRC CIT rate was 25%. Certain subsidiaries of the Company were entitled to tax benefit (holidays) for the nine months ended September 30, 2015 and 2014. The combined effects of the income tax expense exemptions and reductions available to the Company for the three and nine months ended September 30, 2015 and 2014 were as follows: For Nine Months Ended September 30, (Unaudited) 2015 2014 Tax benefit (holiday) credit $ 880,016 $ 368,675 Basic net income per share effect $ 0.019 $ 0.009 |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 9 Months Ended |
Sep. 30, 2015 | |
STOCK OPTIONS AND WARRANTS [Text Block] | NOTE 21 - STOCK OPTIONS AND WARRANTS (a) Stock Options On February 11, 2009, the Compensation Committee of the Board of Directors of the Company approved the grant of stock options to purchase 2,600,000 shares of common stock at an exercise price of $0.80 per share to ten of the Company’s employees and directors. The stock options vested ratably over three years and expire on the tenth anniversary of the grant date. The Company valued the stock options at $2,062,964 and amortized the stock compensation expense using the straight-line method over the service period from February 11, 2009 through February 11, 2012. The value of the options was estimated using the Black Scholes Model with an expected volatility of 164%, expected life of 10 years, risk-free interest rate of 2.76% and expected dividend yield of 0.00% . On June 30, 2011, one of the Company's directors resigned, and his 6,668 unexercised options were forfeited. As of December 31, 2013, options for 2,366,672 shares have been exercised and options for 6,668 shares have been forfeited. As of December 31, 2014, options for 2,593,332 shares had been exercised and options for 6,668 shares had been forfeited. On October 6, 2009, the Company executed an agreement with Wang Rui and Li Qiwen, third-party consultants, whereby Mr. Wang and Mr. Li were to provide to the Company business development services in China in exchange for options to purchase 350,000 shares of the Company’s common stock at an exercise price of $1.50 per share. Per the agreement, options to purchase 250,000 shares vested and became exercisable on March 6, 2010, and options to purchase 100,000 shares vested and became exercisable on June 6, 2010. The options are issued under and subject to the terms of the Company’s 2008 Omnibus Long-Term Incentive Plan. As of December 31, 2014, options for 250,000 shares had been exercised and options for 100,000 shares had been forfeited due to the non-performance of services. On May 29, 2015, the Compensation Committee of the Board of Directors of the Company approved the grant of stock options to purchase 4,900,000 shares of common stock at an exercise price of $9.72 per share to the Company’s senior staff. The stock options will vest ratably over three years and expire on the tenth anniversary of the grant date. The Company valued the stock options at $39,990,540 and will amortize the stock compensation expense using the straight-line method over the service period from May 29, 2015 through May 29, 2018. The value of the options was estimated using the Black Scholes Model with an expected volatility of 90%, expected life of 10 years, risk-free interest rate of 2.23% and expected dividend yield of 0.00% . (b) Warrants On June 26, 2013, the Company entered into a securities purchase agreement (the “2013 Securities Purchase Agreement”) with certain institutional investors (the “Third Round Investors”) that closed on July 1, 2013, pursuant to which the Company sold to the Third Round Investors, in a registered direct offering, an aggregate of 4,376,036 shares of the Company’s common stock at a negotiated purchase price of $6.03 per share. Under the 2013 Securities Purchase Agreement, the Third Round Investors also received Series A warrants for the purchase of up to 1,750,415 shares of the Company’s common stock at an exercise price of $7.24 per share and an option to make an additional investment in the form of Series B warrants and Series C warrants, Series B warrants to purchase a maximum aggregate of 728,936 shares of the Company’s common stock at an exercise price of $7.24 per share and Series C warrants to purchase a maximum aggregate of 291,574 shares of the Company’s common stock at an exercise price of $8.69 (the “Third Round Warrants”). In addition, the placement agent for this transaction also received warrants for the purchase of up to 262,562 shares of the Company’s common stock at an exercise price of $7.24 per share (the “Third Round Placement Agent Warrants”), which will expire on July 1, 2016, with a fair value of $0.53 per share. As of June 30, 2014, all the Third Round Warrants had been exercised on a cash basis. On January 15, 2014, the Company sold to certain institutional investors warrants to purchase an aggregate of 1,429,393 shares of the Company’s common stock at an exercise price of $15 per share (the “January 2014 Warrants”)for a total purchase price of approximately $14,294. According to the warrant subscription agreement by and among the Company and the holders, the exercise price was reduced by a credit of $0.01, which reflected the price per warrant share paid in connection with the issuance of the January 2014 Warrants. Consequently, the effective exercise price per warrant share is $14.99. The January 2014 Warrants expired on January 30, 2015 and no investors exercised their warrants. On March 19, 2014, the Company entered into a securities purchase agreement with certain purchasers (the “Fourth Round Investors”), pursuant to which the Company sold to the Fourth Round Investors, in a registered direct offering, an aggregate of 606,000 shares of common stock, at a negotiated purchase price of $18.24 per share, for aggregate gross proceeds to the Company of approximately $11,053,440, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. As part of the transaction, the Fourth Round Investors also received warrants for the purchase of up to 90,900 shares of the Company’s common stock at an exercise price of $22.80 per share (the “Fourth Round Warrants”). In addition, the placement agent for this transaction also received warrants for the purchase of up to 36,360 shares of the Company’s common stock at an exercise price of $22.80 per share, which was adjusted to $9.72 on July 27, 2015. The Fourth Round Warrants have a term of eighteen months and are exercisable by the holders at any time after the date of issuance. On August 8, 2015, the Company extended the expiration date of these warrants from September 21, 2015 to January 20, 2016. As of September 30, 2015, the fair value of the Fourth Round Warrants was $0.44 per share. On September 4, 2014, the Company entered in a securities purchase agreement with certain purchasers (the “Fifth Round Investors”), pursuant to which the Company sold to the Fifth Round Investors, in a registered direct offering, an aggregate of 4,127,908 shares of its common stock at a price of $17.20 per share, for aggregate gross proceeds to the Company of approximately $71 million, before deducting fees to the placement agent and other estimated offering expenses payable by the Company (the “Fifth Round Financing”). As part of the transaction, the Fifth Round Investors also received warrants for the purchase of up to 743,024 shares of the Company’s common stock at an exercise price of $21.50 per share (the “Fifth Round Warrants”), which was adjusted to $9.72 on July 27, 2015. The Fifth Round Warrants have a term of seventeen months and are exercisable by the holders at any time after the date of issuance. On August 8, 2015, the Company extended the expiration date of these warrants from February 4, 2016 to June 3, 2016. In addition, the placement agent for this transaction also received warrants for the purchase of up to 206,395 shares of the Company’s common stock at an exercise price of $20.64 per share. The placement agent’s warrants are exercisable for a term of seventeen months after the six months from the issuance. As of September 30, 2015, the fair value of the Fifth Round Warrants was $0.34 per share and the fair value of the Fifth Round Placement Agent Warrants was $0.46 per share. In addition, any Fifth Round Investor that invested more than $30 million in the initial offering of shares and warrants in the Fifth Round Financing had an option to purchase its pro rata share of up to a $30 million of shares, or 1,744,186 shares of common stock, and its pro rata share of warrants to purchase an aggregate of up to 313,954 shares of the Company’s common stock at $17.20 for a period commencing on September 4, 2014 and ending on November 17, 2014. As of November 17, 2014, none of the Fifth Round Investors that invested more than $30 million in the initial offering of shares and warrants in the Fifth Round Financing exercised this option and such option expired. |
STOCK AWARD
STOCK AWARD | 9 Months Ended |
Sep. 30, 2015 | |
STOCK AWARD [Text Block] | NOTE 22 – STOCK AWARD In connection with the appointment of Mr. Henry Yu as a member of the Board of Directors (the “Board”), and as compensation, the Board authorized the Company to provide Mr. Henry Yu with 5,000 shares of Company's restricted common stock every six months, beginning in July 2011. As compensation for having Mr. Jerry Lewin to serve as a member of the Board, the Board authorized the Company to provide Mr. Jerry Lewin with 5,000 shares of Company's restricted common stock every six months, beginning in August 2011. As compensation for having Ms. Kewa Luo to serve as the Company’s investor relation officer, the Board authorized the Company to provide Ms. Kewa Luo with 5,000 shares of Company's common stock every six months, beginning in September 2013. As compensation for having Mr. Wei Chen serve as CEO assistant, the Board authorized the issuance by the Company to Mr. Chen 10,000 shares of Company’s common stock every year beginning in January 2012 ending December 31, 2013 and 2,500 shares of Company’s common stock every three months, beginning in January 2014 until May 30, 2014. As of June 1, 2014, Mr. Chen was no longer with the Company. The fair value of stock awards based on service is determined based on the closing price of the common stock on the date the shares are granted. The compensation costs for awards of common stock are recognized over the requisite service period of six months. On December 30, 2013, the Board approved a proposal (as submitted by the Compensation Committee) of an award for selected executives and other key employees comprising a total of 335,000 shares of common stock for each fiscal year, beginning with the 2013 fiscal year, under the Company’s 2008 Omnibus Long-Term Incentive Plan (the “Plan”), if the Company’s “Non-GAAP Net Income” for the current fiscal year increased by 10% comparing to that of the prior year. The specific number of shares of common stock to be issued in respect of such award could proportionally increase or decrease if the actual Non-GAAP Net Income increase is more or less than 10%. “Non-GAAP Net Income” means the Company’s net income for a particular year calculated in accordance with GAAP, excluding option-related expenses, stock award expenses, and the effects caused by the change of fair value of financial derivatives. For example, if Non-GAAP Net Income for the 2014 fiscal year increased by 10% compared to the Non-GAAP Net Income for the 2013 fiscal year, the selected executives and other key employees each would be granted his or her target amount of common stock of the Company. If Non-GAAP Net Income in 2014 is less than Non-GAAP Net Income in 2013, then no common stock would be granted. If Non-GAAP Net Income in 2014 increased compared to Non-GAAP Net Income in 2013 but the increase is less than 10%, then the target amount of the common stock grant would be proportionately decreased. If Non-GAAP Net Income in 2014 increased compared to Non- GAAP Net Income in 2013 but the increase is more than 10%, then the target amount of the common stock grant would be proportionately increased up to 200% of the target amount. Any such increase in the grant would be subject to the total number of shares available under the Plan, and the Company’s Board and shareholders will need to approve an increase in the number of shares reserved under the Plan if the number of shares originally reserved is used up. On May 20, 2015, the shareholders of the Company approved an increase of 9,000,000 shares under the Plan at its annual meeting. The fair value of each award granted under the Plan is determined based on the closing price of the Company’s stock on the date of grant of the award. To the extent that the performance goal is not met and so no shares become due, no compensation cost is recognized and any recognized compensation cost during the applicable year is reversed. The number of shares of common stock granted under the Plan with respect to fiscal 2014 would be 670,000 shares based on the Non-GAAP Net Income of the year of 2014. The compensation expense is recognized in General and Administrative Expenses. On April 17, 2015 and June 12, 2015, the Company granted 550,000 shares and 120,000 shares, respectively, to the senior management and key employee as year 2014 performance awards. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2015 | |
