Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Trading Symbol | 'thti | ' |
Entity Registrant Name | 'THT Heat Transfer Technology, Inc. | ' |
Entity Central Index Key | '0001375686 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 20,453,500 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Sales revenue | $8,288,912 | $7,910,435 |
Cost of revenue | -5,765,029 | -4,919,837 |
Gross Profit | 2,523,883 | 2,990,598 |
Operating expenses | ' | ' |
Administrative expenses | 545,051 | 1,031,114 |
Research and development expenses | 340,074 | 208,786 |
Selling expenses | 969,951 | 1,042,664 |
Total Operating Expenses | 1,855,076 | 2,282,564 |
Income from operations | 668,807 | 708,034 |
Other Income (Expenses) | ' | ' |
Interest income | 4,359 | 9,593 |
Other income | 224,181 | 131,231 |
Finance costs | -331,458 | -452,423 |
Other expense | 474 | -565 |
Total Other Expense | -102,444 | -312,164 |
Income before income taxes and noncontrolling interests | 566,363 | 395,870 |
Income tax expenses | -84,954 | -60,388 |
Net Income | 481,409 | 335,482 |
Net loss (income) attributable to noncontrolling interests | 0 | -21,819 |
Net income attributable to THT Heat Transfer Technology, Inc. common stockholders | 481,409 | 313,663 |
Net Income | 481,409 | 335,482 |
Other Comprehensive Income | ' | ' |
Foreign currency translation adjustments | -570,200 | 324,844 |
Comprehensive Income | -88,791 | 660,326 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 5,583 |
Comprehensive income attributable to THT Heat Transfer Technology, Inc. common stockholders | ($88,791) | $665,909 |
Earnings per share attributable to THT Heat Transfer Technology, Inc. common stockholders | ' | ' |
Basic and diluted | $0.02 | $0.02 |
Weighted average number of shares outstanding | ' | ' |
Basic and diluted | 20,453,500 | 20,453,500 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash and cash equivalents | $4,948,870 | $9,082,137 |
Restricted cash-current | 1,106,414 | 1,728,355 |
Counter guarantee receivable | 0 | 245,483 |
Trade receivables, net | 40,522,661 | 44,316,445 |
Bills receivable | 3,580,948 | 1,716,223 |
Other receivables, prepayments and deposits, net | 14,971,660 | 14,489,152 |
Inventories, net | 23,837,813 | 25,303,711 |
Deferred tax assets | 168,460 | 169,916 |
Total Current Assets | 89,136,826 | 97,051,422 |
Restricted cash, non-current | 390,763 | 0 |
Retention receivable | 2,152,199 | 2,208,751 |
Property, plant and equipment, net | 7,472,297 | 7,371,951 |
Land use rights, net | 6,104,818 | 6,190,059 |
TOTAL ASSETS | 105,256,903 | 112,822,183 |
Current Liabilities | ' | ' |
Accounts payable | 5,409,502 | 8,912,229 |
Other payables and accrued liabilities | 21,428,395 | 22,330,746 |
Income tax payable | 275,142 | 599,781 |
Short-term bank loans | 14,278,297 | 16,038,230 |
Current maturities of long-term loans | 0 | 981,932 |
Total Current Liabilities | 41,391,336 | 48,862,918 |
Non-current liabilities | ' | ' |
Long-term loans | 567,887 | 572,794 |
Total Long-term Liabilities | 567,887 | 572,794 |
Total Liabilities | 41,959,223 | 49,435,712 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding Common stock, $.001 par value, 190,000,000 shares authorized, 20,453,500 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 20,454 | 20,454 |
Additional paid-in capital | 26,524,324 | 26,524,324 |
Statutory reserve | 3,701,624 | 3,652,538 |
Retained earnings | 27,475,961 | 27,043,638 |
Accumulated other comprehensive income | 5,575,317 | 6,145,517 |
Total THT Heat Transfer Technology Inc. stockholders' equity | 63,297,680 | 63,386,471 |
Noncontrolling interests | 0 | 0 |
TOTAL SHAREHOLDERS' EQUITY | 63,297,680 | 63,386,471 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $105,256,903 | $112,822,183 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred Stock, Par Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 190,000,000 | 190,000,000 |
Common Stock, Shares, Issued | 20,453,500 | 20,453,500 |
Common Stock, Shares, Outstanding | 20,453,500 | 20,453,500 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserve [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Beginning Balance at Dec. 31, 2013 | $20,454 | $26,524,324 | $3,652,538 | $6,145,517 | $27,043,638 | $63,386,471 |
