Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Apr. 07, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Sino Agro Food, Inc. | ' | ' |
Entity Central Index Key | '0001488419 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'SIAF | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 153,692,043 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $25,883,141 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $1,327,274 | $8,424,265 |
Inventories | 8,148,203 | 17,114,755 |
Cost and estimated earnings in excess of billings on uncompleted contracts | 663,296 | 2,336,880 |
Deposits and prepaid expenses | 92,401,416 | 47,308,857 |
Accounts receivable, net of allowance for doubtful accounts | 82,057,942 | 52,948,350 |
Other receivables | 3,782,771 | 5,954,248 |
Total current assets | 188,380,902 | 134,087,355 |
Property and equipment | ' | ' |
Property and equipment, net of accumulated depreciation | 46,487,058 | 19,946,302 |
Construction in progress | 59,134,732 | 24,492,510 |
Land use rights, net of accumulated amortization | 60,705,829 | 55,733,246 |
Total property and equipment | 166,327,619 | 100,172,058 |
Other assets | ' | ' |
Goodwill | 724,940 | 724,940 |
Proprietary technologies, net of accumulated amortization | 12,081,470 | 8,114,624 |
License rights | 0 | 1 |
Total other assets | 12,806,410 | 8,839,565 |
Total assets | 367,514,931 | 243,098,978 |
Current liabilities | ' | ' |
Accounts payable and accrued expenses | 11,055,194 | 5,762,643 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 3,146,956 | 2,790,084 |
Due to a director | 1,793,768 | 3,345,803 |
Dividends payable | 3,146,987 | 951,308 |
Other payables | 10,768,786 | 6,654,478 |
Short term bank loan | 4,100,377 | 3,181,927 |
Liabilities, Current | 34,012,068 | 22,686,243 |
Non-current liabilities | ' | ' |
Deferred dividends payable | 0 | 3,146,987 |
Bonds payable | 1,725,000 | 0 |
Long term debts | 180,417 | 175,006 |
Liabilities, Noncurrent | 1,905,417 | 3,321,993 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock value | ' | ' |
Common stock: $0.001 par value (170,000,000 shares authorized, 137,602,043 and 100,004,850 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively) | 137,602 | 100,005 |
Additional paid - in capital | 108,038,413 | 91,216,428 |
Retained earnings | 178,070,837 | 103,864,308 |
Accumulated other comprehensive income | 6,260,131 | 3,868,274 |
Treasury stock | -1,250,000 | -1,250,000 |
Total Sino Agro Food, Inc. and subsidiaries stockholders' equity | 291,263,983 | 197,809,015 |
Non - controlling interest | 40,333,463 | 19,281,727 |
Total stockholders' equity | 331,597,446 | 217,090,742 |
Total liabilities and stockholders' equity | 367,514,931 | 243,098,978 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock value | 0 | 0 |
Total stockholders' equity | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock value | 7,000 | 10,000 |
Total stockholders' equity | 7,000 | 10,000 |
Series F Non Convertible Preferred Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock value | 0 | 0 |
Total stockholders' equity | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share issued | 7,000,100 | 10,000,100 |
Preferred stock, share outstanding | 7,000,100 | 10,000,100 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 170,000,000 | 170,000,000 |
Common stock, shares issued | 137,602,043 | 100,004,850 |
Common stock, shares oustanding | 137,602,043 | 100,004,850 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, share issued | 100 | 100 |
Preferred stock, share outstanding | 100 | 100 |
Common stock, par value (in dollars per share) | ' | ' |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share issued | 7,000,000 | 10,000,000 |
Preferred stock, share outstanding | 7,000,000 | 10,000,000 |
Common stock, shares authorized | ' | ' |
Series F Non Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, share issued | 924,180 | 924,180 |
Preferred stock, share outstanding | 924,180 | 924,180 |
Common stock, par value (in dollars per share) | ' | ' |
Common stock, shares authorized | ' | ' |
Common stock, shares issued | ' | ' |
Common stock, shares oustanding | ' | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue | ' | ' |
- Sale of goods | $208,614,041 | $88,072,327 |
- Counsulting and service income from development contracts | 51,179,311 | 50,541,312 |
- Commission income | 1,632,461 | 0 |
Revenue | 261,425,813 | 138,613,639 |
Cost of goods sold | -139,346,055 | -50,558,514 |
Cost of services | -20,548,608 | -18,248,957 |
Gross profit | 101,531,150 | 69,806,168 |
General and administrative expenses | -8,859,777 | -8,385,862 |
Net income from operations | 92,671,373 | 61,420,306 |
Other income (expenses) | ' | ' |
Government grant | 613,678 | 139,836 |