INTANGIBLE ASSETS [Text Block] | NOTE 23 – INTANGIBLE ASSETS The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets other than goodwill: Remaining September 30, December 31, Gross carrying amount: Trade name 6.25 years $ 492,235 $ 492,235 Customer relations 6.25 years 304,086 304,086 796,321 796,321 Less : Accumulated amortization Trade name $ (173,382 ) $ (135,323 ) Customer relations (107,109 ) (83,597 ) (280,491 ) (218,920 ) Intangible assets, net $ 515,830 $ 577,401 The aggregate amortization expense for those intangible assets that continue to be amortized is reflected in amortization of intangible assets in the consolidated statements of income and comprehensive income was both $20,524 for the three-months ended September 30, 2015 and 2014, respectively, and both $61,571 for the nine-month period ended September 30, 2015 and 2014, respectively. Amortization expense for the next five years and thereafter is as follows: 2015 (three months) $ 20,524 2016 82,095 2017 82,095 2018 82,095 2019 82,095 Thereafter 166,926 Total $ 515,830 |
SUMMARIZED INFORMATION OF EQUIT
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY | 9 Months Ended |
Sep. 30, 2015 | |
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY [Text Block] | NOTE 24 – SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY The Company’s consolidated net income includes the Company’s proportionate share of the net income or loss of the Company’s equity method investees. When the Company records its proportionate share of net income, it increases equity income (loss) – net in the Company’s consolidated statements of income and the Company’s carrying value in that investment. Conversely, when the Company records its proportionate share of a net loss, it decreases equity income (loss) – net in the Company’s consolidated statements of income and the Company’s carrying value in that investment. All intra-entity profits and losses with the Company’s equity method investees have been eliminated. Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”) In March 2013, pursuant to a joint venture agreement (the “JV Agreement”) entered into between Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd. (“Shanghai Guorun”), a 99%-owned subsidiary of Geely Automobile Holdings Ltd. (“Geely”), the parties established Zhejiang Kandi Electric Vehicles Co., Ltd. (the “JV Company”) to develop, manufacture and sell electric vehicles (“EVs”) and related auto parts. Each of Kandi Vehicles and Shanghai Guorun has a 50% ownership interest in the JV Company. In the fourth quarter of 2013, Kandi Vehicles entered into an ownership transfer agreement with the JV Company pursuant to which Kandi Vehicles transferred 100% of its ownership in Kandi Changxing to the JV Company. As a result, the Company indirectly has a 50% economic interest in Kandi Changxing through its 50% ownership interest in the JV Company after this transfer. In November 2013, Zhejiang Kandi Electric Vehicles Jinhua Co., Ltd. (“Kandi Jinhua”) was formed by the JV Company. The JV Company has 100% ownership interest in Kandi Jinhua, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jinhua. In November 2013, Zhejiang JiHeKang Electric Vehicle Sales Co., Ltd. (“JiHeKang”) was formed by the JV Company. The JV Company has 100% ownership interest in JiHeKang, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in JiHeKang. In December 2013, the JV Company entered into an ownership transfer agreement with Shanghai Guorun pursuant to which the JV Company acquired 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. (“Kandi Shanghai”). As a result, Kandi Shanghai is a wholly-owned subsidiary of the JV Company, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Shanghai. In January 2014, Zhejiang Kandi Electric Vehicles Jiangsu Co., Ltd. (“Kandi Jiangsu”) was formed by the JV Company. The JV Company has 100% ownership interest in Kandi Jiangsu, and the Company, indirectly through its 50% ownership interest in the JV Company, has a 50% economic interest in Kandi Jiangsu. In addition, In July 2013, Zhejiang ZuoZhongYou Electric Vehicle Service Co., Ltd. (the “Service Company”) was formed. The JV Company has a 19% ownership interest in the Service Company. In March 2014, the JV Company changed its name to Kandi Electric Vehicles Group Co., Ltd. In August 2015, the JV Company transferred its shares of the Service Company to Shanghai Guorun and Kandi Vehicles for 9.5% respectively. As the result, the JV Company no longer has any ownership of the Service Company since the transfer. As of September 30, 2015, the JV Company consolidated the following entities on its financial statements: (1) 100% interest in Kandi Changxing; (2) 100% interest in Kandi Jinhua; (3) 100% interest in JiHeKang; (4) 100% interest in Kandi Shanghai; and (5) 100% interest in Kandi Jiangsu. The Company accounted for its investments in the JV Company under the equity method of accounting as the Company has a 50% ownership interest in the JV Company. Therefore, the Company’s consolidated net income for the three months and nine months ended September 30, 2015, included equity income from the JV Company during such periods. The combined results of operations and financial position of the JV Company are summarized below: Three months ended September 30, 2015 2014 Condensed income statement information: Net sales $ 98,447,939 $ 46,847,556 Gross income 13,325,271 7,025,415 % of net sales 13.5% 15.0% Net income 1,611,658 4,398,828 % of net sales 1.6% 9.4% Company’s equity in net income of JV $ 805,829 $ 2,199,414 Nine months ended September 30, 2015 2014 Condensed income statement information: Net sales $ 197,965,282 $ 126,763,793 Gross income 31,958,679 13,944,898 % of net sales 16.1% 11.0% Net income 4,000,781 6,782,272 % of net sales 2.0% 5.4% Company’s equity in net income of JV $ 2,000,390 $ 3,391,136 September 30, December 31, 2015 2014 Condensed balance sheet information: Current assets $ 308,146,994 $ 262,543,256 Noncurrent assets 187,581,237 194,229,114 Total assets $ 495,728,231 $ 456,772,370 Current liabilities 310,842,828 280,779,432 Noncurrent liabilities 19,787,767 9,006,787 Equity 165,097,636 166,986,151 Total liabilities and equity $ 495,728,231 $ 456,772,370 During the nine months ended September 30, 2015, 100% of the JV Company’s revenues were derived from the sales of EV products in the PRC with a total of 12,120 units sold, 3,647 units of which were direct sales through the distribution company, or JiHeKang, and the rest were sold to Micro Public Transportation Program (“MTP”,or the “EV-Share” Program). As the Company only has a 50% ownership interest in the JV Company and accounted for its investments in the JV Company under the equity method of accounting, the Company didn’t consolidate the JV Company’s financial results but included equity income from the JV Company during such periods. Note: The following table illustrates the captions used in the Company’s Income Statements for its equity basis investments in the JV Company. Changes in the Company’s equity method investment in JV Company for the nine months ended September 30, 2015 and 2014 were as follows: Nine months ended September 30, 2015 2014 Investment in JV Company, beginning of the period, $ 83,309,095 $ 79,331,930 Share of profit 2,000,390 3,391,136 Intercompany transaction elimination (283,267 ) (544,941 ) Year 2014 unrealized profit realized 183,005 911,023 Exchange difference (2,935,339 ) (544,772 ) Investment in JV Company, end of the period $ 82,273,884 $ 82,544,376 Sales to the Company’s customers, the JV Company and its subsidiaries, for the three months ended September 30, 2015, were $31,888,768, and they were primarily the sales of battery packs, body parts, EV drive motors, EV controllers, air conditioning units and other auto parts, of which the majority of sales were to the JV Company amounted to $19,593,174, Kandi Changxing amounted to $7,245,341 and Kandi Shanghai amounted to $5,061,218. These EV parts were used in manufacturing of pure EV products by the JV Company’s subsidiaries to sell entirely to the JV Company’s customer via Zhejiang Geely Automobile Company Limited (“Zhejiang Geely”). Zhejiang Geely holds the country’s vehicle production rights, equivalent to license, for sedans, which qualifies it to sell the EV products to the end customers. Zhejiang Geely is 90% owned by Zhejiang Geely Holding Group Company Limited and 10% owned by Zhejiang Maple Asset Management Co. Ltd. According to the JV Agreement, before the JV Company received vehicle production rights (license), the JV Company and its subsidiaries all may sell their products through the channel of Zhejiang Geely’s vehicle production rights (license) to the end customers or the Service Company, which purchased and used the cars in Hangzhou Micro Public Transportation project and group long-term lease project. With the total sales to the JV Company and its subsidiaries, approximately 85% for the nine months ended September 30, 2015 and approximately 79% for the three months ended September 30, 2015 of the total sales were related to the sales of battery packs because Kandi New Energy holds a production rights (license) to manufacture requisite battery packs used in manufacturing of Kandi brand’s EVs. Under the JV Agreement, the Company’s EV product manufacturing business has been completely transferred to the JV Company. The Company is mainly responsible for supplying the JV Company with EV parts and the JV Company is responsible for producing EV products and for selling finished goods through channels to its end customers. As of September 30, 2015 and December 31, 2014, the amount due from the JV Company, net was $76,814,162 and $51,450,612, respectively, of which the majority was the balances with Kandi Jinhua, Kandi Changxing, Kandi Shanghai. The breakdown was as below: September 30, December 31, 2015 2014 Kandi Shanghai $ 20,274,877 $ 6,978,618 Kandi Changxing 2,662,919 7,359,202 Kandi Jinhua 7,249,376 12,736,420 JV Company 46,626,990 24,376,372 Consolidated JV Company $ 76,814,162 $ 51,450,612 Within the receivables from the JV Company, the $23,533,842 was a one-year entrusted loan that Kandi Vehicle lent to the JV Company from December 16, 2014 to December 15, 2015 carrying an annual interest rate determined by using the People's Bank of China floating benchmark lending rate on the date of withdraw plus 5% of that rate. The rate will not be adjusted after the withdraw during the lending period, which was 5.88% . The loan was organized by Bank of Communications Hangzhou Zhongan Branch as the agent bank between Kandi Vehicle and the JV Company. Entrusted loans are commonly found in China, where direct borrowing and lending between commercial enterprises are restricted. