Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Apr. 02, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Armco Metals Holdings, Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 31,433,968 | ' |
Entity Public Float | ' | ' | $5,530,377 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001410711 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
CURRENT ASSETS: | ' | ' | ||
Cash | $596,557 | $1,367,171 | ||
Pledged deposits | 4,652,222 | 4,590,829 | ||
Marketable securities | 519,129 | 1,213,641 | ||
Bank acceptance notes receivable | ' | 7,926 | ||
Accounts receivable, net | 25,595,516 | 15,699,390 | ||
Inventories | 20,456,920 | 13,378,445 | ||
Advance on purchases | 733,285 | 2,238,652 | ||
Prepayments and other current assets | 1,181,371 | 453,299 | ||
Total Current Assets | 53,735,000 | 38,949,353 | ||
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ||
Property, plant and equipment | 44,856,611 | 43,319,218 | ||
Accumulated depreciation | -9,360,933 | [1] | -6,284,162 | [1] |
PROPERTY, PLANT AND EQUIPMENT, net | 35,495,678 | 37,035,056 | ||
LAND USE RIGHTS | ' | ' | ||
Land use rights | 6,681,779 | 6,473,761 | ||
Accumulated amortization | -416,478 | -260,897 | ||
LAND USE RIGHTS, net | 6,265,301 | 6,212,864 | ||
Total Assets | 95,495,979 | 82,197,273 | ||
CURRENT LIABILITIES: | ' | ' | ||
Loans payable | 27,415,638 | 19,109,930 | ||
Banker's acceptance notes payable and letters of credit | 8,473,217 | 8,624,734 | ||
Current maturities of capital lease obligation | 904,990 | 2,615,296 | ||
Accounts payable | 10,062,463 | 1,141,583 | ||
Due to related parties | 403,141 | ' | ||
Customer deposits | 649,488 | 1,577,194 | ||
Corporate income tax payable | 822,207 | 407,621 | ||
Derivative liabilities - current portion | 61,429 | ' | ||
Value added tax and other taxes payable | 2,202,331 | 2,504,677 | ||
Accrued expenses and other current liabilities | 1,228,753 | 2,355,903 | ||
Total Current Liabilities | 52,891,989 | 38,643,646 | ||
CAPITAL LEASE OBLIGATION, net of current maturities | ' | 1,749,955 | ||
Total Liabilities | 52,891,989 | 40,393,601 | ||
STOCKHOLDERS' EQUITY: | ' | ' | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued or outstanding | 0 | 0 | ||
Common stock, $0.001 par value, 74,000,000 shares authorized, 29,876,327 and 20,319,698 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 29,876 | 20,320 | ||
Additional paid-in capital | 35,790,906 | 31,542,083 | ||
Retained earnings | 2,625,287 | 6,756,699 | ||
Accumulated other comprehensive income (loss): | ' | ' | ||
Change in unrealized loss on marketable securities | -694,512 | ' | ||
Foreign currency translation gain | 4,852,433 | 3,484,570 | ||
Total Stockholders' Equity | 42,603,990 | 41,803,672 | ||
Total Liabilities and Stockholders' Equity | 95,495,979 | 82,197,273 | ||
Warrant [Member] | ' | ' | ||
CURRENT LIABILITIES: | ' | ' | ||
Derivative liabilities - current portion | 61,429 | 306,708 | ||
Chairman and CEO [Member] | ' | ' | ||
CURRENT LIABILITIES: | ' | ' | ||
Advances received from Chairman and CEO | $668,332 | ' | ||
[1] | Depreciation expense was $2,847,606 and $2,742,995 for the years ended December 31, 2013 and 2012, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, shares issued | 29,876,327 | 20,319,698 |
Common stock, shares outstanding | 29,876,327 | 20,319,698 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
NET REVENUES | $128,738,194 | $106,569,474 |
COST OF GOODS SOLD | 125,426,672 | 98,102,412 |
GROSS PROFIT | 3,311,522 | 8,467,062 |
OPERATING EXPENSES: | ' | ' |
Selling expenses | 177,118 | 413,352 |
Professional fees | 512,474 | 278,502 |
General and administrative expenses | 3,397,191 | 5,112,131 |
Operating cost of idle manufacturing facility | 1,840,967 | 1,807,313 |
Total operating expenses | 5,927,750 | 7,611,298 |
INCOME (LOSS) FROM OPERATIONS | -2,616,228 | 855,764 |
OTHER (INCOME) EXPENSE: | ' | ' |
Interest income | -325,256 | -190,999 |
Interest expense | 2,157,156 | 2,001,535 |
Foreign currency transaction (gain) loss - marketable securities | ' | 36,957 |
Impairment other than temporary - marketable securities | ' | 386,941 |
Change in fair value of derivative liabilities | -929,883 | 306,505 |
Loan guarantee expense | 45,733 | 59,744 |
Forgiveness of debt | ' | -16,343 |
Other expense | 145,849 | 148,097 |
Total other (income) expense | 1,093,599 | 2,732,437 |
LOSS BEFORE INCOME TAXES PROVISION | -3,709,827 | -1,876,673 |
INCOME TAX PROVISION | 421,585 | 732,663 |
NET LOSS | -4,131,412 | -2,609,336 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' |
Change in unrealized income (loss) of marketable securities | -694,512 | 797 |
Foreign currency translation gain | 1,367,863 | 263,532 |
COMPREHENSIVE LOSS | ($3,458,061) | ($2,345,007) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED: | ' | ' |
Net loss per common share - basic and diluted (in Dollars per share) | ($0.17) | ($0.14) |
Weighted Average Common Shares Outstanding - basic and diluted (in Shares) | 24,886,617 | 18,482,234 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Restricted Stock [Member] | Restricted Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Translation Adjustment [Member] | Chaoyang Steel [Member] | Chaoyang Steel B [Member] | All Bright [Member] | Chaoyang Steel C [Member] | All Bright 2 [Member] | Hebang {Member] | Chaoyang Steel D [Member] | All Bright 3 [Member] | Hebang 2 [Member] | Broad Max Holding [Member] | Broad Max Steel 2 [Member] | CDII [Member] | Chaoyang Steel E [Member] | Director [Member] | Director 2 [Member] | Employee [Member] | Chief Executive Officer [Member] | Director 3 [Member] | Director 4 [Member] | Employee 2 [Member] | Employee 3 [Member] | Employee 4 [Member] | Total |
Additional Paid-in Capital [Member] | Director 2 [Member] | Chaoyang Steel [Member] | Chaoyang Steel B [Member] | All Bright [Member] | Chaoyang Steel C [Member] | All Bright 2 [Member] | Hebang {Member] | Chaoyang Steel D [Member] | All Bright 3 [Member] | Hebang 2 [Member] | Broad Max Holding [Member] | Broad Max Steel 2 [Member] | CDII [Member] | Chaoyang Steel E [Member] | Director [Member] | Director 2 [Member] | Employee [Member] | Chief Executive Officer [Member] | Director 3 [Member] | Employee 2 [Member] | Employee 3 [Member] | Employee 4 [Member] | Chaoyang Steel [Member] | Chaoyang Steel B [Member] | All Bright [Member] | Chaoyang Steel C [Member] | All Bright 2 [Member] | Hebang {Member] | Chaoyang Steel D [Member] | All Bright 3 [Member] | Hebang 2 [Member] | Broad Max Holding [Member] | Broad Max Steel 2 [Member] | CDII [Member] | Chaoyang Steel E [Member] | Director [Member] | Director 2 [Member] | Employee [Member] | Chief Executive Officer [Member] | Director 3 [Member] | Director 4 [Member] | Employee 2 [Member] | Employee 3 [Member] | Employee 4 [Member] | |||||||||||||||||||||||||||||
Director 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,421 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,733,619 | $9,366,035 | ($797) | $3,221,038 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,335,316 |
Balance, shares (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,421,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 6 | ' | 1,500 | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,950 | 1,776 | ' | 747,000 | 34,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000 | 1,782 | ' | 748,500 | 34,500 | ' | ' | ' | ' | ' |
Issuance of restricted stock, shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 6,250 | ' | 1,500,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,000 | -1,782 | ' | -748,500 | ' | -34,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,000 | -1,782 | ' | -748,500 | ' | -34,500 | ' | ' | ' | ' |
Issuance of common stock to employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58 | ' | ' | 561 | 400 | 981 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,260 | ' | ' | ' | 184,780 | 131,600 | 342,366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,318 | ' | ' | ' | 185,341 | 132,000 | 343,347 | ' |
Issuance of common stock to employee, shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,743 | ' | ' | 561,640 | 400,000 | 980,991 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,753 | ' | ' | ' | ' | ' | ' |
Issuance of common stock in conversion, shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 717,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 33 | 34 | 75 | 34 | 75 | 125 | 34 | 75 | 125 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,634 | 14,263 | 32,093 | 12,616 | 28,388 | 47,313 | 16,096 | 36,218 | 60,363 | 8,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,667 | 14,297 | 32,168 | 12,650 | 28,463 | 47,438 | 16,130 | 36,293 | 60,488 | 8,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services, shares (in Shares) | ' | ' | 33,333 | 33,333 | 75,000 | 33,333 | 75,000 | 125,000 | 33,333 | 75,000 | 125,000 | 16,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred employee services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 492,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 492,946 |
Net Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,609,336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,609,336 |
Change in unrealized loss on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 797 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 797 |
Foreign currency translation gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263,532 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263,532 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,345,007 |
Cancellation of restricted stock | 14,000 | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted stock, shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,320 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,542,083 | 6,756,699 | ' | 3,484,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,803,672 |
Balance, shares (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,319,698 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,319,698 |
Issuance of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 639,380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 640,743 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,363,282 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,010 | ' | ' | ' | ' | 1,571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,043,359 | ' | ' | ' | ' | ' | 815,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,045,369 | ' | ' | ' | ' | ' | 816,593 |
Issuance of common stock in conversion, shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,010,327 | ' | ' | ' | ' | 1,570,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation for directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276,031,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation for directors (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for services | ' | ' | 33 | 33 | 75 | ' | ' | 750 | 33 | ' | ' | 50 | 34 | 250 | 33 | ' | ' | ' | ' | ' | ' | ' | ' | 3,243 | 12,467 | 10,300 | 28,050 | ' | ' | 280,500 | 12,634 | ' | ' | 18,700 | 10,299 | 76,500 | 10,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,618,113 | ' | ' | ' | 12,500 | 10,333 | 28,125 | ' | ' | 281,250 | 12,667 | ' | ' | 18,750 | 10,333 | 76,750 | 10,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,621,356 |
Issuance of common stock for services, shares (in Shares) | ' | ' | 33,333 | 33,333 | 75,000 | ' | ' | 750,000 | 33,333 | ' | ' | 50,000 | 33,333 | 250,000 | 33,333 | ' | ' | ' | ' | ' | ' | ' | ' | 3,242,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for financing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,155 |
Issuance of common shares for financing cost (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of the fair value of warrants to purchase 1,031,715 common shares on January 11, 2013 from additional paid-in capital to derivative liability to reflect the re-instatement of the derivative feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -623,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -623,809 |
Net Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,131,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,131,412 |
Change in unrealized loss on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -694,512 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -694,512 |
Foreign currency translation gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,367,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,367,863 |
Total comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,458,061 |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,876 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,790,906 | $2,625,287 | ($694,512) | $4,852,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,603,990 |
Balance, shares (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,876,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,876,327 |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Issuance of restricted stock, per share | $662,256 | $1,477,006 |
Cancellation of restricted stock, per share | ' | ($14,000) |
Restricted Stock [Member] | Common Stock [Member] | Director [Member] | ' | ' |
Issuance of restricted stock, per share | ' | $0.28 |
Cancellation of restricted stock, per share | ' | $0.28 |
Restricted Stock [Member] | Common Stock [Member] | Director 2 [Member] | ' | ' |
Issuance of restricted stock, per share | ' | $0.29 |
Cancellation of restricted stock, per share | ' | $0.28 |
Restricted Stock [Member] | Common Stock [Member] | Employee [Member] | ' | ' |
Issuance of common stock, per share | ' | $0.57 |
Restricted Stock [Member] | Common Stock [Member] | Chief Executive Officer [Member] | ' | ' |
Issuance of restricted stock, per share | ' | $0.50 |
Restricted Stock [Member] | Common Stock [Member] | Director 3 [Member] | ' | ' |
Issuance of restricted stock, per share | ' | $0.69 |
Restricted Stock [Member] | Common Stock [Member] | Director 4 [Member] | ' | ' |
Issuance of restricted stock, per share | ' | $0.69 |
Common Stock [Member] | Employee [Member] | ' | ' |
Issuance of common stock, per share | $0.47 | ' |
Common Stock [Member] | Employee 2 [Member] | ' | ' |
Issuance of common stock, per share | ' | $0.33 |
Common Stock [Member] | Employee 3 [Member] | ' | ' |
Issuance of common stock, per share | ' | $0.33 |
Common Stock [Member] | Employee 4 [Member] | ' | ' |
Issuance of common stock, per share | ' | $0.35 |
Common Stock [Member] | ' | ' |
Issuance of common stock, per share | $0.50 | ' |
Shares called by warrants (in Shares) | 1,031,715 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($4,131,412) | ($2,609,336) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Depreciation expense | 2,847,606 | 2,742,995 |
Amortization expense | 145,499 | 49,766 |
Write-down of inventories | 2,291,915 | ' |
Change in fair value of derivative liabilities | -929,883 | 306,505 |
Amortization of debt discount | 8,004 | ' |
Loss from foreign currency exchange rate change on marketable securities | ' | 36,957 |
Impairment other than temporary - marketable securities | ' | 386,941 |
Stock based compensation | 1,377,715 | 1,444,019 |
Shares issued for financing cost | 21,155 | ' |
Changes in operating assets and liabilities: | ' | ' |
Bank acceptance notes receivable | -8,072 | -7,926 |
Accounts receivable | -9,319,280 | -14,935,416 |
Inventories | -8,838,672 | 20,095,232 |
Advance on purchases | 1,556,395 | 865,391 |
Prepaid value added taxes | ' | 471,244 |
Prepayments and other current assets | -780,339 | 1,369,997 |
Banker's acceptance notes payable | -422,970 | 1,585 |
Accounts payable | 8,690,406 | -17,410,355 |
Customer deposits | -957,536 | -4,320,862 |
Taxes payable | 92,685 | 2,812,095 |
Accrued expenses and other current liabilities | -1,163,596 | -310,424 |
NET CASH USED IN OPERATING ACTIVITIES | -9,520,380 | -9,011,592 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from release of pledged deposits | 21,162,708 | 20,718,637 |
Payment made towards pledged deposits | -21,077,956 | -16,902,377 |
Purchase of property, plant and equipment | -167,962 | -826,350 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -83,210 | 2,989,910 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from loans payable | 49,611,412 | 64,716,249 |
Repayment of loans payable | -39,959,898 | -52,413,180 |
Banker's acceptance notes payable | ' | 380,433 |
Repayment of capital lease obligation | -3,552,805 | -2,007,291 |
Repayment of long-term debt | ' | -3,962,844 |
Advances from (repayment to) Chairman and CEO | 754,740 | -319,306 |
Advances from (repayment to) related parties | 368,081 | ' |
Proceeds from sales of common stock | 1,621,356 | ' |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,842,886 | 6,394,061 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -9,910 | -47,799 |
NET CHANGE IN CASH | -770,614 | 324,580 |
Cash at beginning of the year | 1,367,171 | 1,042,591 |
Cash at end of the year | 596,557 | 1,367,171 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ' | ' |
Interest paid | 1,951,630 | 2,001,337 |
Income tax paid | 12,615 | ' |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' |
Debt discount due to convertible feature | 60,795 | ' |
Reclassification of derivative liability from equity | 623,809 | ' |
Short-term Debt [Member] | ' | ' |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' |
Common shares issued for conversion | 816,593 | ' |
Chairman and CEO [Member] | ' | ' |
NON CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' |
Common shares issued for conversion | $1,045,369 | $353,753 |
Note_1_Organization_and_Operat
Note 1 - Organization and Operations | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1 – Organization and Operations | |
Armco Metals Holdings, Inc. (formerly China Armco Metals, Inc. and Cox Distributing, Inc.) | |
Cox Distributing was founded as an unincorporated business in January 1984 and was incorporated as Cox Distributing, Inc. (“Cox Distributing”), a C corporation under the laws of the State of Nevada on April 6, 2007 at which time 9,100,000 shares of common stock were issued to the founder in exchange for the existing unincorporated business. No value was given to the stock issued by the newly formed corporation. Therefore, the shares were recorded to reflect the $.001 par value and paid in capital was recorded as a negative amount ($9,100). | |
On June 27, 2008, Cox Distributing amended its Articles of Incorporation, and changed its name to China Armco Metals, Inc. (“Armco Metals” ) upon the acquisition of Armco Metals International Limited (formerly “Armco & Metawise (H.K) Limited” or “Armco HK”) and Subsidiaries to better identify the Company with the business conducted, through its wholly owned subsidiaries in China, import, export and distribution of ferrous and non-ferrous ores and metals, and processing and distribution of scrap steel. | |
On July 3, 2013, the Company changed its name from “China Armco Metals, Inc.” to “Armco Metals Holdings, Inc.”(“Armco Metals Holdings” or the “Company”). | |
Armco Metals International Limited (formerly Armco & Metawise (H.K) Limited) and Subsidiaries | |
Armco Metals International Limited (formerly Armco & Metawise (H.K) Limited) | |
Armco & Metawise (H.K) Limited was incorporated on July 13, 2001 under the laws of the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”). Armco HK engages in the import, export and distribution of ferrous and non-ferrous ore and metals. | |
On March 22, 2011, Armco & Metawise (H.K) Limited amended its Memorandum and Articles of Association, and changed its name to Armco Metals International Limited (“Armco HK”). | |
Formation of Henan Armco and Metawise Trading Co., Ltd. | |
Henan Armco and Metawise Trading Co., Ltd. (“Henan”) was incorporated on June 6, 2002 in the City of Zhengzhou, Henan Province, PRC. Henan engages in the import, export and distribution of ferrous and non-ferrous ores and metals. | |
Formation of Armco (Lianyungang) Renewable Metals, Inc. | |
On January 9, 2007, Armco HK formed Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”), a wholly-owned foreign enterprise (“WOFE”) subsidiary in the City of Lianyungang, Jiangsu Province, PRC. Renewable Metals engages in the processing and distribution of scrap metal. | |
On December 1, 2008, Armco HK transferred its 100% equity interest in Renewable Metals to Armco Metals. | |
Merger of Henan with Renewable Metals, Companies under Common Control | |
On December 28, 2007, Armco HK entered into a Share Transfer Agreement with Renewable Metals, whereby Armco HK transferred to Renewable Metals all of its equity interest in Henan, a company under common control of Armco HK. | |
The acquisition of Henan has been recorded on the purchase method of accounting at historical amounts as Renewable Metals and Henan were under common control since June 2002. The consolidated financial statements have been presented as if the acquisition of Henan had occurred as of the first date of the first period presented. | |
Acquisition of Armco Metal International Limited and Subsidiaries (“Armco HK”)Recognized as a Reverse Acquisition | |
On June 27, 2008, the Company entered into and consummated a share purchase agreement (the “Share Purchase Agreement”) with Armco HK and Feng Gao, who owned 100% of the issued and outstanding shares of Armco HK. In connection with the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company purchased from the Armco HK Shareholder 100% of the issued and outstanding shares of Armco HK’s capital stock for $6,890,000 by delivery of the Company’s purchase money promissory note; (iii) issued to Ms. Gao (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on December 31, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010 (the “Gao Options”). On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao. The shares issued represented approximately 69.7% of the issued and outstanding common stock immediately after the consummation of the Share Purchase and exercise of the option to purchase 5,300,000 shares of the Company’s common stock at $1.30 per share. | |
As a result of the controlling financial interest of the former stockholder of Armco HK, for financial statement reporting purposes, the merger between the Company and Armco HK has been treated as a reverse acquisition with Armco HK deemed the accounting acquirer and the Company deemed the accounting acquiree under the acquisition method of accounting in accordance with section 805-10-55 of the FASB Accounting Standards Codification. The reverse acquisition is deemed a capital transaction and the net assets of Armco HK (the accounting acquirer) are carried forward to the Company (the legal acquirer and the reporting entity) at their carrying value before the acquisition. The acquisition process utilizes the capital structure of the Company and the assets and liabilities of Armco HK which are recorded at their historical cost. The equity of the Company is the historical equity of Armco HK retroactively restated to reflect the number of shares issued by the Company in the transaction. | |
Formation of Armco (Lianyungang) Holdings, Inc. | |
On June 4, 2009, the Company formed Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”), a WOFE subsidiary in the City of Lianyungang, Jiangsu Province, PRC. Lianyungang Armco intends to engage in marketing and distribution of the recycled scrap steel. | |
Formation of Armco Metals (Shanghai) Holdings, Ltd. | |
On July 16, 2010, the Company formed Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) as a WOFE subsidiary in Shanghai, China. Armco Shanghai serves as the headquarters for the Company’s China operations and oversees the activities of the Company in financing and international trading. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
Note 2 - Significant and Critical Accounting Policies and Practices | |||||||||
Basis of Presentation | |||||||||
The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |||||||||
Principles of Consolidation | |||||||||
The Company applies the guidance of Topic 810 “Consolidation” of the FASB Accounting Standards Codification to determine whether and how to consolidate another entity. Pursuant to ASC Paragraph 810-10-15-10 all majority-owned subsidiaries—all entities in which a parent has a controlling financial interest—shall be consolidated except (1) when control does not rest with the parent, the majority owner; (2) if the parent is a broker-dealer within the scope of Topic 940 and control is likely to be temporary; (3) consolidation by an investment company within the scope of Topic 946 of a non-investment-company investee. Pursuant to ASC Paragraph 810-10-15-8 the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree. The Company consolidates all less-than-majority-owned subsidiaries, if any, in which the parent’s power to control exists. | |||||||||
The Company's consolidated subsidiaries and/or entities are as follows as of December 31, 2013: | |||||||||
Name of consolidated subsidiary or | State or other jurisdiction of | Date of incorporation or formation | Attributable interest | ||||||
entity | incorporation or organization | (date of acquisition, if applicable) | |||||||
Armco Metal International Limited (“Armco HK”) | Hong Kong SAR | 13-Jul-01 | 100% | ||||||
Henan Armco and Metawise Trading Co., Ltd. (“Henan Armco”) | PRC | 6-Jun-02 | 100% | ||||||
Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”) | PRC | 9-Jan-07 | 100% | ||||||
Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”) | PRC | 4-Jun-09 | 100% | ||||||
Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) | PRC | 16-Jul-10 | 100% | ||||||
All inter-company balances and transactions have been eliminated. | |||||||||
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | |||||||||
The Company’s significant estimates and assumptions include the fair value of financial instruments; allowance for doubtful accounts; normal production capacity, inventory valuation and obsolescence; recoverability and impairment, if any, of long-lived assets, including the values assigned to and the estimated useful lives of property, plant and equipment, and land use rights; interest rate; revenue recognized or recognizable, sales returns and allowances; valued added tax rate; expected term of share options and similar instruments, expected volatility of the entity’s shares and the method used to estimate it, expected annual rate of quarterly dividends, and risk free rates; income tax rate and related income tax provision; reporting currency, functional currency of the PRC subsidiaries and foreign currency exchange rate. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. | |||||||||
Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. | |||||||||
Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. | |||||||||
Actual results could differ from those estimates. | |||||||||
Fair Value of Financial Instruments | |||||||||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: | |||||||||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | ||||||||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||||||||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | ||||||||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | |||||||||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income/VAT tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments. | |||||||||
The Company’s loans payable, banker’s acceptance notes payable, and capital lease obligation approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2013 and December 31, 2012. | |||||||||
The Company’s Level 3 financial liabilities consist of the derivative warrant issued in July 2008 and convertible note with embedded conversion feature issued in November 2013, for which there are no current market for these securities such that the determination of fair value requires significant judgment or estimation. The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date. | |||||||||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | |||||||||
It is not, however, practical to determine the fair value of advances from significant stockholder and lease arrangement with the significant stockholder, if any, due to their related party nature. | |||||||||
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | |||||||||
Level 1 Financial Assets – Marketable Securities | |||||||||
The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period. | |||||||||
Level 3 Financial Liabilities – Derivative Liabilities | |||||||||
The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative warrant liabilities and derivative convertible debt liability at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative liabilities. | |||||||||
Fair Value of Non-Financial Assets or Liabilities Measured on a Recurring Basis | |||||||||
The Company’s non-financial assets include inventories. The Company identifies potentially excess and slow-moving inventories by evaluating turn rates, inventory levels and other factors. Excess quantities are identified through evaluation of inventory aging, review of inventory turns and historical sales experiences. The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts. | |||||||||
Carrying Value, Recoverability and Impairment of Long-Lived Assets | |||||||||
The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include property, plant and equipment and land use rights are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | |||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. When long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. | |||||||||
The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events. | |||||||||
The key assumptions used in management’s estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs of the manufacturing facilities. These forecasts are typically based on historical trends and take into account recent developments as well as management’s plans and intentions. Any difficulty in manufacturing or sourcing raw materials on a cost effective basis would significantly impact the projected future cash flows of the Company’s manufacturing facilities and potentially lead to an impairment charge for long-lived assets. Other factors, such as increased competition or a decrease in the desirability of the Company’s products, could lead to lower projected sales levels, which would adversely impact cash flows. A significant change in cash flows in the future could result in an impairment of long lived assets. | |||||||||
The impairment charges, if any, is included in operating expenses in the accompanying consolidated statements of income and comprehensive income (loss). | |||||||||
Cash Equivalents | |||||||||
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | |||||||||
Pledged Deposits | |||||||||
Pledged deposits consist of cash held in financial institutions for (a) outstanding letters of credit, (b) open banker’s acceptance notes payable maturing between three (3) and nine (9) months from the date of issuance and (c) capital lease obligation. | |||||||||
The Company uses letters of credit in connection with its purchases of ferrous and non-ferrous ores and metals, and scrap metal for processing and distribution. The issuing financial institutions of those letters of credit require the Company to deposit and pledge certain percentage of the maximum amount stipulated under those letters of the credit as collateral. The pledged deposits are either released to the Company in the event of vendors' non-performance or to be released to the Company as part of the payment toward the letters of credit when vendors delivers the goods under those letters of credit on or before maturity date. The Management of the Company believes it is appropriate to classify such amounts as current assets as those letters of credit are of a short term nature, three (3) to nine (9) months in length from the date of issuance. | |||||||||
The Company satisfies certain accounts payable, through banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors. The issuing financial institutions of those banker’s acceptance notes require the Company to deposit and pledge certain percentage of the amount stipulated under those banker’s acceptance notes as collateral. The pledged deposits are released to the Company as part of the payment toward banker’s acceptance notes upon maturity. | |||||||||
Marketable Debt and Equity Securities, Available for Sale | |||||||||
The Company accounts for marketable debt and equity securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (“Sub-topic 320-10”). | |||||||||
Pursuant to Paragraph 320-10-35-1, investments in debt securities that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4. | |||||||||
The Company follows Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period. An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary. Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of the impairment shall not include partial recoveries after the balance sheet date. The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value. For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A. Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred. | |||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions. | |||||||||
Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received. | |||||||||
Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. | |||||||||
The Company does not have any off-balance-sheet credit exposure to its customers. | |||||||||
Advance on Purchases | |||||||||
Advance on purchases primarily represent amounts paid to vendors for future delivery of products ranging from three (3) months to nine (9) months, all of which were fully or partially refundable depending upon the terms and conditions of the purchase agreements. | |||||||||
Inventories | |||||||||
Inventory Valuation | |||||||||
