Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 16, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Trading Symbol | thti | |
Entity Registrant Name | THT Heat Transfer Technology, Inc. | |
Entity Central Index Key | 1,375,686 | |
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 | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 8,137,644 | $ 12,247,508 |
Restricted cash | 507,250 | 550,206 |
Trade receivables, net | 40,182,507 | 42,882,993 |
Bills receivable | 1,635,617 | 2,016,646 |
Other receivables, prepayments and deposits, net | 11,388,006 | 9,855,913 |
Due from related parties | 28,188 | 24,663 |
Inventories, net | 25,121,396 | 27,926,555 |
Deferred tax assets | 163,407 | 168,932 |
Total Current Assets | 87,164,015 | 95,673,416 |
Restricted cash, non-current | 486,475 | 738,168 |
Retention receivable | 1,245,766 | 1,909,731 |
Property, plant and equipment, net | 8,656,193 | 8,890,946 |
Land use rights, net | 5,734,220 | 6,025,000 |
TOTAL ASSETS | 103,286,669 | 113,237,261 |
Current Liabilities | ||
Accounts payable | 5,168,487 | 8,903,510 |
Other payables and accrued liabilities | 18,994,122 | 24,362,343 |
Income tax payable | 133,523 | 652,859 |
Short-term loans | 14,164,752 | 12,691,181 |
Due to related parties | 424,943 | 813,537 |
Total Current Liabilities | 38,885,827 | 47,423,430 |
Non-current liabilities | ||
Long-term loans | 550,851 | 569,476 |
Total Long-term Liabilities | 550,851 | 569,476 |
Total Liabilities | 39,436,678 | 47,992,906 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 190,000,000 shares authorized, 20,453,500 shares issued and outstanding at September 30, 2015 and December 31, 2014 | 20,454 | 20,454 |
Additional paid-in capital | 26,524,324 | 26,524,324 |
Statutory reserve | 3,958,746 | 3,879,564 |
Retained earnings | 29,634,396 | 28,944,535 |
Accumulated other comprehensive income | 3,712,071 | 5,875,478 |
Total THT Heat Transfer Technology Inc. stockholders' equity | 63,849,991 | 65,244,355 |
Noncontrolling interests | 0 | 0 |
TOTAL SHAREHOLDERS' EQUITY | 63,849,991 | 65,244,355 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 103,286,669 | $ 113,237,261 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
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 Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales revenue | $ 12,641,469 | $ 15,942,714 | $ 27,946,302 | $ 36,940,786 |
Cost of revenue | (10,079,398) | (10,354,769) | (21,160,627) | (24,065,042) |
Gross Profit | 2,562,071 | 5,587,945 | 6,785,675 | 12,875,744 |
Operating expenses | ||||
Administrative expenses | 848,943 | 871,639 | 1,879,139 | 2,897,520 |
Research and development expenses | 456,116 | 855,751 | 1,166,870 | 2,536,250 |
Selling expenses | 1,081,918 | 1,051,672 | 2,819,841 | 3,151,939 |
Total Operating Expenses | 2,386,977 | 2,779,062 | 5,865,850 | 8,585,709 |
Income from operations | 175,094 | 2,808,883 | 919,825 | 4,290,035 |
Other Income (Expenses) | ||||
Interest income | 2,256 | 2,497 | 8,113 | 8,660 |
Other income | 22,668 | 327 | 97,946 | 399,563 |
Finance costs | (2,654) | (263,675) | (44,459) | (642,835) |
Other expense | (72,649) | (17) | (72,649) | 0 |
Total Other Expense | (50,379) | (260,868) | (11,049) | (234,612) |
Income before income taxes | 124,715 | 2,548,015 | 908,776 | 4,055,423 |
Income tax expenses (benefit) | 3,798 | (500,193) | (139,733) | (597,926) |
Net Income | 128,513 | 2,047,822 | 769,043 | 3,457,497 |
Other Comprehensive Income | ||||
Foreign currency translation adjustments | (2,768,763) | 178,555 | (2,163,407) | (247,765) |
Comprehensive Income | (2,640,250) | 2,226,377 | (1,394,364) | 3,209,732 |
Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to THT Heat Transfer Technology, Inc. common stockholders | $ (2,640,250) | $ 2,226,377 | $ (1,394,364) | $ 3,209,732 |
Earnings per share | ||||
Basic and diluted | $ 0.01 | $ 0.10 | $ 0.04 | $ 0.17 |
Weighted average number of shares outstanding | ||||
Basic and diluted | 20,453,500 | 20,453,500 | 20,453,500 | 20,453,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 769,043 | $ 3,457,497 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 940,683 | 807,308 |
Loss (gain) on disposal of property and equipment | 16,391 | (8,190) |