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 25 – COMMITMENTS AND CONTINGENCIES Guarantees and Pledged collateral for third party bank loans As of September 30, 2015 and December 31, 2014, the Company provided guarantees for the following third parties: (1) Guarantees for bank loans September 30, December 31, Guarantee provided to 2015 2014 Zhejiang Kangli Metal Manufacturing Company. $ - $ 4,875,274 Zhejiang Shuguang industrial Co., Ltd. 4,549,876 4,875,274 Nanlong Group Co., Ltd. 3,137,846 9,750,548 Total $ 7,687,722 $ 19,501,096 On September 29, 2015, the Company entered into a guarantee contract to serve as the guarantor for the bank loan borrowed from Ping An Bank in the amount of $4,549,876 by Zhejiang Shuguang Industrial Co., Ltd. (“ZSICL”) for the period from September 29, 2015 to September 28, 2016. ZSICL is not related to the Company. Under these guarantee contracts, the Company agrees to perform all obligations of ZSICL under the loan contracts if ZSICL fails to perform its obligations as set forth therein. On March 15, 2013, the Company entered into a guarantee contract to serve as the guarantor for the bank loans borrowed from Shanghai Pudong Development Bank Jinhua Branch in the amount for the total amount $3,137,846 by Nanlong Group Co., Ltd. (“NGCL”) for the period from March 15, 2013 to March 15, 2016. NGCL is not related to the Company. Under this guarantee contract, the Company agrees to perform all obligations of NGCL under the loan contract if NGCL fails to perform its obligations as set forth therein. (2) Pledged collateral for third parties’ bank loans As of September 30, 2015 and December 31, 2014, none of the Company’s land use rights or plant and equipment were pledged as collateral securing bank loans to third parties. |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2015 | |
SEGMENT REPORTING [Text Block] | NOTE 26 –SEGMENT REPORTING The Company has only one single operating segment. The Company’s revenue and long-lived assets are primarily derived from and located in the PRC. The Company only has operations in the PRC. The following table sets forth revenues by geographic area for the nine months ended September 30, 2015 and 2014, respectively: Nine Months Ended September 30, 2015 2014 Sales Revenue Percentage Sales Revenue Percentage Overseas $ 3,380,570 2% $ 6,005,588 5% China 138,892,521 98% 111,332,763 95% Total $ 142,273,091 100% $ 117,338,351 100% The following table sets forth revenues by geographic area for the three months ended September 30, 2015 and 2014, respectively: Three Months Ended September 30, 2015 2014 Sales Revenue Percentage Sales Revenue Percentage Overseas $ 1,436,398 3% $ 2,650,592 6% China 49,092,147 97% 41,556,400 94% Total $ 50,528,545 100% $ 44,206,992 100% |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Economic and Political Risks [Policy Text Block] | (a) Economic and Political Risks The Company’s operations are conducted in the PRC. As a result, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC economy. In addition, the Company’s earnings are subject to movements in foreign currency exchange rates when transactions are denominated in Renminbi (“RMB”), which is the Company’s functional currency. Accordingly, the Company’s operating results are affected by changes in the exchange rate between the U.S. dollar and the RMB. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s performance may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. |
Fair Value of Financial Instruments [Policy Text Block] | (b) Fair Value of Financial Instruments ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1—defined as observable inputs such as quoted prices in active markets; Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Cash and Cash Equivalents [Policy Text Block] | (c) Cash and Cash Equivalents The Company considers highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. |
Inventories [Policy Text Block] | (d) Inventories Inventories are stated at the lower of cost or net realizable value (market value). The cost of raw materials is determined on the basis of weighted average. The cost of finished goods is determined on the weighted average basis and comprises direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is based on estimated selling prices less selling expenses and any further costs expected to be incurred for completion. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. |
Accounts Receivable [Policy Text Block] | (e) Accounts Receivable Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts is recorded in periods in which the Company determines a loss is probable, based on its assessment of specific factors, such as troubled collections, historical experience, accounts aging, ongoing business relations and other factors. Accounts are written off after an exhaustive collection effort. If accounts receivable are to be provided for, or written off, they are recognized in the consolidated statement of operations within the operating expenses line item. As of September 30, 2015 and December 31, 2014, the Company had no allowance for doubtful accounts, as per the management’s judgment based on their best knowledge. As of September 30, 2015 and December 31, 2014, the credit terms with the Company’s customers were typically 90 to 120 days after delivery. |
Notes receivable [Policy Text Block] | (f) Notes receivable Notes receivable represent short-term loans to third parties with the maximum term of one year. Interest income will be recognized according to each agreement between a borrower and the Company on an accrual basis. If notes receivable are paid back, or written off, that transaction will be recognized in the relevant year. If the loan default is probable, reasonably assured and the loss can be reasonably estimated, the Company will recognize income if the written-off loan is recovered at a future date. In case of any foreclosure proceedings or legal actions being taken, the Company provides an accrual for the related foreclosure expenses and related litigation expenses. |
Prepayments [Policy Text Block] | (g) Prepayments Prepayments represent cash paid in advance to suppliers, which also includes advances to raw material suppliers, mold manufacturers, and suppliers of equipment. Advances for raw materials purchases typically are settled within two months by the Company’s receipt of raw materials. Prepayment is offset against purchase amount after equipment or materials are delivered. |
Plant and Equipment [Policy Text Block] | (h) Plant and Equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets estimated useful lives, using the straight-line method. Leasehold improvements are amortized over the life of the asset or the term of the lease, whichever is shorter. Estimated useful lives are as follows: Buildings 30 years Machinery and equipment 10 years Office equipment 5 years Motor vehicles 5 years Molds 5 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to expense as incurred, whereas significant renewals and betterments are capitalized. |
Construction in Progress [Policy Text Block] | (i) Construction in Progress Construction in progress represents the direct costs of construction, the acquisition cost of buildings or machinery and design fees. Capitalization of these costs ceases, and the construction in progress is transferred to plant and equipment, when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until the assets are completed and ready for their intended use. |
Long Term Investment [Policy Text Block] | (j) Long Term Investment Long Term Investment will be recorded at cost. For investments using the cost method, the Company recognizes, initially at cost, investments in stock of investees as assets on the statement of financial position. The value of the investment in stock accounted for under the cost method may lose its value because of a series of operating losses or other factors. We evaluate our long term investments for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of long term investments may not be recoverable. Impairment exists if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such investments. Should impairment exist, the impairment loss would be measured based on the excess carrying value of the asset over the investment’s estimated fair value. As at the end of September 30, 2015, the Company did not record any material impairment losses on our long term investment. |
Land Use Rights [Policy Text Block] | (k) Land Use Rights According to Chinese laws, land in the PRC is owned by the government and land ownership rights cannot be sold to an individual or to a private company. However, the government grants the user a “land use right” to use the land. The land use rights granted to the Company are being amortized using the straight-line method over a term of fifty years. |
Accounting for the Impairment of Long-Lived Assets [Policy Text Block] | (l) Accounting for the Impairment of Long-Lived Assets The Company periodically evaluates the carrying value of long-lived assets to be held and used, including intangible assets subject to amortization, when events and circumstances warrant such a review, pursuant to the guidelines established in Statement of Financial Accounting Standards (“SFAS”) No. 144 (now known as “ASC 360”). The carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flow from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair market values are reduced for the cost to dispose. |
Revenue Recognition [Policy Text Block] | (m) Revenue Recognition Revenue represents the invoiced value of goods sold. Revenue is recognized when the Company ships the goods to its customers and all of the following criteria are met: • Persuasive evidence of an arrangement exists; • Delivery has occurred or services have been rendered; • The seller’s price to the buyer is fixed or determinable; and • Collectability is reasonably assured. The Company recognized revenue when the products and the risk they carry are transferred to the other party. |
Research and Development [Policy Text Block] | (n) Research and Development Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. Research and development expenses were $785,450 and $391,097 for the three months ended September 30, 2015 and 2014, respectively. Research and development expenses were $1,928,091 and $2,535,027 for the nine months ended September 30, 2015 and 2014, respectively. |
Government Grants [Policy Text Block] | (o) Government Grants Grants and subsidies received from the PRC Government are recognized when the proceeds are received or collectible. For the three months ended September 30, 2015 and 2014, $- 724 (due to the change resulting from the RMB depreciation against the US dollars) and $63,584, respectively, was received. For the nine months ended September 30, 2015 and 2014, $92,139 and $217,284 was, respectively, received. |
Income Taxes [Policy Text Block] | (p) Income Taxes The Company accounts for income tax using an asset and liability approach, which allows for the recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The accounting for deferred tax calculation represents the management’s best estimate on the most likely future tax consequences of events that have been recognized in our financial statements or tax returns and related future anticipation. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. |
Foreign Currency Translation [Policy Text Block] | (q) Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). Capital accounts of the consolidated financial statements are translated into United States dollars from RMB at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the reporting period, which rates are obtained from the website: http://www.oanda.com September 30, 2015 December 31, 2014 September 30, 2014 Period end RMB : USD exchange rate 6.37380 6.15350 6.15600 Average RMB : USD exchange rate 6.18630 6.14821 6.15023 |
Comprehensive Income [Policy Text Block] | (r) Comprehensive Income Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes. |
Segments [Policy Text Block] | (s) Segments In accordance with ASC 280-10, Segment Reporting |