Other income | 230,840 | 308,332 |
Gain of extinguishment of debts | 1,318,947 | 1,666,386 |
Interest expense | -393,592 | -282,320 |
Net other income (expenses) | 1,769,873 | 1,832,234 |
Net income before income taxes | 94,441,246 | 63,252,540 |
Provision for income taxes | 0 | 0 |
Net income | 94,441,246 | 63,252,540 |
Less: Net (income) loss attributable to the non - controlling interest | -20,234,717 | -5,706,708 |
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | 74,206,529 | 57,545,832 |
Other comprehensive income | ' | ' |
Foreign currency translation gain | 3,208,876 | 448,984 |
Comprehensive income | 77,415,405 | 57,994,816 |
Less: other comprehensive (income) loss attributable to the non - controlling interest | -817,019 | -27,548 |
Comprehensive income attributable to the Sino Agro Food, Inc. and subsidiaries | $76,598,386 | $57,967,268 |
Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: | ' | ' |
Basic (in dollars per share) | $0.62 | $0.70 |
Diluted (in dollars per share) | $0.58 | $0.63 |
Weighted average number of shares outstanding: | ' | ' |
Basic (in shares) | 119,730,338 | 82,016,910 |
Diluted (in shares) | 127,437,187 | 92,016,910 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Series Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series F Non Convertible Preferred Stock [Member] |
Balance at Dec. 31, 2011 | $135,395,373 | $67,034 | ($1,250,000) | $72,794,902 | $50,395,444 | $3,446,838 | $9,934,155 | $0 | $7,000 | $0 |
Balance (in shares) at Dec. 31, 2011 | ' | 67,034,262 | -1,000,000 | ' | ' | ' | ' | 100 | 7,000,000 | 0 |
Issue of Series B convertible preferred stock | 3,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,000 | 0 |
Issue of Series B convertible preferred stock (in shares) | ' | 0 | 0 | ' | ' | ' | ' | 0 | 3,000,000 | 0 |
Issue of common stock - For settlement of debts | 17,863,417 | 32,065 | 0 | 17,831,352 | 0 | 0 | 0 | 0 | 0 | 0 |
Issue of common stock - For settlement of debts (in shares) | ' | 32,064,588 | 0 | ' | ' | ' | ' | 0 | 0 | 0 |
Issue of common stock - Employees' compensation | 362,400 | 906 | 0 | 361,494 | 0 | 0 | 0 | 0 | 0 | ' |
Issue of common stock - Employees' compensation (in shares) | ' | 906,000 | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Amortize discount- Convertible notes | 228,680 | 0 | ' | 228,680 | ' | ' | ' | 0 | 0 | 0 |
Net income for the year | 63,252,540 | 0 | ' | ' | 57,545,832 | 0 | 5,706,708 | 0 | 0 | 0 |
Business combination of subsidiaries | 3,613,316 | 0 | 0 | 0 | 0 | 0 | 3,613,316 | 0 | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends | -951,307 | 0 | 0 | 0 | -951,307 | 0 | 0 | 0 | 0 | 0 |
Deferred dividend | -3,125,661 | ' | ' | ' | -3,125,661 | ' | ' | ' | ' | ' |
Foreign currency translation gain | 448,984 | 0 | 0 | 0 | 0 | 421,436 | 27,548 | 0 | 0 | 0 |
Balance at Dec. 31, 2012 | 217,090,742 | 100,005 | -1,250,000 | 91,216,428 | 103,864,308 | 3,868,274 | 19,281,727 | 0 | 10,000 | 0 |
Balance (in shares) at Dec. 31, 2012 | ' | 100,004,850 | -1,000,000 | ' | ' | ' | ' | 100 | 10,000,000 | 0 |
Series B convertible preferred stock cancelled | -3,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3,000 | 0 |
Series B convertible preferred stock cancelled (in shares) | ' | 0 | 0 | ' | ' | ' | ' | 0 | -3,000,000 | 0 |
Issue of common stock - For settlement of debts | 16,711,686 | 37,300 | 0 | 16,674,386 | 0 | 0 | 0 | 0 | 0 | 0 |
Issue of common stock - For settlement of debts (in shares) | ' | 37,299,984 | 0 | ' | ' | ' | ' | 0 | 0 | 0 |
Issue of common stock - Employees' compensation | 133,744 | 297 | 0 | 133,447 | 0 | 0 | 0 | ' | ' | ' |
Issue of common stock - Employees' compensation (in shares) | ' | 297,209 | 0 | ' | ' | ' | ' | ' | ' | ' |
Amortize discount- Convertible notes | 14,152 | 0 | 0 | 14,152 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income for the year | 94,441,246 | 0 | ' | 0 | 74,206,529 | 0 | 20,234,717 | 0 | 0 | 0 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred dividend | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation gain | 3,208,876 | 0 | 0 | 0 | 0 | 2,391,857 | 817,019 | 0 | 0 | 0 |
Balance at Dec. 31, 2013 | $331,597,446 | $137,602 | ($1,250,000) | $108,038,413 | $178,070,837 | $6,260,131 | $40,333,463 | $0 | $7,000 | $0 |
Balance (in shares) at Dec. 31, 2013 | ' | 137,602,043 | -1,000,000 | ' | ' | ' | ' | 100 | 7,000,000 | 0 |
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 income | $94,441,246 | $63,252,540 |
Adjustments to reconcile net income to net cash from operations: | ' | ' |
Depreciation | 1,496,551 | 443,361 |
Amortization | 2,006,146 | 1,934,909 |
Gain on extinguishment of debts | -1,318,947 | -1,666,386 |
Loss on disposal of property, plant and equipment | 136 | 0 |