Allowance for doubtful accounts | (1,141,001) | (210,411) |
Changes in operating assets and liabilities: | ||
Trade receivables | 2,479,712 | (1,587,478) |
Bills receivable | 324,956 | (1,063,150) |
Other receivables, prepayments and deposits | (1,916,398) | (1,641,477) |
Due from shareholder | (4,467) | 0 |
Inventories | 1,951,154 | (2,793,979) |
Retention receivable | 620,371 | 816,963 |
Accounts payable | (4,417,224) | (725,471) |
Other payables and accrued expenses | (4,739,867) | 9,939,247 |
Income taxes payable | (513,601) | (119,622) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (5,630,248) | 6,871,237 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in restricted cash | 260,431 | 580,390 |
Payments to acquire property, plant and equipment | (23,932) | (258,576) |
Proceeds from disposal of property, plant and equipment | 0 | 9,763 |
NET CASH FLOWS PROVIDED BY INVESTING ACTIVITIES | 236,499 | 331,577 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from short-term loans | 11,504,112 | 14,318,955 |
Repayment of short-term loans | (9,994,574) | (24,081,878) |
Repayment to related parties | (373,340) | 0 |
Repayment of long-term loans | 0 | (976,292) |
Refund of counter guarantee receivable | 0 | 244,073 |
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,136,198 | (10,495,142) |
Effect of foreign currency translation on cash and cash equivalents | 147,687 | 140,162 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (4,109,864) | (3,152,166) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 12,247,508 | 9,082,137 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 8,137,644 | 5,929,971 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid | 35,548 | 495,140 |
Income taxes paid | 632,230 | 896,285 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
PPE transferred from CIP | (2,158,950) | 0 |
CIP transferring into PPE | $ 2,158,950 | $ 0 |
Corporate information
Corporate information | 9 Months Ended |
Sep. 30, 2015 | |
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 | 9 Months Ended |
Sep. 30, 2015 | |
Description of business [Text Block] | 2. Description of business The Company is a holding company whose primary business are conducted through its subsidiaries, namely SipingJuyuan 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. SipingJuyuan 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 SipingJuyuan, Siping City Juyuan Heat Exchange Equipment Co., Ltd. (“New Juyuan Company”) and Siping City JuyuanHanyang Pressure Vessels Co., Ltd (“JuyuanHanyang Pressure Vessels”). |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 filed with the SEC in the Company’s Form 10-K on March 31, 2015. 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 nine-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 September 30, 2015 and December 31, 2014, 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. Recently issued accounting pronouncements In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The amendments in ASU 2015-11 require an entity to measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments 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. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. A reporting entity should apply the amendments prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU 2015-11 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”. The amendments in ASU 2015-14 defer the effective date of ASU 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 ASU 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. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. |
Trade receivables, net
Trade receivables, net | 9 Months Ended |
Sep. 30, 2015 | |
Trade receivables, net [Text Block] | 4. Trade receivables, net September 30, December 31, 2015 2014 (Unaudited) Trade receivables $ 47,310,639 $ 51,395,843 Less: Allowance for doubtful accounts (7,128,132 ) (8,512,850 ) $ 40,182,507 $ 42,882,993 An analysis of the allowance for doubtful accounts for the nine months ended September 30, 2015 and 2014 is as follows: September 30, (Unaudited) 2015 2014 Balance at beginning of period $ 8,512,850 $ 7,106,345 Adjustment of bad debt expense (1,106,307 ) (210,411 ) Translation adjustments (278,411 ) (49,396 ) Balance at end of period $ 7,128,132 $ 6,846,538 |