Stock Option Expenses [Policy Text Block] | (t) Stock Option Expenses The Company’s stock option expenses are recorded in accordance with ASC 718, Compensation — Stock Compensation Equity The fair value of stock options is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s common stock. The expected life assumption is primarily based on the expiration date of the option. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The recognition of the stock option expenses is based on awards expected to vest, and there were no estimated forfeitures. ASC standards require forfeitures to be estimated at the time of grant and revised in subsequent periods, if necessary, if actual forfeitures differ from those estimates. The stock-based option expenses for the three months and nine months ended September 30, 2015 were 6,109,666 and $8,146,221, respectively. See Note 21. |
Warrant Costs [Policy Text Block] | (u) Warrant Costs The Company’s warrant costs are recorded in liabilities and equities, respectively, in accordance with ASC 480, Distinguishing Liabilities From Equity Equity Derivatives and Hedging The fair value of a warrant, which is classified as a liability, is estimated using the Black-Scholes-Merton model and the lattice valuation model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s common stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the warrant is based on the U.S. Treasury yield curve in effect at the time of measurement. The warrants, which are freestanding derivatives and are classified as liabilities on the balance sheet, will be measured at fair value on each reporting date, with decreases in fair value recognized in earnings and increases in fair values were recognized in expenses. The fair value of equity-based warrants, which are not considered derivatives under ASC 815, is estimated using the Black-Scholes-Merton model. The Company’s expected volatility assumption is based on the historical volatility of the Company’s common stock. The expected life assumption is primarily based on the expiration date of the warrant. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. |
Goodwill [Policy Text Block] | (v) Goodwill The Company allocates goodwill from business combinations to reporting units based on the expectation that the reporting unit is to benefit from the business combination. The Company evaluates its reporting units on an annual basis and, if necessary, reassigns goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgments, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of each reporting unit. The Company first assesses qualitative factors to determine whether it is more likely than not that goodwill is impaired. If the more likely than not threshold is met, the Company performs a quantitative impairment test. As of September 30, 2015, the Company determined that its goodwill was not impaired. |
Intangible assets [Policy Text Block] | (w) Intangible assets Intangible assets consist of tradenames and customer relations associated with the purchase price from the allocation of Yongkang Scrou. Such assets are being amortized over their estimated useful lives of 9.7 years. Intangible assets were straight-line amortized as of September 30, 2015. |
Accounting for Sale of Common Stock and Warrants [Policy Text Block] | (x) Accounting for Sale of Common Stock and Warrants Gross proceeds are first allocated according to the initial fair value of the freestanding derivative instruments (i.e. the warrants issued to the Company’s investors in its previous offerings or the “Investor Warrants”). The remaining proceeds are allocated to common stock. The related issuance expenses, including the placement agent cash fees, legal fees, the initial fair value of the warrants issued to the placement agent and others were allocated between the common stock and the Investor Warrants based on how the proceeds are allocated to these instruments. Expenses related to the issuance of common stock were charged to paid-in capital. Expenses related to the issuance of derivative instruments were expensed upon issuance. |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Active Significant Significant Cash and cash equivalents $ 11,691,023 $ 11,691,023 - - Restricted cash 15,689,228 15,689,228 - - Warrants $ 540,299 - - 540,299 |
Schedule of Property and Equipment Estimated Useful Lives [Table Text Block] | Buildings 30 years Machinery and equipment 10 years Office equipment 5 years Motor vehicles 5 years Molds 5 years |
Schedule of Average Foreign Currency Exchange Rates [Table Text Block] | September 30, 2015 December 31, 2014 September 30, 2014 Period end RMB : USD exchange rate 6.37380 6.15350 6.15600 Average RMB : USD exchange rate 6.18630 6.14821 6.15023 |
CONCENTRATIONS (Tables)
CONCENTRATIONS (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Schedule of Revenue and Accounts Receivable Percentage by Major Customers [Table Text Block] | Sales Accounts Receivable Three Months Three Months Ended Ended September 30 September 30 September 30 December 31 Major Customers 2015 2014 2015 2014 Kandi Electric Vehicles Group Co., Ltd. 44% - 28% - Kandi Electric Vehicles (Changxing) Co., Ltd. 13% 49% 3% 17% Kandi Electric Vehicles (Shanghai) Co., Ltd. 13% 30% 22% 16% | Sales Accounts Receivable Nine Months Nine Months Ended Ended September 30 September 30 September 30 December 31 Major Customers 2015 2014 2015 2014 Kandi Electric Vehicles (Shanghai) Co., Ltd. 29% 21% 22% 16% Kandi Electric Vehicles (Changxing) Co., Ltd. 29% 44% 3% 17% Kandi Electric Vehicles Group Co., Ltd. 17% - 28% - Zhejiang Zuozhongyou Electric Vehicle Service Co., Ltd. 10% - 11% - Shanghai Maple Auto Co., Ltd - 15% - 3% |
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers [Table Text Block] | Purchases Accounts Payable Major Suppliers Three Months Three Months September, 30 December 31 Zhejiang Tianneng Energy Technology Co., Ltd. 29% - 29% - Dongguan Chuangming Battery Technology Co., Ltd. 26% - 12% - Zhejiang Xinneng Automotive Systems Co. Ltd. - 38% - 12% Shandong Henyuan New Energy Tech Co., Ltd. 2% 30% 10% 32% | Purchases Accounts Payable Major Suppliers Nine Months Nine Months September, 30 December, 31 Zhejiang Tianneng Energy Technology Co., Ltd. 24% - 29% - Dongguan Chuangming Battery Technology Co., Ltd. 17% - 12% - Zhejiang Xinneng Automotive Systems Co. Ltd. 16% 16% - 12% Shandong Henyuan New Energy Tech Co., Ltd. 5% 30% 10% 32% Zhongju (Tianjin) New Energy Investment Co., Ltd. - 11% - 29% |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For three months ended September 30, 2015 2014 Net income $ 2,343,195 $ 13,533,702 Weighted average shares used in basic computation 46,959,638 43,214,455 Dilutive shares - 315,730 Weighted average shares used in diluted computation 46,959,638 43,530,185 Earnings per share: Basic $ 0.05 $ 0.31 Diluted $ 0.05 $ 0.31 | For nine months ended September 30, 2015 2014 Net income $ 13,900,350 $ 10,604,627 Weighted average shares used in basic computation 46,670,533 41,327,666 Dilutive shares 274,744 134,824 Weighted average shares used in diluted computation 46,945,277 41,462,490 Earnings per share: Basic $ 0.30 $ 0.26 Diluted $ 0.30 $ 0.26 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Accounts Receivable [Table Text Block] | September 30, 2015 December 31, 2014 Accounts receivable $ 33,912,043 $ 15,736,805 Less: Provision for doubtful debts - - Accounts receivable, net $ 33,912,043 $ 15,736,805 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Inventories [Table Text Block] | September 30, December 31, 2015 2014 Raw material $ 14,485,371 $ 3,621,428 Work-in-progress 2,253,507 3,104,678 Finished goods 15,218,458 8,993,318 Total inventories 31,957,336 15,719,424 Less: provision for slowing moving inventories (304,677 ) (315,584 ) Inventories, net $ 31,652,659 $ 15,403,840 |
NOTES RECEIVABLE (Tables)
NOTES RECEIVABLE (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Notes Receivable [Table Text Block] | September December 30, 31, 2015 2014 Notes receivable from unrelated companies: Due September 30, 2015, interest at 9.6% per annum $ 10,802,903 $ 8,117,888 Bank acceptance notes 7,982,679 942,553 Notes receivable $ 18,785,582 $ 9,060,441 | |
Schedule of Details of Notes Receivable [Table Text Block] | Inde x Amount ($) Counter party Relationship Nature Manner of 1 10,802,903 Yongkang HuiFeng No relationship beyond loan Receive interest income Not due 2 690,326 Kandi Changxing Subsidery of JV company Payments for sales Not due 3 75,308 Kandi Shanghai Subsidery of JV company Payments for sales Not due 4 941,354 Zhejiang Zuozhongyou Other equity Payments for sales Not due 5 6,275,691 Kandi Vehicle Notes were originally transferred from client Payments for sales Not due | Index Amount ($) Counter party Relationship Nature Manner of settlement 1 8,117,888 Yongkang HuiFeng No relationship beyond loan Receive interest income Not due 2 406,273 Kandi Changxing Subsidiary of JV company payment for sales Not due 3 455,025 Kandi Shanghai Subsidiary of JV company payment for sales Not due 4 81,255 Kandi Jinhua Subsidiary of JV company payment for sales Not due |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Plant and Equipment [Table Text Block] | September 30, December 31, At cost: Buildings $ 14,059,394 $ 14,492,949 Machinery and equipment 9,406,955 7,916,281 Office equipment 405,079 283,494 Motor vehicles 342,648 355,547 Moulds 33,338,265 34,523,167 57,552,341 57,571,438 Less : Accumulated depreciation Buildings $ (3,707,675 ) $ (3,480,417 ) Machinery and equipment (8,782,551 ) (7,371,047 ) Office equipment (244,074 ) (220,944 ) Motor vehicles (268,932 ) (254,331 ) Moulds (22,706,306 ) (19,972,647 ) (35,709,538 ) (31,299,386 ) Less: provision for impairment for fixed assets (54,737 ) (56,696 ) Plant and equipment, net $ 21,788,066 $ 26,215,356 |
LAND USE RIGHTS (Tables)
LAND USE RIGHTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Land Use Rights [Table Text Block] | September 30, 2015 December 31, 2014 Cost of land use rights $ 17,299,281 $ 17,786,170 Less: Accumulated amortization (2,473,028 ) (2,137,018 ) Land use rights, net $ 14,826,253 $ 15,649,152 |
Schedule of Land Use Rights Expected Amortization Expense [Table Text Block] | 2015 (three months) $ 96,853 2016 387,412 2017 387,412 2018 387,412 2019 387,412 Thereafter 13,179,752 Total $ 14,826,253 |
CONSTRUCTION-IN-PROGRESS (Table
CONSTRUCTION-IN-PROGRESS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Construction in Progress [Table Text Block] | Project Total in CIP as Estimated Cost to Estimated Estimated Kandi Wanning facility $ 56,525,652 $ 100,366,626 $ 156,892,278 June 30, 2017 Total $ 56,525,652 $ 100,366,626 $ 156,892,278 |
SHORT TERM BANK LOANS (Tables)
SHORT TERM BANK LOANS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Short-term Bank Loans [Table Text Block] | September 30, 2015 December 31, 2014 Loans from China Ever-bright Bank Interest rate up to 18% based on the base rate - 12,675,713 Interest rate 5.778% per annum, consist of $6,589,475 12,237,597 - Loans from China Evergrowing Bank Interest rate up to 20% based on the base rate - 3,250,183 Loans from Hangzhou Bank Interest rate 6.00% per annum, due October 20, 2015, 7,656,343 7,930,446 Interest rate 6.00% per annum, due November 17, 2015, - 11,733,160 Interest rate 4.85% per annum, due July 2, 2016, 7,844,614 - Interest rate 4.85% per annum, due July 12, 2016, 3,483,009 - Interest rate 5.35% per annum, due March 23, 2016, 6,118,799 - $ 37,340,362 $ 35,589,502 |
Schedule of Guarantor Obligations [Table Text Block] | No. Amount Guarantor 1 $ 12,237,597 Jointly guaranteed by Zhejiang Mengdeli Electric Co Ltd (“ZMEC”) and Nanlong Group Co., Ltd. For Nanlong Group Co., Ltd, whose bank loans of $3,137,846 was also guaranteed by the Company. Also see Note 25. |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Notes Payable [Table Text Block] | September 30 2015 December 31, 2014 Bank acceptance notes: Due April 30, 2015 $ - $ 4,062,729 Due May 4, 2015 - 826,846 Due June 2, 2015 - 812,546 Due December 1, 2015 3,137,846 - Total $ 3,137,846 $ 5,702,121 |