Beginning Balance (Shares) at Dec. 31, 2013 | 20,453,500 | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 481,409 | 481,409 |
Foreign currency translation adjustment | ' | ' | ' | -570,200 | ' | -570,200 |
Appropriation to reserve | ' | ' | 49,086 | ' | -49,086 | ' |
Ending Balance at Mar. 31, 2014 | $20,454 | $26,524,324 | $3,701,624 | $5,575,317 | $27,475,961 | $63,297,680 |
Ending Balance (Shares) at Mar. 31, 2014 | 20,453,500 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $481,409 | $335,482 |
Adjustments to reconcile net income to net cash provided by (used in) operating | ' | ' |
Depreciation and amortization | 257,864 | 296,595 |
Allowance for doubtful accounts | -454,653 | -40,660 |
Changes in operating assets and liabilities: | ' | ' |
Trade receivables | 3,894,115 | 4,497,607 |
Bills receivable | -1,893,375 | -1,693,125 |
Other receivables, prepayments and deposits | -858,646 | -2,799,274 |
Inventories | 1,258,391 | -2,967,206 |
Retention receivable | 37,909 | 244,176 |
Trade payables | -3,451,802 | -576,296 |
Other payables and accrued expenses | -852,747 | 173,486 |
Tax payable | -321,872 | -91,445 |
NET CASH USED IN OPERATING ACTIVITIES | -1,903,407 | -2,620,660 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Change in restricted cash | 217,977 | 244,806 |
Payments to acquire property, plant and equipment | -6,914 | -4,992 |
NET CASH FLOWS PROVIDED BY INVESTING ACTIVITIES | 211,063 | 239,814 |
Cash flows from financing Activities | ' | ' |
Proceeds from bank loans | 8,172,873 | 0 |
Repayment of bank loans | -9,807,447 | 0 |
Repayment of long-term loans | -980,745 | 0 |
Refund of Counter guarantee receivable | 245,186 | 0 |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | -2,370,133 | 0 |
Effect of foreign currency translation on cash and cash equivalents | -70,790 | 57,585 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -4,133,267 | -2,323,261 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,082,137 | 10,703,199 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 4,948,870 | 8,379,938 |
Supplementary Disclosures for Cash Flow Information: | ' | ' |
Interest paid | 246,382 | 354,332 |
Income taxes paid | $599,101 | $138,804 |
Corporate_information
Corporate information | 3 Months Ended | |
Mar. 31, 2014 | ||
Corporate information [Text Block] | ' | |
1 | Corporate information | |
THT Heat Transfer Technology, Inc. (the “Company” or “THT” or the “Surviving Corporation”) is a Nevada corporation with major operations in China. The Company’s shares are quoted for trading on the Nasdaq Global Market in the United States. |
Description_of_business
Description of business | 3 Months Ended | |
Mar. 31, 2014 | ||
Description of business [Text Block] | ' | |
2 | Description of business | |
The Company is a holding company whose primary business are conducted through its subsidiaries, namely Siping Juyuan which is located in the Jilin Province and Beijing Juyuan which is located in Beijing City of the PRC. The Company is engaged in the manufacturing and trading of plate heat exchangers and various related products. | ||
Siping Juyuan was established in the PRC on May 31, 2006 following the division (the “Division”) of Siping City Juyuan Heat Exchange Equipment Co., Ltd. (“Old Juyuan Company”) into three companies, namely Siping Juyuan, Siping City Juyuan Heat Exchange Equipment Co., Ltd. (“New Juyuan Company”) and Siping City Juyuan Hanyang Pressure Vessels Co., Ltd (“Juyuan Hanyang Pressure Vessels”). |
Summary_of_significant_account
Summary of significant accounting policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Summary of significant accounting policies [Text Block] | ' | |
3 | Summary of significant accounting policies | |
Basis of presentation and consolidation | ||
The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with the Company’s consolidated financial statements and accompanying notes thereto for the year ended December 31, 2013 filed with the SEC in the Company’s Form 10-K on March 31, 2014. | ||