Inventories, net
Inventories, net | 9 Months Ended |
Sep. 30, 2015 | |
Inventories, net [Text Block] | 5. Inventories, net September 30, 2015 December 31, 2014 (Unaudited) Raw materials $ 5,541,323 $ 4,874,061 Work-in-progress 8,641,263 22,887,134 Finished goods 10,958,013 185,212 25,140,599 27,946,407 Allowance for obsolete inventories (19,203 ) (19,852 ) $ 25,121,396 $ 27,926,555 No further allowance for obsolete inventories was recognized during the nine months ended September 30, 2015 and 2014. |
Income tax
Income tax | 9 Months Ended |
Sep. 30, 2015 | |
Income tax [Text Block] | 6. Income tax The effective tax rate is - 3% and 20% for the three months periods ended September 30, 2015 and 2014, respectively. The effective tax rate is 15% and 15% for the nine months periods ended September 30, 2015 2014, respectively. |
Property, plant and equipment,
Property, plant and equipment, net | 9 Months Ended |
Sep. 30, 2015 | |
Property, plant and equipment, net [Text Block] | 7. Property, plant and equipment, net As of September 30, 2015 and December 31, 2014, property, plant and equipment with net book values of $5,852,928 and $4,621,156, respectively, were pledged as collateral under certain loan arrangements (see Note 9). |
Land use rights
Land use rights | 9 Months Ended |
Sep. 30, 2015 | |
Land use rights [Text Block] | 8. Land use rights As of September 30, 2015 and December 31, 2014, land use rights with net book values of $5,734,221 and $986,145 were pledged as collateral under certain loan arrangements (see Note 9). During the nine months ended September 30, 2015 and 2014, amortization amounted to $96,673 and $96,907, respectively. |
Short-term loans
Short-term loans | 9 Months Ended |
Sep. 30, 2015 | |
Short-term loans [Text Block] | 9. Short-term loans September 30, 2015 December 31, 2014 (Unaudited) Loan from unrelated party $ 8,184,079 $ 6,508,298 Secured bank loans 5,980,673 6,182,883 $ 14,164,752 $ 12,691,181 Short-term loans from unrelated party On March 30, 2015, the Company obtained a loan in the amount of RMB 23,094,830(approximately $3,635,000), bearing no interest rate and due on demand, from a third party individual. On April 2, 2015, the Company repaid the loan in full. On September 2, 2015, the Company obtained a loan in the amount of RMB12,000,000 (approximately $1,889,000) from a third party individual. The loan is unsecured, bearing no interest rate and due on demand. Short-term bank loans The Company’s bank loans carry annual interest from 100% to 110% 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: September 30, 2015 December 31, 2014 (Unaudited) Property, plant and equipment (Note 7) $ 5,852,928 $ 4,621,156 Land use rights (Note 8) 5,734,221 986,145 Total $ 11,587,149 $ 5,607,301 |
Long-term loans
Long-term loans | 9 Months Ended |
Sep. 30, 2015 | |
Long-term loans [Text Block] | 10. Long-term loans Long-term loans include the following: September 30, 2015 December 31, 2014 (Unaudited) Unsecured loan $ 550,851 $ 569,476 Total $ 550,851 $ 569,476 In December 2013, the Company obtained a 3 -year entrusted loan from a non-financial institution bearing interest at 3% per annum granted by local government. |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2015 | |
Segment information [Text Block] | 11. 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 nine months ended September 30, 2015 and 2014 were as follows: Nine months ended September 30, 2015 % 2014 % (Unaudited) (Unaudited) Plate heat exchanger $ 9,977,223 36 $ 12,072,115 33 Heat exchange unit 9,017,471 32 14,265,444 39 Air-cooled heat exchanger 514,685 2 390,381 1 Shell-and-tube heat exchanger 2,250,253 8 2,616,147 7 Others 6,186,670 22 7,596,699 20 $ 27,946,302 100 $ 36,940,786 100 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 | 9 Months Ended |
Sep. 30, 2015 | |