Common stock and bond issued for services | 405,236 | 2,229,657 |
Other amortized costs | 57,278 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Decrease/(increase) in inventories | 8,966,552 | -10,037,494 |
Increase in deposits and prepaid expenses (excluding Temporary deposits paid to entities for investments in future Sino Joint Venture companies) | -22,827,646 | -28,276,491 |
(Decrease)/increase in due to a director | -1,555,036 | 12,239,470 |
Increase in accounts payable and accrued expenses | 5,292,551 | 3,330,443 |
Increase in other payables | 22,144,941 | 1,482,417 |
Increase in accounts receivable | -29,069,592 | -18,142,198 |
Decrease/(increase) in cost and estimated earnings in excess of billings on uncompleted contacts | 1,673,584 | -1,880,776 |
Increase in billings in excess of costs and estimated earnings on uncompleted contracts | 356,872 | 827,965 |
Decrease in amount due to related parties | 0 | -867,413 |
Decrease in amount due from related parties | 0 | 15,820,752 |
Decrease in other receivables | 2,171,477 | 3,734,623 |
Net cash provided by operating activities | 84,241,349 | 44,425,379 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -7,002,878 | -10,756,744 |
Payment for investment in future Sino Joint Venture companies (included in deposits and prepaid expenses) | -35,078,923 | -6,030,785 |
Acquisition of proprietary technologies | 0 | -1,500,000 |
Net cash outflow from business combination of a subsidiaries less cash acquired | 0 | -6,893,349 |
Payment for construction in progress | -51,226,616 | -19,185,878 |
Net cash used in investing activities | -93,308,417 | -44,366,756 |
Cash flows from financing activities | ' | ' |
Proceeds from long term debt | 0 | 175,006 |
Proceeds from short term debt | 4,100,377 | 3,181,927 |
Repayment of short term debt | -3,181,927 | 0 |
Non-controlling interest contribution | 0 | 3,634,064 |
Proceeds from bond payable | 940,000 | 0 |
Dividends paid | -951,308 | -134,631 |
Net cash provided by financing activities | 907,142 | 6,856,366 |
Effects on exchange rate changes on cash | 1,062,935 | 121,368 |
(Decrease)/increase in cash and cash equivalents | -7,096,991 | 7,036,357 |
Cash and cash equivalents, beginning of year | 8,424,265 | 1,387,908 |
Cash and cash equivalents, end of year | 1,327,274 | 8,424,265 |
Supplementary disclosures of cash flow information: | ' | ' |
Cash paid for interest | 393,592 | 282,320 |
Cash paid for income taxes | 0 | 0 |
Non - cash transactions: | ' | ' |
Common stock issued for settlement of debts | 16,711,685 | 17,863,417 |
Series B convertible preferred stock | -3,000 | 3,000 |
Common stock issued for services and employee compensation | 133,744 | 362,400 |
Transfer to land use rights from construction in progress | 20,726,266 | 528,451 |
Transfer to land use rights from deposits and prepaid expenses | 4,404,179 | 0 |
Transfer to property and equipment from deposits and prepaid expenses | 308,299 | 0 |
Transfer to construction in progress from deposits and prepaid expenses | 4,141,872 | 0 |
Transfer to proprietary technologies from deposits and prepaid expenses | 4,390,043 | 0 |
Transfer to property and equipment from land use rights | $0 | $6,419,170 |
CORPORATE_INFORMATION
CORPORATE INFORMATION | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
1 | CORPORATE INFORMATION | |
Sino Agro Food, Inc. (the “Company” or “SIAF”) (formerly known as Volcanic Gold, Inc. and A Power Agro Agriculture Development, Inc.) was incorporated on October 1, 1974 in the State of Nevada. | ||
The Company was engaged in the mining and exploration business but ceased its mining and exploring business on October 14, 2005. On August 24, 2007, the Company entered into a Merger and Acquisition Agreement with Capital Award Inc., a Belize corporation (“CA”) and its subsidiaries Capital Stage Inc. (“CS”) and Capital Hero Inc. (“CH”). Effective the same date, CA completed a reverse merger transaction with SIAF. SIAF acquired all the outstanding common stock of CA from Capital Adventure, a shareholder of CA, for 32,000,000 shares of the Company’s common stock. | ||
On August 24, 2007 the Company changed its name from Volcanic Gold, Inc. to A Power Agro Agriculture Development, Inc. On December 8, 2007, the Company changed its name to Sino Agro Food, Inc. | ||
On September 5, 2007, the Company acquired three existing businesses in the People’s Republic of China (the “PRC”): | ||
(a) | Hang Yu Tai Investment Limited (“HYT”), a company incorporated in Macau, the owner of a 78% equity interest in ZhongXingNongMu Ltd (“ZX”), a company incorporated in the PRC; | |
(b) | Tri-way Industries Limited (“TRW”), a company incorporated in Hong Kong; | |