In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three-month period have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. | ||
The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter- company balances and transactions have been eliminated on consolidation. | ||
Fair value of financial instruments | ||
Accounting Standards Codification (“ASC”) Topic 820 requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which fair value option was not elected. As of March 31, 2014 and December 31, 2013, the carrying amounts of the Company’s financial assets and liabilities approximated their fair values due to short maturities or the applicable interest rates approximated the current market rates. | ||
Reclassifications | ||
Certain amounts in the consolidated financial statements for the prior period have been reclassified to conform to the presentation of the current period for the comparative purposes. | ||
Recently issued accounting pronouncements | ||
In April 2014, the FASB issued ASU 2014-08, “ Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ”. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. |
Trade_receivables_net
Trade receivables, net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Trade receivables, net [Text Block] | ' | |||||||
4 | Trade receivables, net | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Trade receivables | $ | 47,116,823 | $ | 51,422,790 | ||||
Less: Allowance for doubtful accounts | (6,594,162 | ) | (7,106,345 | ) | ||||
$ | 40,522,661 | $ | 44,316,445 | |||||
As of March 31, 2014 and December 31, 2013, the Company’s trade receivables of $321,605 and $501,536, respectively, were pledged as collateral under certain loan and guarantee arrangements (see Note 9). | ||||||||
An analysis of the allowance for doubtful accounts for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
(Unaudited) | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 7,106,345 | $ | 4,127,640 | ||||
Adjustment of bad debt expense | (454,653 | ) | (40,660 | ) | ||||
Translation adjustments | (57,530 | ) | 22,650 | |||||
Balance at end of period | $ | 6,594,162 | $ | 4,109,629 |
Inventories_net
Inventories, net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventories, net [Text Block] | ' | |||||||
5 | Inventories, net | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Raw materials | $ | 5,620,066 | $ | 5,412,793 | ||||
Work-in-progress | 17,993,555 | 18,966,311 | ||||||
Finished goods | 243,989 | 944,576 | ||||||
23,857,610 | 25,323,680 | |||||||
Allowance for obsolete inventories | (19,797 | ) | (19,969 | ) | ||||
$ | 23,837,813 | $ | 25,303,711 | |||||
No further allowance for obsolete inventories was recognized during the three months ended March 31, 2014 and 2013. | ||||||||
As of March 31, 2014 and December 31, 2013, respectively, the inventory of $0 and $3,600,419 were pledged under certain loan agreements (see Note 10). |
Income_tax
Income tax | 3 Months Ended | |
Mar. 31, 2014 | ||
Income tax [Text Block] | ' | |
6 | Income tax | |
The effective tax rate is 15% and 15% for the three months periods ended March 31, 2014 and March 31, 2013, respectively. |
Property_plant_and_equipment_n
Property, plant and equipment, net | 3 Months Ended | |
Mar. 31, 2014 | ||
Property, plant and equipment, net [Text Block] | ' | |
7 | Property, plant and equipment, net | |
As of March 31, 2014 and December 31, 2013, property, plant and equipment with net book values of $4,836,287 and $4,954,744, respectively, were pledged as collateral under certain loan arrangements (see Note 9). |
Land_use_rights
Land use rights | 3 Months Ended | |
Mar. 31, 2014 | ||
Land use rights [Text Block] | ' | |
8 | Land use rights | |
As of March 31, 2014 and December 31, 2013, certain land use rights were pledged as collateral under certain loan arrangements (see Note 9). | ||
During the three months ended March 31, 2014 and 2013, amortization amounted to $32,450 and $31,604, respectively. |
Shortterm_bank_loans
Short-term bank loans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Short-term bank loans [Text Block] | ' | |||||||
9 | Short-term bank loans | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Secured bank loans | $ | 14,278,297 | $ | 16,038,230 | ||||