Related party transactions [Text Block] | 12. Related party transactions The related parties consist of as following: Name of Related Party Nature of Relationship Guohong Zhao Chairman, Chief Executive Officer and President Zhigang Xu Interim Chief Financial Officer, Treasurer and Secretary Fucai Zhan Vice President of R&D and Director Kai Liu Chief Engineer, Manager of Market development Zhijun Ma Sales Director Yongfu Tian Vice Sales Director Feng Xu Factory Director, Manager of production Due from related parties As of September 30, 2015 and December 31, 2014, respectively, the Company advanced $28,188 and $24,663 to Guohong Zhao for handling selling and logistic activities for the Company in the ordinary course of business. Due to related parties Due to related parties consist of following: September 30, 2015 December 31, 2014 (Unaudited) Zhigang Xu $ 78,693 $ 81,354 Fucai Zhan 110,171 162,708 Kai Liu 157,386 162,707 Zhijun Ma - 162,707 Yongfu Tian 78,693 162,707 Feng Xu - 81,354 $ 424,943 $ 813,537 Amounts owed by the Company represent non-secured and non-interest bearing loans obtained from related parties which are due on demand. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 filed with the SEC in the Company’s Form 10-K on March 31, 2015. 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 nine-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 September 30, 2015 and December 31, 2014, 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. |
Recently issued accounting pronouncements [Policy Text Block] | Recently issued accounting pronouncements In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. The amendments in ASU 2015-11 require an entity to measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments 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. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. A reporting entity should apply the amendments prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU 2015-11 is not expected to have a material impact on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”. The amendments in ASU 2015-14 defer the effective date of ASU 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 ASU 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. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. |
Trade receivables, net (Tables)
Trade receivables, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Accounts Receivable [Table Text Block] | September 30, December 31, 2015 2014 (Unaudited) Trade receivables $ 47,310,639 $ 51,395,843 Less: Allowance for doubtful accounts (7,128,132 ) (8,512,850 ) $ 40,182,507 $ 42,882,993 |
Schedule of Allowance for Doubtful Account [Table Text Block] | September 30, (Unaudited) 2015 2014 Balance at beginning of period $ 8,512,850 $ 7,106,345 Adjustment of bad debt expense (1,106,307 ) (210,411 ) Translation adjustments (278,411 ) (49,396 ) Balance at end of period $ 7,128,132 $ 6,846,538 |
Inventories, net (Tables)
Inventories, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Inventories, net [Table Text Block] | September 30, 2015 December 31, 2014 (Unaudited) Raw materials $ 5,541,323 $ 4,874,061 Work-in-progress 8,641,263 22,887,134 Finished goods 10,958,013 185,212 25,140,599 27,946,407 Allowance for obsolete inventories (19,203 ) (19,852 ) $ 25,121,396 $ 27,926,555 |
Short-term loans (Tables)
Short-term loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Short-term Debt [Table Text Block] | September 30, 2015 December 31, 2014 (Unaudited) Loan from unrelated party $ 8,184,079 $ 6,508,298 Secured bank loans 5,980,673 6,182,883 $ 14,164,752 $ 12,691,181 |
Schedule of Assets Used to Secure Short-Term Bank Loans [Table Text Block] | September 30, 2015 December 31, 2014 (Unaudited) Property, plant and equipment (Note 7) $ 5,852,928 $ 4,621,156 Land use rights (Note 8) 5,734,221 986,145 Total $ 11,587,149 $ 5,607,301 |
Long-term loans (Tables)
Long-term loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Maturities of Long-term Debt [Table Text Block] | September 30, 2015 December 31, 2014 (Unaudited) Unsecured loan $ 550,851 $ 569,476 Total $ 550,851 $ 569,476 |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Segment Reporting Information, by Products [Table Text Block] | Nine months ended September 30, 2015 % 2014 % (Unaudited) (Unaudited) Plate heat exchanger $ 9,977,223 36 $ 12,072,115 33 Heat exchange unit 9,017,471 32 14,265,444 39 Air-cooled heat exchanger 514,685 2 390,381 1 Shell-and-tube heat exchanger 2,250,253 8 2,616,147 7 Others 6,186,670 22 7,596,699 20 $ 27,946,302 100 $ 36,940,786 100 |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Related Party Transactions [Table Text Block] | September 30, 2015 December 31, 2014 (Unaudited) Zhigang Xu $ 78,693 $ 81,354 Fucai Zhan 110,171 162,708 Kai Liu 157,386 162,707 Zhijun Ma - 162,707 Yongfu Tian 78,693 162,707 Feng Xu - 81,354 $ 424,943 $ 813,537 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax 1 | 3.00% |