The Company values inventories, consisting of raw materials, consumables, packaging material, finished goods, and purchased merchandise for resale, at the lower of cost or market. Cost is determined on the first-in and first-out (“FIFO”) method for raw materials and packaging materials and the weighted average cost method for finished goods. Cost of finished goods comprises direct labor, direct materials, direct production cost and an allocated portion of production overhead. The Company reduces inventories for the diminution of value, resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value. Factors utilized in the determination of estimated market value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence. | |||||||||
Normal Capacity and Period Costs of Underutilized or Idle Capacity of the Production Facilities | |||||||||
The Company follows paragraph 330-10-30-3 of the FASB Accounting Standards Codification for the allocation of production costs and charges to inventories. The Company allocates fixed production overhead to inventories based on the normal capacity of the production facilities expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production). Factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment down time. The actual level of production may be used if it approximates normal capacity. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to each unit of production is not increased as a consequence of abnormally low production or idle plant and unallocated overheads of underutilized or idle capacity of the production facilities are recognized as period costs in the period in which they are incurred rather than as a portion of the inventory cost. | |||||||||
Inventory Obsolescence and Markdowns | |||||||||
The Company evaluates its current level of inventories considering historical sales and other factors and, based on this evaluation, classify inventory markdowns in the income statement as a component of cost of goods sold pursuant to Paragraph 420-10-S99 of the FASB Accounting Standards Codification to adjust inventories to net realizable value. These markdowns are estimates, which could vary significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. Other significant estimates include the allocation of variable and fixed production overheads. While variable production overheads are allocated to each unit of production on the basis of actual use of production facilities, the allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the Company’s production facilities, and recognizes abnormal idle facility expenses as current period charges. Certain costs, including categories of indirect materials, indirect labor and other indirect manufacturing costs which are included in the overhead pools are estimated. The management of the Company determines its normal capacity based upon the amount of operating hours of the manufacturing machinery and equipment in a reporting period. | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of property, plant and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful lives ranging from five (5) years to twenty (20) years. Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of income and comprehensive income. Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Leasehold improvements | |||||||||
Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Construction in Progress | |||||||||
Construction in progress represents direct costs of construction or the acquisition cost of long-lived assets. Under U.S. GAAP, all costs associated with construction of long-lived assets should be reflected as long-term as part of construction-in-progress. Capitalization of these costs ceases and the construction in progress is transferred to property, plant and equipment when substantially all of the activities necessary to prepare the long-lived assets for their intended use are completed. No depreciation is provided until the construction of the long-lived assets is complete and ready for their intended use. | |||||||||
Land Use Rights | |||||||||
Land use rights represent the cost to obtain the right to use certain parcels of land in the City of Lianyungang, Jiangsu Province, PRC. Land use rights are carried at cost and amortized on a straight-line basis over the lives of the rights of fifty (50) years. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Banker’s Acceptance Notes Payable | |||||||||
The Company satisfies certain accounts payable, through the issuance of banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors. These notes are usually of a short term nature, three (3) to nine (9) months in length. They are non-interest bearing, are due upon maturity, and are paid by the Company’s banks directly to the vendors upon presentation on the date of maturity and the Company is obliged to repay the note in full to the financial institutions. In the event of insufficient funds to repay these notes, the Company's bank will convert them to loans on demand with interest at a predetermined rate per annum payable monthly. | |||||||||
Customer Deposits | |||||||||
Customer deposits primarily represent amounts received from customers for future delivery of products, which are fully or partially refundable depending upon the terms and conditions of the sales agreements. | |||||||||
Leases | |||||||||
Lease agreements are evaluated to determine whether they are capital leases or operating leases in accordance with paragraph 840-10-25-1 of the FASB Accounting Standards Codification (“Paragraph 840-10-25-1”). When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in Paragraph 840-10-25-1, the lease then qualifies as a capital lease. Capital lease assets are depreciated on a straight line method, over the capital lease assets estimated useful lives consistent with the Company’s normal depreciation policy for tangible fixed assets. Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation. | |||||||||
Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. | |||||||||
Derivative Instruments and Hedging Activities | |||||||||
The Company accounts for derivative instruments and hedging activities in accordance with paragraph 810-10-05-4 of the FASB Accounting Standards Codification (“Paragraph 810-10-05-4”). Paragraph 810-10-05-4 requires companies to recognize all derivative instruments as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends upon: (i) whether the derivative has been designated and qualifies as part of a hedging relationship, and (ii) the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument based upon the exposure being hedged as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. | |||||||||
From time to time, the Company employs foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates. The Company does not use derivatives for speculation or trading purposes. Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction. The ineffective portion of all hedges is recognized in current earnings. The Company has sales and purchase commitments denominated in foreign currencies. Foreign currency forward contracts are used to hedge against the risk of change in the fair value of these commitments attributable to fluctuations in exchange rates (“Fair Value Hedges”). Changes in the fair value of the derivative instrument are generally offset in the income statement by changes in the fair value of the item being hedged. | |||||||||
The Company did not employ foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates for the reporting period ended December 31, 2013 or 2012. | |||||||||
Derivative Liabilities | |||||||||
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a Lattice model, in accordance with ASC 815-15 “Derivative and Hedging” to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | |||||||||
Related Parties | |||||||||
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. | |||||||||
Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. | |||||||||
The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. | |||||||||
Commitment and Contingencies | |||||||||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | |||||||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | |||||||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | |||||||||
Revenue Recognition | |||||||||
The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. | |||||||||
The Company derives its revenues from sales contracts with customers with revenues being generated upon the shipment of merchandise. Persuasive evidence of an arrangement is demonstrated via sales invoice or contract; product delivery is evidenced by warehouse shipping log as well as a signed bill of lading from the vessel or rail company and title transfers upon shipment, based on free on board (“FOB”) warehouse terms; the sales price to the customer is fixed upon acceptance of the signed purchase order or contract and there is no separate sales rebate, discount, or volume incentive. When the Company recognizes revenue, no provisions are made for returns because, historically, there have been very few sales returns and adjustments that have impacted the ultimate collection of revenues. | |||||||||
Net sales of products represent the invoiced value of goods, net of value added taxes (“VAT”). The Company is subject to VAT which is levied on the majority of the Company’s products at the rate of 13% on the invoiced value of sales prior to December 31, 2008 and 17% on the invoiced value of sales as of January 1, 2009 and forward. Sales or Output VAT is borne by customers in addition to the invoiced value of sales and Purchase or Input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales. | |||||||||
Shipping and Handling Costs | |||||||||
The Company accounts for shipping and handling fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification. While amounts charged to customers for shipping products are included in revenues, the related costs are classified in cost of goods sold as incurred. | |||||||||
Advertising | |||||||||
The Company expenses advertising costs as incurred. Advertising is included in selling expenses for financial reporting. The Company spent $5,478 and $150,000 for the years ended December 31, 2013 and 2012, respectively on advertising expenses. | |||||||||
Foreign Currency Transactions | |||||||||
The Company applies the guidelines as set out in Section 830-20-35 of the FASB Accounting Standards Codification (“Section 830-20-35”) for foreign currency transactions. Pursuant to Section 830-20-35 of the FASB Accounting Standards Codification, foreign currency transactions are transactions denominated in currencies other than U.S. Dollar, the Company’s reporting currency or Chinese Yuan or Renminbi, the Company’s Chinese operating subsidiaries' functional currency. Foreign currency transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments. Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate. | |||||||||
Stock-Based Compensation for Obtaining Employee Services | |||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation-Stock Compensation”. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. | |||||||||
Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services | |||||||||
The Company accounts for stock-based compensation in accordance with the provision of ASC 505, “Equity Based Payments to Non-Employees” (“ASC 505”), Share Based Payments to Non-Employees, and ASC 505 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | |||||||||
Investment Credit - Government | |||||||||
Certain Chinese local governments provide non-refundable investment credits to encourage enterprises to invest in local communities. Investment credits from local governments are credited to other income – investment credit – government, upon receipt. | |||||||||
Income Tax Provision | |||||||||
The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date. | |||||||||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty (50) percent likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. | |||||||||
The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary. | |||||||||
Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. | |||||||||
Foreign Currency Translation | |||||||||
The Company follows Section 830-10-45 of the FASB Accounting Standards Codification (“Section 830-10-45”) for foreign currency translation to translate the financial statements of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars. Section 830-10-45 sets out the guidance relating to how a reporting entity determines the functional currency of a foreign entity (including of a foreign entity in a highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. Pursuant to Section 830-10-45, the assets, liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. An entity’s functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment, or local currency, in which an entity primarily generates and expends cash. | |||||||||
The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss). | |||||||||
Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiaries’ local currencies to be their respective functional currencies. | |||||||||
The financial records of the Company's Chinese operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency. Assets and liabilities are translated from the local currency into the reporting currency, U.S. dollars, at the exchange rate prevailing at the balance sheet date. Revenues and expenses are translated at weighted average exchange rates for the period to approximate translation at the exchange rates prevailing at the dates those elements are recognized in the consolidated financial statements. Foreign currency translation gain (loss) resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining accumulated other comprehensive income in the consolidated statement of stockholders’ equity. | |||||||||
RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. Commencing July 21, 2005, China adopted a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies. The exchange rate of the US dollar against the RMB was adjusted from approximately RMB 8.28 per U.S. dollar to approximately RMB 8.11 per U.S. dollar on July 21, 2005. Since then, the PBOC administers and regulates the exchange rate of the U.S. dollar against the RMB taking into account demand and supply of RMB, as well as domestic and foreign economic and financial conditions. | |||||||||
Unless otherwise noted, the rate presented below per U.S. $1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation (www.oanda.com) contained in its consolidated financial statements. Management believes that the difference between RMB vs. U.S. dollar exchange rate quoted by the PBOC and RMB vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial. Translations do not imply that the RMB amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars. Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates for the respective periods: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Balance sheets | 6.1122 | 6.3086 | |||||||
Statements of operations and comprehensive income (loss) | 6.1943 | 6.3116 | |||||||
Comprehensive Income (Loss) | |||||||||
The Company has applied section 220-10-45 of the FASB Accounting Standards Codification. This statement establishes rules for the reporting of comprehensive income and its components. Comprehensive income (loss), for the Company, consists of net income (loss), change in unrealized loss of marketable securities and foreign currency translation adjustments and is presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and Stockholders’ Equity. | |||||||||
Net Income (Loss) per Common Share | |||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options, warrants and nonvested shares. | |||||||||
For the periods presented, the computation of diluted loss per share equaled basic loss per share as the inclusion of any dilutive instruments would have had an antidilutive effect on the earnings per share calculation in the periods presented. | |||||||||
Cash Flows Reporting | |||||||||
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. | |||||||||
Subsequent Events | |||||||||
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. | |||||||||
Recently Issued Accounting Pronouncements | |||||||||
In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013. The adoption of ASU 2013-02 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date." This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
In March 2013, the FASB issued ASU No. 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-05 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This ASU provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. For public entities, this ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the consolidated financial statements. |
Note_3_Pledged_Deposits
Note 3 - Pledged Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Transfers and Servicing of Financial Assets [Text Block] | ' | ||||||||
Note 3 – Pledged Deposits | |||||||||
Pledged deposits consist of cash held in financial institutions for (a) outstanding letters of credit, (b) open banker’s acceptance notes payable maturing between three (3) to nine (9) months from the date of issuance, and (c) capital lease obligation. | |||||||||
Pledged deposits consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Armco HK | |||||||||
Letters of credit (i) | $ | 5,993 | $ | 8,442 | |||||
Sub-total – Armco HK | 5,993 | 8,442 | |||||||
Renewable Metals | |||||||||
Bank acceptance notes payable (ii) | 1,636,072 | 475,541 | |||||||
Letters of credit (iii) | 2,517,621 | 2,445,676 | |||||||
Deposit for capital lease obligation (iv) | 490,823 | 475,541 | |||||||
Sub-total – Renewable Metals | 4,644,516 | 3,396,758 | |||||||
Henan Armco | |||||||||
Letters of credit (v) | 2,113 | 1,185,629 | |||||||
Sub-total – Henan Armco | 2,113 | 1,185,629 | |||||||
$ | 4,652,222 | $ | 4,590,829 | ||||||
(i) | $5,993 is to be released to the Company when payment towards letters of credit matures on February 28, 2014. | ||||||||
(ii) | $ 1,636,072 is to be released to the Company when the related banker’s acceptance notes payable mature on March 27, 2014. | ||||||||
(iii) | $2,517,621 is to be released to the Company for payment towards fulfilled letters of credit when those letters of credit matures ranging from February 11, 2014 through April 8, 2014. | ||||||||
(iv) | $490,823 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement matures on December 15, 2014. | ||||||||
(v) | $2,113 is to be released to the Company when payment towards letters of credit matures before December 31, 2014. | ||||||||
Note_4_Marketable_Equity_Secur
Note 4 - Marketable Equity Securities, Available for Sale | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||
Note 4 – Marketable Equity Securities, Available for Sale | |||||||||||||||||||||
On June 8, 2010, China Armco Metals, Inc. (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with Apollo Minerals Limited (“Apollo Minerals”), an Australian iron ore exploration company listed on the Australian Securities Exchange (ASX: AON). Under the terms of the Subscription Agreement, the Company agreed to acquire up to a 19.9% stake in Apollo for US $3,396,658 in cash. On July 19, 2010 Apollo Minerals issued 29,250,000 shares of its common stock to the Company. Pursuant to the Subscription Agreement, the Company received a seat on Apollo Minerals’ Board of Directors in July 2010. The board representation continues as long as the Company maintains a minimum 12% stake in Apollo Minerals. | |||||||||||||||||||||
The Company has the right to name one member to Apollo Mineral’s board of directors for as long as it maintains at least a 12% stake in Apollo Minerals. Apollo Minerals intends to use the cash infusion to advance its exploration activities, to carry out processing, option studies and to evaluate opportunities to access local infrastructure and other project opportunities., | |||||||||||||||||||||
Apollo Minerals also issued to the Company, five (5) year options to purchase an additional 5 million shares of common stock at AUD0.25 (approximately $0.20) per share, half of which will vest on the first anniversary of the initial issuance with the balance vesting on the second anniversary of the initial issuance. The options may only be exercised in order for the Company to maintain its 19.9% stake should Apollo Minerals issue additional common shares in the future. | |||||||||||||||||||||
The Company’s available-for-sale securities are carried at fair value with resulting unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). | |||||||||||||||||||||
At December 31, 2012, the estimated fair value of the investment in Apollo Minerals was approximately ($2.18) million less than its original cost based on most recent PPM price of AUD0.04 per common share; whereby Apollo Minerals sold 89,550,000 common shares for AUD3,600,000 on May 8, 2012. Even though the Company intends to hold these shares, the management of the Company concluded that the decline in the fair value was other than temporary and recorded the unrealized loss of marketable securities to (i) impairment – other than temporary of ($0.38) million in other income (loss) and (ii) foreign currency transaction loss in other income (loss) in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2012. | |||||||||||||||||||||
As of December 31, 2013, the Company’s available for sale marketable securities were marked to market to its fair value of $519,129 and the Company reported a $694,512 change in unrealized loss on marketable securities as other comprehensive income (loss) in its Stockholders’ Equity. | |||||||||||||||||||||
The table below provides a summary of the changes in the fair value of marketable securities, available for sale measured at fair value on a recurring basis using Level 1 of the fair value hierarchy to measure the fair value. | |||||||||||||||||||||
Fair Value Measurement Using Level 1 Inputs | |||||||||||||||||||||
Original cost | Impairment – Other Than Temporary | Accumulated Foreign Currency Transaction Gain (Loss) | Other Comprehensive Income (Loss) - | Fair Value | |||||||||||||||||
Change in Unrealized Loss | |||||||||||||||||||||
Balance, December 31, 2011 | $ | 3,396,658 | $ | (1,980,000 | ) | $ | 220,881 | $ | (797 | ) | $ | 1,636,742 | |||||||||
Purchases, issuances and settlements | |||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||
Net Loss: Impairment – other than temporary | (386,941 | ) | (386,941 | ) | |||||||||||||||||
Net Loss: Gain (loss) on foreign currency rate change | (36,957 | ) | - | (36,957 | ) | ||||||||||||||||
Other comprehensive income (loss): Changes in unrealized loss | - | 797 | 797 | ||||||||||||||||||
Balance, December 31, 2012 | 3,396,658 | (2,366,941 | ) | 183,924 | (- | ) | 1,213,641 | ||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||
Other comprehensive income (loss): Changes in unrealized loss | - | (694,512 | ) | (694,512 | ) | ||||||||||||||||
Balance, December 31, 2013 | $ | 3,396,658 | $ | (2,366,941 | ) | $ | 183,924 | $ | (694,512 | ) | $ | 519,129 | |||||||||
Note_5_Accounts_Receivable
Note 5 - Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||
Note 5 – Accounts Receivable | |||||||||
Accounts receivable consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Accounts receivable | $ | 25,638,666 | $ | 15,742,540 | |||||
Allowance for doubtful accounts | (43,150 | ) | (43,150 | ) | |||||
$ | 25,595,516 | $ | 15,699,390 | ||||||
Note_6_Inventories
Note 6 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 6 – Inventories | |||||||||
Inventories consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Raw materials – scrap metal | $ | 4,390,811 | $ | 5,371,867 | |||||
Finished goods – processed scrap metal | 12,421,088 | 2,517,948 | |||||||
Purchased merchandise for resale | 5,936,936 | 5,488,630 | |||||||
Write-down of inventories | (2,291,915 | ) | - | ||||||
$ | 20,456,920 | $ | 13,378,445 | ||||||
Renewable Metals raw materials and finished goods are collateralized for loans from the Bank of Communications Limited Lianyungang Branch. Raw materials consisted of scrap metals to be processed and finished goods were comprised of all of the processed scrap metal at Renewable Metals. Due to the short duration time for the processing of its scrap metal, there was no material work-in-process inventory at December 31, 2013 or December 31, 2012. | |||||||||
Slow-Moving or Obsolescence Markdowns | |||||||||
The Company recorded no inventory obsolescence adjustments for the year ended December 31, 2013 or 2012. | |||||||||
Lower of Cost or Market Adjustments | |||||||||
There were $2,291,915 and nil of lower of cost or market adjustments for the years ended December 31, 2013 and 2012. |
Note_7_Property_Plant_and_Equi
Note 7 - Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | ||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||
Note 7 – Property, Plant and Equipment | |||||||||||||
Property, plant and equipment, stated at cost, less accumulated depreciation consisted of the following: | |||||||||||||
Estimated Useful Life (Years) | 31-Dec-13 | 31-Dec-12 | |||||||||||
Buildings and leasehold improvements (i) | 20 | $ | 25,054,912 | $ | 24,175,794 | ||||||||
Construction in progress | 4,706,875 | 4,560,340 | |||||||||||
Machinery and equipment | 7 | 12,588,003 | 12,193,408 | ||||||||||
Vehicles | 5 | 2,152,379 | 2,048,305 | ||||||||||
Office equipment | 5 | - | 8 | 354,442 | 341,371 | ||||||||
44,856,611 | 43,319,218 | ||||||||||||
Less accumulated depreciation (ii) | (9,360,933 | ) | (6,284,162 | ) | |||||||||
$ | 35,495,678 | $ | 37,035,056 | ||||||||||
(i) Capitalized Interest | |||||||||||||
The Company did not capitalize any of interest to fixed assets for the year ended December 31, 2013 or 2012. | |||||||||||||
(ii) Depreciation and Amortization Expense | |||||||||||||
Depreciation expense was $2,847,606 and $2,742,995 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
(iii) Collateralization of Property, Plant and Equipment | |||||||||||||
Both Renewable Metals and Lianyungang Armco’s property, plant and equipment representing substantially all of the Company’s property, plant and equipment are collateralized for loans from the Bank of China Lianyungang Branch. | |||||||||||||
(iv) Impairment | |||||||||||||
The Company completed the annual impairment test of property, plant and equipment and determined that there was no impairment as the future undiscounted net cash flows of the property, plant and equipment exceeded their carrying values at December 31, 2013. |
Note_8_Land_Use_Rights
Note 8 - Land Use Rights | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
Note 8 – Land Use Rights | |||||||||
Renewable Metals | |||||||||
On September 28, 2007, Renewable Metals entered into an agreement with the Chinese government, whereby the Company paid RMB 14,384,002 to acquire the right to use 129,585.60 square meters of land for approximate 50 years. In November 2007, the Company expended additional RMB 1,076,300 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right and obtained the land use right certificate (Certificate No. 017158277) expiring December 30, 2058 on November 20, 2007. The purchase price and related acquisition costs are being amortized over the term of the right of approximately fifty (50) years. | |||||||||
Lianyungang Armco | |||||||||
On September 2, 2010, the Company entered into an agreement with the Chinese government, whereby the Company made a deposit of RMB 8,160,000 in aggregate towards the acquisition of the right to use 199,999 square meters of land for RMB 40,800,000. On April 13, 2011, the Company paid an additional RMB16,320,000 to acquire the temporary land use right to use 100,045 square meters of land and obtained the related certificate of the land use right (Certificate No. (L) LUR (2011) Y003218) expiring September 9, 2060. On October 25, 2011 and on July 19, 2012, the Company acquired the formal land certificate of the land use right (Certificate No.: (L) LUR (2012) LY 002394). The Company expended an additional RMB 900,067 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right. In addition, Lianyungang Armco expended an additional RMB 20, 674,830 to level the land as of December 31, 2011. The purchase price and related acquisition costs shall be amortized over the term of the right of approximately fifty (50) years when the land is ready to be used in the intended purpose. | |||||||||
The short term plan for this parcel of land is for warehouse of raw materials and products when Renewable Metals’ space becomes scarce for future expansion and the long term plan for the land is to construct automobile dismantling production line or build a scrap metal trading market center, depending on the Company’s progress on obtaining necessary license and permits and market conditions. | |||||||||
Land use rights, stated at cost, less accumulated amortization consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Renewable Metals | |||||||||
Land use right | $ | 2,529,417 | $ | 2,450,671 | |||||
Accumulated amortization | (416,478 | ) | (260,897 | ) | |||||
2,11,939 | 2,189,774 | ||||||||
Lianyungang Armco | |||||||||
Land use right | 4,152,362 | 4,023,090 | |||||||
Accumulated amortization | - | (- | ) | ||||||
4,152,362 | 4,023,090 | ||||||||
Total | |||||||||
Land use rights | 6,681,779 | 6,473,761 | |||||||
Accumulated amortization | (416,478 | ) | (260,897 | ) | |||||
$ | 6,265,301 | $ | 6,212,864 | ||||||
(i) Amortization Expense | |||||||||
Amortization expense was $145,499 and $49,766 for the year ended December 31, 2013 and 2012, respectively. | |||||||||
(ii) Collateralization of Land Use Rights | |||||||||
Both Renewable Metals and Lianyungang Armco’s land use rights representing all of the Company’s land use rights are collateralized for loans from the Bank of China Lianyungang Branch. |
Note_9_Loans_and_Convertible_N
Note 9 - Loans and Convertible Note Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loans Payable [Abstract] | ' | ||||||||
Loans Payable [Text Block] | ' | ||||||||
Note 9 – Loans and Convertible Note Payable | |||||||||
Loans payable consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Armco HK | |||||||||
Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points per annum, repaid in full as of March 31, 2013 | $ | 504,248 | $ | 585,113 | |||||
Loan payables to DBS, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at an average of 3.47% per annum, repaid in full as of March 31, 2013 | 2,602,115 | 5,599,314 | |||||||
Sub-total - Armco HK | 3,106,363 | 6,184,427 | |||||||
Renewable Metals | |||||||||
Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 120% of the bank’s benchmark rate per annum (average 7.2%), balance due June 2, 2014 | 1,963,286 | 4,755,413 | |||||||
Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 6.6% per annum payable monthly, balance due from April 12, 2014 through September 25, 2014 | 8,180,361 | 7,925,689 | |||||||
Short-term borrowing, with interest rate at 8% per annum | 229,050 | - | |||||||
Loan payable, with interest at 6% per annum and due July 21, 2014 | 3,503,379 | - | |||||||
Sub-total – Renewable Metals | 13,876,076 | 12,681,102 | |||||||
Henan Armco | |||||||||
Loan payable to Guangdong Development Bank Zhengzhou Branch, collateralized by certain of Henan’s inventory, with interest at 6.5% per annum, repaid in full on December 27, 2013 | - | 244,401 | |||||||
Loan Payable to ICBC, with interest at 2.47% per annum, repaid in full as of March 31, 2014 | 2,755,926 | - | |||||||
Loan Payable to Guanhutun Credit Union, collateralized by Henan’s building and leasehold improvement, with interest at 9.6% per annum, repaid in full as of March 31, 2014 | 163,607 | - | |||||||
Loans payable, with interest at 8% per annum, and are due from January 10, 2014 through. The creditors agreed to convert USD 5,319,351 into shares in January and February, 2014 | 5,999,957 | - | |||||||
Sub-total – Henan Armco | 8,919,490 | 244,401 | |||||||
Armco Metals Holdings | |||||||||
Loans payable, with interest at 8% per annum, due from April 21, 2014 through May 8, 2014 | 1,050,000 | - | |||||||
Convertible notes payable, net of discount, with interest at 4-8% per annum, maturing from June 25, 2014 through November 2014 and converted to shares in February 2014 | 463,709 | - | |||||||
Sub-total – Armco Metals Holdings | 1,513,709 | - | |||||||
$ | 27,415,638 | $ | 19,109,930 | ||||||
Note_10_Bankers_Acceptance_Not
Note 10 - Banker's Acceptance Notes Payable and Letters of Credit | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Short-term Debt [Text Block] | ' | ||||||||
Note 10 – Banker’s Acceptance Notes Payable and Letters of Credit | |||||||||
Banker’s acceptance notes payable consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Renewable Metals | |||||||||
Banker’s acceptance notes payable maturing on March 27, 2014 | $ | 3,272,144 | $ | 3,867,736 | |||||
Letters of credit maturing ranging from April 6, 2014 through August 2, 2014 | 5,201,073 | 4,755,413 | |||||||
Henan Armco | |||||||||
Banker’s acceptance notes payable maturing June 27, 2013 | - | 1,585 | |||||||
$ | 8,473,217 | $ | 8,624,734 | ||||||
Note_11_Related_Party_Transact
Note 11 - Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Note 11 – Related Party Transactions | |||||||||
The related parties consist of the following: | |||||||||
Kexuan Yao (“Mr. Yao”) | The Company’s Chairman, Chief Executive Officer and principal stockholder | ||||||||
Keli Yao | Kexuan Yao’s brother | ||||||||
Yi Chu | Kexuan Yao’s wife | ||||||||
Advances from Chairman and CEO | |||||||||
From time to time, Mr. Yao advances funds to the Company for working capital purpose. Those advances are unsecured, non-interest bearing and due on demand. As of December 31, 2013 and December 31, 2012, the advance balance was $668,332 and $nil, respectively. | |||||||||
Promissory Note from Chairman and CEO | |||||||||
On March 29, 2013, the Company executed a promissory note in the amount of RMB 6,300,000 (approximately $1,000,000) payable to Mr. Yao. The note, which is due one year from the date of issuance, accrues interest at 8% per annum. The proceeds are used for working capital purposes. The note was subsequently converted into shares of common stock of the Company in October 28, 2013. See more details in Note 15. | |||||||||
Operating Lease from Chairman and CEO | |||||||||