$ | 14,278,297 | $ | 16,038,230 | |||||
The Company’s bank loans carry annual interest from 100% to 120% of the benchmark interest rate published by the People’s Bank of China (the “PBOC”). | ||||||||
The secured bank loans were secured by the following assets of the Company: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Trade receivables (Note 4) | $ | 321,605 $ | 501,536 | |||||
Property, plant and equipment (Note 7) | 4,836,287 | 4,954,744 | ||||||
Land use rights (Note 8) | 1,000,489 | 1,014,947 | ||||||
$ | 6,158,381 $ | 6,471,227 |
Longterm_loans
Long-term loans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Long-term loans [Text Block] | ' | |||||||
10 | Long-term loans | |||||||
Long-term Loans includes the following: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Secured loan | $ | - | $ | 981,932 | ||||
Unsecured loan | 567,887 | 572,394 | ||||||
Total | 567,887 | $ | 1,554,726 | |||||
The secured loan borrowed from China Development Bank Company bears interest at an annual rate of 15% over of the benchmark rate of the PBOC for three-year long-term loans and guaranteed by a third party. On January 6, 2014, the Company repaid the loan balance of 981,932 in full. | ||||||||
The loan was secured by the following assets of the Company: | ||||||||
March 31, | December 31,, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Inventories (Note 5) | $ | - | $ | 3,600,419 | ||||
$ | - | $ | 3,600,419 | |||||
As a condition of the guarantees for the loans, the Company paid 2.5% of the loan balance to the third party as compensation for acting as guarantor for the Company and made the counter guarantee deposits to the guarantor of $245,483 as of December 31, 2013. As of March 31, 2014, the deposits have been refunded to the Company upon the Company’s settlement of the loan on January 6, 2014. | ||||||||
In December 2013, the Company also obtained a 3 -year entrusted loan from a non-financial institution bearing interest at 3% per annum granted by local government. |
Earnings_per_share
Earnings per share | 3 Months Ended | |
Mar. 31, 2014 | ||
Earnings per share [Text Block] | ' | |
11 | Earnings per share | |
The basic earnings per share is calculated using the net income attributable to the Company’s common stockholders and the weighted average number of shares outstanding during the reporting periods. During the reporting periods, certain share-based awards were not included in the computation of diluted earnings per share because they were anti-dilutive. Accordingly, the basic and diluted earnings per share are the same. |
Segment_information
Segment information | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment information [Text Block] | ' | |||||||||||||
12 | Segment information | |||||||||||||
The Company is solely engaged in the manufacturing and trading of plate heat exchangers and various related products. Since the nature of the products, their production processes, and their distribution methods are substantially similar, they are considered as a single reportable segment under ASC 280 “Segment Reporting”. | ||||||||||||||
The Company’s sales revenues by products for the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2014 | % | 2013 | % | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Plate heat exchanger | $ | 2,868,569 | 35 | $ | 3,775,087 | 48 | ||||||||
Heat exchange unit | 3,183,217 | 38 | 2,256,561 | 28 | ||||||||||
Air-cooled heat exchanger | - | - | 701,003 | 9 | ||||||||||
Shell-and-tube heat exchanger | 1,109,444 | 13 | 42,671 | 1 | ||||||||||
Others | 1,127,682 | 14 | 1,135,113 | 14 | ||||||||||
$ | 8,288,912 | 100 | $ | 7,910,435 | 100 | |||||||||
All of the Company’s long-lived assets and revenues classified based on the customers are located in the PRC. |
Related_party_transactions
Related party transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related party transactions [Text Block] | ' | |
13 | Related party transactions | |