Income Tax 2 | 20.00% |
Income Tax 3 | 15.00% |
Income Tax 4 | 15.00% |
Property, plant and equipment26
Property, plant and equipment, net (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Property, Plant And Equipment, Net 1 | $ 5,852,928 |
Property, Plant And Equipment, Net 2 | $ 4,621,156 |
Land use rights (Narrative) (De
Land use rights (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Land Use Rights 1 | $ 5,734,221 |
Land Use Rights 2 | 986,145 |
Land Use Rights 3 | $ 96,673 |
Land Use Rights 4 | $ 96,907 |
Short-term loans (Narrative) (D
Short-term loans (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2015CNY (¥) | |
Short-term Loans 1 | $ 3,635,000 | |
Short-term Loans 2 | ¥ | ¥ 12,000,000 | |
Short-term Loans 3 | $ 1,889,000 | |
Short-term Loans 4 | 100.00% | 100.00% |
Short-term Loans 5 | 110.00% | 110.00% |
Long-term loans (Narrative) (De
Long-term loans (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Long-term Loans 1 | 3 |
Long-term Loans 2 | 3.00% |
Related party transactions (Nar
Related party transactions (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Related Party Transactions 1 | $ 28,188 |
Related Party Transactions 2 | $ 24,663 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Trade Receivables, Net Schedule Of Accounts Receivable 1 | $ 47,310,639 |
Trade Receivables, Net Schedule Of Accounts Receivable 2 | 51,395,843 |
Trade Receivables, Net Schedule Of Accounts Receivable 3 | (7,128,132) |
Trade Receivables, Net Schedule Of Accounts Receivable 4 | (8,512,850) |
Trade Receivables, Net Schedule Of Accounts Receivable 5 | 40,182,507 |
Trade Receivables, Net Schedule Of Accounts Receivable 6 | $ 42,882,993 |
Schedule of Allowance for Doubt
Schedule of Allowance for Doubtful Account (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 1 | $ 8,512,850 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 2 | 7,106,345 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 3 | (1,106,307) |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 4 | (210,411) |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 5 | (278,411) |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 6 | (49,396) |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 7 | 7,128,132 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 8 | $ 6,846,538 |
Schedule of Inventories, net (D
Schedule of Inventories, net (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Inventories, Net Schedule Of Inventories, Net 1 | $ 5,541,323 |
Inventories, Net Schedule Of Inventories, Net 2 | 4,874,061 |
Inventories, Net Schedule Of Inventories, Net 3 | 8,641,263 |
Inventories, Net Schedule Of Inventories, Net 4 | 22,887,134 |
Inventories, Net Schedule Of Inventories, Net 5 | 10,958,013 |
Inventories, Net Schedule Of Inventories, Net 6 | 185,212 |
Inventories, Net Schedule Of Inventories, Net 7 | 25,140,599 |
Inventories, Net Schedule Of Inventories, Net 8 | 27,946,407 |
Inventories, Net Schedule Of Inventories, Net 9 | (19,203) |
Inventories, Net Schedule Of Inventories, Net 10 | (19,852) |
Inventories, Net Schedule Of Inventories, Net 11 | 25,121,396 |
Inventories, Net Schedule Of Inventories, Net 12 | $ 27,926,555 |
Schedule of Short-term Debt (De
Schedule of Short-term Debt (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Short-term Loans Schedule Of Short-term Debt 1 | $ 8,184,079 |
Short-term Loans Schedule Of Short-term Debt 2 | 6,508,298 |
Short-term Loans Schedule Of Short-term Debt 3 | 5,980,673 |
Short-term Loans Schedule Of Short-term Debt 4 | 6,182,883 |
Short-term Loans Schedule Of Short-term Debt 5 | 14,164,752 |
Short-term Loans Schedule Of Short-term Debt 6 | $ 12,691,181 |
Schedule of Assets Used to Secu
Schedule of Assets Used to Secure Short-Term Bank Loans (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Short-term Loans Schedule Of Assets Used To Secure Short-term Bank Loans 1 | $ 5,852,928 |