(c) | Macau Eiji Company Limited (“MEIJI”), a company incorporated in Macau, the owner of 75% equity interest in Enping City Juntang Town Hang Sing Tai Agriculture Co. Ltd. (“HST”), a PRC corporate Sino-Foreign joint venture. HST was dissolved in 2010. | |
On November 27, 2007, MEIJI and HST established a corporate Sino - Foreign joint venture, Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd. (“JHST”), a company incorporated in the PRC with MEIJI owning a 75% interest and HST owning a 25% interest. | ||
On November 26, 2008, SIAF established Pretty Mountain Holdings Limited (“PMH”), a company incorporated in Hong Kong with an 80% equity interest. On May 25, 2009, PMH formed a corporate Sino-Foreign joint venture, Qinghai Sanjiang A Power Agriculture Co. Ltd. (“SJAP”), incorporated in the PRC, of which PMH owns a 45% equity interest. At the time, the remaining 55% equity interest in SJAP was owned by the following entities: | ||
• | Qinghai Province Sanjiang Group Company Limited (English translation) (“Qinghai Sanjiang”), a company owned by the PRC with major business activities in the agriculture industry; and | |
• | Guangzhou City Garwor Company Limited (English translation) (“Garwor”), a private limited company incorporated in the PRC, specializing in sales and marketing. | |
SJAP is engaged in the business of manufacturing bio-organic fertilizer, livestock feed and development of other agriculture projects in the County of Huangyuan, in the vicinity of the Xining City, Qinghai Province, PRC. | ||
In September 2009, the Company carried out an internal reorganization of its corporate structure and business, and formed a 100% owned subsidiary, A Power Agro Agriculture Development (Macau) Limited (“APWAM”), which was formed in Macau. APWAM then acquired PMH’s 45% equity interest in SJAP. By virtue of the acquisition, APWAM assumed all obligations and liabilities of PMH under the Sino Foreign Joint Venture Agreement. On May 7, 2010, Qinghai Sanjiang sold and transferred its equity interest in SJAP to Garwor. The State Administration for Industry and Commerce of Xining City Government of the PRC approved the sale and transfer. As a result, APWAM owned 45% of SJAP and Garwor owned the remaining 55%. This remains the case as of the date of this report (the “Report”). | ||
On September 9, 2010, an application was submitted by the Company to the Companies Registry of Hong Kong for deregistration of PMH under Section 291AA of the Hong Kong Companies Ordinance. On January 28, 2011, PMH was dissolved. | ||
On February 15, 2011 and March 29, 2011, the Company entered into an agreement and a memorandum of understanding (an “ MOU”), respectively, to sell 100% equity interest in HYT group (including HYT and ZX) to Mr. Xin Ming Sun, a director of ZhongXingNong Nu Co., Ltd for $45,000,000, with effective date of January 1, 2011. | ||
The Company applied to form Enping City Bi Tao A Power Prawn Culture Development Co. Limited (“EBAPCD”), in which the Company would indirectly own a 25% equity interest on February 28, 2011. | ||
On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“EBAPFD”), incorporated in the PRC. TRW owned a 25% equity interest in EBAPFD. On November 17, 2011, TRW formed Jiang Men City A Power Fishery Development Co., Limited (“JFD”) in which it acquired a 25% equity interest, while withdrawing its 25% equity interest in EBAPFD. As of December 31, 2011, the Company had invested for total cash consideration of $1,258,607 in JFD. JFD operates an indoor fish farm. On January 1, 2012, the Company acquired an additional 25% equity interest in JFD for total cash consideration of $1,662,365. As of January 1, 2012, the Company had consolidated the assets and operations of JFD. On April 1, 2012, the Company acquired an additional 25% equity interest in JFD for the total cash consideration of $1,702,580. These acquisitions were at our option according the terms of the original development agreement. The Company presently owns a 75% equity interest in JFD, representing majority of voting rights and controls its board of directors. | ||
On April 15, 2011, MEIJI applied to form Enping City A Power Cattle Farm Co., Limited (“ECF”), all of which the Company would indirectly own a 25% equity interest in on November 17, 2011. On January 1, 2012, the Company had invested $1,076,489 in ECF and the amount was settled in contra against accounts receivable due from ECF. On September 17, 2012 MEIJI formed Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) and acquired additional 50% equity interest for the total cash consideration of $2,944,176 on September 30, 2012 while withdrawing its 25% equity interest in ECF. This acquisition was at our option according to the terms of the original development agreement. The Company presently owns 75% equity interest in JHMC, representing majority of voting right and controls its board of directors. As of September 30, 2012, the Company had consolidated the assets and operations of JHMC. During the year ended December 31, 2013, MEIJI further invested $400,000 in JHMC. | ||