As of March 31, 2014 and December 31, 2013, respectively, the Company advanced $14,859 and $14,987 to Mr. Zhao for handling selling and logistic activities for the Company in the ordinary course of business, which was included in "Other receivables, prepayments and deposits, net". |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Basis of presentation and consolidation [Policy Text Block] | ' | |
Basis of presentation and consolidation | ||
The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with the Company’s consolidated financial statements and accompanying notes thereto for the year ended December 31, 2013 filed with the SEC in the Company’s Form 10-K on March 31, 2014. | ||
In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three-month period have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. | ||
The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter- company balances and transactions have been eliminated on consolidation. | ||
Fair value of financial instruments [Policy Text Block] | ' | |
Fair value of financial instruments | ||
Accounting Standards Codification (“ASC”) Topic 820 requires the disclosure of the estimated fair value of financial instruments including those financial instruments for which fair value option was not elected. As of March 31, 2014 and December 31, 2013, the carrying amounts of the Company’s financial assets and liabilities approximated their fair values due to short maturities or the applicable interest rates approximated the current market rates. | ||
Reclassifications [Policy Text Block] | ' | |
Reclassifications | ||
Certain amounts in the consolidated financial statements for the prior period have been reclassified to conform to the presentation of the current period for the comparative purposes. | ||
Recently issued accounting pronouncements [Policy Text Block] | ' | |
Recently issued accounting pronouncements | ||
In April 2014, the FASB issued ASU 2014-08, “ Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ”. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. |
Trade_receivables_net_Tables
Trade receivables, net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Accounts Receivable [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Trade receivables | $ | 47,116,823 | $ | 51,422,790 | ||||
Less: Allowance for doubtful accounts | (6,594,162 | ) | (7,106,345 | ) | ||||
$ | 40,522,661 | $ | 44,316,445 | |||||
Schedule of Allowance for Doubtful Account [Table Text Block] | ' | |||||||
Three months ended | ||||||||
March 31, | ||||||||
(Unaudited) | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 7,106,345 | $ | 4,127,640 | ||||
Adjustment of bad debt expense | (454,653 | ) | (40,660 | ) | ||||
Translation adjustments | (57,530 | ) | 22,650 | |||||
Balance at end of period | $ | 6,594,162 | $ | 4,109,629 |
Inventories_net_Tables
Inventories, net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Inventories, net [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Raw materials | $ | 5,620,066 | $ | 5,412,793 | ||||
Work-in-progress | 17,993,555 | 18,966,311 | ||||||
Finished goods | 243,989 | 944,576 | ||||||
23,857,610 | 25,323,680 | |||||||
Allowance for obsolete inventories | (19,797 | ) | (19,969 | ) | ||||
$ | 23,837,813 | $ | 25,303,711 |
Shortterm_bank_loans_Tables
Short-term bank loans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Short-term Bank Debt [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Secured bank loans | $ | 14,278,297 | $ | 16,038,230 | ||||
$ | 14,278,297 | $ | 16,038,230 | |||||
Schedule of Assets Used to Secure Short-Term Bank Loans [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Trade receivables (Note 4) | $ | 321,605 $ | 501,536 | |||||
Property, plant and equipment (Note 7) | 4,836,287 | 4,954,744 | ||||||
Land use rights (Note 8) | 1,000,489 | 1,014,947 | ||||||
$ | 6,158,381 $ | 6,471,227 |
Longterm_loans_Tables
Long-term loans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Assets Used to Secure Long-Term Loans [Table Text Block] | ' | |||||||
March 31, | December 31,, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Inventories (Note 5) | $ | - | $ | 3,600,419 | ||||
$ | - | $ | 3,600,419 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Unaudited) | ||||||||
Secured loan | $ | - | $ | 981,932 | ||||
Unsecured loan | 567,887 | 572,394 | ||||||