On January 1, 2006, Henan entered into a non-cancellable operating lease for its 176.37 square meters commercial office space in the City of Zhengzhou, Henan Province, PRC from Mr. Yao for RMB 10, 000 per month. The lease expired on December 31, 2008 and has been extended through December 31, 2014. Rental expense incurred for the years ended December 31, 2013 and 2012 was RMB 120,000 (approximately $19,300) and RMB 120,000 (approximately $19,022), respectively. As of December 31, 2013, future minimum lease commitment required under the related party lease is RMB 120,000 (approximately $19,600) in year 2014. | |||||||||
Due to Other Related Parties | |||||||||
Due to other related parties consists of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Keli Yao | 116,828 | - | |||||||
Yi Chu | 286,313 | - | |||||||
Total | 403,141 | - | |||||||
The balance of $403,141 due to related party represents the loan owed to the related parties, which is interest free, unsecured and repayable on demand. |
Note_12_Capital_Lease_Obligati
Note 12 - Capital Lease Obligation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | ' | ||||||||
Note 12 – Capital Lease Obligation | |||||||||
Capital lease obligation consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Renewable Metals | |||||||||
(i) Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals' machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in monthly installments on the 23rd of each month | $ | 336,065 | $ | 819,659 | |||||
Less current maturities | (336,065 | ) | (819,659 | ) | |||||
Capital lease obligation, net of current maturities | - | - | |||||||
(ii) Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals' machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in quarterly installments of RMB3,609,102 on the 15th of each quarter | 568,925 | 3,545,592 | |||||||
Less current maturities | (568,925 | ) | (1,795,637 | ) | |||||
Capital lease obligation, net of current maturities | - | 1,749,955 | |||||||
Total capital lease obligation | 904,990 | 4,365,251 | |||||||
Less current maturities | (904,990 | ) | (2,615,296 | ) | |||||
TOTAL CAPITAL LEASE OBLIGATION, net of current maturities | $ | - | $ | 1,749,955 | |||||
Note_13_Derivative_Instruments
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Derivatives and Fair Value [Text Block] | ' | ||||||||||||||||||||||||||||
Note 13 – Derivative Instruments and the Fair Value of Financial Instruments | |||||||||||||||||||||||||||||
(i) Warrants Issued in 2008 (“2008 Warrants”) | |||||||||||||||||||||||||||||
Description of Warrants and Fair Value on Date of Grant | |||||||||||||||||||||||||||||
In connection with the four (4) rounds of private placements from July 25, 2008 through August 8, 2008 (the “2008 Unit Offering”), the Company issued (i) warrants to purchase 2,486,649 common shares of the Company to the investors and (ii) warrants to purchase 242,264 common shares of the Company to the brokers, or 2,728,913 common shares in aggregate (“2008 Warrants”) with an exercise price of $5.00 per share expiring on August 31, 2013, all of which have been earned upon issuance. | |||||||||||||||||||||||||||||
The Company estimated the fair value of 2008 warrants on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||||||||
July 25, 2008 through August 8, 2008 | |||||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||||
Expected volatility (*) | 89 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 3.23 | % | |||||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||||
* | Expected volatility is based on historical volatility of the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of these warrants is likely to differ materially from its historical volatility. The risk-free interest rate is based on a yield curve of U.S. treasury interest rates on the date of grant based on the expected term of the warrant. Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. | ||||||||||||||||||||||||||||
The relative fair value of 2008 warrants, estimated on the date of grant, was $5,097,404, which was originally recorded as additional paid-in capital and the remaining balance of the net proceeds of $1,523,277 has been assigned to common stock. | |||||||||||||||||||||||||||||
Amendment No. 1 to the Subscription Agreement and Common Stock Purchase Warrant | |||||||||||||||||||||||||||||
In May, 2010 (the “Closing Date”), effective as of January 1, 2010, Armco Metals Holdings, Inc. (formerly “China Armco Metals, Inc.” and the “Company”) entered into an amendment (the “First Amendment”) to that certain Subscription Agreement and Common Stock Purchase Warrant (the “Original Agreements”) dated July 2008. Pursuant to the Original Agreements, the Company offered (the “Offering”) and issued securities to 82 investors for an aggregate purchase price of $6,896,229. | |||||||||||||||||||||||||||||
Pursuant to the First Amendment 34 investors (the “First Amendment Investors”) with warrants to purchase 1,031,715 shares of the Company’s common stock waived certain rights under, Section 6.6 Adjustment for Certain Transactions, of the Common Stock Purchase Warrant, and Section 12(b) Most Favored Nation Provision, of the Subscription Agreement, in exchange for certain covenants that so long as any Warrants are outstanding other than Excepted Issuances that it will not enter into an agreement to issue nor issue any shares of Common Stock or Common Stock Equivalents to any Third Party Purchasers at an effective price per share of less than $5.00 without the prior written consent of the Investor, which consent may be withheld for any reason. | |||||||||||||||||||||||||||||
The waiver of the anti-dilution or commonly known as a most favored nation clause made those warrants no longer derivative instruments, accordingly the Company reclassified $1,292,227 of the derivative liability to additional paid-in capital. | |||||||||||||||||||||||||||||
Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant | |||||||||||||||||||||||||||||
On January 11, 2013 (the “Closing Date”), China Armco Metals, Inc. (the “Company”) entered into a second amendment (the “Second Amendment”) to that certain Subscription Agreement and Common Stock Purchase Warrant (the “Original Agreements”) dated July 2008, as amended by certain Amendment No. 1 to the Original Agreements dated May 2010 (“First Amendment”). Pursuant to the Original Agreements, the Company offered (the “Offering”) and issued securities to 82 investors for an aggregate purchase price of $6,896,229. | |||||||||||||||||||||||||||||
This Second Amendment amended (i) the First Amendment to eliminate the Future Financing Restrictions, (ii) the Warrant to reinstate Section 6.6, Adjustment for Certain Transaction, and (iii) the Subscription Agreement to reinstate Section 12(b), Most Favored Nation Provision. | |||||||||||||||||||||||||||||
The Second Amendment provides that it shall only be effective upon execution of this Second Amendment by each of the investors that executed the First Amendment. At January 8, 2013, three (3) days prior to the Closing Date, after an exhaustive search and numerous attempts to reach all holders that signed the first amendment, all the First Amendment Investors that executed the First Amendment signed the Second Amendment except two (2) investors from whom the Company has been unable to reach or receive responses. These two (2) investors invested a total amount of $400,000. On January 8, 2013, the Company transmitted emails to all of the First Amendment Investors to notify them of the foregoing circumstance and conveyed to them the Company’s intent to declare the Second Amendment effective despite the absence of executions by the two (2) remaining investors. A two-day objection period was afforded to all the First Amendment Investors (including the two (2) unsigned investors) in such emails. As of January 10, 2013, the Company has received no indication from any of the First Amendment Investors that object to effectiveness of the Second Amendment, and no indications from the two unsigned investors that they will not sign the Second Amendment. Accordingly, on the Closing Date the Company declared the Second Amendment effective with respect to all the signed investors. | |||||||||||||||||||||||||||||
Amendment to the Common Stock Purchase Warrant in Connection with January 28, 2013 Security Offering | |||||||||||||||||||||||||||||
On January 28, 2013, the Company completed a public registered direct offering of an aggregate of 3,242,712 shares of the Company’s Common Stock, at a purchase price of $0.50 per share (the “January 2013 Offering”). | |||||||||||||||||||||||||||||
Pursuant to Section 12 of the Subscription Agreement and Section 6 of the Warrant, as a result of the January 2013 Offering, the Investor is now entitled to adjustments to the terms of the Warrant consisting of the followings: | |||||||||||||||||||||||||||||
(a) | a lowered exercise price of $0.50 per share instead of $5.00 per share with respect to the unexercised and outstanding portion of the Warrant; and | ||||||||||||||||||||||||||||
(b) | increased number of Warrant Shares, which shall cause (i)(x) the total number of new Warrant Shares pursuant to the unexercised and outstanding portion of the Warrant following such adjustment, multiplied by (y) the adjusted Exercise Price per share, to equal the dollar amount of (ii)(x) the total number of old Warrant Shares pursuant to the unexercised and outstanding portion of the Warrant before adjustment, multiplied by (y) the total Exercise Price before adjustment, i.e. 10 times of the unexercised and outstanding portion of the Warrant prior to such adjustment. | ||||||||||||||||||||||||||||
The Company reclassified warrants to purchase 1,031,715 common shares from non-derivative to derivative and related fair value at January 11, 2013 from additional paid-in capital to derivative liability to reflect the re-instatement of the derivative feature of these warrants. | |||||||||||||||||||||||||||||
Derivative Analysis | |||||||||||||||||||||||||||||
The exercise price of 2008 warrants and the number of shares issuable upon exercise is subject to reset adjustment in the event of stock splits, stock dividends, recapitalization, most favored nation clause and similar corporate events. Pursuant to the most favored nation provision of the 2008 Unit Offering, if the Company issues any common stock or securities other than the excepted issuances, to any person or entity at a purchase or exercise price per share less than the share purchase price of the 2008 Unit Offering without the consent of the subscriber holding purchased shares, warrants or warrant shares of the 2008 Unit Offering, then the subscriber shall have the right to apply the lowest such purchase price or exercise price of the offering or sale of such new securities to the purchase price of the purchased shares then held by the subscriber (and, if necessary, the Company will issue additional shares), the reset adjustments are also referred to as full reset adjustments. | |||||||||||||||||||||||||||||
Because these warrants have full reset adjustments tied to future issuances of equity securities by the Company, they are subject to derivative liability treatment under Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5: Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”))). Section 815-40-15 became effective for the Company on January 1, 2009 and as of that date the Warrants issued in the 2008 Unit Offering have been measured at fair value using a lattice model at each reporting period with gains and losses from the change in fair value of derivative liabilities recognized on the consolidated statement of income and comprehensive income. | |||||||||||||||||||||||||||||
Valuation of Derivative Liability | |||||||||||||||||||||||||||||
(a) | Valuation Methodology | ||||||||||||||||||||||||||||
The Company’s 2008 warrants do not trade in an active securities market, as such, the Company developed a lattice model that values the derivative liability of the warrants based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included the exercise feature and the full ratchet reset. | |||||||||||||||||||||||||||||
Based on these features, there are two primary events that can occur; the Holder exercises the Warrants or the Warrants are held to expiration. The model analyzed the underlying economic factors that influenced which of these events would occur, when they were likely to occur, and the specific terms that would be in effect at the time (i.e. stock price, exercise price, volatility, etc.). Projections were then made on these underlying factors which led to a set of potential scenarios. As the result of the large Warrant overhang we accounted for the dilution affects, volatility and market cap to adjust the projections. | |||||||||||||||||||||||||||||
Probabilities were assigned to each of these scenarios based on management projections. This led to a cash flow projection and a probability associated with that cash flow. A discounted weighted average cash flow over the various scenarios was completed to determine the value of the derivative warrant liability. | |||||||||||||||||||||||||||||
(b) | Valuation Assumptions | ||||||||||||||||||||||||||||
The Company’s 2008 derivative warrants were valued at each period ending date with the following assumptions: | |||||||||||||||||||||||||||||
● | The underlying stock price was used as the fair value of the common stock on period end date; | ||||||||||||||||||||||||||||
● | The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries; | ||||||||||||||||||||||||||||
● | The Holder would exercise the warrant at maturity if the stock price was above the exercise price; | ||||||||||||||||||||||||||||
● | Reset events projected to occur are based on no future projected capital needs; | ||||||||||||||||||||||||||||
● | The Holder would exercise the warrant as they become exercisable at target prices of $7.50 for the 2008 Offering, and lowering such target as the warrants approached maturity; | ||||||||||||||||||||||||||||
● | The probability weighted cash flows are discounted using the risk free interest rates. | ||||||||||||||||||||||||||||
● | The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants | ||||||||||||||||||||||||||||
● | Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. | ||||||||||||||||||||||||||||
(c) | Fair Value of Derivative Warrants | ||||||||||||||||||||||||||||
The fair value of the 2008 derivative warrants were computed using the lattice model with the following assumptions: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Expected life (year) | 0.08 | 1 | |||||||||||||||||||||||||||
Expected volatility | 57 | % | 75 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.02 | % | 0.19 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | 0 | % | |||||||||||||||||||||||||
The fair value of the embedded derivative warrants is marked-to-market at each balance sheet date and the change in the fair value of the embedded derivative warrants is recorded in the consolidated statements of operations and comprehensive income (loss) as other income or expense. | |||||||||||||||||||||||||||||
As of September 30, 2013, 2008 warrants were expired and the Company written off the derivative warrants liability of $10,179 to the consolidated statements of operations and comprehensive income (loss) as other income. | |||||||||||||||||||||||||||||
The table below provides a summary of the fair value of the remaining derivative warrant liability and the changes in the fair value of the remaining derivative warrants to purchase 12,180,210 shares of the Company’s common stock, including net transfers in and/or out, of derivative warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||||||
Fair Value Measurement Using Level 3 Inputs | |||||||||||||||||||||||||||||
Derivative warrants Assets (Liability) | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | (203 | ) | $ | (203 | ) | |||||||||||||||||||||||
Purchases, issuances and settlements | - | - | |||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||||||||||
Net income (loss) | (306,505 | ) | (360,505 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | |||||||||||||||||||||||||||
Balance, December 31, 2012 | (306,708 | ) | (306,708 | ) | |||||||||||||||||||||||||
Purchases, issuances and settlements | (623,809 | ) | (623,809 | ) | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||||||||||
Net income (loss) | 930,517 | 930,517 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | |||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | - | $ | - | |||||||||||||||||||||||||
Exercise and Extinguishment of Warrants | |||||||||||||||||||||||||||||
On January 30, 2009, the Company issued 5,000 shares of its common stock for cash at $5.00 per share and received a cash payment of $25,000 in connection with the exercise of the 2008 warrants for 5,000 shares with an exercise price of $5.00 per share by one (1) investor and 2008 warrants holder. | |||||||||||||||||||||||||||||
During the three months ended March 31, 2010, the Company issued 1,324,346 shares of its common stock for cash at $5.00 per share and received cash of $6,621,730 in connection with the exercise of the warrants to purchase 1,324,346 shares with an exercise price of $5.00 per share to fifty (50) of the 2008 warrant holders. In addition, the Company issued 78,217 shares of its common stock in connection with the exercise of the 2008 warrants to purchase 167,740 shares with an exercise price of $5.00 per share on a cashless basis to thirteen (13) of the 2008 warrant holders. The Company reclassified $1,665,011 and $210,095 of the derivative liability to additional paid-in capital, respectively. | |||||||||||||||||||||||||||||
During April 2010, four (4) of the 2008 warrant holders exercised their warrants to purchase 13,806 shares of the Company’s common stock at an exercise price of $5.00 per share resulting in cash proceeds of $69,030 to the Company, for which the Company issued 13,806 shares of its common stock to the 2008 warrant holders and reclassified $21,229 of the derivative liability to additional paid-in capital. | |||||||||||||||||||||||||||||
2008 Warrants Outstanding | |||||||||||||||||||||||||||||
As of December 31, 2013, all of 2008 warrants to purchase 12,180,210 shares of Company’s common stock were expired. | |||||||||||||||||||||||||||||
The table below summarizes the Company’s 2008 derivative warrant activity | |||||||||||||||||||||||||||||
2008 Warrant Activities | APIC | (Gain) Loss | |||||||||||||||||||||||||||
Derivative Shares | Non-derivative Shares | Total Warrant Shares | Fair Value of Derivative Warrants | Reclassification of Derivative Liability | Change in Fair Value of Derivative Liability | ||||||||||||||||||||||||
Derivative warrant at December 31, 2011 | 186,306 | 1,031,715 | 1,218,021 | (203 | ) | (137,940 | ) | ||||||||||||||||||||||
Mark to market | (306,505 | ) | 306,505 | ||||||||||||||||||||||||||
Derivative warrant at December 31, 2012 | 186,306 | 1,031,715 | 1,218,021 | (306,708 | ) | 306,505 | |||||||||||||||||||||||
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | 1,031,715 | (1,031,715 | ) | (- | ) | (623,809 | ) | 623,809 | (- | ) | |||||||||||||||||||
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | 10,962,189 | - | 10,962,189 | (- | ) | - | |||||||||||||||||||||||
Mark to market | 930,517 | 930,517 | |||||||||||||||||||||||||||
Warrants expired | 12,180,210 | 12,180,210 | - | - | |||||||||||||||||||||||||
Derivative warrant at December 31, 2013 | - | - | - | - | - | ||||||||||||||||||||||||
(ii) Warrants Issued in April 2010 (“2010 Warrants) | |||||||||||||||||||||||||||||
Description of Warrants | |||||||||||||||||||||||||||||
In connection with the sale of 1,538,464 shares of its common stock at $6.50 per share or $10,000,016 in gross proceeds to nine (9) accredited and institutional investors on April 20, 2010, the Company issued warrants to purchase an additional 1,538,464 shares of its common stock with an exercise price of $7.50 per share (“2010 Warrants”) expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance. At the closing of the private offering, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for their services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock with an exercise price of $7.50 per share expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance, as well as a $15,000 non-accountable expense allowance to one of the nine (9) investors in the offering. | |||||||||||||||||||||||||||||
Warrants Valuation and Related Assumptions | |||||||||||||||||||||||||||||
The 2010 warrants were valued on the date of grant with the following assumptions: | |||||||||||||||||||||||||||||
● | The underlying MYSE MKT stock price $6.95 was used as the fair value of the common stock on April 20, 2010; | ||||||||||||||||||||||||||||
● | The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries; At April 20, 2010 one (1) through five (5) years were 76%, 134%, 155%, 167% and 182%, respectively. | ||||||||||||||||||||||||||||
● | The Holder would exercise the warrant at maturity if the stock price was above the exercise price; | ||||||||||||||||||||||||||||
● | Reset events projected to occur are based on no future projected capital needs; | ||||||||||||||||||||||||||||
● | The Holder would exercise the warrants as they become exercisable at target prices of $11.25 for the 2010 Offering, and lowering such target as the warrants approaches maturity; | ||||||||||||||||||||||||||||
● | The probability weighted cash flows are discounted using the risk free interest rates. | ||||||||||||||||||||||||||||
● | The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the expected term of the warrants | ||||||||||||||||||||||||||||
● | Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy. | ||||||||||||||||||||||||||||
The Company estimated the fair value of 2010 warrants on the date of grant using the lattice model with the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||||||||
20-Apr-10 | |||||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||||
Expected volatility | 182 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 2.56 | % | |||||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||||
The fair value of the 2010 warrants, estimated on the date of issuance, was $2,483,938, which was recorded as additional paid-in capital and the remaining balance of the net proceeds of $6,629,036, net of issuance cost, has been assigned to common stock. | |||||||||||||||||||||||||||||
Derivative Analysis | |||||||||||||||||||||||||||||
The warrants issued as part of the April 20, 2010 private placement were analyzed to determine the appropriate treatment under ASC 815-40. The warrants meet the provisions of Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5:Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”)) to be considered indexed to the Company’s own stock. In addition, the warrants meet all the criteria in Section 815-40-55 of the FASB Accounting Standard Codification (“Section 815-40-55”) (formerly FASB EITF Issue No. 00-19: Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“EITF 00-19”)) to be accounted for as equity. | |||||||||||||||||||||||||||||
2010 Warrants Outstanding | |||||||||||||||||||||||||||||
As of December 31, 2013, 2010 warrants to purchase 1,615,387 shares of its common stock remain outstanding. | |||||||||||||||||||||||||||||
The table below summarizes the Company’s 2010 non-derivative warrant activities through December 31, 2013: | |||||||||||||||||||||||||||||
Number of | Exercise Price Range | Weighted Average Exercise Price | Fair Value at Date of Issuance | Aggregate | |||||||||||||||||||||||||
Warrant Shares | Per Share | Intrinsic | |||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||||||||||
Canceled for cashless exercise | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised (Cashless) | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised | (- | ) | - | - | - | - | |||||||||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||||||||||
Balance, December 31, 2012 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||||||||||
Canceled for cashless exercise | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised (Cashless) | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised | (- | ) | - | - | - | - | |||||||||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||||||||||
Balance, December 31, 2013 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Earned and exercisable, December 31, 2013 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Unvested, December 31, 2013 | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
The following table summarizes information concerning outstanding and exercisable 2010 warrants as of December 31, 2013: | |||||||||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number Exercisable | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | |||||||||||||||||||||||
$7.50 | 1,615,387 | 1.3 | $ | 7.5 | 1,615,387 | 1.3 | $ | 7.5 | |||||||||||||||||||||
$0.50 | - | $7.50 | 1,615,387 | 1.3 | $ | 7.5 | 1,615,387 | 1.3 | $ | 7.5 | |||||||||||||||||||
(iii) | Convertible Note | ||||||||||||||||||||||||||||
On November 8, 2013, the Company signed a purchase agreement with Hanover Holdings I, LLC, a New York limited liability company, or Hanover, with an initial principal amount of $450,000, or the Initial Convertible Note, for a purchase price of $300,000. The outstanding principal of initial note is subject to filing date reduction and effective date reduction. Filing date reduction will reduce the outstanding principal of initial note by $50,000 if the Company files the S-1registration statement per the purchase agreement within 45 days of the note date. The Company failed to meet this filing date reduction term, and accordingly, the initial principal amount was not reduced by the $50,000. Effective date reduction will reduce the outstanding principal of the initial note by another $100,000 if the S-1 registration statement takes effective within 120 days of the note date. On December 26, 2013, the Company filed a S-1 registration statement pursuant to the purchase agreement which was effective on February 14, 2014. Thus, we successfully met the effective date reduction term. As a result, the principal amount of the note was reduced to $350,000 of which $50,000 was recorded as accrued liabilities as of December 31, 2013. Additionally, the Company has the right to require Hanover to purchase, on the 10th trading day after the effective date of the Registration Statement, or the Additional Closing Date, an additional senior convertible note with an initial principal amount of $500,000, or the Additional Convertible Note, for a purchase price of $500,000. The Initial Convertible Note matures on November 8, 2014 (subject to extension as provided in the Initial Convertible Note) and accrues interest at the rate of 4.0% per annum. If issued, the Additional Convertible Note will mature on the date that is the one-year anniversary of the date of issuance of the Additional Convertible Note (subject to extension as provided in the Initial Convertible Note) and will accrue interest at the rate of 4.0% per annum. The Initial Convertible Note is convertible at any time, in whole or in part, at Hanover’s option, into shares of common stock, at a conversion price equal to the Variable Conversion Price. “Variable Conversion Price” means, as of any date of determination, the product of (A) the lowest volume weighted average price of the common stock of any of the five consecutive trading days ending and including the trading day immediately preceding such date of determination (subject to adjustment) , or the Variable Conversion Base Price; and (B) the applicable Variable Percentage. “Variable Percentage” means (i) if the applicable Variable Conversion Base Price is less than or equal to $0.45 (subject to adjustment), 85% or (ii) if the applicable Variable Conversion Base Price is greater than $0.45 (subject to adjustment), 80%. If issued, the Additional Convertible Note will be convertible at any time, in whole or in part, at Hanover’s option into shares of common stock at a conversion price that will be equal to the Variable Conversion Price. | |||||||||||||||||||||||||||||
Valuation Methodology | |||||||||||||||||||||||||||||
The Company analyzed the conversion feature within the Convertible Note and has utilized a third party valuation consultant to assist the Company to fair value the compound embedded derivatives using a multinomial lattice models that values the derivative liabilities within the convertible notes based on a probability weighted discount cash flow model. | |||||||||||||||||||||||||||||
Valuation Assumptions – Initial valuation and Change in Fair Value of Derivative Liability Related to Convertible Notes | |||||||||||||||||||||||||||||
The following assumptions were used for the valuation of the derivative liability related to November 8, 2013 (issuance dates) and December 31, 2013: | |||||||||||||||||||||||||||||
● | The underlying stock price $0.448, and $0.307 was used as the fair value of the common stock; | ||||||||||||||||||||||||||||
● | The note face amounts as of issuance 11/8/2013 and 12/31/2013 is $300,000, and effectively convert at a discount of 15% after 0 days from issuance. | ||||||||||||||||||||||||||||
● | An event of default would occur 5% of the time, increasing 1.00% per month to a maximum of 10% – to-date the 1 note is not in default and has not been converted by the holder nor redeemed by the Company; | ||||||||||||||||||||||||||||
● | Capital raising events of $1,000,000 would occur in each quarter at 75% of market generating dilutive reset events at prices below $0.3812 and $0.2626 for the Notes; | ||||||||||||||||||||||||||||
● | The projected volatility for each valuation period was based on the historical volatility of the Company which has been actively trading for the last 3 years: | ||||||||||||||||||||||||||||
1 year | |||||||||||||||||||||||||||||
11/8/2013 | 99% | ||||||||||||||||||||||||||||
12/31/2013 | 100% | ||||||||||||||||||||||||||||
● | The Holder would redeem through maturity based on availability of alternative financing, 10% of the time increasing 1.0% monthly to a maximum of 20%; and | ||||||||||||||||||||||||||||
● | The Holder would automatically convert the note at maturity if the registration was effective and the company was not in default. | ||||||||||||||||||||||||||||
As of December 31, 2013, the estimated fair value of derivative liabilities on convertible note was $61,429. | |||||||||||||||||||||||||||||
The following table summarizes the change of fair value of the derivative debt liabilities: | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | - | |||||||||||||||||||||||||||
To record derivative liability as debt discount | 60,795 | ||||||||||||||||||||||||||||
Change in fair value of derivative liability | 634 | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 61,429 | |||||||||||||||||||||||||||
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||||
Note 14 – Commitments and Contingencies | |||||||||||||||
Litigation | |||||||||||||||
The Company and the directors are a party to a lawsuit filed on March 29, 2013 by Albert Perron in the District Court for Clark County, Nevada (Case No.: A-13-679151-C), which seeks a declaratory judgment, rescission, unspecified damages, equitable and injunctive relief, and attorney’s fees. The complaint alleges that the directors of the Company breached their fiduciary duties to the Company by exceeding their authority under the Company’s Amended and Restated 2009 Stock Incentive Plan, as further amended (the “Plan”), by issuing shares to Mr. Yao that exceeded that allowed under the Plan. | |||||||||||||||
On August 12, 2013, the Company and certain directors filed an answer to the complaint denying all the allegations of wrongdoing. The Company’s position is that the shares at issue in this matter granted to Mr. Yao were authorized under the Plan. The Company and the directors intend to vigorously defend this matter. | |||||||||||||||
Uncommitted Trade Credit Facilities | |||||||||||||||
The Company entered into uncommitted trade credit facilities with certain financial institutions. Substantially all of the uncommitted trade credit facilities were guaranteed by Mr. Yao. | |||||||||||||||
The uncommitted trade credit facilities at December 31, 2013 were as follows: | |||||||||||||||
Date of Expiration | Total Facilities | Facilities Used | Facilities Available | ||||||||||||
Armco HK | |||||||||||||||
DBS (Hong Kong) Limited (i) | 21-Oct-14 | 20,000,000 | 4,043,744 | 15,956,256 | |||||||||||
RZB (Beijing) Branch (ii) | 28-Feb-14 | 15,000,000 | 570,000 | 14,430,000 | |||||||||||
Sub-total - Armco HK | 35,000,000 | 4,613,744 | 30,386,256 | ||||||||||||
Henan Armco | |||||||||||||||
Bank of China (iii) | 23-May-14 | 4,908,216 | - | 4,908,216 | |||||||||||
China CITIC Bank (iv) | 31-May-14 | 6,544,288 | - | 6,544,288 | |||||||||||
ICBC (v) | 9-Sep-14 | 3,272,144 | 2,644,937 | 627,208 | |||||||||||
Guangdong Development Bank Zhengzhou Branch (vi) | 10-Jan-14 | 12,761,363 | - | 12,761,363 | |||||||||||
Sub-total – Henan Armco | 27,486,011 | 2,644,937 | 24,841,075 | ||||||||||||
Renewable Metals | |||||||||||||||
Bank of China Lianyungang Branch (vii) | 27-Dec-15 | 8,180,361 | 8,180,361 | - | |||||||||||
Shanghai Pudong Development Bank (viii) | 25-Aug-14 | 2,454,108 | 2,454,108 | - | |||||||||||
Bank of Communications Lianyungang Branch (ix) | 8-Feb-14 | 11,779,719 | 2,944,930 | 8,834,790 | |||||||||||
Sub-total – Renewable Metals | 22,414,188 | 13,579,399 | 8,834,790 | ||||||||||||
$ | 84,900,199 | $ | 20,838,080 | $ | 64,062,121 | ||||||||||
(i) | On December 21, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company’s purchase of metal ore. The Company pays interest at LIBOR or DBS Bank’s cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 12.5% of the first $50,000 and 6.25% of the balance and an opening commission of 25% on the first $50,000 and 6.25% of the balance for each issuance. Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore. The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower’s restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company’s letter of comfort and the guarantee of Mr. Yao. | ||||||||||||||