TAXES (Tables)
TAXES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For Nine Months Ended September 30, (Unaudited) 2015 2014 Current: Provision for CIT $ 3,175,287 $ 1,269,408 Provision for Federal Income Tax - - Deferred: Provision for CIT - - Income tax expense $ 3,175,287 $ 1,269,408 |
Schedule of Expected Components of Income Tax Expense (Benefit) [Table Text Block] | For Nine Months Ended September 30, (Unaudited) 2015 2014 Computed “expected” expense $ (322,716 ) $ 1,594,293 Favorable tax rate (880,016 ) (368,675 ) Permanent differences 280,798 (877,509 ) Valuation allowance 4,097,221 921,299 Income tax expense $ 3,175,287 $ 1,269,408 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30‚ December 31‚ (Unaudited) Current portion: Deferred tax assets (liabilities): Expense $ 163,944 $ (80,016 ) Subtotal 163,944 (80,016 ) Deferred tax assets (liabilities): Sales cut-off difference derived from Value (329,933 ) (26,226 ) Other (90,059 ) (124,622 ) Subtotal (419,992 ) (150,848 ) Total deferred tax assets (liabilities) – current portion (256,049 ) (230,864 ) Non-current portion: Deferred tax assets (liabilities): Depreciation (402,934 ) (551,697 ) Loss carried forward 4,097,221 3,025,997 Valuation allowance (4,097,221 ) (3,025,997 ) Subtotal (402,934 ) (551,697 ) Deferred tax liabilities: Accumulated other comprehensive gain - (1,715,028 ) Subtotal - (1,715,028 ) Total deferred tax assets – non-current portion (402,934 ) (2,266,725 ) Net deferred tax assets (liabilities) $ (658,982 ) $ (2,497,589 ) |
Summary of Income Tax Holiday [Table Text Block] | For Nine Months Ended September 30, (Unaudited) 2015 2014 Tax benefit (holiday) credit $ 880,016 $ 368,675 Basic net income per share effect $ 0.019 $ 0.009 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Intangible Assets [Table Text Block] | Remaining September 30, December 31, Gross carrying amount: Trade name 6.25 years $ 492,235 $ 492,235 Customer relations 6.25 years 304,086 304,086 796,321 796,321 Less : Accumulated amortization Trade name $ (173,382 ) $ (135,323 ) Customer relations (107,109 ) (83,597 ) (280,491 ) (218,920 ) Intangible assets, net $ 515,830 $ 577,401 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 (three months) $ 20,524 2016 82,095 2017 82,095 2018 82,095 2019 82,095 Thereafter 166,926 Total $ 515,830 |
SUMMARIZED INFORMATION OF EQU46
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Schedule of Combined Results of Condensed Income Statement Information [Table Text Block] | Three months ended September 30, 2015 2014 Condensed income statement information: Net sales $ 98,447,939 $ 46,847,556 Gross income 13,325,271 7,025,415 % of net sales 13.5% 15.0% Net income 1,611,658 4,398,828 % of net sales 1.6% 9.4% Company’s equity in net income of JV $ 805,829 $ 2,199,414 | Nine months ended September 30, 2015 2014 Condensed income statement information: Net sales $ 197,965,282 $ 126,763,793 Gross income 31,958,679 13,944,898 % of net sales 16.1% 11.0% Net income 4,000,781 6,782,272 % of net sales 2.0% 5.4% Company’s equity in net income of JV $ 2,000,390 $ 3,391,136 |
Schedule of Combined Results of Condensed Balance Sheet Information [Table Text Block] | September 30, December 31, 2015 2014 Condensed balance sheet information: Current assets $ 308,146,994 $ 262,543,256 Noncurrent assets 187,581,237 194,229,114 Total assets $ 495,728,231 $ 456,772,370 Current liabilities 310,842,828 280,779,432 Noncurrent liabilities 19,787,767 9,006,787 Equity 165,097,636 166,986,151 Total liabilities and equity $ 495,728,231 $ 456,772,370 | |
Schedule of Changes in the Companys Investment [Table Text Block] | Nine months ended September 30, 2015 2014 Investment in JV Company, beginning of the period, $ 83,309,095 $ 79,331,930 Share of profit 2,000,390 3,391,136 Intercompany transaction elimination (283,267 ) (544,941 ) Year 2014 unrealized profit realized 183,005 911,023 Exchange difference (2,935,339 ) (544,772 ) Investment in JV Company, end of the period $ 82,273,884 $ 82,544,376 | |
Schedule of Significant Balances [Table Text Block] | September 30, December 31, 2015 2014 Kandi Shanghai $ 20,274,877 $ 6,978,618 Kandi Changxing 2,662,919 7,359,202 Kandi Jinhua 7,249,376 12,736,420 JV Company 46,626,990 24,376,372 Consolidated JV Company $ 76,814,162 $ 51,450,612 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Guarantees For Bank Loans [Table Text Block] | September 30, December 31, Guarantee provided to 2015 2014 Zhejiang Kangli Metal Manufacturing Company. $ - $ 4,875,274 Zhejiang Shuguang industrial Co., Ltd. 4,549,876 4,875,274 Nanlong Group Co., Ltd. 3,137,846 9,750,548 Total $ 7,687,722 $ 19,501,096 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended September 30, 2015 2014 Sales Revenue Percentage Sales Revenue Percentage Overseas $ 1,436,398 3% $ 2,650,592 6% China 49,092,147 97% 41,556,400 94% Total $ 50,528,545 100% $ 44,206,992 100% | Nine Months Ended September 30, 2015 2014 Sales Revenue Percentage Sales Revenue Percentage Overseas $ 3,380,570 2% $ 6,005,588 5% China 138,892,521 98% 111,332,763 95% Total $ 142,273,091 100% $ 117,338,351 100% |
ORGANIZATION AND PRINCIPAL AC49
ORGANIZATION AND PRINCIPAL ACTIVITIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Organization And Principal Activities 1 | 100.00% |
Organization And Principal Activities 2 | 100.00% |
Organization And Principal Activities 3 | 50.00% |
Organization And Principal Activities 4 | 50.00% |
Organization And Principal Activities 5 | 50.00% |
Organization And Principal Activities 6 | 100.00% |
Organization And Principal Activities 7 | 99.00% |
Organization And Principal Activities 8 | 50.00% |
Organization And Principal Activities 9 | 100.00% |
Organization And Principal Activities 10 | 50.00% |
Organization And Principal Activities 11 | 50.00% |
Organization And Principal Activities 12 | 90.00% |
Organization And Principal Activities 13 | 10.00% |
Organization And Principal Activities 14 | 100.00% |
Organization And Principal Activities 15 | 100.00% |
Organization And Principal Activities 16 | 19.00% |
Organization And Principal Activities 17 | 9.50% |
Organization And Principal Activities 18 | 9.50% |
Organization And Principal Activities 19 | 100.00% |
Organization And Principal Activities 20 | 50.00% |
Organization And Principal Activities 21 | 50.00% |
Organization And Principal Activities 22 | 100.00% |
Organization And Principal Activities 23 | 50.00% |
Organization And Principal Activities 24 | 50.00% |
Organization And Principal Activities 25 | 100.00% |
Organization And Principal Activities 26 | 50.00% |
Organization And Principal Activities 27 | 50.00% |
Organization And Principal Activities 28 | 100.00% |
Organization And Principal Activities 29 | 50.00% |
Organization And Principal Activities 30 | 50.00% |
LIQUIDITY (Narrative) (Details)
LIQUIDITY (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)mo$ / sharesshares | |
Liquidity 1 | $ 54,318,555 |
Liquidity 2 | 15,115,871 |
Liquidity 3 | 39,202,684 |
Liquidity 4 | 37,340,362 |
Liquidity 5 | $ 11,050,000 |
Liquidity 6 | shares | 606,000 |
Liquidity 7 | $ / shares | $ 18.24 |
Liquidity 8 | shares | 90,900 |
Liquidity 9 | $ / shares | $ 22.80 |
Liquidity 10 | mo | 18 |
Liquidity 11 | $ / shares | $ 9.72 |
Liquidity 12 | $ 71,000,000 |
Liquidity 13 | shares | 4,127,908 |
Liquidity 14 | $ / shares | $ 17.20 |
Liquidity 15 | shares | 743,024 |
Liquidity 16 | $ / shares | $ 21.50 |
Liquidity 17 | mo | 17 |
Liquidity 18 | $ / shares | $ 9.72 |
PRINCIPLES OF CONSOLIDATION (Na
PRINCIPLES OF CONSOLIDATION (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Principles Of Consolidation 1 | 50.00% |
Principles Of Consolidation 2 | 100.00% |
Principles Of Consolidation 3 | 10.00% |
Principles Of Consolidation 4 | 90.00% |
Principles Of Consolidation 5 | 50.00% |
Principles Of Consolidation 6 | 50.00% |
Principles Of Consolidation 7 | 50.00% |
Principles Of Consolidation 8 | 50.00% |
Principles Of Consolidation 9 | 50.00% |
Principles Of Consolidation 10 | 50.00% |
Principles Of Consolidation 11 | 50.00% |
Principles Of Consolidation 12 | 50.00% |
Principles Of Consolidation 13 | 50.00% |
Principles Of Consolidation 14 | 50.00% |
Principles Of Consolidation 15 | 50.00% |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)yrd | |
Summary Of Significant Accounting Policies 1 | $ 15,689,228 |
Summary Of Significant Accounting Policies 2 | 90 |
Summary Of Significant Accounting Policies 3 | d | 120 |
Summary Of Significant Accounting Policies 4 | $ 785,450 |
Summary Of Significant Accounting Policies 5 | 391,097 |
Summary Of Significant Accounting Policies 6 | 1,928,091 |
Summary Of Significant Accounting Policies 7 | 2,535,027 |
Summary Of Significant Accounting Policies 8 | 724 |
Summary Of Significant Accounting Policies 9 | 63,584 |
Summary Of Significant Accounting Policies 10 | 92,139 |
Summary Of Significant Accounting Policies 11 | $ 217,284 |
Summary Of Significant Accounting Policies 12 | 6,109,666 |
Summary Of Significant Accounting Policies 13 | $ 8,146,221 |
Summary Of Significant Accounting Policies 14 | yr | 9.7 |
CONCENTRATIONS (Narrative) (Det
CONCENTRATIONS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Concentrations 1 | 10.00% |
Concentrations 2 | 10.00% |
Concentrations 3 | 50.00% |
Concentrations 4 | 50.00% |
Concentrations 5 | $ 42,815,210 |
Concentrations 6 | 42,882,613 |
Concentrations 7 | 7,225,901 |
Concentrations 8 | $ 7,187,811 |
Concentrations 9 | 9.50% |
Concentrations 10 | $ 1,116,097 |
Concentrations 11 | 14,611,084 |
Concentrations 12 | $ 9,891,440 |
Concentrations 13 | 10.00% |
Concentrations 14 | 10.00% |
EARNINGS (LOSS) PER SHARE (Narr
EARNINGS (LOSS) PER SHARE (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings (loss) Per Share 1 | 0 |
Earnings (loss) Per Share 2 | 315,730 |
Earnings (loss) Per Share 3 | 274,744 |
Earnings (loss) Per Share 4 | 134,824 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accounts Receivable 1 | $ 0 |
Accounts Receivable 2 | 597,481 |
Accounts Receivable 3 | 0 |
Accounts Receivable 4 | 2,784,596 |
Accounts Receivable 5 | 0 |
Accounts Receivable 6 | $ 620,410 |
PLANT AND EQUIPMENT (Narrative)
PLANT AND EQUIPMENT (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Plant And Equipment 1 | $ 10,066,053 |
Plant And Equipment 2 | 10,816,480 |
Plant And Equipment 3 | 4,036,771 |
Plant And Equipment 4 | 3,814,892 |
Plant And Equipment 5 | 1,317,383 |
Plant And Equipment 6 | $ 1,274,860 |
LAND USE RIGHTS (Narrative) (De
LAND USE RIGHTS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Land Use Rights 1 | $ 9,754,026 |
Land Use Rights 2 | 9,665,834 |
Land Use Rights 3 | 290,559 |
Land Use Rights 4 | 281,143 |
Land Use Rights 5 | 95,332 |
Land Use Rights 6 | $ 97,238 |
CONSTRUCTION-IN-PROGRESS (Narra
CONSTRUCTION-IN-PROGRESS (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2015CNY (¥) | |
Construction-in-progress 1 | ¥ | ¥ 1,000,000,000 | |
Construction-in-progress 2 | $ 156,892,278 | |
Construction-in-progress 3 | 100,000 | 100,000 |
Construction-in-progress 4 | ¥ | ¥ 353,000,000 | |
Construction-in-progress 5 | $ 55,382,974 | |
Construction-in-progress 6 | 56,525,652 | |
Construction-in-progress 7 | $ 58,510,051 |
LONG TERM INVESTMENT (Narrative
LONG TERM INVESTMENT (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Long Term Investment 1 | 50.00% |
Long Term Investment 2 | 19.00% |
Long Term Investment 3 | 9.50% |
Long Term Investment 4 | $ 15,689,228 |
Long Term Investment 5 | 1,490,477 |
SHORT TERM BANK LOANS (Narrativ
SHORT TERM BANK LOANS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Short Term Bank Loans 1 | $ 1,712,872 |
Short Term Bank Loans 2 | 1,728,432 |
Short Term Bank Loans 3 | 528,285 |
Short Term Bank Loans 4 | 558,806 |
Short Term Bank Loans 5 | $ 12,237,597 |
NOTES PAYABLE (Narrative) (Deta
NOTES PAYABLE (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Notes Payable 1 | 0.05% |
Notes Payable 2 | $ 6,585 |
Notes Payable 3 | 6,498 |
Notes Payable 4 | 1,616 |
Notes Payable 5 | $ 0 |
BOND PAYABLE (Narrative) (Detai