On July 18, 2011, the Company formed Hunan Shenghua A Power Agriculture Co., Limited (“HSA”), in which the Company owns a 26% equity interest, and SJAP owns a 50% equity interest with the Chinese partner owning the remaining 24%. During the year ended December 31, 2013, MEIJI and SJAP further invested $403,805 and $398,329 in HSA, respectively. | ||
On November 12, 2012, the Company acquired a shell company, Goldcup9203 AB, incorporated in Sweden, in which the Company owns a 100% equity interest. Goldcup 9203 AB changed its name to Sino Agro Food Sweden AB (publ) (“SAFS”) As of December 31, 2013, the Company invested $77,664 in SAFS. | ||
The Company’s principal executive office is located at Room 3801, Block A, China Shine Plaza, No. 9 Lin He Xi Road, Tianhe District, Guangzhou City, Guangdong Province, PRC, 510610. | ||
The nature of the operations and principal activities of the Company and its subsidiaries are described in Note 2.2. | ||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
2.1 FISCAL YEAR | |||||||||||
The Company has adopted December 31 as its fiscal year end. | |||||||||||
2.2 REPORTING ENTITIES | |||||||||||
Name of subsidiaries | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Capital Award Inc. ("CA") | Belize | 100% (2012: 100%) directly | Fishery development and holder of A-Power Technology master license. | ||||||||
Capital Stage Inc. ("CS") | Belize | 100% (2012: 100%) indirectly | Dormant | ||||||||
Capital Hero Inc. ("CH") | Belize | 100% (2012: 100%) indirectly | Dormant | ||||||||
Sino Agro Food Sweden AB (publ) ("SAFS") | Sweden | 100% (2012: 0%) directly | Dormant | ||||||||
Tri-way Industries Limited ("TRW") | Hong Kong, PRC | 100% (2012: 100%) directly | Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | ||||||||
Macau Meiji Limited ("MEIJI") | Macau, PRC | 100% (2012: 100%) directly | Investment holding, cattle farm development, beef cattle and beef trading | ||||||||
A Power Agro Agriculture Development (Macau) Limited ("APWAM") | Macau, PRC | 100% (2012: 100%) directly | Investment holding | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd ("JHST") | PRC | 75% (2012: 75%) directly | Hylocereus Undatus Plantation ("HU Plantation"). | ||||||||
Jiang Men City A Power Fishery Development Co., Limited ("JFD") | PRC | 75% (2012: 75%) indirectly | Fish cultivation | ||||||||
Jiang Men City Hang Mei Cattle Farm Development Co., Limited ("JHMC") | PRC | 75% (2012: 75%) indirectly | Beef cattle cultivation | ||||||||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") | PRC | 26% directly and 50% indirectly (2012: 26% directly and 50% indirectly) | Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | ||||||||
Name of variable interest entity | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Qinghai Sanjiang A Power Agriculture Co., Ltd ("SJAP") | PRC | 45% (2012: 45%) indirectly | Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures | ||||||||
Name of unconsolidated equity investee | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Enping City Bi Tao A Power Prawn Culture Development Co., Limited ("EBAPCD") (pending approval) | PRC | 25% (2012: 25% indirectly) | Prawn cultivation | ||||||||
2.3 | BASIS OF PRESENTATION | ||||||||||
The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). | |||||||||||
2.4 | BASIS OF CONSOLIDATION | ||||||||||
The consolidated financial statements include the financial statements of the Company, its subsidiaries CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM, SAFS and its variable interest entity SJAP. All material inter-company transactions and balances have been eliminated in consolidation. | |||||||||||
SIAF, CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM, SAFS and SJAP are hereafter referred to as (“the Company”). | |||||||||||
2.5 | BUSINESS COMBINATION | ||||||||||
The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 “Business Combinations”), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements he identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Company’s adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. | |||||||||||
2.6 | NON - CONTROLLING INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||