(ii) | On November 13, 2012, Armco HK entered into Amendment No. 3 to the March 25, 2009 uncommitted Trade Finance Facility with RZB Austria Finance (Hong Kong) Limited. The amendment provides for the issuance of $15,000,000 of commercial letters of credit in connection with the purchase of metal ore, an increase of $5,000,000 over the amounts provided for in the March 25, 2010 facility. The Company pays interest at 200 basis points per annum plus the lender’s cost of funds per annum on issued letters of credit in addition to fees upon issuance of the letter of credit of 6.25% for issuance commissions, negotiation commissions, commission-in-lieu and collection commissions. Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore. The lender may, however, terminate the facility at any time or at its sole discretion upon the occurrence of any event which causes a material market disruption in respect of unusual movement in the level of funding costs to the lender or the unusual loss of liquidity in the funding market. The lender has the sole discretion to decide whether or not such event has occurred. The facility is secured by restricted cash deposits held by the lender, the personal guarantee of Mr. Yao, the Company’s guarantee, and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore. | ||||||||||||||
(iii) | On June 8, 2013, Henan Armco obtained a RMB 30,000,000 (approximately $4.8 million) line of credit from Bank of China for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring May 23, 2014. The facility is secured by the guarantee provided by Renewable Metals and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | ||||||||||||||
(iv) | On June 18, 2012, Henan Armco obtained a RMB 40,000,000 (approximately $6.5 million) line of credit from China Citic Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao. | ||||||||||||||
(v) | On September 10, 2013, Henan Armco obtained a RMB 20,000,000 (approximately $3.2 million) line of credit from ICBC, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao. | ||||||||||||||
(vi) | On September 19, 2012, Henan Armco obtained a RMB 78,000,000 (approximately $12.6 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore. The Company pays interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBC”) at the time the loan is made on issued letters of credit. The facility is secured by the guarantee provided by Mr. Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | ||||||||||||||
(vii) | On March 15, 2013, Renewable Metals entered into a line of credit facility in the amount of RMB50,000,000 (approximately $8.1 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The facility is expiring December 27, 2015 with interest at 7.872% per annum. The facility is secured by Renewable metals’ properties, machinery and equipment and land use rights, and guaranteed by Mr. Yao, Ms. Yi Chu, and Henan Armco. | ||||||||||||||
(viii) | On July 24, 2012, Renewable Metals entered into a line of credit facility in the amount of RMB 15,000,000 (approximately $2.4 million) from Shanghai Pudong Development Bank for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBOC”) at the time the loan is drawn down per annum. The facility is secured by Armco machinery’s land use right and guarantees provided Mr. Yao and Ms. Yi Chu. | ||||||||||||||
(ix) | On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.7 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Yao. | ||||||||||||||
Employment with the Chairman and CEO | |||||||||||||||
On February 8, 2012, the Company and Mr. Yao entered into an Employment Agreement (the “Employment Agreement”), to employ Mr. Yao as the Company’s Chairman of the Board of Directors, President, and Chief Executive Officer. The initial term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Mr. Yao is entitled to, among others, the following compensation and benefits: | |||||||||||||||
a. | Base Salary. The Company shall pay the Executive a salary at a minimum rate of (i) $250,000 per annum for the period beginning on the Effective Date through December 31, 2012; (ii) $275,000 per annum for the period beginning on January 1, 2013 through December 31, 2013; and (iii) $300,000 per annum for the period beginning on January 1, 2014 through December 31, 2014 (the “Base Salary”). Base Salary shall be payable in accordance with the customary payroll practices of the Company applicable to senior executives. | ||||||||||||||
b. | Bonus. Each year during the term, in addition to Base Salary, the Executive shall be entitled to an annual cash bonus in an amount equal to 50% of the Executive’s Base Salary for such year. Any such bonus shall be payable no later 2.5 months following the year with respect to which the Base Salary is payable. | ||||||||||||||
c. | Restricted Shares. On the Effective Date, Executive shall receive 1,500,000 shares of the Company’s common stock (“Restricted Shares”) subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan (the "Incentive Plan"). The Restricted Shares shall vest according to Vesting Schedule attached the Employment Agreement as Exhibit A; provided, however, if the Executive is terminated pursuant to Section 5 of this Agreement, the Executive shall forfeit all the unvested Restricted Shares as of such termination. | ||||||||||||||
d. | Equity Incentive Compensation. The Executive shall be entitled to participate in any equity compensation plan of the Company in which he is eligible to participate, and may, without limitation, be granted in accordance with any such plan options to purchase shares of Company’s common stock, shares of restricted stock and other equity awards in the discretion of the Board or the Committee. Any equity incentive compensation shall be payable no later than 2.5 months of the following tax year in which such compensation is granted | ||||||||||||||
e. | Eligibility to participate in the Company’s benefit plans that are generally provided for executive employees. | ||||||||||||||
Operating Leases | |||||||||||||||
(i) Operating Lease - Office Space | |||||||||||||||
On July 16, 2012, Armco Shanghai entered into a non-cancelable operating lease for office space that will expire on July 31, 2014. The annual lease payment is RMB 656,357 (approximately $105,960). | |||||||||||||||
On December 17, 2010, Armco Metals Holdings entered into a non-cancelable operating lease for office space that expired on December 31, 2013. The monthly rental payment is $4,004 in 2013. After the contract expired, the Company continued the lease with the same landlord on a month by month basis. | |||||||||||||||
Future minimum payments required under the non-cancelable operating lease were as follows: | |||||||||||||||
Year ending December 31: | |||||||||||||||
2014 | 62,641 | ||||||||||||||
$ | 62,641 | ||||||||||||||
(ii) Operating Lease of Property, Plant and Equipment and Facilities | |||||||||||||||
Initial Lease Signed on June 24, 2010 | |||||||||||||||
On June 24, 2011, Renewable Metals entered into a non-cancelable operating lease agreement with an independent third party for property, plant, equipment and facilities expiring one (1) year from date of signing. Renewable Metals is required to pay RMB30 per metric ton of scrap metal processed at this facility over the term of the lease, which were accrued and included in the inventory of finished goods – processed scrap metal and transferred to cost of goods sold upon shipment of processed scrap metal. | |||||||||||||||
First Renewal on April 13, 2012 | |||||||||||||||
On April 13, 2012, Renewable Metals renewed the aforementioned non-cancelable operating lease agreement for property, plant, equipment and facilities for an additional two-year term commencing on June 25, 2012, in consideration for (i) the issuance of one (1) million shares of the Company’s common stock and (ii) the payment of RMB1,000,000 (approximately $159,000) in cash. Pursuant to the lease agreement, the Company issued one million shares to the third party on April 13, 2012. The cash amount is to be paid during the second year of the lease term. | |||||||||||||||
On March 31, 2013, Renewable Metals terminated this operating lease agreement. Under the terms and conditions of the Termination Agreement, Hebang agreed to forgive the cash amount to be paid under the amended Leasing Agreement and Renewable Metals agreed to let Hebang keep the 1 million shares. Also see Note 15. |
Note_15_Stockholders_Equity
Note 15 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
Note 15 – Stockholders’ Equity | |||||||||
Shares Authorized | |||||||||
Upon formation the aggregate number of shares which the Corporation shall have authority to issue is seventy five million (75,000,000) shares, consisting of two classes to be designated, respectively, “Common Stock” and “Preferred Stock,” with all of such shares having a par value of $.001 per share. The total number of shares of Preferred Stock that the Corporation shall have authority to issue is one million (1,000,000) shares. The total number of shares of Common Stock that the Corporation shall have authority to issue is seventy four million (74,000,000) shares. | |||||||||
Common Stock | |||||||||
Immediately prior to the consummation of the Share Purchase Agreement on July 27, 2008, the Company had 10,000,000 common shares issued and outstanding. | |||||||||
On July 27, 2008, upon the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company issued a promissory note of $6,890,000 (the “Share Purchase Note”) to purchase from Ms. Gao, the sole stockholder of Armco HK, the 100% of the issued and outstanding capital stock of Armco HK; and (iii) (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of its common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of its common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010, vested immediately (the “Gao Options”). The Company did not record the fair value of the Gao Options as the options were included as part of the reverse acquisition and recapitalization. | |||||||||
On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao. | |||||||||
On April 12, 2010, Mr. Yao purchased the Gao option to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share originally granted to and owned by Ms. Feng Gao pursuant to a share purchase agreement to consummate the reverse merger capital transaction with Armco HK on June 27, 2008. In addition, on April 12, 2010 and June 25, 2010, Mr. Yao exercised part of the option and purchased 1,000,000 and 400,000 shares of the Company’s common stock at $5.00 per share resulting in net proceeds of $4,500,000, forgiveness of debt of $500,000 and $2,000,000 to the Company, respectively. The balance of the stock option to purchase the remaining 600,000 common shares expired on June 27, 2010. | |||||||||
Sale of Common Stock or Equity Unit Inclusive of Common Stock and Warrants | |||||||||
July and August 2008 Issuances | |||||||||
On July 25, 2008 and July 31, 2008, the Company closed the first and second rounds of a private placement by raising $6,896,229 from eighty-two (82) investors through the sale of 22.9 units of its securities at an offering price of $300,000 per unit in a private placement. Each unit sold in the offering consisted of 100,000 shares of the Company’s common stock, $.001 par value per share at a per share purchase price of $3.00, and five (5) year warrants to purchase 100,000 shares of common stock with an exercise price of $5.00 per share (the “Warrants“). | |||||||||
On August 8, 2008 the Company closed the third round of the offering by raising $523,500 from ten (10) investors through the sale of 1.745 units of its securities at an offering price of $300,000 per unit. | |||||||||
On August 11, 2008 the Company closed the fourth round of the offering by raising $40,200 from five (5) investors through the sale of 0.134 units of its securities at an offering price of $300,000 per unit. | |||||||||
The Company paid (i) FINRA member broker-dealers cash commissions of $162,660 and issued those firms five (5) year warrants to purchase a total of 99,650 shares of its common stock at $5.00 per share as compensation for services to the Company, (ii) due diligence fees to certain investors or their advisors in connection with the Offering aggregating $579,316 in cash and issued those firms five (5) year warrants to purchase a total of 142,614 shares of its common stock at $5.00 per share as compensation for services to the Company, and (iii) professional fees in the amount of $97,689 paid in cash in connection with the Offering. The recipients of these fees included China Direct Investments, Inc., a subsidiary of China Direct, Inc. and a principal stockholder of the company. | |||||||||
In aggregate, the Company raised $7,459,929 in the offering from ninety-seven (97) investors through the sale of 24.87 units and after payment of cash commissions, broker dealer fee, due diligence fees and other costs associated with the Offering, the Company received net proceeds of $6,620,681, all of which were used for construction of a scrap steel recycling facility in the City of Lianyungang, Jiangsu Province, China as previously disclosed by the Company and general corporate working capital purposes. | |||||||||
April 2010 Issuance | |||||||||
On April 20, 2010, the Company entered into a Securities Purchase Agreement with nine (9) accredited and institutional investors for the sale of 1,538,464 shares of its common stock at an offering price of $6.50 per share resulting in gross proceeds to the Company of $10,000,016. At closing the Company issued the investors warrants to purchase an additional 1,538,464 shares of its common stock at an exercise price of $7.50 per share expiring five (5) years from the date of grant. The warrants are exercisable commencing 181 days after the date of issuance. The private offering, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance on exemptions provided by Section 4(2) of that act and Rule 506 of Regulation D. At closing, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for its services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock at an exercise price of $7.50 per share expiring five (5) years from the date of issuance which are exercisable commencing 181 days after the date of issuance, as well as a $15,000 non-accountable expense allowance to one (1) of the investors in the offering. The Company used the net proceeds from this offering for its working capital. | |||||||||
January 2013 Offering | |||||||||
On January 28, 2013 (the “Closing Date”), the Company completed a public offering of an aggregate of 3,242,712 shares of the Company’s common stock in a registered direct public offering (the “January 2013 Offering”) for approximately $1.6 million proceeds in cash. The shares offered in this January 2013 Offering were sold by the Company directly to the investors. No underwriter or agents was involved in connection with this Offering to solicit offers to purchase the shares. | |||||||||
On the Closing Date, the Company entered into Subscription Agreements (the “Subscription Agreements”) with certain investors (the “Investors”) in connection with the January 2013 Offering, pursuant to which the Company agreed to sell an aggregate of 3,242,712 shares of its common stock at a purchase price of $0.50 per share to the Investors for aggregate gross proceeds, before deducting the estimated offering expenses payable by the Company, of approximately $1,621,356. | |||||||||
The purchase and issuance of the securities in the Registered Direct Offering are completed on January 28, 2013. | |||||||||
The January 2013 Offering was effectuated as a takedown off the Company’s shelf registration statement on Form S-3, as amended (File No. 333-184354), which became effective on December 14, 2012 (the “Registration Statement”), pursuant to a prospectus supplement filed with the Securities and Exchange Commission (the “SEC”) on January 28, 2013. | |||||||||
Conversion of Advances from Chairman and CEO to Common Shares | |||||||||
On December 31, 2012, Mr. Kexuan Yao proposed to the Company to convert the amount of unpaid Principals of the Loans owed him, into shares of common stock of the Company, at a conversation price equal to the current market price at which the Company's common stock trades on NYSE MKT; and the Board of the Directors of the Company considered that it is in the best interest of the Company and its stockholders for the Company to authorize the conversion of the amount of unpaid Principals of the Loans, into shares of common stock of the Company, at a conversation price equal to the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT. Upon authorization by the Board of Directors of the Company, Mr. Yao converted unpaid Principals of the Loans of $353,753 owed him, into common shares of the Company, at a conversation price of $0.4933 per share, the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT, or 717,067 shares of the Company’s common stock. | |||||||||
Conversion of Loan from Chairman and CEO to Common Shares | |||||||||
On October 28, 2013, Mr. Yao proposed to the Company to convert the amount of unpaid Principals of the Loans owed him, into shares of common stock of the Company, at a conversation price equal to the current market price at which the Company's common stock trades on NYSE MKT; and the Board of the Directors of the Company considered that it is in the best interest of the Company and its stockholders for the Company to authorize the conversion of the amount of unpaid Principals of the Loans, into shares of common stock of the Company, at a conversation price equal to the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT. Upon authorization by the Board of Directors of the Company, Mr. Yao converted unpaid Principals of the Loans and interest in the amount of $1,045,369 owed him, into common shares of the Company, at a conversation price of $0.52 per share, the average of the three (3) closing bid prices during the three (3) trading days immediately prior the date hereof at which the Company's common stock trades on NYSE MKT, or 2,010,327 shares of the Company’s common stock. | |||||||||
Conversion of Short Term Loan to Common Shares | |||||||||
On October 28, 2013, a non-affiliated investor (the “Investor”) proposed to the Company to convert the amount of unpaid Principals of the Loans owed her in the amount of $816,593 into common shares of the Company, at a conversion price of $0.52 per share, or 1,570,371 share of the Company’s common stock. | |||||||||
Issuance of Common Stock to Parties Other Than Employees for Acquiring Goods or Services | |||||||||
Loan Guarantee - Henan Chaoyang Steel Co., Ltd. | |||||||||
On June 11, 2010 the Company entered into a Guaranty Cooperation Agreement with Henan Chaoyang Steel Co., Ltd. (“Henan Chaoyang”) to provide additional liquidity to meet anticipated working capital requirements of Renewable Metals’ scrap metal recycling facility. Under the terms of the guaranty, Henan Chaoyang agreed to provide loan guarantees to Renewable Metals’ existing and pending bank lines of credit of up to 300 million RMB in the aggregate (approximately $45,400,000) for five (5) years expiring June 30, 2015. As consideration for the guaranty, the Company issued a designee of Henan Chaoyang 500,000 shares of its common stock. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the guarantor. | |||||||||
Mr. Heping Ma, a former member of the Company’s Board of Directors, is a founder, Chairman and owns an 85% equity interest of Henan Chaoyang Steel Co., Ltd. Co, a corporation incorporated under the laws of the PRC. This transaction was approved by the members of the Board of Directors of the Company who were independent in the matter in accordance with the Company’s Related Persons Transaction Policy. On September 16, 2010, Mr. Ma resigned from the Company’s Board of Directors. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
33,333 common shares earned for the quarter ended March 31, 2012 were valued at $0.50 per share, or $16,667, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended June 30, 2012 were valued at $0.4289 per share, or $14,297, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended September 30, 2012 were valued at $0.3795 per share, or $12,650, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $16,130, which was recorded as loan guarantee expense. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
33,333 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $12,500, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended June 30, 2013 were valued at $0.31 per share, or $10,333, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended September 30, 2013 were valued at $0.38 per share, or $12,667, which was recorded as loan guarantee expense. | |||||||||
33,333 common shares earned for the quarter ended December 31, 2013 were valued at $0.307 per share, or $10,233, which was recorded as loan guarantee expense. | |||||||||
Legal Services Agreement – All Bright Law Offices | |||||||||
On March 3, 2012, the Company entered into a Legal Services Agreement (“Legal Agreement”) with All Bright Law Office (“All Bright”), a PRC law firm located in Shanghai, China. Pursuant to the Legal Agreement, All Bright agreed to provide Chinese-law related legal counsel services from April 1, 2012 to March 31, 2013 in exchange for 300,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the All Bright. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
75,000 common shares earned for the quarter ended June 30, 2012 were valued at $0.4289 per share, or $32,168, which was recorded as legal expenses. | |||||||||
75,000 common shares earned for the quarter ended September 30, 2012 were valued at $0.3795 per share, or $28,463, which was recorded as legal fees. | |||||||||
75,000 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $36,293, which was recorded as legal fees. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
75,000 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $28,125, which was recorded as legal expenses. | |||||||||
Consulting Services Agreement – Broad Max Holding | |||||||||
On December 1, 2012, the Company entered into a Consulting Services Agreement (“Consulting Agreement”) with Broad Max Holding (“Broad Max”), a HK firm located in Hong Kong, China. Pursuant to the Consulting Agreement, Broad Max agreed to provide consulting services from December 1, 2012 to May 31, 2013 in exchange for 100,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the Broad Max. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
16,667 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $8,065, which was recorded as consulting fees. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
50,000 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $18,750, which was recorded as consulting fees. | |||||||||
33,333 common shares earned for the quarter ended June 30, 2013 were valued at $0.31 per share, or $10,333, which was recorded as consulting fees. | |||||||||
Facility and Equipment Lease Agreement – Hebang Renewable Resources Co., Ltd. | |||||||||
On April 13, 2012, the Company entered into a Facility and Equipment Leasing Agreement (“Leasing Agreement”) with Lianyungang Hebang Renewable Resources Co., Ltd. (“Hebang”), a PRC company located in the City of Lianyungang, Jiangsu Province, China. Pursuant to the Leasing Agreement, Hebang agreed to lease its entire facility and all of its equipment for the Company’s exclusive use and operation for a two-year term commencing on June 25, 2012, in consideration for the issuance of one (1) million shares of common stock of the Company to Hebang and the payment of RMB one (1) million (approximately $159,000) in cash. Pursuant to the Leasing Agreement, the Company issued the Shares to a designee of Hebang on April 13, 2012 (the “Hebang Stock Issuance”). The cash amount is to be paid out to Hebang during the second year of the lease term. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by Hebang. | |||||||||
On March 31, 2013, Renewable Metals and Hebang terminated the Leasing Agreement ("Termination Agreement"). Under the terms and conditions of the Termination Agreement, Hebang agreed to forgive the cash amount to be paid under the amended Leasing Agreement and Renewable Metals agreed to let Hebang to keep the remaining unearned 625,000 common shares, which was valued at $0.375 per share or $234,375, which was recorded as facility leasing expenses. | |||||||||
Shares Earned during the Year Ending December 31, 2012 | |||||||||
125,000 common shares earned for the quarter ended September 30, 2012 were valued at $0.3795 per share, or $47,438, which was recorded as facility leasing expenses. | |||||||||
125,000 common shares earned for the quarter ended December 31, 2012 were valued at $0.4839 per share, or $60,488, which was recorded as facility leasing expenses. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
125,000 common shares earned for the quarter ended March 31, 2013 were valued at $0.375 per share, or $46,875, which was recorded as facility leasing expenses. | |||||||||
Under the terms and conditions of the Termination Agreement, Hebang agreed to forgive the cash amount to be paid under the amended Leasing Agreement and Renewable Metals agreed to let Hebang to keep the remaining unearned 625,000 common shares, which was valued at $0.375 per share or $234,375 and recorded as facility leasing expenses. | |||||||||
Consulting Services Agreement – CD International Enterprise Inc | |||||||||
On November 8, 2013, the Company entered into a Consulting Services Agreement (“Consulting Agreement”) with CD International Enterprise Inc (“CDI”), a US company. Pursuant to the Consulting Agreement, CDI agreed to provide consulting services from November 1, 2013 to October 31, 2014 in exchange for 1,000,000 shares of common stock of the Company. These shares are earned ratably over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the CDI. | |||||||||
Shares Earned during the Year Ending December 31, 2013 | |||||||||
250,000 common shares earned for the quarter ended December 31, 2013 were valued at $0.307 per share, or $76,750, which was recorded as consulting expenses. | |||||||||
Financing Cost – Hanover | |||||||||
On November 8, 2013, the Company issued 47,022 shares of common stock to Hanover Holdings I, LLC, (“Hanover”), as commitment shares for entering into that certain securities purchase agreement dated November 4, 2013 by and between the Company and Hanover. The shares were valued at $0.4499 per share, or $21,155, which was recorded as financing cost. | |||||||||
2009 Stock Incentive Plan as Amended | |||||||||
Adoption of 2009 Stock Incentive Plan | |||||||||
On October 26, 2009, the Board of Directors of the Company adopted the 2009 Stock Incentive Plan, whereby the Board of Directors authorized 1,200,000 shares of the Company’s common stock to be reserved for issuance (the “2009 Stock Incentive Plan”). The purpose of the 2009 Stock Incentive Plan is to advance the interests of the Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of the Company is largely dependent. Grants to be made under the 2009 Stock Incentive Plan are limited to the Company’s employees, including employees of the Company’s subsidiaries, the Company’s directors and consultants to the Company. The recipient of any grant under the 2009 Stock Incentive Plan, and the amount and terms of a specific grant, are determined by the Board of Directors of the Company. Should any option granted or stock awarded under the 2009 Stock Incentive Plan expire or become un-exercisable for any reason without having been exercised in full or fail to vest, the shares subject to the portion of the option not so exercised or lapsed will become available for subsequent stock or option grants. | |||||||||
2011 Amendment to the 2009 Stock Incentive Plan | |||||||||
On May 19, 2011, the Company’s Board of Directors adopted and approved the Amended and Restated 2009 Stock Incentive Plan to increase the number of shares of the Company’s common stock available for issuance thereunder by 1,000,000 shares to 2,200,000 shares of the Company’s common stock among other material terms, subject to stockholder approval at the Annual Meeting. At the 2011 Annual Meeting of Stockholders (the “2011 Annual Meeting”) of the Company held on July 9, 2011, the Company’s stockholders approved the amendment and restatement of the Company’s 2009 Stock Incentive Plan (the “Amended and Restated 2009 Stock Incentive Plan”). | |||||||||
Common shares | |||||||||
The Amended and Restated Incentive Plan contains limitations on the number of shares available for issuance with respect to specified types of awards as specified in Section 6.2 Limitation on Shares of Stock Subject to Awards and Cash Awards. During any time when the Company has a class of equity securities registered under Section 12 of the Securities Exchange Act: | |||||||||
● | the maximum number of shares of the Company’s common stock subject to stock options or SARs that may be granted under the Amended and Restated Incentive Plan in a calendar year to any person eligible for an award will be 1,300,000 shares; | ||||||||
● | the maximum number of shares of the Company’s common stock that may be granted under the Amended and Restated Incentive Plan, other than pursuant to stock options or SARs, in a calendar year to any person eligible for an award will be 1,300,000 shares; and | ||||||||
● | the maximum amount that may be paid as a cash-settled performance-based award will be $1,000,000 for a performance period of 12 months or less and $5,000,000 for a performance period of greater than 12 months. | ||||||||
The maximum number of shares available for issuance pursuant to incentive stock options granted under the Amended and Restated Incentive Plan will be the same as the number of shares available for issuance under the Amended and Restated Incentive Plan. | |||||||||
Options | |||||||||
Under the Amended and Restated Incentive Plan, the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, may grant both incentive stock options ("ISOs") intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and options that are not qualified as incentive stock options ("NSOs"). ISOs may only be granted to persons who are employees of the Company or a subsidiary of the Company and the fair market value at the date of grant of the shares of stock with respect to which all ISO’s held by a particular grantee become exercisable for the first time during any calendar year does not exceed $100,000. ISOs and NSOs must be granted a an exercise price that is at least the fair market value of the common stock on the date of grant and the term of these options cannot exceed ten years from the date of grant. The exercise price of an ISO granted to a holder of more than 10% of the common stock of the Company must be at least 110% of the fair market value of the Common Stock on the date of grant, and the term of these options cannot exceed five years. All of the authorized shares of common stock under the Amended and Restated Incentive Plan are available for grant as ISOs. | |||||||||
Stock Appreciation Rights | |||||||||
Under the Amended and Restated Incentive Plan, the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, may grant stock appreciation rights (“SARs”), that confer on the grantee a right to receive, upon exercise thereof, the excess of (a) the fair market value of one share of common stock of the Company on the date of exercise over (b) the grant price of the SAR (which shall be at least the grant date fair market value of a share of common stock of the Company) as determined by the board of directors or the committee to which it grants authority under the Amended and Restated Incentive Plan. The term of each SAR is ten years from the date of grant of the SAR. | |||||||||
Stock Awards | |||||||||
Under the stock component of the Amended and Restated Incentive Plan, the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, may, in selected cases, grant to a plan participant a given number of shares of restricted stock, stock units or unrestricted stock. Restricted stock under the Amended and Restated Incentive Plan is common stock restricted as to sale pending fulfillment of such vesting schedule and requirements as the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, shall determine. Prior to the lifting of the restrictions, the participant will nevertheless be entitled to receive dividends on, and to vote the shares of, the restricted stock. Stock units are a right to be delivered shares of common stock upon fulfillment of such vesting schedule and requirements as the board of directors, or the committee to which it grants authority under the Amended and Restated Incentive Plan, shall determine. Grantees of stock units will have no voting or dividend rights or other rights associated with stock ownership, although the board of directors, or the committee may award dividend equivalent rights on such units. | |||||||||
Shares Awarded during 2009 | |||||||||
On October 26, 2009, the Company awarded 200,000 shares of its restricted common stock, par value $.001 per share, pursuant to the 2009 Stock Incentive Plan, to Mr. Yao, the Company’s Chief Executive Officer, vesting 66,667 shares on December 15, 2010, 66,667 shares on December 15, 2011 and 66,666 shares on December 15, 2012. These shares were valued at $3.28 per share or $656,000 on the date of grant and were amortized over the vesting period, or $54,667 per quarter. | |||||||||