BOND PAYABLE (Narrative) (Details) - 9 months ended Sep. 30, 2015 | USD ($)yr | CNY (¥)yr |
Bond Payable 1 | ¥ | ¥ 80,000,000 | |
Bond Payable 2 | $ 13,000,731 | |
Bond Payable 3 | yr | 3 | 3 |
Bond Payable 4 | 11.50% | 11.50% |
Bond Payable 5 | $ 1,262,691 |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Taxes 1 | 25.00% |
Taxes 2 | 15.00% |
Taxes 3 | 25.00% |
Taxes 4 | 15.00% |
Taxes 5 | 25.00% |
Taxes 6 | 37.16% |
Taxes 7 | 44.25% |
Taxes 8 | 25.00% |
Taxes 9 | 13.94% |
Taxes 10 | 34.00% |
Taxes 11 | 25.00% |
Taxes 12 | 25.00% |
STOCK OPTIONS AND WARRANTS (Nar
STOCK OPTIONS AND WARRANTS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)yr$ / sharesshares | |
Stock Options And Warrants 1 | 2,600,000 |
Stock Options And Warrants 2 | $ / shares | $ 0.80 |
Stock Options And Warrants 3 | $ | $ 2,062,964 |
Stock Options And Warrants 4 | 164.00% |
Stock Options And Warrants 5 | yr | 10 |
Stock Options And Warrants 6 | 2.76% |
Stock Options And Warrants 7 | 0.00% |
Stock Options And Warrants 8 | 6,668 |
Stock Options And Warrants 9 | 2,366,672 |
Stock Options And Warrants 10 | 6,668 |
Stock Options And Warrants 11 | 2,593,332 |
Stock Options And Warrants 12 | 6,668 |
Stock Options And Warrants 13 | 350,000 |
Stock Options And Warrants 14 | $ / shares | $ 1.50 |
Stock Options And Warrants 15 | 250,000 |
Stock Options And Warrants 16 | 100,000 |
Stock Options And Warrants 17 | 250,000 |
Stock Options And Warrants 18 | 100,000 |
Stock Options And Warrants 19 | 4,900,000 |
Stock Options And Warrants 20 | $ / shares | $ 9.72 |
Stock Options And Warrants 21 | $ | $ 39,990,540 |
Stock Options And Warrants 22 | 90.00% |
Stock Options And Warrants 23 | yr | 10 |
Stock Options And Warrants 24 | 2.23% |
Stock Options And Warrants 25 | 0.00% |
Stock Options And Warrants 26 | 4,376,036 |
Stock Options And Warrants 27 | $ / shares | $ 6.03 |
Stock Options And Warrants 28 | 1,750,415 |
Stock Options And Warrants 29 | $ / shares | $ 7.24 |
Stock Options And Warrants 30 | 728,936 |
Stock Options And Warrants 31 | $ / shares | $ 7.24 |
Stock Options And Warrants 32 | 291,574 |
Stock Options And Warrants 33 | $ | $ 8.69 |
Stock Options And Warrants 34 | 262,562 |
Stock Options And Warrants 35 | $ / shares | $ 7.24 |
Stock Options And Warrants 36 | $ / shares | $ 0.53 |
Stock Options And Warrants 37 | 1,429,393 |
Stock Options And Warrants 38 | $ / shares | $ 15 |
Stock Options And Warrants 39 | $ | $ 14,294 |
Stock Options And Warrants 40 | $ | 0.01 |
Stock Options And Warrants 41 | $ | $ 14.99 |
Stock Options And Warrants 42 | 606,000 |
Stock Options And Warrants 43 | $ / shares | $ 18.24 |
Stock Options And Warrants 44 | $ | $ 11,053,440 |
Stock Options And Warrants 45 | 90,900 |
Stock Options And Warrants 46 | $ / shares | $ 22.80 |
Stock Options And Warrants 47 | 36,360 |
Stock Options And Warrants 48 | $ / shares | $ 22.80 |
Stock Options And Warrants 49 | $ | $ 9.72 |
Stock Options And Warrants 50 | $ / shares | $ 0.44 |
Stock Options And Warrants 51 | 4,127,908 |
Stock Options And Warrants 52 | $ / shares | $ 17.20 |
Stock Options And Warrants 53 | $ | $ 71,000,000 |
Stock Options And Warrants 54 | 743,024 |
Stock Options And Warrants 55 | $ / shares | $ 21.50 |
Stock Options And Warrants 56 | $ | $ 9.72 |
Stock Options And Warrants 57 | 206,395 |
Stock Options And Warrants 58 | $ / shares | $ 20.64 |
Stock Options And Warrants 59 | $ / shares | 0.34 |
Stock Options And Warrants 60 | $ / shares | $ 0.46 |
Stock Options And Warrants 61 | $ | $ 30,000,000 |
Stock Options And Warrants 62 | $ | $ 30,000,000 |
Stock Options And Warrants 63 | 1,744,186 |
Stock Options And Warrants 64 | 313,954 |
Stock Options And Warrants 65 | $ | $ 17.20 |
Stock Options And Warrants 66 | $ | $ 30,000,000 |
STOCK AWARD (Narrative) (Detail
STOCK AWARD (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015shares | |
Stock Award 1 | 5,000 |
Stock Award 2 | 5,000 |
Stock Award 3 | 5,000 |
Stock Award 4 | 10,000 |
Stock Award 5 | 2,500 |
Stock Award 6 | 335,000 |
Stock Award 7 | 10.00% |
Stock Award 8 | 10.00% |
Stock Award 9 | 10.00% |
Stock Award 10 | 10.00% |
Stock Award 11 | 10.00% |
Stock Award 12 | 200.00% |
Stock Award 13 | 9,000,000 |
Stock Award 14 | 670,000 |
Stock Award 15 | 550,000 |
Stock Award 16 | 120,000 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Intangible Assets 1 | $ 20,524 |
Intangible Assets 2 | $ 61,571 |
SUMMARIZED INFORMATION OF EQU67
SUMMARIZED INFORMATION OF EQUITY METHOD INVESTMENT IN THE JV COMPANY (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
Summarized Information Of Equity Method Investment In The Jv Company 1 | 99.00% |
Summarized Information Of Equity Method Investment In The Jv Company 2 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 3 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 4 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 5 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 6 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 7 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 8 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 9 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 10 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 11 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 12 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 13 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 14 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 15 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 16 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 17 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 18 | 19.00% |
Summarized Information Of Equity Method Investment In The Jv Company 19 | 9.50% |
Summarized Information Of Equity Method Investment In The Jv Company 20 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 21 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 22 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 23 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 24 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 25 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 26 | 100.00% |
Summarized Information Of Equity Method Investment In The Jv Company 27 | shares | 12,120 |
Summarized Information Of Equity Method Investment In The Jv Company 28 | shares | 3,647 |
Summarized Information Of Equity Method Investment In The Jv Company 29 | 50.00% |
Summarized Information Of Equity Method Investment In The Jv Company 30 | $ 31,888,768 |
Summarized Information Of Equity Method Investment In The Jv Company 31 | 19,593,174 |
Summarized Information Of Equity Method Investment In The Jv Company 32 | 7,245,341 |
Summarized Information Of Equity Method Investment In The Jv Company 33 | $ 5,061,218 |
Summarized Information Of Equity Method Investment In The Jv Company 34 | 90.00% |
Summarized Information Of Equity Method Investment In The Jv Company 35 | 10.00% |
Summarized Information Of Equity Method Investment In The Jv Company 36 | 85.00% |
Summarized Information Of Equity Method Investment In The Jv Company 37 | 79.00% |
Summarized Information Of Equity Method Investment In The Jv Company 38 | $ 76,814,162 |
Summarized Information Of Equity Method Investment In The Jv Company 39 | 51,450,612 |
Summarized Information Of Equity Method Investment In The Jv Company 40 | $ 23,533,842 |
Summarized Information Of Equity Method Investment In The Jv Company 41 | 5.00% |
Summarized Information Of Equity Method Investment In The Jv Company 42 | 5.88% |
COMMITMENTS AND CONTINGENCIES68
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Commitments And Contingencies 1 | $ 4,549,876 |
Commitments And Contingencies 2 | $ 3,137,846 |
Schedule of Fair Value, by Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 1 | $ 11,691,023 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 2 | 11,691,023 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 3 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 4 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 5 | 15,689,228 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 6 | 15,689,228 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 7 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 8 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 9 | 540,299 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 10 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 11 | 0 |
Summary Of Significant Accounting Policies Schedule Of Fair Value, By Balance Sheet Grouping 12 | $ 540,299 |
Schedule of Property and Equipm
Schedule of Property and Equipment Estimated Useful Lives (Details) | 9 Months Ended |
Sep. 30, 2015yr | |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 1 | 30 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 2 | 10 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 3 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 4 | 5 |
Summary Of Significant Accounting Policies Schedule Of Property And Equipment Estimated Useful Lives 5 | 5 |
Schedule of Average Foreign Cur
Schedule of Average Foreign Currency Exchange Rates (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 1 | 6.37380 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 2 | 6.15350 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 3 | 6.15600 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 4 | 6.18630 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 5 | 6.14821 |
Summary Of Significant Accounting Policies Schedule Of Average Foreign Currency Exchange Rates 6 | 6.15023 |
Schedule of Revenue and Account
Schedule of Revenue and Accounts Receivable Percentage by Major Customers (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 1 | 29.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 2 | 21.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 3 | 22.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 4 | 16.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 5 | 29.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 6 | 44.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 7 | 3.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 8 | 17.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 9 | 17.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 10 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 11 | 28.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 12 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 13 | 10.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 14 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 15 | 11.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 16 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 17 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 18 | 15.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 19 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 20 | 3.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 1 | 44.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 2 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 3 | 28.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 4 | $ 0 | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 5 | 13.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 6 | 49.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 7 | 3.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 8 | 17.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 9 | 13.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 10 | 30.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 11 | 22.00% | |
Concentrations Schedule Of Revenue And Accounts Receivable Percentage By Major Customers 12 | 16.00% |
Schedule of Purchases and Accou
