Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 16, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 5,560,908 | $ 9,680,293 |
Restricted cash | 798,279 | 517,073 |
Trade receivables, net | 32,132,720 | 38,058,713 |
Bills receivable | 2,205,606 | 726,224 |
Other receivables, prepayments and deposits, net | 9,729,096 | 10,088,586 |
Due from related parties | 30,770 | 39,552 |
Inventories, net | 20,552,235 | 19,830,029 |
Deferred tax assets | 511,044 | 159,960 |
Total Current Assets | 71,520,658 | 79,100,430 |
Restricted cash, non-current | 369,078 | 369,263 |
Retention receivable | 1,461,908 | 1,589,313 |
Property, plant and equipment, net | 9,371,651 | 9,666,773 |
Land use rights, net | 5,588,959 | 5,582,690 |
TOTAL ASSETS | 88,312,254 | 96,308,469 |
Current Liabilities | ||
Accounts payable | 7,392,386 | 7,095,303 |
Other payables and accrued liabilities | 18,909,295 | 19,745,852 |
Income tax payable | 0 | 20,097 |
Short-term loans | 674,638 | 6,176,529 |
Current maturity of long-term loan | 542,812 | 539,233 |
Due to related parties | 418,741 | 415,980 |
Total Current Liabilities | 27,937,872 | 33,992,994 |
Non-current liabilities | ||
TOTAL LIABILITIES | 27,937,872 | 33,992,994 |
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 March 31, 2016 and December 31, 2015 | 20,454 | 20,454 |
Additional paid-in capital | 26,524,324 | 26,524,324 |
Statutory reserve | 3,943,474 | 3,943,474 |
Retained earnings | 27,130,718 | 29,446,126 |
Accumulated other comprehensive income | 2,755,412 | 2,381,097 |
TOTAL SHAREHOLDERS' EQUITY | 60,374,382 | 62,315,475 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 88,312,254 | $ 96,308,469 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Sales revenue | $ 4,100,826 | $ 8,173,890 |
Cost of revenues | (2,972,726) | (5,768,410) |
Gross Profit | 1,128,100 | 2,405,480 |
Operating expenses | ||
General and administrative expenses | 1,941,692 | 302,018 |
Research and development expenses | 419,857 | 211,325 |
Selling expenses | 1,407,280 | 812,557 |
Total Operating Expenses | 3,768,829 | 1,325,900 |
Income from operations | (2,640,729) | 1,079,580 |
Other Income (Expenses) | ||
Interest income | 3,561 | 3,356 |
Investment income | 2,861 | 50,745 |
Finance costs | (18,574) | (38,608) |
Other expense | (7,646) | (21,114) |
Total Other Expenses | (19,798) | (5,621) |
Income (loss) before income taxes | (2,660,527) | 1,073,959 |
Income tax benefits (expenses) | 345,119 | (160,050) |
Other Comprehensive Income | ||
Net Income (Loss) | (2,315,408) | 913,909 |
Foreign currency translation adjustments | 374,315 | 264,957 |
Comprehensive Income (Loss) | $ (1,941,093) | $ 1,178,866 |
Earnings per share attributable to THT Heat Transfer Technology, Inc. | ||
Earnings (loss) per share Basic and diluted | $ (0.11) | $ 0.04 |
Weighted average number of shares outstanding | ||
Weighted average number of shares outstanding Basic and diluted | 20,453,500 | 20,453,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (2,315,408) | $ 913,909 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 392,601 | 274,455 |
Deferred tax assets | (345,119) | 0 |
Allowance for doubtful accounts | 1,146,575 | (819,888) |
Loss on disposal of property, plant and equipment | 0 | 16,211 |
Changes in operating assets and liabilities: | ||
Trade receivables | 5,466,851 | 6,542,633 |
Bills receivable | (1,453,908) | (1,035,075) |
Other receivables, prepayments and deposits | (100,870) | (600,067) |
Due from related parties | 8,918 | (4,479) |
Inventories | (582,305) | 2,330,461 |
Retention receivable | 136,022 | (278,655) |
Accounts payable | 240,103 | (4,059,758) |
Other payables and accrued expenses | (954,074) | (4,045,304) |
Income tax payable | (19,947) | 73,625 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,619,439 | (691,932) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Change in restricted cash | (271,283) | 11,044 |
Payments to acquire property, plant and equipment | (1,608) | (14,819) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (272,891) | (3,775) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from short-term loans | 0 | 3,758,679 |
Repayment of short-term loans | (5,465,250) | (6,184,493) |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (5,465,250) | (2,425,814) |
Effect of foreign currency translation on cash and cash equivalents | (683) | 29,312 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (4,119,385) | (3,092,209) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 9,680,293 | 12,247,508 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 5,560,908 | 9,155,299 |