Total | 567,887 | $ | 1,554,726 |
Segment_information_Tables
Segment information (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Schedule of Segment Reporting Information, by Products [Table Text Block] | ' | |||||||||||||
Three months ended March 31, | ||||||||||||||
2014 | % | 2013 | % | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Plate heat exchanger | $ | 2,868,569 | 35 | $ | 3,775,087 | 48 | ||||||||
Heat exchange unit | 3,183,217 | 38 | 2,256,561 | 28 | ||||||||||
Air-cooled heat exchanger | - | - | 701,003 | 9 | ||||||||||
Shell-and-tube heat exchanger | 1,109,444 | 13 | 42,671 | 1 | ||||||||||
Others | 1,127,682 | 14 | 1,135,113 | 14 | ||||||||||
$ | 8,288,912 | 100 | $ | 7,910,435 | 100 |
Trade_receivables_net_Narrativ
Trade receivables, net (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Trade Receivables, Net 1 | $321,605 |
Trade Receivables, Net 2 | $501,536 |
Inventories_net_Narrative_Deta
Inventories, net (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Inventories, Net 1 | $0 |
Inventories, Net 2 | $3,600,419 |
Income_tax_Narrative_Details
Income tax (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax 1 | 15.00% |
Income Tax 2 | 15.00% |
Property_plant_and_equipment_n1
Property, plant and equipment, net (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Property, Plant And Equipment, Net 1 | $4,836,287 |
Property, Plant And Equipment, Net 2 | $4,954,744 |
Land_use_rights_Narrative_Deta
Land use rights (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Land Use Rights 1 | $32,450 |
Land Use Rights 2 | $31,604 |
Shortterm_bank_loans_Narrative
Short-term bank loans (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Short-term Bank Loans 1 | 100.00% |
Short-term Bank Loans 2 | 120.00% |
Longterm_loans_Narrative_Detai
Long-term loans (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Long-term Loans 1 | 15.00% |
Long-term Loans 2 | 981,932 |
Long-term Loans 3 | 2.50% |
Long-term Loans 4 | $245,483 |
Long-term Loans 5 | 3 |
Long-term Loans 6 | 3.00% |
Related_party_transactions_Nar
Related party transactions (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions 1 | $14,859 |
Related Party Transactions 2 | $14,987 |
Schedule_of_Accounts_Receivabl
Schedule of Accounts Receivable (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Trade Receivables, Net Schedule Of Accounts Receivable 1 | $47,116,823 |
Trade Receivables, Net Schedule Of Accounts Receivable 2 | 51,422,790 |
Trade Receivables, Net Schedule Of Accounts Receivable 3 | -6,594,162 |
Trade Receivables, Net Schedule Of Accounts Receivable 4 | -7,106,345 |
Trade Receivables, Net Schedule Of Accounts Receivable 5 | 40,522,661 |
Trade Receivables, Net Schedule Of Accounts Receivable 6 | $44,316,445 |
Schedule_of_Allowance_for_Doub
Schedule of Allowance for Doubtful Account (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 1 | $7,106,345 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 2 | 4,127,640 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 3 | -454,653 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 4 | -40,660 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 5 | -57,530 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 6 | 22,650 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 7 | 6,594,162 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 8 | $4,109,629 |
Schedule_of_Inventories_net_De
Schedule of Inventories, net (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Inventories, Net Schedule Of Inventories, Net 1 | $5,620,066 |
Inventories, Net Schedule Of Inventories, Net 2 | 5,412,793 |
Inventories, Net Schedule Of Inventories, Net 3 | 17,993,555 |
Inventories, Net Schedule Of Inventories, Net 4 | 18,966,311 |
Inventories, Net Schedule Of Inventories, Net 5 | 243,989 |
Inventories, Net Schedule Of Inventories, Net 6 | 944,576 |
Inventories, Net Schedule Of Inventories, Net 7 | 23,857,610 |
Inventories, Net Schedule Of Inventories, Net 8 | 25,323,680 |
Inventories, Net Schedule Of Inventories, Net 9 | -19,797 |
Inventories, Net Schedule Of Inventories, Net 10 | -19,969 |
Inventories, Net Schedule Of Inventories, Net 11 | 23,837,813 |