On October 26, 2009, the Company agreed to pay Mr. William Thomson the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. William Thomson in conjunction with his appointment to the Company's board of directors vesting 25% on March 31, 2010, 25% on June 30, 2010, 25% on September 30, 2010 and 25% on December 31, 2010. These shares were valued at $3.28 per share or $20,500 on the date of grant and were amortized over the vesting period, all of which was earned and recorded as stock based compensation for the year ended December 31, 2010. | |||||||||
Shares and Options Awarded during 2010 | |||||||||
On September 16, 2010, the Company agreed to pay Mr. K.P. Chan the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. Chan in conjunction with his appointment to the Company's board of directors vesting 50% on March 10, 2011 and 50% on September 10, 2011. These shares were valued at $3.12 per share or $19,500 on the date of grant and were amortized over the vesting period, or $4,875 per quarter. | |||||||||
On October 5, 2010, the Company awarded a stock option to purchase 40,000 shares of the Company’s common stock exercisable at $5.00 per share expiring five (5) years from the date of grant to an employee in conjunction with his employment agreement as the Company's Director of Administration, vested upon grant. The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||
5-Oct-10 | |||||||||
Expected life (year) | 5 | ||||||||
Expected volatility | 187 | % | |||||||
Risk-free interest rate | 1.21 | % | |||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||
Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of the option is likely to differ materially from its historical volatility. The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the expected term of the share options or equity instruments. Expected dividend yield is based on our dividend history and anticipated dividend policy. | |||||||||
The fair value of share options or equity instruments granted, estimated on the date of grant, using the Black-Scholes option-pricing model, was $138,000. The Company recorded the entire amount as stock based compensation expense on the date of grant. | |||||||||
Shares Awarded during 2011 | |||||||||
On January 25, 2011, the Company issued 55,378 shares of its common stock to certain of its employees for their 2010 services of approximately $187,180 in lieu of cash, which was recorded as compensation expenses in 2010 and credited the same to the accrued expenses at December 31, 2010. | |||||||||
On March 29, 2011, the Company awarded 10,000 shares of the Company’s common stock to an employee for his 2011 employment service vesting on July 1, 2011. These shares were valued at $2.74 per share or $27,400 on the date of grant and are being amortized over the service period of one year in 2011. | |||||||||
On December 15, 2011, the Company issued 10,000 and 50,000 shares of its common stock to two (2) of its outside directors for their 2011 services, respectively. These shares were valued at $0.27 per share, $2,700 and $13,500 or $16,200 in aggregate on the date of grant, which was recorded as stock based compensation. | |||||||||
On December 15, 2011, the Company issued 264,379 shares of its common stock to certain of its employees for their 2011 services of approximately $71,383, in lieu of cash, which was recorded as compensation expense in 2011. | |||||||||
On December 16, 2011, the Company agreed to pay Director Mr. Kam Ping Chan 6,250 shares of the Company’s restricted common stock in conjunction with his appointment to the Company's board of directors vesting 50% on June 30, 2012 and 50% on December 31, 2012, effectively January 1, 2012. The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.2851 per share or $1,782 on the date of grant and are being amortized over the vesting period, or $446 per quarter in 2012. | |||||||||
On December 20, 2011, the Company issued 50,000 shares of its common stock to Mr. Tao Pang, one of its outside directors for his 2012 services, effectively January 1, 2012. These shares were valued at $0.28 per share, or $14,000 on the date of grant, which was deferred to 2012 to be recognized as stock based compensation. On May 4, 2012 those shares were cancelled upon Mr. Pang's resignation as a member of the board of directors. Mr. Pang was compensated in cash in lieu of common shares for such period served as a director. | |||||||||
2012 Amendment to the 2009 Stock Incentive Plan | |||||||||
At the 2012 Annual Meeting of Stockholders (the “2012 Annual Meeting”) of the Company held on July 13, 2012, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan to increase the number of shares of the Company’s common stock available for issuance hereunder by 3,000,000 shares to 5,200,000 shares of the Company’s common stock. | |||||||||
Shares Awarded during 2012 | |||||||||
On February 6, 2012, the Company issued 57,743 shares of its common stock to certain of its employees for their 2011 services of approximately $33,318, in lieu of cash, which was recorded as compensation expense and credited to common shares to be issued at December 31, 2011. | |||||||||
On February 8, 2012, the Company awarded 1,500,000 shares of its restricted common stock, par value $.001 per share, pursuant to the Amended and Restated 2009 Stock Incentive Plan, to Mr. Yao. The term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. These shares were valued at $0.499 per share or $748,500 on the date of grant and are amortized over the vesting period, or $62,375 per quarter. | |||||||||
On May 4, 2012, the Company agreed to pay Director Mr. Weiping Shen 50,000 shares of the Company’s restricted common stock in conjunction with his appointment to the Company's board of directors vesting 50% on September 30, 2012 and 50% on May 3, 2013. The restricted stock vests only if Mr. Shen is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.69 per share or $34,500 on the date of grant and are being amortized over the vesting period, or $8,625 per quarter. | |||||||||
On July 30, 2012, the Company issued 561,640 shares of its common stock to certain of its employees for the first half year of their 2012 service of approximately $185,341, in lieu of cash, all of which was recorded as compensation expense for the quarter ended June 30, 2012. | |||||||||
On July 30, 2012, the Company granted 400,000 shares of its common stock to certain of its employees for the second half year of their 2012 service of approximately $132,000, in lieu of cash, which were recorded as compensation expense for the year ended December 31, 2012. | |||||||||
On November 12, 2012, the Company granted 980,991 shares of its common stock to certain of its employees for the second half year of their 2012 service of approximately $343,347, in lieu of cash, which were recorded as compensation expense for the quarter ended December 31, 2012. | |||||||||
2013 Amendment to the 2009 Stock Incentive Plan | |||||||||
At the 2013 Annual Meeting of Stockholders (the “2013 Annual Meeting”) of the Company held on July 2, 2013, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan to increase the number of shares of the Company’s common stock available for issuance hereunder by 3,000,000 shares to 8,200,000 shares of the Company’s common stock. | |||||||||
Shares Awarded during 2013 | |||||||||
On May 2, 2013, the Company agreed to pay Director Mr. Kam Ping Chan 6,250 shares of the Company’s restricted common stock in conjunction with his re-appointment to the Company's board of directors vesting 50% on June 30, 2013 and 50% on December 31, 2013, effectively January 1, 2013. The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.3301 per share or $2,063 on the date of grant and are being amortized over the vesting period, or $516 per quarter in 2013. | |||||||||
On May 3, 2013, the Company agreed to pay Director Mr. Weiping Shen 50,000 shares of the Company’s restricted common stock in conjunction with his re-appointment to the Company's board of directors vesting 50% on September 30, 2013 and 50% on May 3, 2014. The restricted stock vests only if Mr. Shen is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $0.389 per share or $19,450 on the date of grant and are being amortized over the vesting period, or $4,863 per quarter. | |||||||||
On November 5, 2013, the Company granted 1,363,282 shares of its common stock to certain of its employees for the year of their 2013 service of approximately $640,743, in lieu of cash, which were recorded as compensation expense for the quarter ended December 31, 2013. | |||||||||
Summary of the Company’s Amended and Restated 2009 Stock Incentive Plan Activities | |||||||||
The table below summarizes the Company’s Amended and Restated 2009 Stock Incentive Plan activities: | |||||||||
Number of | Fair Value at | ||||||||
Shares or Options | Date of Grant | ||||||||
Balance, December 31, 2011 | 698,507 | $ | 1,151,945 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 3,550,374 | 1,477,006 | |||||||
Shares – canceled | (50,000 | ) | (14,000 | ) | |||||
Balance, December 31, 2012 | 4,198,881 | $ | 2,614,951 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 1,419,532 | 662,256 | |||||||
Shares – canceled | (- | ) | (- | ) | |||||
Balance, December 31, 2013 | 5,618,413 | $ | 3,277,207 | ||||||
Vested, December 31, 2013 | 5,101,746 | 3,023,732 | |||||||
Unvested, December 31, 2013 | 516,667 | $ | 253,475 | ||||||
As of December 31, 2013, there were 2,581,587 shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Incentive Plan. |
Note_16_Income_Taxes
Note 16 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
Note 16 – Income Taxes | |||||||||
Armco Metals Holdings is a non-operating holding company. Armco HK, the Company’s Hong Kong Subsidiary is subject to Hong Kong SAR income taxes. Henan Armco, Renewable Metals, Lianyungang Armco and Armco Shanghai, the Company’s PRC subsidiaries are subject to PRC income taxes, file income tax returns under the Income Tax Law of the People’s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the “PRC Income Tax Law”) accordingly. Henan Armco, Renewable Metals, Lianyungang Armco and Armco Shanghai derive substantially all of their income (loss) before income taxed and related tax expenses from PRC sources. | |||||||||
United States Income Tax | |||||||||
Armco Metals Holdings is incorporated in the State of Nevada and is subjected to United Sates of America tax law. | |||||||||
No provision for U.S. federal and state incomes taxes has been made in our consolidated financial statements for those non-U.S. subsidiaries whose earnings are considered to be reinvested. The amount of undistributed earnings considered to be “reinvested” which may be subject to tax upon distribution was approximately $8.7 million and $12.1 million at December 31, 2013 and 2012, respectively. A distribution of these non-U.S. earnings in the form of dividends, or otherwise, would subject the Company to both U.S. federal and state income taxes, as adjusted for non-U.S. tax credits, and withholding taxes payable to the various non-U.S. countries. Determination of the amount of any unrecognized deferred income tax liability on these undistributed earnings is not practicable. | |||||||||
Hong Kong SAR Income Tax | |||||||||
Armco HK is registered and operates in the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of | |||||||||
China (“PRC”) and is subject to HK SAR tax law. Armco HK’s statutory income tax rate is 16.5%. | |||||||||
PRC Income Tax | |||||||||
Henan Armco, Renewable Metals, Lianyungang Armco and Armco Shanghai are governed by and file separate income tax returns under the PRC Income Tax Law, which, until January 2008, generally subject to tax at a statutory rate of 33% (30% state income tax plus 3% local income tax) on income reported in the statutory financial statements after appropriate tax adjustments. On March 16, 2007, the National People’s Congress of China approved the Corporate Income Tax Law of the People’s Republic of China (the “New CIT Law”), effective January 1, 2008. Under the New CIT Law, the corporate income tax rate applicable to all Companies, including both domestic and foreign-invested companies, will be 25%. However, tax concession granted to eligible companies prior to March 16, 2007 will be grand fathered in. | |||||||||
All of the Company’s PRC subsidiaries mentioned above are subject to the 25% corporate income tax rate since January 1, 2008 or date of their incorporation. | |||||||||
The provision for income taxes consists of the following: | |||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||
Current taxes | $ | 421,585 | $ | 732,663 | |||||
Deferred taxes | - | - | |||||||
$ | 421,585 | $ | 732,663 | ||||||
The reconciliations between the statutory tax rate and the Company’s effective tax rate for the year ended December 31, 2013 are as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
U.S. statutory rate | 34 | % | |||||||
Foreign income not recognized in the U.S. | -34 | % | |||||||
PRC enterprise income tax rate | 25 | % | |||||||
Effect of expenses not deductible for tax purposes | -2.6 | % | |||||||
Effect of valuation allowance on deferred income tax assets | -28.8 | % | |||||||
Effect of income tax rate difference under different tax jurisdictions | -5.1 | % | |||||||
Others | 0.1 | % | |||||||
Effective tax rate | -11.4 | % | |||||||
The principal components of the deferred income tax assets and liabilities as of December 31, 2013 are as follows: | |||||||||
As of December 31, 2013 | |||||||||
Current deferred income tax assets | |||||||||
Write Down of Inventory | $ | 580,675 | |||||||
Operating cost of idle manufacturing facility | 63,520 | ||||||||
Accrued interests | 164,333 | ||||||||
808,528 | |||||||||
Less: valuation allowance, current portion | (660,432 | ) | |||||||
Total: | $ | 148,096 | |||||||
Non-current deferred income tax assets | |||||||||
Net operating loss carryforwards | 983,609 | ||||||||
Less: valuation allowance, non-current portion | (983,609 | ) | |||||||
Total | $ | - | |||||||
Current deferred income tax liabilities | |||||||||
Deferred taxable loss | (134,002 | ) | |||||||
Others | (14,094 | ) | |||||||
Total | $ | (148,096 | ) | ||||||
Reported as: | |||||||||
Deferred tax assets, net | $ | - | |||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or are utilized. | |||||||||
ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the Company’s tax positions and considered that no provision for uncertainty in income taxes was necessary as of December 31, 2013 and 2012. |
Note_17_Concentrations_and_Cre
Note 17 - Concentrations and Credit Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||
Note 17 – Concentrations and Credit Risk | |||||||||
Credit Risk Arising from Financial Instruments | |||||||||
Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. | |||||||||
As of December 31, 2013, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, none of which are insured. However, the Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts. | |||||||||
Customers and Credit Concentrations | |||||||||
Customer concentrations and credit concentrations are as follows: | |||||||||
Net Sales | |||||||||
for the Year Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Customer A | 35.6 | % | 41.1 | % | |||||
Customer B | 15.9 | % | 17 | % | |||||
Customer C | 10.5 | % | - | % | |||||
62 | % | 58.1 | % | ||||||
Accounts Receivable | |||||||||
at | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Customer A | 33.8 | % | 96.5 | % | |||||
Customer B | 25.1 | % | - | % | |||||
Customer C | 18.3 | % | - | % | |||||
77.2 | % | 96.5 | % | ||||||
A reduction in sales from or loss of such customers would have a material adverse effect on the Company’s results of operations and financial condition. | |||||||||
Vendor Concentrations | |||||||||
Vendor purchase concentrations and accounts payable concentration as follows: | |||||||||
Net Purchases | |||||||||
for the Year Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Vendor A | 39.4 | % | 21.2 | % | |||||
Vendor B | 31 | % | 50.8 | % | |||||
Vendor C | 10 | % | - | % | |||||
Vendor D | - | % | - | % | |||||
Vendor E | - | % | - | % | |||||
80.4 | % | 72 | % | ||||||
Accounts Payable | |||||||||
at | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Vendor A | 86 | % | 30 | % | |||||
Vendor B | - | % | 10 | % | |||||
86 | % | 40 | % | ||||||
Note_18_Foreign_Operations
Note 18 - Foreign Operations | 12 Months Ended |
Dec. 31, 2013 | |
Foreign Operations [Abstract] | ' |
Foreign Operations [Text Block] | ' |
Note 18 - Foreign Operations | |
Operations | |
Substantially all of the Company’s operations are carried out and all of its assets are located in the PRC, which may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies since 1980, no assurance can be given that the PRC Government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the PRC’s political, economic and social conditions; nor that the PRC government’s pursuit of economic reforms will be consistent or effective. | |
Interest Risk | |
Substantially all of the Company’s operations are carried out in the PRC. The tight monetary policy currently instituted by the PRC government and increases in interest rate would have a material adverse effect on the Company’s results of operations and financial condition. | |
Currency Convertibility Risk | |
Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. Under China’s Foreign Exchange Currency Regulation and Administration, the Company is permitted to exchange RMB for foreign currencies through banks authorized to conduct foreign exchange business. All foreign exchange transactions continue to take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other institutions requires submitting a payment application form together with invoices and signed contracts. | |
Foreign Currency Exchange Rate Risk | |
On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to U.S. Dollar. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. While the international reaction to the RMB revaluation has generally been positive, there remains significant international pressure on the PRC government to adopt an even more flexible currency policy, which could result in a further and more significant volatility of the RMB against the U.S. Dollar. | |
Any significant revaluation of RMB may materially and adversely affect the cash flows, revenues, earnings and financial position reported in U.S. Dollar. | |
The Company had no foreign currency hedges in place to reduce such exposure for the year ended December 31, 2013 or 2012. | |
Dividends and Reserves | |
Under the laws of the PRC, net income after taxation can only be distributed as dividends after appropriation has been made for the following: (i) cumulative prior years’ losses, if any; (ii) allocations to the “Statutory Surplus Reserve” of at least 10% of net income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the Company’s registered capital; (iii) allocations of 5-10% of income after tax, as determined under PRC accounting rules and regulations, to the Company’s “Statutory Common Welfare Fund”, which is established for the purpose of providing employee facilities and other collective benefits to employees in PRC; and (iv) allocations to any discretionary surplus reserve, if approved by stockholders. | |
As of December 31, 2013, the Company had no Statutory Surplus Reserve and the Statutory Common Welfare Fund established and segregated in retained earnings due to the loss position. |
Note_19_Subsequent_Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 19 – Subsequent Events | |
The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued. The Management of the Company determined that there were certain reportable subsequent events to be disclosed as follows: | |
On January 13, 2014, the Company and its subsidiary entered into note exchange agreements with each of their lenders pursuant to which the Company exchanged the loan contracts of 8% convertible notes in the aggregate amount of RMB 15,100,000 (approximately $2.5 million) into shares of its common stock at a conversion price of $0.317 per share. | |
On February 4, 2014, the Company and its subsidiary entered into note exchange agreements with each of their lenders pursuant to which the Company exchanged the loan contracts of 8% convertible notes in the aggregate amount of RMB18,827,240 (approximately US$3.1 million) into shares of the Company’s common stock at a conversion price of $0.317 per share. | |
On February 27, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $25,000 plus interest of $4,628 of the note into 95,997 shares of the Company's common stock, at a conversion price of $0.308635 per share. | |
In March 2014, the Company issued a convertible note to Hanover in the amount of $500,000. The note bears interest at 4% per annum and matures on November 1, 2014. | |
On March 5, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $75,000 of the note due November 1, 2014 into 234,295 shares of the Company's common stock, at a conversion price of $0.32011 per share. | |
On March 14, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $50,000 of the note due November 1, 2014 into 155,085 shares of the Company's common stock, at a conversion price of $0.322405 per share. | |
On March 24, 2014, the Company received a conversion notice from its convertible notes holder, Hanover, to convert $50,000 of the note due November 1, 2014 into 145,351 shares of the Company's common stock, at a conversion price of $0.343995 per share. | |
On March 26, 2014, the Company received a conversion notice from its convertible note holder, Hanover, to convert $100,000 of the note due November 1, 2014 into 288,493 shares of the Company's common stock, at a conversion price of $0.34663 per share. | |
On September 23, 2014, the Company issued a convertible promissory note to Asher Enterprises, Inc. in the amounts of $153,500 with annual interest rate of 8%. The note is convertible at 58% of the average 3 lowest closing bid prices for the last 10 trading days after 180 days following the Date of Issuance. On March 28, 2014, $80,000 of principal under the note was converted to 355,082 shares of the Company’s common stock and the remaining principal balance under the note is $73,500. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
Basis of Presentation | |||||||||
The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Principles of Consolidation | |||||||||
The Company applies the guidance of Topic 810 “Consolidation” of the FASB Accounting Standards Codification to determine whether and how to consolidate another entity. Pursuant to ASC Paragraph 810-10-15-10 all majority-owned subsidiaries—all entities in which a parent has a controlling financial interest—shall be consolidated except (1) when control does not rest with the parent, the majority owner; (2) if the parent is a broker-dealer within the scope of Topic 940 and control is likely to be temporary; (3) consolidation by an investment company within the scope of Topic 946 of a non-investment-company investee. Pursuant to ASC Paragraph 810-10-15-8 the usual condition for a controlling financial interest is ownership of a majority voting interest, and, therefore, as a general rule ownership by one reporting entity, directly or indirectly, of more than 50 percent of the outstanding voting shares of another entity is a condition pointing toward consolidation. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders, or by court decree. The Company consolidates all less-than-majority-owned subsidiaries, if any, in which the parent’s power to control exists. | |||||||||
The Company's consolidated subsidiaries and/or entities are as follows as of December 31, 2013: | |||||||||
Name of consolidated subsidiary or | State or other jurisdiction of | Date of incorporation or formation | Attributable interest | ||||||
entity | incorporation or organization | (date of acquisition, if applicable) | |||||||
Armco Metal International Limited (“Armco HK”) | Hong Kong SAR | 13-Jul-01 | 100% | ||||||
Henan Armco and Metawise Trading Co., Ltd. (“Henan Armco”) | PRC | 6-Jun-02 | 100% | ||||||
Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”) | PRC | 9-Jan-07 | 100% | ||||||
Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”) | PRC | 4-Jun-09 | 100% | ||||||
Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) | PRC | 16-Jul-10 | 100% | ||||||
All inter-company balances and transactions have been eliminated. | |||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | |||||||||
The Company’s significant estimates and assumptions include the fair value of financial instruments; allowance for doubtful accounts; normal production capacity, inventory valuation and obsolescence; recoverability and impairment, if any, of long-lived assets, including the values assigned to and the estimated useful lives of property, plant and equipment, and land use rights; interest rate; revenue recognized or recognizable, sales returns and allowances; valued added tax rate; expected term of share options and similar instruments, expected volatility of the entity’s shares and the method used to estimate it, expected annual rate of quarterly dividends, and risk free rates; income tax rate and related income tax provision; reporting currency, functional currency of the PRC subsidiaries and foreign currency exchange rate. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. | |||||||||
Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. | |||||||||
Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. | |||||||||
Actual results could differ from those estimates. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair Value of Financial Instruments | |||||||||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: | |||||||||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | ||||||||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||||||||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | ||||||||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | |||||||||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income/VAT tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments. | |||||||||
The Company’s loans payable, banker’s acceptance notes payable, and capital lease obligation approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2013 and December 31, 2012. | |||||||||
The Company’s Level 3 financial liabilities consist of the derivative warrant issued in July 2008 and convertible note with embedded conversion feature issued in November 2013, for which there are no current market for these securities such that the determination of fair value requires significant judgment or estimation. The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date. | |||||||||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | |||||||||
It is not, however, practical to determine the fair value of advances from significant stockholder and lease arrangement with the significant stockholder, if any, due to their related party nature. | |||||||||
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | |||||||||
Level 1 Financial Assets – Marketable Securities | |||||||||
The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period. | |||||||||
Level 3 Financial Liabilities – Derivative Liabilities | |||||||||
The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative warrant liabilities and derivative convertible debt liability at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative liabilities. | |||||||||
Fair Value of Non-Financial Assets or Liabilities Measured on a Recurring Basis | |||||||||
The Company’s non-financial assets include inventories. The Company identifies potentially excess and slow-moving inventories by evaluating turn rates, inventory levels and other factors. Excess quantities are identified through evaluation of inventory aging, review of inventory turns and historical sales experiences. The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts. | |||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||
Carrying Value, Recoverability and Impairment of Long-Lived Assets | |||||||||
The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include property, plant and equipment and land use rights are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | |||||||||
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. When long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. | |||||||||
The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events. | |||||||||
The key assumptions used in management’s estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs of the manufacturing facilities. These forecasts are typically based on historical trends and take into account recent developments as well as management’s plans and intentions. Any difficulty in manufacturing or sourcing raw materials on a cost effective basis would significantly impact the projected future cash flows of the Company’s manufacturing facilities and potentially lead to an impairment charge for long-lived assets. Other factors, such as increased competition or a decrease in the desirability of the Company’s products, could lead to lower projected sales levels, which would adversely impact cash flows. A significant change in cash flows in the future could result in an impairment of long lived assets. | |||||||||
The impairment charges, if any, is included in operating expenses in the accompanying consolidated statements of income and comprehensive income (loss). | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash Equivalents | |||||||||
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. | |||||||||
Pledged Deposits [Policy Text Block] | ' | ||||||||
Pledged Deposits | |||||||||
Pledged deposits consist of cash held in financial institutions for (a) outstanding letters of credit, (b) open banker’s acceptance notes payable maturing between three (3) and nine (9) months from the date of issuance and (c) capital lease obligation. | |||||||||
The Company uses letters of credit in connection with its purchases of ferrous and non-ferrous ores and metals, and scrap metal for processing and distribution. The issuing financial institutions of those letters of credit require the Company to deposit and pledge certain percentage of the maximum amount stipulated under those letters of the credit as collateral. The pledged deposits are either released to the Company in the event of vendors' non-performance or to be released to the Company as part of the payment toward the letters of credit when vendors delivers the goods under those letters of credit on or before maturity date. The Management of the Company believes it is appropriate to classify such amounts as current assets as those letters of credit are of a short term nature, three (3) to nine (9) months in length from the date of issuance. | |||||||||
The Company satisfies certain accounts payable, through banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors. The issuing financial institutions of those banker’s acceptance notes require the Company to deposit and pledge certain percentage of the amount stipulated under those banker’s acceptance notes as collateral. The pledged deposits are released to the Company as part of the payment toward banker’s acceptance notes upon maturity. | |||||||||
Marketable Securities, Policy [Policy Text Block] | ' | ||||||||
Marketable Debt and Equity Securities, Available for Sale | |||||||||
The Company accounts for marketable debt and equity securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (“Sub-topic 320-10”). | |||||||||
Pursuant to Paragraph 320-10-35-1, investments in debt securities that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4. | |||||||||
The Company follows Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period. An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary. Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of the impairment shall not include partial recoveries after the balance sheet date. The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value. For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A. Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred. | |||||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | ||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions. | |||||||||
Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received. | |||||||||
Outstanding account balances are reviewed individually for collectability. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any. | |||||||||
The Company does not have any off-balance-sheet credit exposure to its customers. | |||||||||
Advance on Purchases [Policy Text Block] | ' | ||||||||
Advance on Purchases | |||||||||
Advance on purchases primarily represent amounts paid to vendors for future delivery of products ranging from three (3) months to nine (9) months, all of which were fully or partially refundable depending upon the terms and conditions of the purchase agreements. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories | |||||||||
Inventory Valuation | |||||||||
The Company values inventories, consisting of raw materials, consumables, packaging material, finished goods, and purchased merchandise for resale, at the lower of cost or market. Cost is determined on the first-in and first-out (“FIFO”) method for raw materials and packaging materials and the weighted average cost method for finished goods. Cost of finished goods comprises direct labor, direct materials, direct production cost and an allocated portion of production overhead. The Company reduces inventories for the diminution of value, resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value. Factors utilized in the determination of estimated market value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence. | |||||||||
Normal Capacity and Period Costs of Underutilized or Idle Capacity of the Production Facilities | |||||||||