Supplementary Disclosures for Cash Flow Information: | ||
Interest paid | 18,574 | 36,013 |
Income taxes paid | 21,494 | 65,265 |
Non-cash investing and financing activities: | ||
Liabilities assumed in connection with purchase of property, plant and equipment | $ 6,381 | $ 0 |
Corporate information
Corporate information | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Description of business
Description of business | 3 Months Ended |
Mar. 31, 2016 | |
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 | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 filed with the SEC in the Company’s Form 10-K on March 30, 2016. 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, 2016 and December 31, 2015, 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 April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”. The amendments in this ASU add further guidance on identifying performance obligations and also to improve the operability and understandability of the licensing implementation guidance. The amendments do not change the core principle of the guidance in Topic 606. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. Early application for public entities 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. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”. The amendments in this ASU, among other things: (1) clarify the objective of the collectibility criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments is at the same date that Topic 606 is effective. Topic 606 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Trade receivables, net [Text Block] | 4. Trade receivables, net March 31, December 31, 2016 2015 (Unaudited) Trade receivables $ 40,506,953 $ 45,747,802 Less: Allowance for doubtful accounts (8,374,233 ) (7,689,089 ) $ 32,132,720 $ 38,058,713 An analysis of the allowance for doubtful accounts for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, (Unaudited) 2016 2015 Balance at beginning of period $ 7,689,089 $ 8,512,850 Adjustment of bad debt expense 625,223 (819,888 ) Translation adjustments 59,921 35,327 Balance at end of period $ 8,374,233 $ 7,728,289 |
Inventories, net
Inventories, net | 3 Months Ended |
Mar. 31, 2016 | |
Inventories, net [Text Block] | 5. Inventories, net March 31, December 31, 2016 2015 (Unaudited) Raw materials $ 8,989,520 $ 7,920,917 Work-in-progress 795,963 1,224,069 Finished goods 10,785,675 10,703,842 20,571,158 19,848,828 Allowance for obsolete inventories (18,923 ) (18,799 ) $ 20,552,235 $ 19,830,029 No further allowance for obsolete inventories was recognized during the three months ended March 31, 2016 and 2015. |
Income tax
Income tax | 3 Months Ended |
Mar. 31, 2016 | |
Income tax [Text Block] | 6. Income tax The effective tax rate is - 13% and 15% for the three months periods ended March 31, 2016 and 2015, respectively. |
Property, plant and equipment,
Property, plant and equipment, net | 3 Months Ended |
Mar. 31, 2016 | |
Property, plant and equipment, net [Text Block] | 7. Property, plant and equipment, net As of March 31, 2016 and December 31, 2015, property, plant and equipment with net book values of $5,587,802 and $5,642,506, respectively, were pledged as collateral under certain loan arrangements (see Note 9). |
Land use rights
Land use rights | 3 Months Ended |
Mar. 31, 2016 | |
Land use rights [Text Block] | 8. Land use rights As of March 31, 2016 and December 31, 2015, land use rights with net book values of $5,589,006 and $5,582,690 were pledged as collateral under certain loan arrangements (see Note 9). During the three months ended March 31, 2016 and 2015, amortization amounted to $30,357 and $32,309, respectively. |
Short-term bank loans
Short-term bank loans | 3 Months Ended |
Mar. 31, 2016 | |
Short-term bank loans [Text Block] | 9. Short-term bank loans March 31, December 31, 2016 2015 (Unaudited) Loan from unrelated party $ 674,638 $ 6,176,529 $ 674,638 $ 6,176,529 Short-term loans from unrelated party In April 2014, the Company obtained a loan, amounting to $6,176,529, from a third party individual. The loan is unsecured, bearing no interest rate and due on demand. On March 30, 2015, the Company obtained a loan in the amount of RMB23,094,830 (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 $1,930,000) from a third party individual. The loan is unsecured, bearing no interest rate and due on demand. In December 2015, the Company repaid the loan in the amount of RMB11,910,000 (approximately $1,916,000). For the three months ended March 31, 2016, the Company has repaid the loan in the amount of RMB35,740,000 (approximately $5,465,000). Short-term bank loans 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, 2016 2015 (Unaudited) Property, plant and equipment (Note 7) 5,587,802 5,642,506 Land use rights (Note 8) 5,589,006 5,582,690 $ 11,176,808 $ 11,225,196 As of December 31, 2015, the Company has fully repaid the secured short-term bank loans it borrowed in previous years. The related pledge agreements continue to remain effective until September 2018. |