Schedule of Purchases and Accounts Payable Percentage by Major Suppliers (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 1 | 24.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 2 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 3 | 29.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 4 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 5 | 17.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 6 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 7 | 12.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 8 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 9 | 16.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 10 | 16.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 11 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 12 | 12.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 13 | 5.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 14 | 30.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 15 | 10.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 16 | 32.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 17 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 18 | 11.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 19 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 20 | 29.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 1 | 29.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 2 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 3 | 29.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 4 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 5 | 26.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 6 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 7 | 12.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 8 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 9 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 10 | 38.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 11 | $ 0 | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 12 | 12.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 13 | 2.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 14 | 30.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 15 | 10.00% | |
Concentrations Schedule Of Purchases And Accounts Payable Percentage By Major Suppliers 16 | 32.00% |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | $ 13,900,350 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | 10,604,627 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | 46,670,533 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | 41,327,666 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 274,744 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 134,824 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 46,945,277 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | $ 41,462,490 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | 0.30 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | 0.26 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | 0.30 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | 0.26 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | $ 2,343,195 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | 13,533,702 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | 46,959,638 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | 43,214,455 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 0 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 315,730 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 46,959,638 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | $ 43,530,185 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | 0.05 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | 0.31 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | 0.05 | |
Earnings (loss) Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | 0.31 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accounts Receivable Schedule Of Accounts Receivable 1 | $ 33,912,043 |
Accounts Receivable Schedule Of Accounts Receivable 2 | 15,736,805 |
Accounts Receivable Schedule Of Accounts Receivable 3 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 4 | 0 |
Accounts Receivable Schedule Of Accounts Receivable 5 | 33,912,043 |
Accounts Receivable Schedule Of Accounts Receivable 6 | $ 15,736,805 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Inventories Schedule Of Inventories 1 | $ 14,485,371 |
Inventories Schedule Of Inventories 2 | 3,621,428 |
Inventories Schedule Of Inventories 3 | 2,253,507 |
Inventories Schedule Of Inventories 4 | 3,104,678 |
Inventories Schedule Of Inventories 5 | 15,218,458 |
Inventories Schedule Of Inventories 6 | 8,993,318 |
Inventories Schedule Of Inventories 7 | 31,957,336 |
Inventories Schedule Of Inventories 8 | 15,719,424 |
Inventories Schedule Of Inventories 9 | (304,677) |
Inventories Schedule Of Inventories 10 | (315,584) |
Inventories Schedule Of Inventories 11 | 31,652,659 |
Inventories Schedule Of Inventories 12 | $ 15,403,840 |
Schedule of Notes Receivable (D
Schedule of Notes Receivable (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Notes Receivable Schedule Of Notes Receivable 1 | 9.60% |
Notes Receivable Schedule Of Notes Receivable 2 | $ 10,802,903 |
Notes Receivable Schedule Of Notes Receivable 3 | 8,117,888 |
Notes Receivable Schedule Of Notes Receivable 4 | 7,982,679 |
Notes Receivable Schedule Of Notes Receivable 5 | 942,553 |
Notes Receivable Schedule Of Notes Receivable 6 | 18,785,582 |
Notes Receivable Schedule Of Notes Receivable 7 | $ 9,060,441 |
Schedule of Details of Notes Re
Schedule of Details of Notes Receivable (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Notes Receivable Schedule Of Details Of Notes Receivable 1 | $ 10,802,903 | |
Notes Receivable Schedule Of Details Of Notes Receivable 2 | 690,326 | |
Notes Receivable Schedule Of Details Of Notes Receivable 3 | 75,308 | |
Notes Receivable Schedule Of Details Of Notes Receivable 4 | 941,354 | |
Notes Receivable Schedule Of Details Of Notes Receivable 5 | $ 6,275,691 | |
Notes Receivable Schedule Of Details Of Notes Receivable 1 | $ 8,117,888 | |
Notes Receivable Schedule Of Details Of Notes Receivable 2 | 406,273 | |
Notes Receivable Schedule Of Details Of Notes Receivable 3 | 455,025 | |
Notes Receivable Schedule Of Details Of Notes Receivable 4 | $ 81,255 |
Schedule of Plant and Equipment
Schedule of Plant and Equipment (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Plant And Equipment Schedule Of Plant And Equipment 1 | $ 14,059,394 |
Plant And Equipment Schedule Of Plant And Equipment 2 | 14,492,949 |
Plant And Equipment Schedule Of Plant And Equipment 3 | 9,406,955 |
Plant And Equipment Schedule Of Plant And Equipment 4 | 7,916,281 |
Plant And Equipment Schedule Of Plant And Equipment 5 | 405,079 |
Plant And Equipment Schedule Of Plant And Equipment 6 | 283,494 |
Plant And Equipment Schedule Of Plant And Equipment 7 | 342,648 |
Plant And Equipment Schedule Of Plant And Equipment 8 | 355,547 |
Plant And Equipment Schedule Of Plant And Equipment 9 | 33,338,265 |
Plant And Equipment Schedule Of Plant And Equipment 10 | 34,523,167 |
Plant And Equipment Schedule Of Plant And Equipment 11 | 57,552,341 |
Plant And Equipment Schedule Of Plant And Equipment 12 | 57,571,438 |
Plant And Equipment Schedule Of Plant And Equipment 13 | (3,707,675) |
Plant And Equipment Schedule Of Plant And Equipment 14 | (3,480,417) |
Plant And Equipment Schedule Of Plant And Equipment 15 | (8,782,551) |
Plant And Equipment Schedule Of Plant And Equipment 16 | (7,371,047) |
Plant And Equipment Schedule Of Plant And Equipment 17 | (244,074) |
Plant And Equipment Schedule Of Plant And Equipment 18 | (220,944) |
Plant And Equipment Schedule Of Plant And Equipment 19 | (268,932) |
Plant And Equipment Schedule Of Plant And Equipment 20 | (254,331) |
Plant And Equipment Schedule Of Plant And Equipment 21 | (22,706,306) |
Plant And Equipment Schedule Of Plant And Equipment 22 | (19,972,647) |
Plant And Equipment Schedule Of Plant And Equipment 23 | (35,709,538) |
Plant And Equipment Schedule Of Plant And Equipment 24 | (31,299,386) |
Plant And Equipment Schedule Of Plant And Equipment 25 | (54,737) |
Plant And Equipment Schedule Of Plant And Equipment 26 | (56,696) |
Plant And Equipment Schedule Of Plant And Equipment 27 | 21,788,066 |
Plant And Equipment Schedule Of Plant And Equipment 28 | $ 26,215,356 |
Schedule of Land Use Rights (De
Schedule of Land Use Rights (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Land Use Rights Schedule Of Land Use Rights 1 | $ 17,299,281 |
Land Use Rights Schedule Of Land Use Rights 2 | 17,786,170 |
Land Use Rights Schedule Of Land Use Rights 3 | (2,473,028) |
Land Use Rights Schedule Of Land Use Rights 4 | (2,137,018) |
Land Use Rights Schedule Of Land Use Rights 5 | 14,826,253 |
Land Use Rights Schedule Of Land Use Rights 6 | $ 15,649,152 |
Schedule of Land Use Rights Exp
Schedule of Land Use Rights Expected Amortization Expense (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 1 | $ 96,853 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 2 | 387,412 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 3 | 387,412 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 4 | 387,412 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 5 | 387,412 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 6 | 13,179,752 |
Land Use Rights Schedule Of Land Use Rights Expected Amortization Expense 7 | $ 14,826,253 |
Schedule of Construction in Pro
Schedule of Construction in Progress (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Construction-in-progress Schedule Of Construction In Progress 1 | $ 56,525,652 |
Construction-in-progress Schedule Of Construction In Progress 2 | 100,366,626 |
Construction-in-progress Schedule Of Construction In Progress 3 | 156,892,278 |
Construction-in-progress Schedule Of Construction In Progress 4 | 56,525,652 |
Construction-in-progress Schedule Of Construction In Progress 5 | 100,366,626 |
Construction-in-progress Schedule Of Construction In Progress 6 | $ 156,892,278 |
Schedule of Short-term Bank Loa
Schedule of Short-term Bank Loans (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Short Term Bank Loans Schedule Of Short-term Bank Loans 1 | 18.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 2 | 7.08% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 3 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 4 | $ 12,675,713 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 5 | 5.778% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 6 | $ 6,589,475 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 7 | 5,648,122 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 8 | 12,237,597 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 9 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 10 | 20.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 11 | 7.20% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 12 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 13 | $ 3,250,183 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 14 | 6.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 15 | $ 7,656,343 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 16 | $ 7,930,446 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 17 | 6.00% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 18 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 19 | $ 11,733,160 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 20 | 4.85% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 21 | $ 7,844,614 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 22 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 23 | 4.85% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 24 | $ 3,483,009 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 25 | $ 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 26 | 5.35% |
Short Term Bank Loans Schedule Of Short-term Bank Loans 27 | $ 6,118,799 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 28 | 0 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 29 | 37,340,362 |
Short Term Bank Loans Schedule Of Short-term Bank Loans 30 | $ 35,589,502 |
Schedule of Guarantor Obligatio
Schedule of Guarantor Obligations (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Short Term Bank Loans Schedule Of Guarantor Obligations 1 | $ 12,237,597 |
Short Term Bank Loans Schedule Of Guarantor Obligations 2 | $ 3,137,846 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Notes Payable Schedule Of Notes Payable 1 | $ 0 |
Notes Payable Schedule Of Notes Payable 2 | 4,062,729 |
Notes Payable Schedule Of Notes Payable 3 | 0 |
Notes Payable Schedule Of Notes Payable 4 | 826,846 |