The Company follows paragraph 330-10-30-3 of the FASB Accounting Standards Codification for the allocation of production costs and charges to inventories. The Company allocates fixed production overhead to inventories based on the normal capacity of the production facilities expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production). Factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment down time. The actual level of production may be used if it approximates normal capacity. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to each unit of production is not increased as a consequence of abnormally low production or idle plant and unallocated overheads of underutilized or idle capacity of the production facilities are recognized as period costs in the period in which they are incurred rather than as a portion of the inventory cost. | |||||||||
Inventory Obsolescence and Markdowns | |||||||||
The Company evaluates its current level of inventories considering historical sales and other factors and, based on this evaluation, classify inventory markdowns in the income statement as a component of cost of goods sold pursuant to Paragraph 420-10-S99 of the FASB Accounting Standards Codification to adjust inventories to net realizable value. These markdowns are estimates, which could vary significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. Other significant estimates include the allocation of variable and fixed production overheads. While variable production overheads are allocated to each unit of production on the basis of actual use of production facilities, the allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the Company’s production facilities, and recognizes abnormal idle facility expenses as current period charges. Certain costs, including categories of indirect materials, indirect labor and other indirect manufacturing costs which are included in the overhead pools are estimated. The management of the Company determines its normal capacity based upon the amount of operating hours of the manufacturing machinery and equipment in a reporting period. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of property, plant and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful lives ranging from five (5) years to twenty (20) years. Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of income and comprehensive income. Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Leasehold improvements | |||||||||
Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Construction in Progress | |||||||||
Construction in progress represents direct costs of construction or the acquisition cost of long-lived assets. Under U.S. GAAP, all costs associated with construction of long-lived assets should be reflected as long-term as part of construction-in-progress. Capitalization of these costs ceases and the construction in progress is transferred to property, plant and equipment when substantially all of the activities necessary to prepare the long-lived assets for their intended use are completed. No depreciation is provided until the construction of the long-lived assets is complete and ready for their intended use. | |||||||||
Land Use Rights | |||||||||
Land use rights represent the cost to obtain the right to use certain parcels of land in the City of Lianyungang, Jiangsu Province, PRC. Land use rights are carried at cost and amortized on a straight-line basis over the lives of the rights of fifty (50) years. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Land Use Rights [Policy Text Block] | ' | ||||||||
Land Use Rights | |||||||||
Land use rights represent the cost to obtain the right to use certain parcels of land in the City of Lianyungang, Jiangsu Province, PRC. Land use rights are carried at cost and amortized on a straight-line basis over the lives of the rights of fifty (50) years. Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts. | |||||||||
Banker's Acceptance Notes Payable [Policy Text Block] | ' | ||||||||
Banker’s Acceptance Notes Payable | |||||||||
The Company satisfies certain accounts payable, through the issuance of banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors. These notes are usually of a short term nature, three (3) to nine (9) months in length. They are non-interest bearing, are due upon maturity, and are paid by the Company’s banks directly to the vendors upon presentation on the date of maturity and the Company is obliged to repay the note in full to the financial institutions. In the event of insufficient funds to repay these notes, the Company's bank will convert them to loans on demand with interest at a predetermined rate per annum payable monthly. | |||||||||
Deposit Contracts, Policy [Policy Text Block] | ' | ||||||||
Customer Deposits | |||||||||
Customer deposits primarily represent amounts received from customers for future delivery of products, which are fully or partially refundable depending upon the terms and conditions of the sales agreements. | |||||||||
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | ' | ||||||||
Leases | |||||||||
Lease agreements are evaluated to determine whether they are capital leases or operating leases in accordance with paragraph 840-10-25-1 of the FASB Accounting Standards Codification (“Paragraph 840-10-25-1”). When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in Paragraph 840-10-25-1, the lease then qualifies as a capital lease. Capital lease assets are depreciated on a straight line method, over the capital lease assets estimated useful lives consistent with the Company’s normal depreciation policy for tangible fixed assets. Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation. | |||||||||
Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. | |||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||
Derivative Instruments and Hedging Activities | |||||||||
The Company accounts for derivative instruments and hedging activities in accordance with paragraph 810-10-05-4 of the FASB Accounting Standards Codification (“Paragraph 810-10-05-4”). Paragraph 810-10-05-4 requires companies to recognize all derivative instruments as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends upon: (i) whether the derivative has been designated and qualifies as part of a hedging relationship, and (ii) the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument based upon the exposure being hedged as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. | |||||||||
From time to time, the Company employs foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates. The Company does not use derivatives for speculation or trading purposes. Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction. The ineffective portion of all hedges is recognized in current earnings. The Company has sales and purchase commitments denominated in foreign currencies. Foreign currency forward contracts are used to hedge against the risk of change in the fair value of these commitments attributable to fluctuations in exchange rates (“Fair Value Hedges”). Changes in the fair value of the derivative instrument are generally offset in the income statement by changes in the fair value of the item being hedged. | |||||||||
The Company did not employ foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates for the reporting period ended December 31, 2013 or 2012. | |||||||||
Derivative Warrant Liability, Policy [Policy Text Block] | ' | ||||||||
Derivative Liabilities | |||||||||
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a Lattice model, in accordance with ASC 815-15 “Derivative and Hedging” to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | |||||||||
Related Parties [Policy Text Block] | ' | ||||||||
Related Parties | |||||||||
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. | |||||||||
Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. | |||||||||
The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. | |||||||||
Commitments and Contingencies, Policy [Policy Text Block] | ' | ||||||||
Commitment and Contingencies | |||||||||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | |||||||||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | |||||||||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition | |||||||||
The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. | |||||||||
The Company derives its revenues from sales contracts with customers with revenues being generated upon the shipment of merchandise. Persuasive evidence of an arrangement is demonstrated via sales invoice or contract; product delivery is evidenced by warehouse shipping log as well as a signed bill of lading from the vessel or rail company and title transfers upon shipment, based on free on board (“FOB”) warehouse terms; the sales price to the customer is fixed upon acceptance of the signed purchase order or contract and there is no separate sales rebate, discount, or volume incentive. When the Company recognizes revenue, no provisions are made for returns because, historically, there have been very few sales returns and adjustments that have impacted the ultimate collection of revenues. | |||||||||
Net sales of products represent the invoiced value of goods, net of value added taxes (“VAT”). The Company is subject to VAT which is levied on the majority of the Company’s products at the rate of 13% on the invoiced value of sales prior to December 31, 2008 and 17% on the invoiced value of sales as of January 1, 2009 and forward. Sales or Output VAT is borne by customers in addition to the invoiced value of sales and Purchase or Input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales. | |||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||
Shipping and Handling Costs | |||||||||
The Company accounts for shipping and handling fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification. While amounts charged to customers for shipping products are included in revenues, the related costs are classified in cost of goods sold as incurred. | |||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||
Advertising | |||||||||
The Company expenses advertising costs as incurred. Advertising is included in selling expenses for financial reporting. The Company spent $5,478 and $150,000 for the years ended December 31, 2013 and 2012, respectively on advertising expenses. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
Foreign Currency Transactions | |||||||||
The Company applies the guidelines as set out in Section 830-20-35 of the FASB Accounting Standards Codification (“Section 830-20-35”) for foreign currency transactions. Pursuant to Section 830-20-35 of the FASB Accounting Standards Codification, foreign currency transactions are transactions denominated in currencies other than U.S. Dollar, the Company’s reporting currency or Chinese Yuan or Renminbi, the Company’s Chinese operating subsidiaries' functional currency. Foreign currency transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid. A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments. Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
Stock-Based Compensation for Obtaining Employee Services | |||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation-Stock Compensation”. ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments, including stock options, based on the grant-date fair value of the award and to recognize it as compensation expense over the period the employee is required to provide service in exchange for the award, usually the vesting period. | |||||||||
Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services | |||||||||
The Company accounts for stock-based compensation in accordance with the provision of ASC 505, “Equity Based Payments to Non-Employees” (“ASC 505”), Share Based Payments to Non-Employees, and ASC 505 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | |||||||||
Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services [Policy Text Block] | ' | ||||||||
Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services | |||||||||
The Company accounts for stock-based compensation in accordance with the provision of ASC 505, “Equity Based Payments to Non-Employees” (“ASC 505”), Share Based Payments to Non-Employees, and ASC 505 which requires that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Investment Credit - Government | |||||||||
Certain Chinese local governments provide non-refundable investment credits to encourage enterprises to invest in local communities. Investment credits from local governments are credited to other income – investment credit – government, upon receipt. | |||||||||
Income Tax Provision | |||||||||
The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date. | |||||||||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty (50) percent likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. | |||||||||
The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary. | |||||||||
Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. | |||||||||
Foreign Currency Translation [Policy Text Block] | ' | ||||||||
Foreign Currency Translation | |||||||||
The Company follows Section 830-10-45 of the FASB Accounting Standards Codification (“Section 830-10-45”) for foreign currency translation to translate the financial statements of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars. Section 830-10-45 sets out the guidance relating to how a reporting entity determines the functional currency of a foreign entity (including of a foreign entity in a highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. Pursuant to Section 830-10-45, the assets, liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. An entity’s functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment, or local currency, in which an entity primarily generates and expends cash. | |||||||||
The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss). | |||||||||
Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiaries’ local currencies to be their respective functional currencies. | |||||||||
The financial records of the Company's Chinese operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency. Assets and liabilities are translated from the local currency into the reporting currency, U.S. dollars, at the exchange rate prevailing at the balance sheet date. Revenues and expenses are translated at weighted average exchange rates for the period to approximate translation at the exchange rates prevailing at the dates those elements are recognized in the consolidated financial statements. Foreign currency translation gain (loss) resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining accumulated other comprehensive income in the consolidated statement of stockholders’ equity. | |||||||||
RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. Commencing July 21, 2005, China adopted a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies. The exchange rate of the US dollar against the RMB was adjusted from approximately RMB 8.28 per U.S. dollar to approximately RMB 8.11 per U.S. dollar on July 21, 2005. Since then, the PBOC administers and regulates the exchange rate of the U.S. dollar against the RMB taking into account demand and supply of RMB, as well as domestic and foreign economic and financial conditions. | |||||||||
Unless otherwise noted, the rate presented below per U.S. $1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation (www.oanda.com) contained in its consolidated financial statements. Management believes that the difference between RMB vs. U.S. dollar exchange rate quoted by the PBOC and RMB vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial. Translations do not imply that the RMB amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars. Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates for the respective periods: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Balance sheets | 6.1122 | 6.3086 | |||||||
Statements of operations and comprehensive income (loss) | 6.1943 | 6.3116 | |||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||
Comprehensive Income (Loss) | |||||||||
The Company has applied section 220-10-45 of the FASB Accounting Standards Codification. This statement establishes rules for the reporting of comprehensive income and its components. Comprehensive income (loss), for the Company, consists of net income (loss), change in unrealized loss of marketable securities and foreign currency translation adjustments and is presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and Stockholders’ Equity. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Net Income (Loss) per Common Share | |||||||||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options, warrants and nonvested shares. | |||||||||
For the periods presented, the computation of diluted loss per share equaled basic loss per share as the inclusion of any dilutive instruments would have had an antidilutive effect on the earnings per share calculation in the periods presented. | |||||||||
Cash Flow Reporting Policy [Policy Text Block] | ' | ||||||||
Cash Flows Reporting | |||||||||
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. | |||||||||
Subsequent Events, Policy [Policy Text Block] | ' | ||||||||
Subsequent Events | |||||||||
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recently Issued Accounting Pronouncements | |||||||||
In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013. The adoption of ASU 2013-02 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date." This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-04 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
In March 2013, the FASB issued ASU No. 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-05 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This ASU provides that an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. For public entities, this ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||
Name of consolidated subsidiary or | State or other jurisdiction of | Date of incorporation or formation | Attributable interest | ||||||
entity | incorporation or organization | (date of acquisition, if applicable) | |||||||
Armco Metal International Limited (“Armco HK”) | Hong Kong SAR | 13-Jul-01 | 100% | ||||||
Henan Armco and Metawise Trading Co., Ltd. (“Henan Armco”) | PRC | 6-Jun-02 | 100% | ||||||
Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”) | PRC | 9-Jan-07 | 100% | ||||||
Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”) | PRC | 4-Jun-09 | 100% | ||||||
Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) | PRC | 16-Jul-10 | 100% | ||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Balance sheets | 6.1122 | 6.3086 | |||||||
Statements of operations and comprehensive income (loss) | 6.1943 | 6.3116 |
Note_3_Pledged_Deposits_Tables
Note 3 - Pledged Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Transfers and Servicing [Abstract] | ' | ||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Armco HK | |||||||||
Letters of credit (i) | $ | 5,993 | $ | 8,442 | |||||
Sub-total – Armco HK | 5,993 | 8,442 | |||||||
Renewable Metals | |||||||||
Bank acceptance notes payable (ii) | 1,636,072 | 475,541 | |||||||
Letters of credit (iii) | 2,517,621 | 2,445,676 | |||||||
Deposit for capital lease obligation (iv) | 490,823 | 475,541 | |||||||
Sub-total – Renewable Metals | 4,644,516 | 3,396,758 | |||||||
Henan Armco | |||||||||
Letters of credit (v) | 2,113 | 1,185,629 | |||||||
Sub-total – Henan Armco | 2,113 | 1,185,629 | |||||||
$ | 4,652,222 | $ | 4,590,829 |
Note_4_Marketable_Equity_Secur1
Note 4 - Marketable Equity Securities, Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Fair Value Measurement Using Level 1 Inputs | |||||||||||||||||||||
Original cost | Impairment – Other Than Temporary | Accumulated Foreign Currency Transaction Gain (Loss) | Other Comprehensive Income (Loss) - | Fair Value | |||||||||||||||||
Change in Unrealized Loss | |||||||||||||||||||||
Balance, December 31, 2011 | $ | 3,396,658 | $ | (1,980,000 | ) | $ | 220,881 | $ | (797 | ) | $ | 1,636,742 | |||||||||
Purchases, issuances and settlements | |||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||
Net Loss: Impairment – other than temporary | (386,941 | ) | (386,941 | ) | |||||||||||||||||
Net Loss: Gain (loss) on foreign currency rate change | (36,957 | ) | - | (36,957 | ) | ||||||||||||||||
Other comprehensive income (loss): Changes in unrealized loss | - | 797 | 797 | ||||||||||||||||||
Balance, December 31, 2012 | 3,396,658 | (2,366,941 | ) | 183,924 | (- | ) | 1,213,641 | ||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||
Other comprehensive income (loss): Changes in unrealized loss | - | (694,512 | ) | (694,512 | ) | ||||||||||||||||
Balance, December 31, 2013 | $ | 3,396,658 | $ | (2,366,941 | ) | $ | 183,924 | $ | (694,512 | ) | $ | 519,129 |
Note_5_Accounts_Receivable_Tab
Note 5 - Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Accounts receivable | $ | 25,638,666 | $ | 15,742,540 | |||||
Allowance for doubtful accounts | (43,150 | ) | (43,150 | ) | |||||
$ | 25,595,516 | $ | 15,699,390 |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Raw materials – scrap metal | $ | 4,390,811 | $ | 5,371,867 | |||||
Finished goods – processed scrap metal | 12,421,088 | 2,517,948 | |||||||
Purchased merchandise for resale | 5,936,936 | 5,488,630 | |||||||
Write-down of inventories | (2,291,915 | ) | - | ||||||
$ | 20,456,920 | $ | 13,378,445 |
Note_7_Property_Plant_and_Equi1
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | ||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
Estimated Useful Life (Years) | 31-Dec-13 | 31-Dec-12 | |||||||||||
Buildings and leasehold improvements (i) | 20 | $ | 25,054,912 | $ | 24,175,794 | ||||||||
Construction in progress | 4,706,875 | 4,560,340 | |||||||||||
Machinery and equipment | 7 | 12,588,003 | 12,193,408 | ||||||||||
Vehicles | 5 | 2,152,379 | 2,048,305 | ||||||||||
Office equipment | 5 | - | 8 | 354,442 | 341,371 | ||||||||
44,856,611 | 43,319,218 | ||||||||||||
Less accumulated depreciation (ii) | (9,360,933 | ) | (6,284,162 | ) | |||||||||
$ | 35,495,678 | $ | 37,035,056 |
Note_8_Land_Use_Rights_Tables
Note 8 - Land Use Rights (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Renewable Metals | |||||||||
Land use right | $ | 2,529,417 | $ | 2,450,671 | |||||
Accumulated amortization | (416,478 | ) | (260,897 | ) | |||||
2,11,939 | 2,189,774 | ||||||||
Lianyungang Armco | |||||||||
Land use right | 4,152,362 | 4,023,090 | |||||||
Accumulated amortization | - | (- | ) | ||||||
4,152,362 | 4,023,090 | ||||||||
Total | |||||||||
Land use rights | 6,681,779 | 6,473,761 | |||||||
Accumulated amortization | (416,478 | ) | (260,897 | ) | |||||
$ | 6,265,301 | $ | 6,212,864 |
Note_9_Loans_and_Convertible_N1
Note 9 - Loans and Convertible Note Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loans Payable [Abstract] | ' | ||||||||
Loans Payable [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Armco HK | |||||||||
Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points per annum, repaid in full as of March 31, 2013 | $ | 504,248 | $ | 585,113 | |||||
Loan payables to DBS, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at an average of 3.47% per annum, repaid in full as of March 31, 2013 | 2,602,115 | 5,599,314 | |||||||
Sub-total - Armco HK | 3,106,363 | 6,184,427 | |||||||
Renewable Metals | |||||||||
Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 120% of the bank’s benchmark rate per annum (average 7.2%), balance due June 2, 2014 | 1,963,286 | 4,755,413 | |||||||
Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 6.6% per annum payable monthly, balance due from April 12, 2014 through September 25, 2014 | 8,180,361 | 7,925,689 | |||||||
Short-term borrowing, with interest rate at 8% per annum | 229,050 | - | |||||||
Loan payable, with interest at 6% per annum and due July 21, 2014 | 3,503,379 | - | |||||||
Sub-total – Renewable Metals | 13,876,076 | 12,681,102 | |||||||
Henan Armco | |||||||||
Loan payable to Guangdong Development Bank Zhengzhou Branch, collateralized by certain of Henan’s inventory, with interest at 6.5% per annum, repaid in full on December 27, 2013 | - | 244,401 | |||||||
Loan Payable to ICBC, with interest at 2.47% per annum, repaid in full as of March 31, 2014 | 2,755,926 | - | |||||||
Loan Payable to Guanhutun Credit Union, collateralized by Henan’s building and leasehold improvement, with interest at 9.6% per annum, repaid in full as of March 31, 2014 | 163,607 | - | |||||||
Loans payable, with interest at 8% per annum, and are due from January 10, 2014 through. The creditors agreed to convert USD 5,319,351 into shares in January and February, 2014 | 5,999,957 | - | |||||||
Sub-total – Henan Armco | 8,919,490 | 244,401 | |||||||
Armco Metals Holdings | |||||||||
Loans payable, with interest at 8% per annum, due from April 21, 2014 through May 8, 2014 | 1,050,000 | - | |||||||
Convertible notes payable, net of discount, with interest at 4-8% per annum, maturing from June 25, 2014 through November 2014 and converted to shares in February 2014 | 463,709 | - | |||||||
Sub-total – Armco Metals Holdings | 1,513,709 | - | |||||||
$ | 27,415,638 | $ | 19,109,930 |
Note_10_Bankers_Acceptance_Not1
Note 10 - Banker's Acceptance Notes Payable and Letters of Credit (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Renewable Metals | |||||||||
Banker’s acceptance notes payable maturing on March 27, 2014 | $ | 3,272,144 | $ | 3,867,736 | |||||
Letters of credit maturing ranging from April 6, 2014 through August 2, 2014 | 5,201,073 | 4,755,413 | |||||||
Henan Armco | |||||||||
Banker’s acceptance notes payable maturing June 27, 2013 | - | 1,585 | |||||||
$ | 8,473,217 | $ | 8,624,734 |
Note_11_Related_Party_Transact1
Note 11 - Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Keli Yao | 116,828 | - | |||||||
Yi Chu | 286,313 | - | |||||||
Total | 403,141 | - |
Note_12_Capital_Lease_Obligati1
Note 12 - Capital Lease Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Schedule of Capital Leased Assets [Table Text Block] | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Renewable Metals | |||||||||
(i) Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals' machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in monthly installments on the 23rd of each month | $ | 336,065 | $ | 819,659 | |||||
Less current maturities | (336,065 | ) | (819,659 | ) | |||||
Capital lease obligation, net of current maturities | - | - | |||||||
(ii) Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals' machinery and equipment, with interest at 11.0% per annum, with principal and interest due and payable in quarterly installments of RMB3,609,102 on the 15th of each quarter | 568,925 | 3,545,592 | |||||||
Less current maturities | (568,925 | ) | (1,795,637 | ) | |||||
Capital lease obligation, net of current maturities | - | 1,749,955 | |||||||
Total capital lease obligation | 904,990 | 4,365,251 | |||||||
Less current maturities | (904,990 | ) | (2,615,296 | ) | |||||
TOTAL CAPITAL LEASE OBLIGATION, net of current maturities | $ | - | $ | 1,749,955 |
Note_13_Derivative_Instruments1
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||||
5-Oct-10 | |||||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||||
Expected volatility | 187 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 1.21 | % | |||||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||||
2008 Warrant Activities | APIC | (Gain) Loss | |||||||||||||||||||||||||||
Derivative Shares | Non-derivative Shares | Total Warrant Shares | Fair Value of Derivative Warrants | Reclassification of Derivative Liability | Change in Fair Value of Derivative Liability | ||||||||||||||||||||||||
Derivative warrant at December 31, 2011 | 186,306 | 1,031,715 | 1,218,021 | (203 | ) | (137,940 | ) | ||||||||||||||||||||||
Mark to market | (306,505 | ) | 306,505 | ||||||||||||||||||||||||||
Derivative warrant at December 31, 2012 | 186,306 | 1,031,715 | 1,218,021 | (306,708 | ) | 306,505 | |||||||||||||||||||||||
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | 1,031,715 | (1,031,715 | ) | (- | ) | (623,809 | ) | 623,809 | (- | ) | |||||||||||||||||||
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | 10,962,189 | - | 10,962,189 | (- | ) | - | |||||||||||||||||||||||
Mark to market | 930,517 | 930,517 | |||||||||||||||||||||||||||
Warrants expired | 12,180,210 | 12,180,210 | - | - | |||||||||||||||||||||||||
Derivative warrant at December 31, 2013 | - | - | - | - | - | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||||||||||||||
Number of | Exercise Price Range | Weighted Average Exercise Price | Fair Value at Date of Issuance | Aggregate | |||||||||||||||||||||||||
Warrant Shares | Per Share | Intrinsic | |||||||||||||||||||||||||||
Value | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||||||||||
Canceled for cashless exercise | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised (Cashless) | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised | (- | ) | - | - | - | - | |||||||||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||||||||||
Balance, December 31, 2012 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Granted | - | - | - | - | - | ||||||||||||||||||||||||
Canceled for cashless exercise | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised (Cashless) | (- | ) | - | - | - | - | |||||||||||||||||||||||
Exercised | (- | ) | - | - | - | - | |||||||||||||||||||||||
Expired | - | - | - | - | - | ||||||||||||||||||||||||
Balance, December 31, 2013 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Earned and exercisable, December 31, 2013 | 1,615,387 | $ | 7.5 | $ | 7.5 | $ | - | $ | - | ||||||||||||||||||||
Unvested, December 31, 2013 | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||||||
Warrants Outstanding | Warrants Exercisable | ||||||||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number Exercisable | Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | |||||||||||||||||||||||
$7.50 | 1,615,387 | 1.3 | $ | 7.5 | 1,615,387 | 1.3 | $ | 7.5 | |||||||||||||||||||||
$0.50 | - | $7.50 | 1,615,387 | 1.3 | $ | 7.5 | 1,615,387 | 1.3 | $ | 7.5 | |||||||||||||||||||
Convertible Note Volatility [Table Text Block] | ' | ||||||||||||||||||||||||||||
1 year | |||||||||||||||||||||||||||||
11/8/2013 | 99% | ||||||||||||||||||||||||||||
12/31/2013 | 100% | ||||||||||||||||||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | - | |||||||||||||||||||||||||||
To record derivative liability as debt discount | 60,795 | ||||||||||||||||||||||||||||
Change in fair value of derivative liability | 634 | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 61,429 | |||||||||||||||||||||||||||
Warrant [Member] | ' | ||||||||||||||||||||||||||||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||||||
July 25, 2008 through August 8, 2008 | |||||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||||
Expected volatility (*) | 89 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 3.23 | % | |||||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Expected life (year) | 0.08 | 1 | |||||||||||||||||||||||||||
Expected volatility | 57 | % | 75 | % | |||||||||||||||||||||||||
Risk-free interest rate | 0.02 | % | 0.19 | % | |||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | 0 | % | |||||||||||||||||||||||||
20-Apr-10 | |||||||||||||||||||||||||||||
Expected life (year) | 5 | ||||||||||||||||||||||||||||
Expected volatility | 182 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 2.56 | % | |||||||||||||||||||||||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | ' | ||||||||||||||||||||||||||||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Tables) [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||||||
Fair Value Measurement Using Level 3 Inputs | |||||||||||||||||||||||||||||
Derivative warrants Assets (Liability) | Total | ||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | (203 | ) | $ | (203 | ) | |||||||||||||||||||||||
Purchases, issuances and settlements | - | - | |||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||||||||||
Net income (loss) | (306,505 | ) | (360,505 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | |||||||||||||||||||||||||||
Balance, December 31, 2012 | (306,708 | ) | (306,708 | ) | |||||||||||||||||||||||||
Purchases, issuances and settlements | (623,809 | ) | (623,809 | ) | |||||||||||||||||||||||||
Transfers in and/or out of Level 3 | - | - | |||||||||||||||||||||||||||
Total gains or losses (realized/unrealized) included in: | |||||||||||||||||||||||||||||
Net income (loss) | 930,517 | 930,517 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | |||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | - | $ | - |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||||
Date of Expiration | Total Facilities | Facilities Used | Facilities Available | ||||||||||||
Armco HK | |||||||||||||||
DBS (Hong Kong) Limited (i) | 21-Oct-14 | 20,000,000 | 4,043,744 | 15,956,256 | |||||||||||
RZB (Beijing) Branch (ii) | 28-Feb-14 | 15,000,000 | 570,000 | 14,430,000 | |||||||||||
Sub-total - Armco HK | 35,000,000 | 4,613,744 | 30,386,256 | ||||||||||||
Henan Armco | |||||||||||||||
Bank of China (iii) | 23-May-14 | 4,908,216 | - | 4,908,216 | |||||||||||
China CITIC Bank (iv) | 31-May-14 | 6,544,288 | - | 6,544,288 | |||||||||||
ICBC (v) | 9-Sep-14 | 3,272,144 | 2,644,937 | 627,208 | |||||||||||
Guangdong Development Bank Zhengzhou Branch (vi) | 10-Jan-14 | 12,761,363 | - | 12,761,363 | |||||||||||
Sub-total – Henan Armco | 27,486,011 | 2,644,937 | 24,841,075 | ||||||||||||
Renewable Metals | |||||||||||||||
Bank of China Lianyungang Branch (vii) | 27-Dec-15 | 8,180,361 | 8,180,361 | - | |||||||||||
Shanghai Pudong Development Bank (viii) | 25-Aug-14 | 2,454,108 | 2,454,108 | - | |||||||||||
Bank of Communications Lianyungang Branch (ix) | 8-Feb-14 | 11,779,719 | 2,944,930 | 8,834,790 | |||||||||||
Sub-total – Renewable Metals | 22,414,188 | 13,579,399 | 8,834,790 | ||||||||||||
$ | 84,900,199 | $ | 20,838,080 | $ | 64,062,121 | ||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||||||||||
Year ending December 31: | |||||||||||||||
2014 | 62,641 | ||||||||||||||
$ | 62,641 |
Note_15_Stockholders_Equity_Ta
Note 15 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||
5-Oct-10 | |||||||||
Expected life (year) | 5 | ||||||||
Expected volatility | 187 | % | |||||||
Risk-free interest rate | 1.21 | % | |||||||
Expected annual rate of quarterly dividends | 0 | % | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Number of | Fair Value at | ||||||||