Current maturity of long-term l
Current maturity of long-term loans | 3 Months Ended |
Mar. 31, 2016 | |
Current maturity of long-term loans [Text Block] | 10. Current maturity of long-term loans Long-term loans include the following: March 31, December 31, 2016 2015 (Unaudited) Unsecured loan 542,812 539,233 Total $ 542,812 $ 539,233 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. The entrusted unsecured loan will be matured on December 24, 2016. |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015 were as follows: Three months ended March 31, 2016 % 2015 % (Unaudited) (Unaudited) Plate heat exchanger $ 1,940,078 48 $ 1,792,633 22 Heat exchange unit 1,519,173 37 3,933,957 48 Shell-and-tube heat exchanger - (16,692 ) - Others 641,575 15 2,463,992 30 $ 4,100,826 100 $ 8,173,890 100 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, 2016 | |
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 Zan 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 March 31, 2016 and December 31, 2015, respectively, the Company advanced $18,471 and $26,896 to Guohong Zhao for handling selling and logistic activities for the Company in the ordinary course of business. As of March 31, 2016 and December 31, 2015, respectively, the Company advanced $450 and $886 to Fucai Zan for handling selling and logistic activities for the Company in the ordinary course of business. As of March 31, 2016 and December 31, 2015, respectively, the Company advanced $11,849 and $11,770 to Kai Liu 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: March 31, December 31, 2016 2015 (Unaudited) Zhigang Xu 77,545 77,033 Fucai Zan 108,562 107,847 Kai Liu 155,089 154,067 Yongfu Tian 77,545 77,033 $ 418,741 $ 415,980 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) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 filed with the SEC in the Company’s Form 10-K on March 30, 2016. 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, 2016 and December 31, 2015, 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 April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”. The amendments in this ASU add further guidance on identifying performance obligations and also to improve the operability and understandability of the licensing implementation guidance. The amendments do not change the core principle of the guidance in Topic 606. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. Early application for public entities 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. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”. The amendments in this ASU, among other things: (1) clarify the objective of the collectibility criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments is at the same date that Topic 606 is effective. Topic 606 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. 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) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Accounts Receivable [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) Trade receivables $ 40,506,953 $ 45,747,802 Less: Allowance for doubtful accounts (8,374,233 ) (7,689,089 ) $ 32,132,720 $ 38,058,713 |
Schedule of Allowance for Doubtful Account [Table Text Block] | Three months ended March 31, (Unaudited) 2016 2015 Balance at beginning of period $ 7,689,089 $ 8,512,850 Adjustment of bad debt expense 625,223 (819,888 ) Translation adjustments 59,921 35,327 Balance at end of period $ 8,374,233 $ 7,728,289 |
Inventories, net (Tables)
Inventories, net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Inventories, net [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) Raw materials $ 8,989,520 $ 7,920,917 Work-in-progress 795,963 1,224,069 Finished goods 10,785,675 10,703,842 20,571,158 19,848,828 Allowance for obsolete inventories (18,923 ) (18,799 ) $ 20,552,235 $ 19,830,029 |
Short-term bank loans (Tables)