Short-term Loans Schedule Of Assets Used To Secure Short-term Bank Loans 2 | 4,621,156 |
Short-term Loans Schedule Of Assets Used To Secure Short-term Bank Loans 3 | 5,734,221 |
Short-term Loans Schedule Of Assets Used To Secure Short-term Bank Loans 4 | 986,145 |
Short-term Loans Schedule Of Assets Used To Secure Short-term Bank Loans 5 | 11,587,149 |
Short-term Loans Schedule Of Assets Used To Secure Short-term Bank Loans 6 | $ 5,607,301 |
Schedule of Maturities of Long-
Schedule of Maturities of Long-term Debt (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Long-term Loans Schedule Of Long-term Debt 1 | $ 550,851 |
Long-term Loans Schedule Of Long-term Debt 2 | 569,476 |
Long-term Loans Schedule Of Long-term Debt 3 | 550,851 |
Long-term Loans Schedule Of Long-term Debt 4 | $ 569,476 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Products (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Segment Information Schedule Of Segment Reporting Information, By Products 1 | $ 9,977,223 |
Segment Information Schedule Of Segment Reporting Information, By Products 2 | 36 |
Segment Information Schedule Of Segment Reporting Information, By Products 3 | 12,072,115 |
Segment Information Schedule Of Segment Reporting Information, By Products 4 | 33 |
Segment Information Schedule Of Segment Reporting Information, By Products 5 | 9,017,471 |
Segment Information Schedule Of Segment Reporting Information, By Products 6 | 32 |
Segment Information Schedule Of Segment Reporting Information, By Products 7 | 14,265,444 |
Segment Information Schedule Of Segment Reporting Information, By Products 8 | 39 |
Segment Information Schedule Of Segment Reporting Information, By Products 9 | 514,685 |
Segment Information Schedule Of Segment Reporting Information, By Products 10 | 2 |
Segment Information Schedule Of Segment Reporting Information, By Products 11 | 390,381 |
Segment Information Schedule Of Segment Reporting Information, By Products 12 | 1 |
Segment Information Schedule Of Segment Reporting Information, By Products 13 | 2,250,253 |
Segment Information Schedule Of Segment Reporting Information, By Products 14 | 8 |
Segment Information Schedule Of Segment Reporting Information, By Products 15 | 2,616,147 |
Segment Information Schedule Of Segment Reporting Information, By Products 16 | 7 |
Segment Information Schedule Of Segment Reporting Information, By Products 17 | 6,186,670 |
Segment Information Schedule Of Segment Reporting Information, By Products 18 | 22 |
Segment Information Schedule Of Segment Reporting Information, By Products 19 | 7,596,699 |
Segment Information Schedule Of Segment Reporting Information, By Products 20 | 20 |
Segment Information Schedule Of Segment Reporting Information, By Products 21 | 27,946,302 |
Segment Information Schedule Of Segment Reporting Information, By Products 22 | 100 |
Segment Information Schedule Of Segment Reporting Information, By Products 23 | 36,940,786 |
Segment Information Schedule Of Segment Reporting Information, By Products 24 | $ 100 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Related Party Transactions Schedule Of Related Party Transactions 1 | $ 78,693 |
Related Party Transactions Schedule Of Related Party Transactions 2 | 81,354 |
Related Party Transactions Schedule Of Related Party Transactions 3 | 110,171 |
Related Party Transactions Schedule Of Related Party Transactions 4 | 162,708 |
Related Party Transactions Schedule Of Related Party Transactions 5 | 157,386 |
Related Party Transactions Schedule Of Related Party Transactions 6 | 162,707 |
Related Party Transactions Schedule Of Related Party Transactions 7 | 0 |
Related Party Transactions Schedule Of Related Party Transactions 8 | 162,707 |
Related Party Transactions Schedule Of Related Party Transactions 9 | 78,693 |
Related Party Transactions Schedule Of Related Party Transactions 10 | 162,707 |
Related Party Transactions Schedule Of Related Party Transactions 11 | 0 |
Related Party Transactions Schedule Of Related Party Transactions 12 | 81,354 |
Related Party Transactions Schedule Of Related Party Transactions 13 | 424,943 |
Related Party Transactions Schedule Of Related Party Transactions 14 | $ 813,537 |