The Company adopted the accounting pronouncement on non-controlling interests in consolidated financial statements, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. This guidance is primarily contained in ASC Topic “Consolidation.” It clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated financial statements. The adoption of this standard has not had material impact on the Company’s consolidated financial statements. | |||||||||||
2.7 | USE OF ESTIMATES | ||||||||||
The preparation of consolidated financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods covered thereby. Actual results could differ from these estimates. Judgments and estimates of uncertainties are required in applying the Company’s accounting policies in certain areas. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets, estimates of the realization of deferred tax assets and inventory reserves. | |||||||||||
2.8 | REVENUE RECOGNITION | ||||||||||
The Company’s revenue recognition policies are in compliance with ASC 605. Sales revenue is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable, and (iv) the ability to collect is reasonably assured. These criteria are generally satisfied at the time of shipment when risk of loss and title passes to the customer. | |||||||||||
Government grants are recognized when (i) the Company has substantially accomplished what must be done pursuant to the terms of the grant that are established by the local government; and (ii) the Company receives notification from the local government that the Company has satisfied all of the requirements to receive the government grants; and (iii) the amounts are received. | |||||||||||
Multiple-Element Arrangements | |||||||||||
To qualify as a separate unit of accounting under ASC 605-25 “ Multiple Element Arrangements”, the delivered item must have value to the customer on a standalone basis. The significant deliverables under the Company’s multiple-element arrangements are consulting and service under development contract, commission and management service. | |||||||||||
Revenues from the Company's consulting and services under development contracts are performed under fixed-price contracts. Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term. The percentage of costs incurred determines the amount of revenue to be recognized. Payment terms are generally defined by the installation contract and as a result may not match the timing of the costs incurred by the Company and the related recognition of revenue. Such differences are recorded as either costs or estimated earnings in excess of billings on uncompleted contracts or billings in excess of costs and estimated earnings on uncompleted contracts. The Company determines a customer’s credit worthiness at the time an order is accepted. Sudden and unexpected changes in a customer’s financial condition could put recoverability at risk. | |||||||||||
The percentage of completion method requires the ability to estimate several factors, including the ability of the customer to meet its obligations under the contract, including the payment of amounts when due. If the Company determines that collectability is not assured, the Company will defer revenue recognition and use methods of accounting for the contract such as the completed contract method until such time as the Company determines that collectability is reasonably assured or through the completion of the project. | |||||||||||
For fixed-price contracts, the Company uses the ratio of costs incurred to date on the contract to management's estimate of the contract's total costs, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract costs include all direct material, subcontract and labor costs and those indirect costs related to contract performance, such as supplies, tool repairs and depreciation. The Company accounts for maintenance and repair services under the guidance of ASC 605 as the services provided relate to construction work. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions, and estimated profitability arising from contract penalty, change orders and final contract settlements may result in revisions to the estimated profit ability during the contract. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized as contract costs in the period in which the revisions are determined. Profit incentives are included in revenues when their realization is reasonably assured. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the loss was identified. | |||||||||||
The Company does not provide warranties to customers on a basis customary to the industry, however, customers can claim warranty directly from product manufacturers for defects in equipment or products. Historically, the Company has experienced no warranty claims. | |||||||||||