Short-term bank loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Short-term Debt [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) Loan from unrelated party $ 674,638 $ 6,176,529 $ 674,638 $ 6,176,529 |
Schedule of Assets Used to Secure Short-Term Bank Loans [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) Property, plant and equipment (Note 7) 5,587,802 5,642,506 Land use rights (Note 8) 5,589,006 5,582,690 $ 11,176,808 $ 11,225,196 |
Current maturity of long-term22
Current maturity of long-term loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Maturities of Long-term Debt [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) Unsecured loan 542,812 539,233 Total $ 542,812 $ 539,233 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Segment Reporting Information, by Products [Table Text Block] | Three months ended March 31, 2016 % 2015 % (Unaudited) (Unaudited) Plate heat exchanger $ 1,940,078 48 $ 1,792,633 22 Heat exchange unit 1,519,173 37 3,933,957 48 Shell-and-tube heat exchanger - (16,692 ) - Others 641,575 15 2,463,992 30 $ 4,100,826 100 $ 8,173,890 100 |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Related Party Transactions [Table Text Block] | March 31, December 31, 2016 2015 (Unaudited) Zhigang Xu 77,545 77,033 Fucai Zan 108,562 107,847 Kai Liu 155,089 154,067 Yongfu Tian 77,545 77,033 $ 418,741 $ 415,980 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax 1 | 13.00% |
Income Tax 2 | 15.00% |
Property, plant and equipment26
Property, plant and equipment, net (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Property, Plant And Equipment, Net 1 | $ 5,587,802 |
Property, Plant And Equipment, Net 2 | $ 5,642,506 |
Land use rights (Narrative) (De
Land use rights (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Land Use Rights 1 | $ 5,589,006 |
Land Use Rights 2 | 5,582,690 |
Land Use Rights 3 | 30,357 |
Land Use Rights 4 | $ 32,309 |
Short-term bank loans (Narrativ
Short-term bank loans (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2016CNY (¥) | |
Short-term Bank Loans 1 | $ 6,176,529 | |
Short-term Bank Loans 2 | ¥ | ¥ 23,094,830 | |
Short-term Bank Loans 3 | 3,635,000 | |
Short-term Bank Loans 4 | ¥ | 12,000,000 | |
Short-term Bank Loans 5 | 1,930,000 | |
Short-term Bank Loans 6 | ¥ | 11,910,000 | |
Short-term Bank Loans 9 | 1,916,000 | |
Short-term Bank Loans 10 | ¥ | ¥ 35,740,000 | |
Short-term Bank Loans 11 | $ 5,465,000 | |
Short-term Bank Loans 12 | 100.00% | 100.00% |
Short-term Bank Loans 13 | 120.00% | 120.00% |
Current maturity of long-term29
Current maturity of long-term loans (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Current Maturity Of Long-term Loans 1 | 3 |
Current Maturity Of Long-term Loans 2 | 3.00% |
Related party transactions (Nar
Related party transactions (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Related Party Transactions 1 | $ 18,471 |
Related Party Transactions 2 | 26,896 |
Related Party Transactions 3 | 450 |
Related Party Transactions 4 | 886 |
Related Party Transactions 5 | 11,849 |
Related Party Transactions 6 | $ 11,770 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Trade Receivables, Net Schedule Of Accounts Receivable 1 | $ 40,506,953 |
Trade Receivables, Net Schedule Of Accounts Receivable 2 | 45,747,802 |
Trade Receivables, Net Schedule Of Accounts Receivable 3 | (8,374,233) |
Trade Receivables, Net Schedule Of Accounts Receivable 4 | (7,689,089) |
Trade Receivables, Net Schedule Of Accounts Receivable 5 | 32,132,720 |
Trade Receivables, Net Schedule Of Accounts Receivable 6 | $ 38,058,713 |
Schedule of Allowance for Doubt
Schedule of Allowance for Doubtful Account (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 1 | $ 7,689,089 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 2 | 8,512,850 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 3 | 625,223 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 4 | (819,888) |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 5 | 59,921 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 6 | 35,327 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 7 | 8,374,233 |
Trade Receivables, Net Schedule Of Allowance For Doubtful Account 8 | $ 7,728,289 |
Schedule of Inventories, net (D
Schedule of Inventories, net (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Inventories, Net Schedule Of Inventories, Net 1 | $ 8,989,520 |
Inventories, Net Schedule Of Inventories, Net 2 | 7,920,917 |
Inventories, Net Schedule Of Inventories, Net 3 | 795,963 |