Shares or Options | Date of Grant | ||||||||
Balance, December 31, 2011 | 698,507 | $ | 1,151,945 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 3,550,374 | 1,477,006 | |||||||
Shares – canceled | (50,000 | ) | (14,000 | ) | |||||
Balance, December 31, 2012 | 4,198,881 | $ | 2,614,951 | ||||||
Options – granted | - | - | |||||||
Options – canceled | - | - | |||||||
Shares – granted | 1,419,532 | 662,256 | |||||||
Shares – canceled | (- | ) | (- | ) | |||||
Balance, December 31, 2013 | 5,618,413 | $ | 3,277,207 | ||||||
Vested, December 31, 2013 | 5,101,746 | 3,023,732 | |||||||
Unvested, December 31, 2013 | 516,667 | $ | 253,475 |
Note_16_Income_Taxes_Tables
Note 16 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||
Current taxes | $ | 421,585 | $ | 732,663 | |||||
Deferred taxes | - | - | |||||||
$ | 421,585 | $ | 732,663 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
Year Ended December 31, 2013 | |||||||||
U.S. statutory rate | 34 | % | |||||||
Foreign income not recognized in the U.S. | -34 | % | |||||||
PRC enterprise income tax rate | 25 | % | |||||||
Effect of expenses not deductible for tax purposes | -2.6 | % | |||||||
Effect of valuation allowance on deferred income tax assets | -28.8 | % | |||||||
Effect of income tax rate difference under different tax jurisdictions | -5.1 | % | |||||||
Others | 0.1 | % | |||||||
Effective tax rate | -11.4 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
As of December 31, 2013 | |||||||||
Current deferred income tax assets | |||||||||
Write Down of Inventory | $ | 580,675 | |||||||
Operating cost of idle manufacturing facility | 63,520 | ||||||||
Accrued interests | 164,333 | ||||||||
808,528 | |||||||||
Less: valuation allowance, current portion | (660,432 | ) | |||||||
Total: | $ | 148,096 | |||||||
Non-current deferred income tax assets | |||||||||
Net operating loss carryforwards | 983,609 | ||||||||
Less: valuation allowance, non-current portion | (983,609 | ) | |||||||
Total | $ | - | |||||||
Current deferred income tax liabilities | |||||||||
Deferred taxable loss | (134,002 | ) | |||||||
Others | (14,094 | ) | |||||||
Total | $ | (148,096 | ) | ||||||
Reported as: | |||||||||
Deferred tax assets, net | $ | - |
Note_17_Concentrations_and_Cre1
Note 17 - Concentrations and Credit Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||
Net Sales | |||||||||
for the Year Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Customer A | 35.6 | % | 41.1 | % | |||||
Customer B | 15.9 | % | 17 | % | |||||
Customer C | 10.5 | % | - | % | |||||
62 | % | 58.1 | % | ||||||
Accounts Receivable | |||||||||
at | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Customer A | 33.8 | % | 96.5 | % | |||||
Customer B | 25.1 | % | - | % | |||||
Customer C | 18.3 | % | - | % | |||||
77.2 | % | 96.5 | % | ||||||
Schedule of Vendor Purchase Concentrations [Table Text Block] | ' | ||||||||
Net Purchases | |||||||||
for the Year Ended | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Vendor A | 39.4 | % | 21.2 | % | |||||
Vendor B | 31 | % | 50.8 | % | |||||
Vendor C | 10 | % | - | % | |||||
Vendor D | - | % | - | % | |||||
Vendor E | - | % | - | % | |||||
80.4 | % | 72 | % | ||||||
Accounts Payable | |||||||||
at | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Vendor A | 86 | % | 30 | % | |||||
Vendor B | - | % | 10 | % | |||||
86 | % | 40 | % |
Note_1_Organization_and_Operat1
Note 1 - Organization and Operations (Details) (USD $) | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 30 Months Ended | 6 Months Ended | ||||||
Aug. 12, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2008 | Jul. 27, 2008 | Apr. 06, 2007 | Dec. 01, 2008 | Aug. 12, 2008 | Jul. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2010 | Jun. 27, 2008 | |
Renewable Metals [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK 2 [Member] | |||||||
Note 1 - Organization and Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 29,876,327 | 20,319,698 | ' | 10,000,000 | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.00 | $0.00 | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Paid in Capital (in Dollars) | ' | $35,790,906 | $31,542,083 | ' | ' | $9,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | 100.00% | 69.70% | 100.00% | ' | 100.00% | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | 7,694,000 | ' | 7,694,000 | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 6,890,000 | ' | 6,890,000 | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Options Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 5,300,000 | 2,000,000 | 2,000,000 |
Investment Options, Exercise Price (in Dollars per share) | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.30 | $5 | $5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | 5,300,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | ' | $6,890,000 | ' | $6,890,000 | ' | ' | ' | ' |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 60 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2013 | Jul. 21, 2005 | Jul. 20, 2005 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Value Added Tax Rate | ' | ' | 13.00% | 17.00% | ' | ' |
Advertising Expense (in Dollars) | $5,478 | $150,000 | ' | ' | ' | ' |
Foreign Currency Exchange Rate, Translation | ' | ' | ' | ' | 8.11 | 8.28 |
Use Rights [Member] | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '50 years | ' | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' | ' | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Consolidation Information | 12 Months Ended |
Dec. 31, 2013 | |
Armco HK [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'Hong Kong SAR |
Date of Incorporation | 13-Jul-01 |
Attributable Interest | 100.00% |
Henan Armco [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 6-Jun-02 |
Attributable Interest | 100.00% |
Renewable Metals [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 9-Jan-07 |
Attributable Interest | 100.00% |
Lianyungang Armco [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 4-Jun-09 |
Attributable Interest | 100.00% |
Armco Shanghai [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Jurisdiction | 'PRC |
Date of Incorporation | 16-Jul-10 |
Attributable Interest | 100.00% |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Exchange Rates (RMB Into U.S. Dollars) | Jul. 21, 2005 | Jul. 20, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheet [Member] | Balance Sheet [Member] | Statement of Operations and Comprehensive Income (Loss) [Member] | Statement of Operations and Comprehensive Income (Loss) [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) - Exchange Rates (RMB Into U.S. Dollars) [Line Items] | ' | ' | ' | ' | ' | ' |
Financial Statement | 8.11 | 8.28 | 6.1122 | 6.3086 | 6.1943 | 6.3116 |
Note_3_Pledged_Deposits_Detail
Note 3 - Pledged Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Armco HK [Member] | ' | ' | ||
Note 3 - Pledged Deposits (Details) [Line Items] | ' | ' | ||
Notes, Loans and Financing Receivable, Net, Current | $5,993 | ' | ||
Renewable Metals [Member] | ' | ' | ||
Note 3 - Pledged Deposits (Details) [Line Items] | ' | ' | ||
Notes, Loans and Financing Receivable, Net, Current | 1,636,072 | ' | ||
Letters of Credit Outstanding, Amount | 2,517,621 | ' | ||
Pledged Assets, Not Separately Reported, Other | 490,823 | [1] | 475,541 | [1] |
Henan Armco [Member] | ' | ' | ||
Note 3 - Pledged Deposits (Details) [Line Items] | ' | ' | ||
Letters of Credit Outstanding, Amount | $2,113 | ' | ||
[1] | $490,823 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement matureson December 15, 2014. |
Note_3_Pledged_Deposits_Detail1
Note 3 - Pledged Deposits (Details) - Pledged Deposits (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ||
Total | $4,652,222 | $4,590,829 | ||
Armco HK [Member] | ' | ' | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ||
Letters of credit | 5,993 | [1] | 8,442 | [1] |
Total | 5,993 | 8,442 | ||
Renewable Metals [Member] | ' | ' | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ||
Letters of credit | 2,517,621 | [2] | 2,445,676 | [2] |
Deposit for capital lease obligation (iv) | 490,823 | [3] | 475,541 | [3] |
Total | 4,644,516 | 3,396,758 | ||
Bank acceptance notes payable (ii) | 1,636,072 | [4] | 475,541 | [4] |
Henan Armco [Member] | ' | ' | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ||
Letters of credit | 2,113 | [5] | 1,185,629 | [5] |
Total | $2,113 | $1,185,629 | ||
[1] | $5,993 is to be released to the Company when payment towards letters of credit matures on February 28, 2014. | |||
[2] | $2,517,621 is to be released to the Company for payment towards fulfilled letters of credit when those letters of credit matures ranging from February11, 2014 through April 8, 2014. | |||
[3] | $490,823 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement matureson December 15, 2014. | |||
[4] | $ 1,636,072 is to be released to the Company when the related banker's acceptance notes payable mature on March 27, 2014. | |||
[5] | $2,113 is to be released to the Company when payment towards letters of credit matures before December 31, 2014. |
Note_4_Marketable_Equity_Secur2
Note 4 - Marketable Equity Securities, Available for Sale (Details) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Aug. 12, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2012 | Dec. 31, 2011 | Dec. 29, 2011 | Apr. 20, 2010 | 8-May-12 | Jul. 19, 2010 | Jun. 08, 2010 | Jun. 08, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Apollo Minerals [Member] | Apollo Minerals [Member] | Apollo Minerals [Member] | Apollo Minerals [Member] | Apollo Minerals [Member] | Apollo Minerals [Member] | Estimate of Fair Value Measurement [Member] | ||
AUD | USD ($) | AUD | USD ($) | AUD | USD ($) | |||||||||
Note 4 - Marketable Equity Securities, Available for Sale (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.90% | 19.90% | ' | ' | ' |
Payments to Acquire Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,396,658 | ' | ' | ' | ' |
Subsidiary or Equity Method Investee, Cumulative Number of Shares Issued for All Transactions (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 29,250,000 | ' | ' | ' | ' | ' |
Minimum Stake Board Representation | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' |
Options to Purchase Common Stock, Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | ' | 5,618,413 | 4,198,881 | ' | ' | 698,507 | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' |
Investment Options, Exercise Price | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | 0.25 | ' | ' | ' |
Available-for-sale Securities, Gross Realized Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,180,000 | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | $0.28 | ' | ' | $6.95 | ' | ' | ' | ' | ' | 0.04 | ' |
Sale of Stock, Number of Shares Issued in Transaction (in Shares) | ' | ' | ' | ' | ' | ' | ' | 89,550,000 | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -380,000 | ' | ' |
Available-for-sale Securities | ' | 3,396,658 | 3,396,658 | ' | 3,396,658 | ' | ' | ' | ' | ' | ' | ' | ' | 519,129 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | ' | ($694,512) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_4_Marketable_Equity_Secur3
Note 4 - Marketable Equity Securities, Available for Sale (Details) - Fair Value of Marketable Securities, Available for Sale (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 4 - Marketable Equity Securities, Available for Sale (Details) - Fair Value of Marketable Securities, Available for Sale [Line Items] | ' | ' | ' |
Original cost | $3,396,658 | $3,396,658 | $3,396,658 |
Accumulated Foreign Currency Transaction Gain (Loss) | 4,852,433 | 3,484,570 | ' |
Other Comp. Loss - Change in Unrealized Loss | -694,512 | ' | ' |
Fair Value | 3,396,658 | 3,396,658 | 3,396,658 |
Net Loss: Impairment b other than temporary | ' | 386,941 | ' |
Other Comp. Loss - Change in Unrealized Loss | -694,512 | 797 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Note 4 - Marketable Equity Securities, Available for Sale (Details) - Fair Value of Marketable Securities, Available for Sale [Line Items] | ' | ' | ' |
Original cost | 519,129 | 1,213,641 | 1,636,742 |
Impairment b Other Than Temporary | -2,366,941 | -2,366,941 | -1,980,000 |
Accumulated Foreign Currency Transaction Gain (Loss) | 183,924 | 183,924 | 220,881 |
Other Comp. Loss - Change in Unrealized Loss | -694,512 | ' | -797 |
Fair Value | 519,129 | 1,213,641 | 1,636,742 |
Net Loss: Impairment b other than temporary | ' | -386,941 | ' |
Net Loss: Impairment b other than temporary | ' | -386,941 | ' |
Net Loss: Gain (loss) on foreign currency rate change | ' | -36,957 | ' |
Net Loss: Gain (loss) on foreign currency rate change | ' | -36,957 | ' |
Other Comp. Loss - Change in Unrealized Loss | -694,512 | 797 | ' |
Fair Value | ($694,512) | $797 | ' |
Note_5_Accounts_Receivable_Det
Note 5 - Accounts Receivable (Details) - Accounts Receivable (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable [Abstract] | ' | ' |
Accounts receivable | $25,638,666 | $15,742,540 |
Allowance for doubtful accounts | -43,150 | -43,150 |
$25,595,516 | $15,699,390 |
Note_6_Inventories_Details
Note 6 - Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 6 - Inventories (Details) [Line Items] | ' | ' |
Inventory, Work in Process, Gross | $0 | $0 |
Inventory Adjustments | 2,291,915 | ' |
Inventory Valuation and Obsolescence [Member] | ' | ' |
Note 6 - Inventories (Details) [Line Items] | ' | ' |
Inventory Adjustments | 0 | 0 |
Lower of Cost or Market [Member] | ' | ' |
Note 6 - Inventories (Details) [Line Items] | ' | ' |
Inventory Adjustments | $2,291,915 | ' |
Note_6_Inventories_Details_Inv
Note 6 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Abstract] | ' | ' |
Raw materials b scrap metal | $4,390,811 | ' |
Finished goods b processed scrap metal | 12,421,088 | ' |
Purchased merchandise for resale | 5,936,936 | ' |
Write-down of inventories | -2,291,915 | ' |
$20,456,920 | $13,378,445 |
Note_7_Property_Plant_and_Equi2
Note 7 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | ' |
Interest Costs Capitalized | $0 | $0 |
Depreciation, Depletion and Amortization | 2,847,606 | 2,742,995 |
Impairment of Long-Lived Assets Held-for-use | $0 | ' |
Note_7_Property_Plant_and_Equi3
Note 7 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property Plant and Equipment | $44,856,611 | $43,319,218 | ||
Less accumulated depreciation (ii) | -9,360,933 | [1] | -6,284,162 | [1] |
35,495,678 | 37,035,056 | |||
Building and Building Improvements [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '20 years | [2] | ' | |
Property Plant and Equipment | 25,054,912 | [2] | 24,175,794 | [2] |
Construction in Progress [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property Plant and Equipment | 4,706,875 | 4,560,340 | ||
Machinery and Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '7 years | ' | ||
Property Plant and Equipment | 12,588,003 | 12,193,408 | ||
Vehicles [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '5 years | ' | ||
Property Plant and Equipment | 2,152,379 | 2,048,305 | ||
Office Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property Plant and Equipment | $354,442 | $341,371 | ||
Office Equipment [Member] | Minimum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '5 years | ' | ||
Office Equipment [Member] | Maximum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '8 years | ' | ||
Minimum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '5 years | ' | ||
Maximum [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Estimated Useful Life | '20 years | ' | ||
[1] | Depreciation expense was $2,847,606 and $2,742,995 for the years ended December 31, 2013 and 2012, respectively. | |||
[2] | The Company did not capitalize any of interest to fixed assets for the year ended December 31, 2013 or 2012. |
Note_8_Land_Use_Rights_Details
Note 8 - Land Use Rights (Details) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2007 | Sep. 28, 2007 | Apr. 13, 2011 | Sep. 02, 2010 | Dec. 31, 2011 | Sep. 02, 2010 | Dec. 31, 2013 | |
USD ($) | USD ($) | Renewable Metals [Member] | Renewable Metals [Member] | Lianyungang Armco [Member] | Lianyungang Armco [Member] | Lianyungang Armco [Member] | Lianyungang Armco [Member] | Use Rights [Member] | |
Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | CNY | ||||
CNY | CNY | CNY | CNY | CNY | |||||
sqm | sqm | sqm | |||||||
Note 8 - Land Use Rights (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets Acquired | ' | ' | ' | 14,384,002 | 16,320,000 | 40,800,000 | ' | ' | ' |
Area of Land (in Square Meters) | ' | ' | ' | 129,585.60 | 100,045 | 199,999 | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | '50 years | '50 years | ' | ' | ' | '50 years |
Finite-Lived Intangible Assets, Cost Incurred to Renew or Extend | ' | ' | 1,076,300 | ' | 900,067 | ' | ' | ' | ' |
Deposits Assets | ' | ' | ' | ' | ' | ' | ' | 8,160,000 | ' |
Construction in Progress, Gross | ' | ' | ' | ' | ' | ' | 20,674,830 | ' | ' |
Amortization of Intangible Assets (in Dollars) | $145,499 | $49,766 | ' | ' | ' | ' | ' | ' | ' |
Note_8_Land_Use_Rights_Details1
Note 8 - Land Use Rights (Details) - Land Use Rights (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Land use right | $6,681,779 | $6,473,761 |
Accumulated amortization | -416,478 | -260,897 |
Total | 6,265,301 | 6,212,864 |
Renewable Metals [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Land use right | 2,529,417 | 2,450,671 |
Accumulated amortization | -416,478 | -260,897 |
Total | 211,939 | 2,189,774 |
Lianyungang Armco [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Land use right | 4,152,362 | 4,023,090 |
Total | $4,152,362 | $4,023,090 |
Note_9_Loans_and_Convertible_N2
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | $27,415,638 | $19,109,930 |
Armco HK [Member] | RZB Hong Kong [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 504,248 | 585,113 |
Armco HK [Member] | DBS Hong Kong [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 2,602,115 | 5,599,314 |
Armco HK [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 3,106,363 | 6,184,427 |
Renewable Metals [Member] | Bank of Communications Lianyungang [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 1,963,286 | 4,755,413 |
Renewable Metals [Member] | Bank of China Lianyungang [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 8,180,361 | 7,925,689 |
Renewable Metals [Member] | Non-interest Bearing [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 229,050 | ' |
Renewable Metals [Member] | Loan Payable [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 3,503,379 | ' |
Renewable Metals [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 13,876,076 | 12,681,102 |
Henan Armco [Member] | Guangdong Development Bank [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | ' | 244,401 |
Henan Armco [Member] | ICBC Bank [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 2,755,926 | ' |
Henan Armco [Member] | Guanhutun Credit Union [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 163,607 | ' |
Henan Armco [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 5,999,957 | ' |
Henan Armco [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 8,919,490 | 244,401 |
Armco Metals Holdings [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 1,050,000 | ' |
Armco Metals Holdings [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable [Line Items] | ' | ' |
Loans payable | 1,513,709 | ' |
Convertible notes payable, net of discount, with interest at 4-8% per annum, maturing from June 25, 2014 through November 2014 and converted to shares in February 2014 | $463,709 | ' |
Note_9_Loans_and_Convertible_N3
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Armco HK [Member] | RZB Hong Kong [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5, basis points abovP5 cost of funds | 2.00% | 2.00% |
Armco HK [Member] | DBS Hong Kong [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 3.47% | 3.47% |
Renewable Metals [Member] | Bank of Communications Lianyungang [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5, basis points abovP5 cost of funds | 1.20% | 1.20% |
IntP5rP5st ratP5 | 7.20% | 7.20% |
Renewable Metals [Member] | Bank of China Lianyungang [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 6.60% | 6.60% |
Renewable Metals [Member] | Non-interest Bearing [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | 8.00% |
Renewable Metals [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 6.00% | ' |
Henan Armco [Member] | Guangdong Development Bank [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | ' | 6.50% |
Henan Armco [Member] | ICBC Bank [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 2.47% | ' |
Henan Armco [Member] | Guanhutun Credit Union [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 9.60% | ' |
Henan Armco [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | ' |
Armco Metals Holdings [Member] | Temporary Short Term Loan [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | ' |
Armco Metals Holdings [Member] | Minimum [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 4.00% | ' |
Armco Metals Holdings [Member] | Maximum [Member] | ' | ' |
Note 9 - Loans and Convertible Note Payable (Details) - Loans Payable (Parentheticals) [Line Items] | ' | ' |
IntP5rP5st ratP5 | 8.00% | ' |
Note_10_Bankers_Acceptance_Not2
Note 10 - Banker's Acceptance Notes Payable and Letters of Credit (Details) - Bankerbs Acceptance Notes Payable (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $8,473,217 | $8,624,734 |
Bankers Acceptance [Member] | Renewable Metals [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | 3,272,144 | 3,867,736 |
Bankers Acceptance [Member] | Henan Armco [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | ' | 1,585 |
Letter of Credit [Member] | Renewable Metals [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $5,201,073 | $4,755,413 |
Note_11_Related_Party_Transact2
Note 11 - Related Party Transactions (Details) | Dec. 31, 2013 | Jan. 01, 2006 | Mar. 29, 2013 | Dec. 31, 2013 | Mar. 29, 2013 | Mar. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 01, 2006 |
USD ($) | Monthly Payment [Member] | Notes Payable, Other Payables [Member] | Chairman, CEO and Significant Stockholders [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | Operating Lease From Related Party [Member] | |
Operating Lease From Related Party [Member] | Chief Executive Officer [Member] | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | sqm | ||
CNY | |||||||||||
Note 11 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties | $403,141 | ' | ' | $668,332 | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Related Parties | ' | ' | ' | ' | 1,000,000 | 6,300,000 | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land (in Square Meters) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176.37 |
Operating Leases, Rent Expense | ' | 10,000 | ' | ' | ' | ' | 19,300 | 120,000 | 19,022 | 120,000 | ' |
Operating Leases, Future Minimum Payments Due | ' | ' | ' | ' | ' | ' | $19,600 | 120,000 | ' | ' | ' |
Note_11_Related_Party_Transact3
Note 11 - Related Party Transactions (Details) - Due to Other Related Parties (USD $) | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' |
Due to Related Parties | $403,141 |
Keli Yao [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Related Parties | 116,828 |
Yi Chu [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Related Parties | $286,313 |
Note_12_Capital_Lease_Obligati2
Note 12 - Capital Lease Obligation (Details) - Capital Lease Obligation (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease obligation | $904,990 | $4,365,251 |
Less current maturities | -904,990 | -2,615,296 |
Capital lease obligation, net of current maturities | ' | 1,749,955 |
Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease obligation | 336,065 | 819,659 |
Less current maturities | -336,065 | -819,659 |
Other Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital lease obligation | 568,925 | 3,545,592 |
Less current maturities | -568,925 | -1,795,637 |
Capital lease obligation, net of current maturities | ' | $1,749,955 |
Note_12_Capital_Lease_Obligati3
Note 12 - Capital Lease Obligation (Details) - Capital Lease Obligation (Parentheticals) (CNY) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Interest Rate | 11.00% | 11.00% |
Other Machinery and Equipment [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Interest Rate | 11.00% | 11.00% |
Principal and Interest (in Yuan Renminbi) | 3,609,102 | 3,609,102 |
Note_13_Derivative_Instruments2
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Jan. 28, 2013 | Apr. 30, 2010 | Jan. 30, 2009 | Aug. 08, 2008 | 31-May-10 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Jan. 31, 2013 | Dec. 20, 2012 | Jun. 30, 2010 | Apr. 20, 2010 | Feb. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 04, 2014 | Jan. 13, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 08, 2008 | Sep. 30, 2013 | Jan. 11, 2013 | Jun. 30, 2010 | Dec. 31, 2013 | Apr. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2013 | Apr. 30, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Apr. 20, 2010 | Aug. 08, 2008 | Aug. 08, 2008 | Aug. 11, 2008 | Apr. 20, 2010 | Aug. 08, 2008 | Apr. 30, 2010 | Jul. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Nov. 08, 2013 | Dec. 31, 2013 | Jun. 30, 2010 | Jan. 08, 2013 | Nov. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Filing S-1 Within 45 Days of Note Date [Member] | Filing S-1 Within 120 Days of Note Date [Member] | Right to Require Purchase on 10th Trading Day After Registration Statement or Additional Closing Date [Member] | Variable Conversion Base Price Less Than or Equal to $0.45 [Member] | Variable Conversion Base Price Greater Than $0.45 [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Target Price [Member] | Target Price [Member] | Remaining Derivative Warrants [Member] | Remaining Derivative Warrants [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 2 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Volatility Period 1 [Member] | Volatility Period 2 [Member] | Volatility Period 3 [Member] | Volatility Period 4 [Member] | Volatility Period 5 [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrants 2008 [Member] | Two Investors [Member] | Hanover Holdings I, LLC [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||
Filing S-1 Within 120 Days of Note Date [Member] | Convertible Notes Payable [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Hanover Holdings I, LLC [Member] | Minimum [Member] | Maximum [Member] | Investors [Member] | Brokers [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | 1,031,715 | ' | ' | ' | ' | ' | ' | 167,740 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,180,210 | 1,031,715 | 1,324,346 | 12,180,210 | ' | ' | 1,615,387 | ' | ' | ' | ' | ' | ' | 2,486,649 | 242,264 | ' | 1,538,464 | 2,728,913 | ' | 100,000 | ' | 1,031,715 | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 0.5 | ' | 5 | ' | 5 | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.25 | 7.5 | ' | ' | ' | ' | 5 | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 5 | 7.5 | 5 | ' | ' | ' | ' | 5 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | $5,097,404 | ' | ' | $662,256 | $1,477,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | $1,523,277 | ' | ' | $1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Warrants | ' | ' | ' | ' | 6,896,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | ' | 21,229 | ' | ' | 1,292,227 | ' | 623,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,665,011 | ' | ' | 210,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | ' | 6,629,036 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 3,242,712 | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.134 | 1,538,464 | 1.745 | ' | 22.9 | 24.87 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | $0.50 | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability Write-off | ' | ' | ' | ' | ' | 10,179 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | ' | 13,806 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,570,371 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities | ' | 69,030 | ' | ' | ' | ' | 816,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,621,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,571 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | 10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued (in Shares) | ' | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Management Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 579,316 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | ' | 76,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,242,712 | ' | ' | ' | ' | ' | ' | ' |
Professional Fees | ' | ' | ' | ' | ' | ' | 512,474 | 278,502 | 97,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | ' | $6.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | ' | $0.45 | $0.31 | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.00% | 134.00% | 155.00% | 167.00% | 182.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | ' | 2,483,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | 500,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Convertible Notes Payable, Reduction Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Conversion Base Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Probability of Default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Probability of Default Monthly Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Raising Event | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Market Generating Dilutive Reset Events | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market Generating Dilutive Reset Events Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.26 |
Percentage of Debt Instrument Redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Debt Instrument Redemption Monthly Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Current | ' | ' | ' | ' | ' | ' | $61,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,429 | $61,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_13_Derivative_Instruments3
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Fair Value of Derivative Warrants Assumptions | 0 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | |
Aug. 08, 2008 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 20, 2010 | ||
Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2008 [Member] | Warrants 2010 [Member] | ||
Black-Scholes [Member] | Lattice [Member] | Lattice [Member] | Black-Scholes [Member] | ||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Fair Value of Derivative Warrants Assumptions [Line Items] | ' | ' | ' | ' | |
Expected life (year) | '5 years | '29 days | '1 year | '5 years | |
Expected volatility (*) | 89.00% | [1] | 57.00% | 75.00% | 182.00% |
Risk-free interest rate | 3.23% | 0.02% | 0.19% | 2.56% | |
Expected annual rate of quarterly dividends | 0.00% | 0.00% | 0.00% | 0.00% | |
[1] | Expected volatility is based on historical volatility of the Company's common stock. The Company currently has no reason to believe future volatility over the expected life of these warrants is likely to differ materially from its historical volatility. The risk-free interest rate is based on a yield curve of U.S. treasury interest rates on the date of grant based on the expected term of the warrant. Expected annual rate of quarterly dividends is based on the Company's dividend history and anticipated dividend policy. |
Note_13_Derivative_Instruments4
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Summary of the Fair Value of the Remaining Derivative Warrant Liability (Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Summary of the Fair Value of the Remaining Derivative Warrant Liability [Line Items] | ' | ' |
Balance | ($306,708) | ($203) |
Purchases, issuances and settlements | -623,809 | ' |
Net income (loss) | 930,517 | -360,505 |
Balance | ' | -306,708 |
Warrant [Member] | ' | ' |
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Summary of the Fair Value of the Remaining Derivative Warrant Liability [Line Items] | ' | ' |
Balance | -306,708 | -203 |
Purchases, issuances and settlements | -623,809 | ' |
Net income (loss) | 930,517 | -306,505 |
Balance | ' | ($306,708) |
Note_13_Derivative_Instruments5
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Derivative Warrant Activity (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
31-May-10 | Apr. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2010 | |
Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Non-Derivative Financial Instruments, Liabilities [Member] | Non-Derivative Financial Instruments, Liabilities [Member] | ||||||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Derivative Warrant Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative warrant at December 31, 2011 | ' | ' | 1,218,021 | ' | 1,218,021 | 186,306 | 186,306 | 1,031,715 | 1,031,715 |
Derivative warrant at December 31, 2011 (in Dollars) | ' | ' | ($306,708) | ' | ($203) | ' | ' | ' | ' |
Derivative warrant at December 31, 2011 (in Dollars) | ' | ' | -929,883 | 306,505 | -137,940 | ' | ' | ' | ' |
Fair Value of Derivative Warrants, Mark to market (in Dollars) | ' | ' | 930,517 | -306,505 | ' | ' | ' | ' | ' |
(Gain) Loss Change in Fair Value of Derivative Liability, Mark to market (in Dollars) | ' | ' | -930,517 | 306,505 | ' | ' | ' | ' | ' |
Warrants expired | ' | ' | 12,180,210 | ' | ' | 12,180,210 | ' | ' | ' |
Derivative warrant at December 31 | ' | ' | ' | 1,218,021 | ' | ' | 186,306 | ' | 1,031,715 |
Fair Value of Derivative warrant at December 31 (in Dollars) | ' | ' | ' | -306,708 | ' | ' | ' | ' | ' |
(Gain) Loss Change in Fair Value of Derivative Liability at December 31 (in Dollars) | ' | ' | -929,883 | 306,505 | -137,940 | ' | ' | ' | ' |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature | ' | ' | ' | ' | ' | 1,031,715 | ' | -1,031,715 | ' |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature (in Dollars) | ' | ' | -623,809 | ' | ' | ' | ' | ' | ' |