The Company provides various management services to its customers in the PRC based on a negotiated fixed-price contract. The clients usually pay the fees when the services contract is signed and services are rendered. The Company recognizes these services-based revenues from contracts when (i) management services are rendered; (ii) clients recognize the completion of services; and (iii) collectability is reasonably assured. Fees received in advance are recorded as deferred revenue under current liabilities. | |||||||||||
2.9 | COST OF GOODS SOLD AND COST OF SERVICES | ||||||||||
Cost of goods sold consists primarily of direct purchase cost of merchandise goods, and related levies. Cost of services consist primarily direct cost and indirect cost incurred to date for development contracts and provision for anticipated losses for development contracts. | |||||||||||
2.1 | SHIPPING AND HANDLING | ||||||||||
Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $39,549 and $84,298 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
2.11 | ADVERTISING | ||||||||||
Advertising costs are included in general and administrative expenses, which totaled $2,365 and $1,973 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
2.12 | FOREIGN CURRENCY TRANSLATION AND OTHER COMPREHENSIVE INCOME | ||||||||||
The reporting currency of the Company is the U.S. dollar. The functional currency of the Company is the Chinese Renminbi (RMB). | |||||||||||
For those entities whose functional currency is other than the U.S. dollar, all assets and liabilities are translated into U.S. dollars at the exchange rate on the balance sheet date; shareholders’ equity is translated at historical rates and items in the statements of income and of cash flows are translated at the average rate for the period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily agree with changes in the corresponding balances in the balance sheets. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statements of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of income and comprehensive income, as incurred. | |||||||||||
Accumulated other comprehensive income in the consolidated statement of shareholders’ equity amounted to $6,260,131 as of December 31, 2013 and $3,868,274 as of December 31, 2012. The balance sheet amounts with the exception of equity as of December 31, 2013 and 2012 were translated using an exchange rate of RMB 6.10 to $1.00 and RMB 6.29 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the years ended December 31, 2013 and 2012 were RMB 6.19 to $1.00 and RMB 6.31 to $1.00, respectively. | |||||||||||
2.13 | CASH AND CASH EQUIVALENTS | ||||||||||
The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the PRC are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. | |||||||||||
2.14 | ACCOUNTS RECEIVABLE | ||||||||||
The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. | |||||||||||
The standard credit period for most of the Company’s clients is three months. The collection period over 1 year is classified as long-term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for doubtful accounts as of December 31, 2013 and 2012 are $0. | |||||||||||
2.15 | INVENTORIES | ||||||||||
Inventories are valued at the lower of cost (determined on a weighted average basis) and net realizable value. | |||||||||||
Costs incurred in bringing each product to its location and conditions are accounted for as follows: | |||||||||||
(a) | raw materials – purchase cost on a weighted average basis; | ||||||||||
(b) | manufactured finished goods and work-in-progress – cost of direct materials and labor and a proportion of manufacturing overhead based on normal operation capacity but excluding borrowing costs; and | ||||||||||
(c) | retail and wholesale merchandise finished goods – purchase cost on a weighted average basis. | ||||||||||
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs for completion and the estimated costs necessary to make the sale. | |||||||||||
2.16 | PROPERTY AND EQUIPMENT | ||||||||||
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for capitalization when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognized in the carrying amount of the property and equipment as a replacement only if it is eligible for capitalization. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end. | |||||||||||
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. | |||||||||||
Plant and machinery | 5 - 10 years | ||||||||||
Structure and leasehold improvements | 10 - 20 years | ||||||||||
Mature seeds and herbage cultivation | 20 years | ||||||||||
Furniture and equipment | 2.5 - 10 years | ||||||||||
Motor vehicles | 5 -10 years | ||||||||||
An item of property and equipment is removed from the accounts upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the period the item is disposed. | |||||||||||
2.17 | GOODWILL | ||||||||||