Inventories, Net Schedule Of Inventories, Net 4 | 1,224,069 |
Inventories, Net Schedule Of Inventories, Net 5 | 10,785,675 |
Inventories, Net Schedule Of Inventories, Net 6 | 10,703,842 |
Inventories, Net Schedule Of Inventories, Net 7 | 20,571,158 |
Inventories, Net Schedule Of Inventories, Net 8 | 19,848,828 |
Inventories, Net Schedule Of Inventories, Net 9 | (18,923) |
Inventories, Net Schedule Of Inventories, Net 10 | (18,799) |
Inventories, Net Schedule Of Inventories, Net 11 | 20,552,235 |
Inventories, Net Schedule Of Inventories, Net 12 | $ 19,830,029 |
Schedule of Short-term Debt (De
Schedule of Short-term Debt (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Short-term Bank Loans Schedule Of Short-term Debt 1 | $ 674,638 |
Short-term Bank Loans Schedule Of Short-term Debt 2 | 6,176,529 |
Short-term Bank Loans Schedule Of Short-term Debt 3 | 674,638 |
Short-term Bank Loans Schedule Of Short-term Debt 4 | $ 6,176,529 |
Schedule of Assets Used to Secu
Schedule of Assets Used to Secure Short-Term Bank Loans (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 1 | $ 5,587,802 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 2 | 5,642,506 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 3 | 5,589,006 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 4 | 5,582,690 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 5 | 11,176,808 |
Short-term Bank Loans Schedule Of Assets Used To Secure Short-term Bank Loans 6 | $ 11,225,196 |
Schedule of Maturities of Long-
Schedule of Maturities of Long-term Debt (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Current Maturity Of Long-term Loans Schedule Of Long-term Debt 1 | $ 542,812 |
Current Maturity Of Long-term Loans Schedule Of Long-term Debt 2 | 539,233 |
Current Maturity Of Long-term Loans Schedule Of Long-term Debt 3 | 542,812 |
Current Maturity Of Long-term Loans Schedule Of Long-term Debt 4 | $ 539,233 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Products (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Segment Information Schedule Of Segment Reporting Information, By Products 1 | $ 1,940,078 |
Segment Information Schedule Of Segment Reporting Information, By Products 2 | 48 |
Segment Information Schedule Of Segment Reporting Information, By Products 3 | 1,792,633 |
Segment Information Schedule Of Segment Reporting Information, By Products 4 | 22 |
Segment Information Schedule Of Segment Reporting Information, By Products 5 | 1,519,173 |
Segment Information Schedule Of Segment Reporting Information, By Products 6 | 37 |
Segment Information Schedule Of Segment Reporting Information, By Products 7 | 3,933,957 |
Segment Information Schedule Of Segment Reporting Information, By Products 8 | 48 |
Segment Information Schedule Of Segment Reporting Information, By Products 9 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 10 | (16,692) |
Segment Information Schedule Of Segment Reporting Information, By Products 11 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Products 12 | 641,575 |
Segment Information Schedule Of Segment Reporting Information, By Products 13 | 15 |
Segment Information Schedule Of Segment Reporting Information, By Products 14 | 2,463,992 |
Segment Information Schedule Of Segment Reporting Information, By Products 15 | 30 |
Segment Information Schedule Of Segment Reporting Information, By Products 16 | 4,100,826 |
Segment Information Schedule Of Segment Reporting Information, By Products 17 | 100 |
Segment Information Schedule Of Segment Reporting Information, By Products 18 | 8,173,890 |
Segment Information Schedule Of Segment Reporting Information, By Products 19 | $ 100 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Related Party Transactions Schedule Of Related Party Transactions 1 | $ 77,545 |
Related Party Transactions Schedule Of Related Party Transactions 2 | 77,033 |
Related Party Transactions Schedule Of Related Party Transactions 3 | 108,562 |
Related Party Transactions Schedule Of Related Party Transactions 4 | 107,847 |
Related Party Transactions Schedule Of Related Party Transactions 5 | 155,089 |
Related Party Transactions Schedule Of Related Party Transactions 6 | 154,067 |
Related Party Transactions Schedule Of Related Party Transactions 7 | 77,545 |
Related Party Transactions Schedule Of Related Party Transactions 8 | 77,033 |
Related Party Transactions Schedule Of Related Party Transactions 9 | 418,741 |
Related Party Transactions Schedule Of Related Party Transactions 10 | $ 415,980 |