Reclassification of warrants to purchase 1,031,715 common shares from additional paid-in capital to derivative liability at January 11, 2013 to reflect the re-instatement of the derivative feature (in Dollars) | $1,292,227 | $21,229 | $623,809 | ' | ' | ' | ' | ' | ' |
Increased number of warrant shares per Amendment No. 2 to the Subscription Agreement and Common Stock Purchase Warrant ("2008 Unit Offering Agreement") dated July 2008 and Amendment No. 1 to 2008 Unit Offering Agreement upon completion of January 2013 Offering. | ' | ' | 10,962,189 | ' | ' | 10,962,189 | ' | ' | ' |
Note_13_Derivative_Instruments6
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Non-Derivative Warrant Activities (USD $) | Jun. 30, 2010 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | Warrants 2010 [Member] | |||
Earned and Exercisable [Member] | Earned and Exercisable [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||||
Weighted Average [Member] | ||||||||||
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Non-Derivative Warrant Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrant Shares (in Shares) | 167,740 | 1,031,715 | ' | ' | 1,615,387 | 1,615,387 | ' | ' | ' | ' |
Exercise Price Per Share | ' | ' | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 |
Number of Warrant Shares (in Shares) | 167,740 | 1,031,715 | 1,615,387 | ' | ' | 1,615,387 | 1,615,387 | ' | ' | ' |
Exercise Price Per Share | ' | ' | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 | $7.50 |
Note_13_Derivative_Instruments7
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Outstanding and Exercisable Warrants (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Exercise Price $7.50 [Member] | Warrant [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Warrants Outstanding (in Shares) | 1,615,387 |
Warrants Outstanding, Average Remaining Contractual Life | '1 year 109 days |
Warrants Outstanding, Weighted Average Exercise Price | $7.50 |
Warrants Exercisable (in Shares) | 1,615,387 |
Warrants Exercisable, Average Remaining Contractual Life | '1 year 109 days |
Warrants Exercisable, Weighted Average Exercise Price | $7.50 |
Exercise Price $7.50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Limit | $7.50 |
Exercise Price Upper limit | $7.50 |
Exercise Price | $7.50 |
Exercise Price $0.50 - $7.50 [Member] | Warrant [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Warrants Outstanding (in Shares) | 1,615,387 |
Warrants Outstanding, Average Remaining Contractual Life | '1 year 109 days |
Warrants Outstanding, Weighted Average Exercise Price | $7.50 |
Warrants Exercisable (in Shares) | 1,615,387 |
Warrants Exercisable, Average Remaining Contractual Life | '1 year 109 days |
Warrants Exercisable, Weighted Average Exercise Price | $7.50 |
Exercise Price $0.50 - $7.50 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Limit | $0.50 |
Exercise Price Upper limit | $0.50 |
Exercise Price | $0.50 |
Exercise Price $0.50 - $7.50 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Lower Limit | $7.50 |
Exercise Price Upper limit | $7.50 |
Exercise Price | $7.50 |
Note_13_Derivative_Instruments8
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Convertible Note Volatility (Convertible Notes Payable [Member]) | 0 Months Ended | 1 Months Ended |
Nov. 08, 2013 | Dec. 31, 2013 | |
Convertible Notes Payable [Member] | ' | ' |
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Convertible Note Volatility [Line Items] | ' | ' |
Volatility rate | 99.00% | 100.00% |
Note_13_Derivative_Instruments9
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Change of Fair Value of Derivative Debt Liabilities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Change of Fair Value of Derivative Debt Liabilities [Line Items] | ' | ' |
To record derivative liability as debt discount | $60,795 | ' |
Change in fair value of derivative liability | 930,517 | -306,505 |
Balance | 61,429 | ' |
Derivative [Member] | ' | ' |
Note 13 - Derivative Instruments and the Fair Value of Financial Instruments (Details) - Change of Fair Value of Derivative Debt Liabilities [Line Items] | ' | ' |
Change in fair value of derivative liability | $634 | ' |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 7 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 21, 2011 | Dec. 31, 2013 | Dec. 21, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Dec. 21, 2011 | Apr. 13, 2012 | Apr. 13, 2012 | Jun. 24, 2011 | Sep. 10, 2013 | Sep. 10, 2013 | Jun. 08, 2013 | Jun. 08, 2013 | Jun. 18, 2012 | Jun. 18, 2012 | Sep. 19, 2012 | Sep. 19, 2012 | Dec. 31, 2013 | Mar. 15, 2013 | Mar. 15, 2013 | Jul. 24, 2012 | Jul. 24, 2012 | Jul. 31, 2011 | Jul. 31, 2011 | Dec. 31, 2013 | Jul. 16, 2012 | Jul. 16, 2012 | Dec. 31, 2013 | Dec. 21, 2011 | Nov. 13, 2012 | Jan. 02, 2012 | Feb. 08, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2011 | |
USD ($) | Commission [Member] | Opening Commission [Member] | Opening Commission [Member] | Balance Outstanding [Member] | Balance Outstanding [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Henan Armco [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Armco Shanghai [Member] | Armco Shanghai [Member] | Armco Metals Holdings [Member] | DBS Hong Kong [Member] | RZB Hong Kong [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Commission [Member] | ||
DBS Hong Kong [Member] | Each Issuance [Member] | DBS Hong Kong [Member] | Each Issuance [Member] | DBS Hong Kong [Member] | USD ($) | CNY | Per Metric Ton Scrap Metal [Member] | ICBC Bank [Member] | ICBC Bank [Member] | ICBC Bank [Member] | ICBC Bank [Member] | China CITIC Bank [Member] | China CITIC Bank [Member] | Guangdong Development Bank [Member] | Guangdong Development Bank [Member] | USD ($) | Bank of China Lianyungang [Member] | Bank of China Lianyungang [Member] | Shanghai Pudong Development Banks [Member] | Shanghai Pudong Development Banks [Member] | Bank of Communications Lianyungang [Member] | Bank of Communications Lianyungang [Member] | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | RZB Hong Kong [Member] | |||||
DBS Hong Kong [Member] | USD ($) | DBS Hong Kong [Member] | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | $84,900,199 | ' | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | 20,000,000 | $4,800,000 | 30,000,000 | $6,500,000 | 40,000,000 | $12,600,000 | 78,000,000 | $27,486,011 | $8,100,000 | 50,000,000 | $2,400,000 | 15,000,000 | $11,700,000 | 72,000,000 | $22,414,188 | ' | ' | ' | $20,000,000 | $15,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.00% | ' | ' | ' | ' | ' | ' |
Export Bill Collection Commission | ' | ' | 12.50% | ' | 25.00% | 6.25% | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% |
Line of Credit Facility, Amount Outstanding | ' | 20,838,080 | ' | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,644,937 | ' | ' | ' | ' | ' | ' | 13,579,399 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledged Deposits | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
undefined | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120.00% | 120.00% | ' | ' | ' | 120.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.87% | 7.87% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral Letters of Credit at Sight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral Other Domestic Letters of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166.00% | 166.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, Wages and Officers' Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 275,000 | 250,000 | ' |
Bonus Percentage of Base Salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,960 | 656,357 | 4,004 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due (in Yuan Renminbi) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Leasing Costs | ' | ' | ' | ' | ' | ' | ' | $159,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Uncommitted Trade Credit Facilities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Line of Credit Facility [Line Items] | ' | |
Total Facilities | $84,900,199 | |
Facilities Used | 20,838,080 | |
Facilities Available | 64,062,121 | |
Armco HK [Member] | DBS Hong Kong [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 21-Oct-14 | [1] |
Total Facilities | 20,000,000 | [1] |
Facilities Used | 4,043,744 | [1] |
Facilities Available | 15,956,256 | [1] |
Armco HK [Member] | RZB Beijing [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 28-Feb-14 | [2] |
Total Facilities | 15,000,000 | [2] |
Facilities Used | 570,000 | [2] |
Facilities Available | 14,430,000 | [2] |
Armco HK [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Facilities | 35,000,000 | |
Facilities Used | 4,613,744 | |
Facilities Available | 30,386,256 | |
Henan Armco [Member] | Bank of China Lianyungang [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 23-May-14 | [3] |
Total Facilities | 4,908,216 | [3] |
Facilities Used | ' | [3] |
Facilities Available | 4,908,216 | [3] |
Henan Armco [Member] | China CITIC Bank [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 31-May-14 | [4] |
Total Facilities | 6,544,288 | [4] |
Facilities Used | ' | [4] |
Facilities Available | 6,544,288 | [4] |
Henan Armco [Member] | ICBC Bank [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 9-Sep-14 | [5] |
Total Facilities | 3,272,144 | [5] |
Facilities Used | 2,644,937 | [5] |
Facilities Available | 627,208 | [5] |
Henan Armco [Member] | Guangdong Development Bank [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 10-Jan-14 | [6] |
Total Facilities | 12,761,363 | [6] |
Facilities Used | ' | [6] |
Facilities Available | 12,761,363 | [6] |
Henan Armco [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Facilities | 27,486,011 | |
Facilities Used | 2,644,937 | |
Facilities Available | 24,841,075 | |
Renewable Metals [Member] | Bank of China Lianyungang [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 27-Dec-15 | [7] |
Total Facilities | 8,180,361 | [7] |
Facilities Used | 8,180,361 | [7] |
Facilities Available | ' | [7] |
Renewable Metals [Member] | Shanghai Pudong Development Banks [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 25-Aug-14 | [8] |
Total Facilities | 2,454,108 | [8] |
Facilities Used | 2,454,108 | [8] |
Facilities Available | ' | [8] |
Renewable Metals [Member] | Bank of Communications Lianyungang [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Date of Expiration | 8-Feb-14 | [9] |
Total Facilities | 11,779,719 | [9] |
Facilities Used | 2,944,930 | [9] |
Facilities Available | 8,834,790 | [9] |
Renewable Metals [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Facilities | 22,414,188 | |
Facilities Used | 13,579,399 | |
Facilities Available | $8,834,790 | |
[1] | On December 21, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company's purchase of metal ore. The Company pays interest at LIBOR or DBS Bank's cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 12.5% of the first $50,000 and 6.25% of the balance and an opening commission of 25% on the first $50,000 and 6.25% of the balance for each issuance. Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore. The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower's restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company's letter of comfort and the guarantee of Mr. Yao. | |
[2] | On November 13, 2012, Armco HK entered into Amendment No. 3 to the March 25, 2009 uncommitted Trade Finance Facility with RZB Austria Finance (Hong Kong) Limited. The amendment provides for the issuance of $15,000,000 of commercial letters of credit in connection with the purchase of metal ore, an increase of $5,000,000 over the amounts provided for in the March 25, 2010 facility. The Company pays interest at 200 basis points per annum plus the lender's cost of funds per annum on issued letters of credit in addition to fees upon issuance of the letter of credit of 6.25% for issuance commissions, negotiation commissions, commission-in-lieu and collection commissions. Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore. The lender may, however, terminate the facility at any time or at its sole discretion upon the occurrence of any event which causes a material market disruption in respect of unusual movement in the level of funding costs to the lender or the unusual loss of liquidity in the funding market. The lender has the sole discretion to decide whether or not such event has occurred. The facility is secured by restricted cash deposits held by the lender, the personal guarantee of Mr. Yao, the Company's guarantee, and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore. | |
[3] | On June 8, 2013, Henan Armco obtained a RMB 30,000,000 (approximately $4.8 million) line of credit from Bank of China for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring May 23, 2014. The facility is secured by the guarantee provided by Renewable Metals and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | |
[4] | On June 18, 2012, Henan Armco obtained a RMB 40,000,000 (approximately $6.5 million) line of credit from China Citic Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao. | |
[5] | On September 10, 2013, Henan Armco obtained a RMB 20,000,000 (approximately $3.2 million) line of credit from ICBC, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Yao. | |
[6] | On September 19, 2012, Henan Armco obtained a RMB 78,000,000 (approximately $12.6 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore. The Company pays interest at 120% of the applicable base rate for lending published by the People's Bank of China ("PBC") at the time the loan is made on issued letters of credit. The facility is secured by the guarantee provided by Mr. Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. | |
[7] | On March 15, 2013, Renewable Metals entered into a line of credit facility in the amount of RMB50, 000,000 (approximately $8.1 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The facility is expiring December 27, 2015 with interest at 7.872% per annum. The facility is secured by Renewable metals' properties, machinery and equipment and land use rights, and guaranteed by Mr. Yao, Ms. Yi Chu, and Henan Armco. | |
[8] | On July 24, 2012, Renewable Metals entered into a line of credit facility in the amount of RMB 15,000,000 (approximately $2.4 million) from Shanghai Pudong Development Bank for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People's Bank of China ("PBOC") at the time the loan is drawn down per annum. The facility is secured by Armco machinery's land use right and guarantees provided Mr. Yao and Ms. Yi Chu. | |
[9] | On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.7 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Yao. |
Note_14_Commitments_and_Contin4
Note 14 - Commitments and Contingencies (Details) - Future Minimum Payments Under Non-Cancelable Operating Lease (USD $) | Dec. 31, 2013 |
Armco Shanghai Office [Member] | ' |
Note 14 - Commitments and Contingencies (Details) - Future Minimum Payments Under Non-Cancelable Operating Lease [Line Items] | ' |
2014 | $62,641 |
San Mateo Office [Member] | ' |
Note 14 - Commitments and Contingencies (Details) - Future Minimum Payments Under Non-Cancelable Operating Lease [Line Items] | ' |
$62,641 |
Note_15_Stockholders_Equity_De
Note 15 - Stockholders' Equity (Details) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 9 Months Ended | 16 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 10 Months Ended | 3 Months Ended | 4 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 10 Months Ended | 1 Months Ended | 3 Months Ended | 10 Months Ended | 3 Months Ended | 4 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 4 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 30 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nov. 05, 2013 | Jul. 02, 2013 | Nov. 12, 2012 | Aug. 11, 2008 | Aug. 08, 2008 | Aug. 12, 2008 | Jan. 28, 2013 | Jul. 30, 2012 | 19-May-11 | Apr. 30, 2010 | Aug. 08, 2008 | Jul. 31, 2008 | Dec. 20, 2012 | Dec. 15, 2011 | Jul. 13, 2012 | Jun. 27, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Sep. 30, 2013 | Jan. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2010 | 31-May-10 | Apr. 20, 2010 | Oct. 26, 2009 | Jan. 30, 2009 | Sep. 30, 2008 | Jul. 27, 2008 | Apr. 06, 2007 | Dec. 31, 2008 | Dec. 31, 2008 | Jan. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 08, 2012 | Oct. 26, 2009 | Jun. 30, 2013 | Dec. 31, 2013 | 2-May-13 | Sep. 10, 2011 | 3-May-13 | Sep. 30, 2012 | 4-May-12 | Sep. 30, 2013 | 14-May-14 | 3-May-13 | Aug. 11, 2008 | Apr. 20, 2010 | Aug. 08, 2008 | Apr. 30, 2010 | Jul. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Jun. 11, 2010 | Jun. 11, 2010 | Jun. 11, 2010 | Jun. 11, 2010 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 13, 2012 | Apr. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 20, 2010 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Feb. 08, 2012 | Oct. 26, 2009 | Sep. 16, 2010 | 2-May-13 | 3-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Jan. 02, 2012 | Oct. 22, 2013 | Feb. 08, 2012 | Oct. 26, 2009 | Oct. 26, 2009 | Oct. 28, 2013 | Oct. 26, 2009 | Dec. 31, 2012 | Oct. 26, 2009 | Dec. 31, 2010 | Sep. 30, 2010 | Jun. 30, 2010 | Mar. 31, 2010 | Sep. 16, 2010 | 2-May-13 | Sep. 10, 2011 | Mar. 10, 2011 | Oct. 05, 2010 | Jul. 30, 2012 | Feb. 06, 2012 | Jan. 25, 2011 | Dec. 15, 2011 | Mar. 29, 2011 | 4-May-12 | Dec. 15, 2011 | 4-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 16, 2011 | 4-May-12 | Dec. 31, 2012 | Dec. 15, 2011 | Dec. 31, 2012 | 3-May-13 | Aug. 12, 2008 | Jul. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2008 | Sep. 30, 2008 | Jun. 27, 2010 | Jun. 25, 2010 | Apr. 12, 2010 | Jun. 25, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Broker Commissions [Member] | Management Fees [Member] | Subscription Agreements [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Yao [Member] | Board of Directors Chairman [Member] | Renewable Metals [Member] | Renewable Metals [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | Chaoyang Steel [Member] | All Bright Law Offices [Member] | All Bright Law Offices [Member] | All Bright Law Offices [Member] | All Bright Law Offices [Member] | Broad Max Holding [Member] | Broad Max Holding [Member] | Broad Max Holding [Member] | Broad Max Holding [Member] | Hebang {Member] | Hebang {Member] | Hebang {Member] | Hebang {Member] | Rodman & Renshaw [Member] | CD International Enterprise Inc [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Quarterly [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Loan Gurantee Expense [Member] | Legal Expenses [Member] | Consulting Fees [Member] | Consulting Fees [Member] | Consulting Fees [Member] | Termination of Leasing Agreement [Member] | Lease Expense [Member] | Lease Expense [Member] | Facility Leasing Expenses [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Non-affiliated Investor [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Thomson [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director 2 [Member] | Director 2 [Member] | Shen [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Armco HK [Member] | Yao Purchase of Gao Option [Member] | Yao Purchase of Gao Option [Member] | Yao Purchase of Gao Option [Member] | Restated 2009 Stock Incentive Plan [Member] | Less Than One Year [Member] | Greater than One Year [Member] | |||||||||||||
Private Placement [Member] | Private Placement [Member] | USD ($) | Yao [Member] | Yao [Member] | Yao [Member] | Yao [Member] | Thomson [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Chan [Member] | Director [Member] | Director [Member] | Director [Member] | Shen [Member] | Shen [Member] | Shen [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Chaoyang Steel [Member] | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | Consulting Fees [Member] | Financing Cost [Member] | Yao [Member] | Yao [Member] | Chan [Member] | Chan [Member] | Shen [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Per Quarter [Member] | Per Quarter [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note 15 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common and Preferred Stock, Par Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | 74,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,876,327 | 20,319,698 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,694,000 | ' | 7,694,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,890,000 | ' | $6,890,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69.70% | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Options Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 5,300,000 | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Options, Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $1.30 | $5 | $5 | $5 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | 5,300,000 | ' | ' | ' | 400,000 | 1,000,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,890,000 | ' | 6,890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' |
Debt Instrument, Decrease, Forgiveness (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 500,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement (in Dollars) | ' | ' | ' | 40,200 | 523,500 | ' | ' | ' | ' | ' | ' | 6,896,229 | ' | ' | ' | ' | ' | ' | 7,459,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | 3,242,712 | ' | ' | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.134 | 1,538,464 | 1.745 | ' | 22.9 | 24.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.95 | ' | ' | ' | ' | ' | ' | ' | ' | $3.28 | ' | ' | $0.50 | $3.28 | ' | ' | $0.33 | $3.12 | ' | ' | $0.69 | ' | ' | $0.39 | ' | ' | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.43 | $0.50 | ' | ' | $0.48 | $0.38 | $0.43 | ' | $0.48 | ' | ' | $0.48 | ' | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | $0.31 | $0.38 | $0.38 | $0.31 | $0.38 | $0.31 | $0.38 | $0.31 | $0.38 | $0.48 | $0.38 | $0.38 | ' | ' | ' | ' | ' | ' | ' | $0.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.74 | ' | $0.27 | ' | ' | ' | ' | ' | $0.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Per Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.50 | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,740 | 1,031,715 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,538,464 | 2,728,913 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | 5 | ' | ' | 5 | ' | ' | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 5 | 7.5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,538,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,650 | 142,614 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Management Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 579,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 512,474 | 278,502 | 97,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance of Private Placement Net (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,620,681 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,523,277 | ' | ' | ' | ' | ' | 1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | ' | ' | ' | ' | ' | 3,242,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering (in Dollars) | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,753 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,045,369 | ' | ' | ' | 816,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.52 | ' | ' | ' | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 717,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,010,327 | ' | ' | ' | 1,570,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,400,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,333 | 33,333 | 33,333 | 33,333 | ' | ' | 75,000 | 75,000 | 75,000 | 300,000 | 16,667 | 100,000 | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | 33,333 | 33,333 | 33,333 | 33,333 | 75,000 | 250,000 | 50,000 | 33,333 | 625,000 | 125,000 | 125,000 | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,650 | 14,297 | 16,667 | ' | ' | 36,293 | 28,463 | 32,168 | ' | 8,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,233 | 12,667 | 12,500 | 10,333 | 28,125 | 76,750 | 18,750 | 10,333 | 234,375 | 60,488 | 47,438 | 46,875 | ' | ' | ' | ' | ' | ' | ' | 16,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Amount of Cash-Settled Performance-Based Award (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 5,000,000 |
Maximum ISOs Exercisable Per Employee (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,101,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,666 | 66,667 | 66,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,375 | 54,667 | 4,875 | 516 | 4,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 748,500 | ' | 656,000 | ' | ' | ' | 20,500 | ' | ' | ' | ' | 19,500 | 2,063 | ' | ' | ' | ' | ' | ' | ' | ' | 34,500 | ' | ' | ' | 14,000 | 1,782 | ' | ' | 8,625 | 446 | ' | 1,782 | 19,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers' Compensation (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | 1,500,000 | ' | ' | ' | 6,250 | ' | ' | ' | ' | ' | ' | 6,250 | 6,250 | ' | ' | ' | ' | ' | ' | 6,250 | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock, Vested Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,363,282 | ' | 980,991 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 561,640 | 57,743 | 55,378 | 264,379 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,341 | 33,318 | 187,180 | 71,383 | 27,400 | ' | ' | ' | 276,031,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200 | ' | ' | 1,621,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | 16,667 | ' | ' | ' | ' | ' | ' | 18,750 | 8,065 | ' | ' | 281,250 | 47,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | 13,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Granted, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | $640,743 | ' | $343,347 | ' | ' | ' | ' | $132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion Vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,581,587 | ' | ' |
Note_15_Stockholders_Equity_De1
Note 15 - Stockholders' Equity (Details) - Options Granted Fair Value Assumptions | 0 Months Ended |
Oct. 05, 2010 | |
Options Granted Fair Value Assumptions [Abstract] | ' |
Expected life (year) | '5 years |
Expected volatility | 187.00% |
Risk-free interest rate | 1.21% |
Expected annual rate of quarterly dividends | 0.00% |
Note_15_Stockholders_Equity_De2
Note 15 - Stockholders' Equity (Details) - Amended and Restated 2009 Stock Incentive Plan Activities (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Aug. 08, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amended and Restated 2009 Stock Incentive Plan Activities [Abstract] | ' | ' | ' | ' |
Number of Shares or Options | 698,507 | ' | 4,198,881 | ' |
Fair Value at Date of Grant | $1,151,945 | ' | $3,277,207 | $2,614,951 |
Vested, December 31, 2013 | ' | ' | 5,101,746 | ' |
Vested, December 31, 2013 | ' | ' | $3,023,732 | ' |
Unvested, December 31, 2013 | ' | ' | 516,667 | ' |
Unvested, December 31, 2013 | ' | ' | $253,475 | ' |
Number of Shares or Options | ' | ' | 1,419,532 | 3,550,374 |
Fair Value at Date of Grant | ' | $5,097,404 | $662,256 | $1,477,006 |
Number of Shares or Options | ' | ' | ' | -50,000 |
Fair Value at Date of Grant | ' | ' | ' | ($14,000) |
Number of Shares or Options | ' | ' | 5,618,413 | 4,198,881 |
Fair Value at Date of Grant | $1,151,945 | ' | $3,277,207 | $2,614,951 |
Note_16_Income_Taxes_Details
Note 16 - Income Taxes (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Undistributed Earnings of Foreign Subsidiaries (in Dollars) | $8.70 | $12.10 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ' |
State [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 30.00% | ' |
Local [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.00% | ' |
Armco HK [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 16.50% | ' |
Henan Armco [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | ' |
Renewable Metals [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | ' |
Lianyungang Armco [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | ' |
Armco Shanghai [Member] | ' | ' |
Note 16 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | ' |
Note_16_Income_Taxes_Details_P
Note 16 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Provision for Income Taxes [Abstract] | ' | ' |
Current taxes | $421,585 | $732,663 |
$421,585 | $732,663 |
Note_16_Income_Taxes_Details_E
Note 16 - Income Taxes (Details) - Effective Income Tax Rate Reconciliations | 12 Months Ended |
Dec. 31, 2013 | |
Note 16 - Income Taxes (Details) - Effective Income Tax Rate Reconciliations [Line Items] | ' |
U.S. statutory rate | 34.00% |
Foreign income not recognized in the U.S. | -34.00% |
PRC enterprise income tax rate | 34.00% |
Effect of expenses not deductible for tax purposes | -2.60% |
Effect of valuation allowance on deferred income tax assets | -28.80% |
Effect of income tax rate difference under different tax jurisdictions | -5.10% |
Others | 0.10% |
Effective tax rate | -11.40% |
CHINA | ' |
Note 16 - Income Taxes (Details) - Effective Income Tax Rate Reconciliations [Line Items] | ' |
U.S. statutory rate | 25.00% |
PRC enterprise income tax rate | 25.00% |
Note_16_Income_Taxes_Details_C
Note 16 - Income Taxes (Details) - Components of the Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 |
Current deferred income tax assets | ' |
Write Down of Inventory | $580,675 |
Operating cost of idle manufacturing facility | 63,520 |
Accrued interests | 164,333 |
808,528 | |
Less: valuation allowance, current portion | -660,432 |
Total: | 148,096 |
Non-current deferred income tax assets | ' |
Net operating loss carryforwards | 983,609 |
Less: valuation allowance, non-current portion | -983,609 |
Current deferred income tax liabilities | ' |
Deferred taxable loss | -134,002 |
Others | -14,094 |
Total | ($148,096) |
Note_17_Concentrations_and_Cre2
Note 17 - Concentrations and Credit Risk (Details) - Customer and Credit Concentrations (Customer Concentration Risk [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Customer A [Member] | Sales Revenue, Net [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 35.60% | 41.10% |
Customer A [Member] | Accounts Receivable [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 33.80% | 96.50% |
Customer B [Member] | Sales Revenue, Net [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 15.90% | 17.00% |
Customer B [Member] | Accounts Receivable [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 25.10% | ' |
Customer C [Member] | Sales Revenue, Net [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 10.50% | ' |
Customer C [Member] | Accounts Receivable [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 18.30% | ' |
Sales Revenue, Net [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 62.00% | 58.10% |
Accounts Receivable [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Customer | 77.20% | 96.50% |
Note_17_Concentrations_and_Cre3
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations (Supplier Concentration Risk [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Vendor A [Member] | Cost of Goods, Total [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | 39.40% | 21.20% |
Vendor A [Member] | Account Payable [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | 86.00% | 30.00% |
Vendor B [Member] | Cost of Goods, Total [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | 31.00% | 50.80% |
Vendor B [Member] | Account Payable [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | ' | 10.00% |
Vendor C [Member] | Cost of Goods, Total [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | 10.00% | ' |
Cost of Goods, Total [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | 80.40% | 72.00% |
Account Payable [Member] | ' | ' |
Note 17 - Concentrations and Credit Risk (Details) - Vendor Purchase and Accounts Payable Concentrations [Line Items] | ' | ' |
Vendor | 86.00% | 40.00% |
Note_18_Foreign_Operations_Det
Note 18 - Foreign Operations (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 18 - Foreign Operations (Details) [Line Items] | ' | ' |
Foreign Currency Fair Value Hedge Asset at Fair Value (in Dollars) | $0 | $0 |
Retained Earnings Appropriated Surplus Reserve | 10.00% | ' |
Statutory Surplus Reserve PRC Requirement | 50.00% | ' |
Minimum [Member] | ' | ' |
Note 18 - Foreign Operations (Details) [Line Items] | ' | ' |
Statutory Common Welfare Fund Requirement | 5.00% | ' |
Maximum [Member] | ' | ' |
Note 18 - Foreign Operations (Details) [Line Items] | ' | ' |
Statutory Common Welfare Fund Requirement | 10.00% | ' |
Note_19_Subsequent_Events_Deta
Note 19 - Subsequent Events (Details) | Mar. 31, 2014 | Sep. 23, 2014 | Mar. 05, 2014 | Mar. 14, 2014 | Mar. 24, 2014 | Mar. 26, 2014 | Mar. 31, 2014 | Sep. 23, 2014 | Mar. 28, 2014 | Feb. 04, 2014 | Feb. 04, 2014 | Feb. 27, 2014 | Jan. 13, 2013 | Jan. 13, 2013 | Nov. 08, 2013 | Nov. 08, 2013 | Nov. 08, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Hanover Holdings I, LLC [Member] | |
Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Hanover Holdings I, LLC [Member] | Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | USD ($) | CNY | USD ($) | USD ($) | CNY | Hanover Holdings I, LLC [Member] | USD ($) | ||
Hanover Holdings I, LLC [Member] | Asher Enterprises, Inc [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||
Note 19 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | ' | 8.00% | 8.00% | ' | 15.00% | ' |
Debt Conversion, Original Debt, Amount | ' | ' | $75,000 | $50,000 | $50,000 | $100,000 | ' | ' | $80,000 | $3,100,000 | 18,827,240 | $25,000 | $2,500,000 | 15,100,000 | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | $0.32 | $0.32 | $0.34 | $0.35 | ' | ' | ' | $0.32 | ' | $0.31 | $0.32 | ' | ' | ' | ' |
Interest on Convertible Debt, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,628 | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | 234,295 | 155,085 | 145,351 | 288,493 | ' | ' | 355,082 | ' | ' | 95,997 | ' | ' | ' | ' | ' |
Convertible Notes Payable | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | 153,500 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | ' | ' | ' | ' | ' | ' | ' | 58.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Threshold Consecutive Trading Days | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Convertible Period | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | $73,500 | ' | ' | ' | ' | ' | ' | ' | ' |