Inventories, Net Schedule Of Inventories, Net 12 | $25,303,711 |
Schedule_of_Shortterm_Bank_Deb
Schedule of Short-term Bank Debt (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Short-term Bank Loans Schedule Of Short-term Bank Debt 1 | $14,278,297 |
Short-term Bank Loans Schedule Of Short-term Bank Debt 2 | 16,038,230 |
Short-term Bank Loans Schedule Of Short-term Bank Debt 3 | 14,278,297 |
Short-term Bank Loans Schedule Of Short-term Bank Debt 4 | $16,038,230 |
Schedule_of_Assets_Used_to_Sec
Schedule of Assets Used to Secure Short-Term Bank Loans (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 1 | $321,605 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 2 | 501,536 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 3 | 4,836,287 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 4 | 4,954,744 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 5 | 1,000,489 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 6 | 1,014,947 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 7 | 6,158,381 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 8 | $6,471,227 |
Schedule_of_Assets_Used_to_Sec1
Schedule of Assets Used to Secure Long-Term Loans (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Long-term Loans Schedule Of Assets Used To Secure Long-term Loans 1 | $0 |
Long-term Loans Schedule Of Assets Used To Secure Long-term Loans 2 | 3,600,419 |
Long-term Loans Schedule Of Assets Used To Secure Long-term Loans 3 | 0 |
Long-term Loans Schedule Of Assets Used To Secure Long-term Loans 4 | $3,600,419 |
Schedule_of_Maturities_of_Long
Schedule of Maturities of Long-term Debt (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Long-term Loans Schedule Of Long-term Debt 1 | $0 |
Long-term Loans Schedule Of Long-term Debt 2 | 981,932 |
Long-term Loans Schedule Of Long-term Debt 3 | 567,887 |
Long-term Loans Schedule Of Long-term Debt 4 | 572,394 |
Long-term Loans Schedule Of Long-term Debt 5 | 567,887 |
Long-term Loans Schedule Of Long-term Debt 6 | $1,554,726 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, by Products (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Information Schedule Of Segment Reporting Information, By Products 1 | $2,868,569 |
Segment Information Schedule Of Segment Reporting Information, By Products 2 | 35 |
Segment Information Schedule Of Segment Reporting Information, By Products 3 | 3,775,087 |
Segment Information Schedule Of Segment Reporting Information, By Products 4 | 48 |
Segment Information Schedule Of Segment Reporting Information, By Products 5 | 3,183,217 |
Segment Information Schedule Of Segment Reporting Information, By Products 6 | 38 |
Segment Information Schedule Of Segment Reporting Information, By Products 7 | 2,256,561 |
Segment Information Schedule Of Segment Reporting Information, By Products 8 | 28 |
Segment Information Schedule Of Segment Reporting Information, By Products 9 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 10 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 11 | 701,003 |
Segment Information Schedule Of Segment Reporting Information, By Products 12 | 9 |
Segment Information Schedule Of Segment Reporting Information, By Products 13 | 1,109,444 |
Segment Information Schedule Of Segment Reporting Information, By Products 14 | 13 |
Segment Information Schedule Of Segment Reporting Information, By Products 15 | 42,671 |
Segment Information Schedule Of Segment Reporting Information, By Products 16 | 1 |
Segment Information Schedule Of Segment Reporting Information, By Products 17 | 1,127,682 |
Segment Information Schedule Of Segment Reporting Information, By Products 18 | 14 |
Segment Information Schedule Of Segment Reporting Information, By Products 19 | 1,135,113 |
Segment Information Schedule Of Segment Reporting Information, By Products 20 | 14 |
Segment Information Schedule Of Segment Reporting Information, By Products 21 | 8,288,912 |
Segment Information Schedule Of Segment Reporting Information, By Products 22 | 100 |
Segment Information Schedule Of Segment Reporting Information, By Products 23 | 7,910,435 |
Segment Information Schedule Of Segment Reporting Information, By Products 24 | $100 |