Notes Payable Schedule Of Notes Payable 5 | 0 |
Notes Payable Schedule Of Notes Payable 6 | 812,546 |
Notes Payable Schedule Of Notes Payable 7 | 3,137,846 |
Notes Payable Schedule Of Notes Payable 8 | 0 |
Notes Payable Schedule Of Notes Payable 9 | 3,137,846 |
Notes Payable Schedule Of Notes Payable 10 | $ 5,702,121 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $ 3,175,287 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 1,269,408 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | 0 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 3,175,287 |
Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | $ 1,269,408 |
Schedule of Expected Components
Schedule of Expected Components of Income Tax Expense (Benefit) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 1 | $ (322,716) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 2 | 1,594,293 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 3 | (880,016) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 4 | (368,675) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 5 | 280,798 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 6 | (877,509) |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 7 | 4,097,221 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 8 | 921,299 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 9 | 3,175,287 |
Taxes Schedule Of Expected Components Of Income Tax Expense (benefit) 10 | $ 1,269,408 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $ 163,944 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | (80,016) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | 163,944 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | (80,016) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | (329,933) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | (26,226) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 7 | (90,059) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 8 | (124,622) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 9 | (419,992) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 10 | (150,848) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 11 | (256,049) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 12 | (230,864) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 13 | (402,934) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 14 | (551,697) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 15 | 4,097,221 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 16 | 3,025,997 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 17 | (4,097,221) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 18 | (3,025,997) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 19 | (402,934) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 20 | (551,697) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 21 | 0 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 22 | (1,715,028) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 23 | 0 |
Taxes Schedule Of Deferred Tax Assets And Liabilities 24 | (1,715,028) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 25 | (402,934) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 26 | (2,266,725) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 27 | (658,982) |
Taxes Schedule Of Deferred Tax Assets And Liabilities 28 | $ (2,497,589) |
Summary of Income Tax Holiday (
Summary of Income Tax Holiday (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Taxes Summary Of Income Tax Holiday 1 | $ 880,016 |
Taxes Summary Of Income Tax Holiday 2 | $ 368,675 |
Taxes Summary Of Income Tax Holiday 3 | 0.019 |
Taxes Summary Of Income Tax Holiday 4 | 0.009 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)yr | |
Intangible Assets Schedule Of Intangible Assets 1 | yr | 6.25 |
Intangible Assets Schedule Of Intangible Assets 2 | $ 492,235 |
Intangible Assets Schedule Of Intangible Assets 3 | $ 492,235 |
Intangible Assets Schedule Of Intangible Assets 4 | yr | 6.25 |
Intangible Assets Schedule Of Intangible Assets 5 | $ 304,086 |
Intangible Assets Schedule Of Intangible Assets 6 | 304,086 |
Intangible Assets Schedule Of Intangible Assets 7 | 796,321 |
Intangible Assets Schedule Of Intangible Assets 8 | 796,321 |
Intangible Assets Schedule Of Intangible Assets 9 | (173,382) |
Intangible Assets Schedule Of Intangible Assets 10 | (135,323) |
Intangible Assets Schedule Of Intangible Assets 11 | (107,109) |
Intangible Assets Schedule Of Intangible Assets 12 | (83,597) |
Intangible Assets Schedule Of Intangible Assets 13 | (280,491) |
Intangible Assets Schedule Of Intangible Assets 14 | (218,920) |
Intangible Assets Schedule Of Intangible Assets 15 | 515,830 |
Intangible Assets Schedule Of Intangible Assets 16 | $ 577,401 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 1 | $ 20,524 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 2 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 3 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 4 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 5 | 82,095 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 6 | 166,926 |
Intangible Assets Schedule Of Finite-lived Intangible Assets, Future Amortization Expense 7 | $ 515,830 |
Schedule of Combined Results of
Schedule of Combined Results of Condensed Income Statement Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 1 | $ 98,447,939 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 2 | 46,847,556 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 3 | 13,325,271 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 4 | $ 7,025,415 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 5 | 13.50% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 6 | 15.00% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 7 | $ 1,611,658 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 8 | $ 4,398,828 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 9 | 1.60% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 10 | 9.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 11 | $ 805,829 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 12 | $ 2,199,414 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 1 | $ 197,965,282 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 2 | 126,763,793 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 3 | 31,958,679 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 4 | $ 13,944,898 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 5 | 16.10% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 6 | 11.00% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 7 | $ 4,000,781 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 8 | $ 6,782,272 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 9 | 2.00% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 10 | 5.40% | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 11 | $ 2,000,390 | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Income Statement Information 12 | $ 3,391,136 |
Schedule of Combined Results 93
Schedule of Combined Results of Condensed Balance Sheet Information (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 1 | $ 308,146,994 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 2 | 262,543,256 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 3 | 187,581,237 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 4 | 194,229,114 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 5 | 495,728,231 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 6 | 456,772,370 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 7 | 310,842,828 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 8 | 280,779,432 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 9 | 19,787,767 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 10 | 9,006,787 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 11 | 165,097,636 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 12 | 166,986,151 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 13 | 495,728,231 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Combined Results Of Condensed Balance Sheet Information 14 | $ 456,772,370 |
Schedule of Changes in the Comp
Schedule of Changes in the Companys Investment (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 1 | $ 83,309,095 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 2 | 79,331,930 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 3 | 2,000,390 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 4 | 3,391,136 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 5 | (283,267) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 6 | (544,941) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 7 | 183,005 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 8 | 911,023 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 9 | (2,935,339) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 10 | (544,772) |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 11 | 82,273,884 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Changes In The Companys Investment 12 | $ 82,544,376 |
Schedule of Significant Balance
Schedule of Significant Balances (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 1 | $ 20,274,877 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 2 | 6,978,618 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 3 | 2,662,919 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 4 | 7,359,202 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 5 | 7,249,376 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 6 | 12,736,420 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 7 | 46,626,990 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 8 | 24,376,372 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 9 | 76,814,162 |
Summarized Information Of Equity Method Investment In The Jv Company Schedule Of Significant Balances 10 | $ 51,450,612 |
Schedule of Guarantees For Bank
Schedule of Guarantees For Bank Loans (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 1 | $ 0 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 2 | 4,875,274 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 3 | 4,549,876 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 4 | 4,875,274 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 5 | 3,137,846 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 6 | 9,750,548 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 7 | 7,687,722 |
Commitments And Contingencies Schedule Of Guarantees For Bank Loans 8 | $ 19,501,096 |
Schedule of Revenue from Extern
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | $ 3,380,570 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 2 | 2.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 3 | $ 6,005,588 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 4 | 5.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 5 | $ 138,892,521 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 6 | 98.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 7 | $ 111,332,763 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 8 | 95.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 9 | $ 142,273,091 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 10 | 100.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 11 | $ 117,338,351 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 12 | 100.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 1 | $ 1,436,398 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 2 | 3.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 3 | $ 2,650,592 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 4 | 6.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 5 | $ 49,092,147 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 6 | 97.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 7 | $ 41,556,400 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 8 | 94.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 9 | $ 50,528,545 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 10 | 100.00% | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 11 | $ 44,206,992 | |
Segment Reporting Schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas 12 | 100.00% |