Goodwill is an asset representing the fair economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. Goodwill is tested for impairment on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. The Company uses a fair-value-based approach to test for impairment at the level of each reporting unit. The Company directly acquired MEIJI, which is the holding company of JHST that operates the Hu Plantation. As a result of this acquisition, the Company recorded goodwill in the amount of $724,940. This goodwill represents the fair value of the assets acquired in these acquisitions over the cost of the assets acquired. | |||||||||||
2.18 | PROPRIETARY TECHNOLOGIES | ||||||||||
A master license of stock feed manufacturing technology was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition of stock feed manufacturing technology master license is amortized using the straight-line method over its estimated life of 20 years. | |||||||||||
An aromatic cattle-feeding formula was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition on aromatic cattle-feeding formula is amortized using the straight-line method over its estimated life of 25 years. | |||||||||||
The cost of sleep cod breeding technology license is capitalized as proprietary technologies when technological feasibility has been established. Cost of granting sleep cod breeding technology license is amortized using the straight-line method over its estimated life of 20 years. | |||||||||||
Bacterial cellulose technology license and related trade mark are capitalized as proprietary technologies when technological feasibility has been established. Cost of license and related trade mark is amortized using the straight-line method over its estimated life of 20 years. | |||||||||||
The Company has determined that technological feasibility is established at the time a working model of products is completed. Proprietary technologies are intangible assets of finite lives. Management evaluates the recoverability of proprietary technologies on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. As required by ASC Topic 350 “Intangible – Goodwill and Other”, the Company uses a fair-value-based approach to test for impairment. | |||||||||||
2.19 | CONSTRUCTION IN PROGRESS | ||||||||||
Construction in progress represents direct costs of construction as well as acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until construction is completed and the asset is ready for its intended use. | |||||||||||
2.2 | LAND USE RIGHTS | ||||||||||
Land use rights represent acquisition of rights to agricultural land from farmers and are amortized on the straight-line basis over their respective lease periods. The lease period of agricultural land is in the range from 30 to 60 years. Land use rights purchase prices were determined in accordance with the PRC Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors. | |||||||||||
2.21 | CORPORATE JOINT VENTURE | ||||||||||
A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. | |||||||||||
A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. | |||||||||||
2.22 | VARIABLE INTEREST ENTITY | ||||||||||
A variable interest entity (“VIE”) is an entity (investee) in which the investor has obtained less than a majority interest, according to the Financial Accounting Standards Board (FASB). A VIE is subject to consolidation if a VIE meets one of the following three criteria as elaborated in ASC Topic 810-10, Consolidation: | |||||||||||
(a) | equity-at-risk is not sufficient to support the entity's activities; | ||||||||||
(b) | as a group, the equity-at-risk holders cannot control the entity; or | ||||||||||
(c) | the economics do not coincide with the voting interest. | ||||||||||
If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. A corporation formed, owned, and operated by two or more businesses (ventures) as a separate and discrete business or project (venture) for their mutual benefit is defined as a joint venture. | |||||||||||
2.23 | TREASURY STOCK | ||||||||||
Treasury stock means shares of a corporation’s own stock that have been issued and subsequently reacquired by the corporation. Converting outstanding shares to treasury shares does not reduce the number of shares issued but does reduce the number of shares outstanding. These shares are not eligible to receive dividends. Accounting for excesses and deficiencies on treasury stock transactions is governed by ASC 505-30-30. | |||||||||||
State laws and federal agencies closely regulate transactions involving a company’s own capital stock, so the purchase of outstanding shares must have a legitimate purpose. Some of the most common reasons for purchasing outstanding shares are as follows: | |||||||||||
(a) | to meet additional stock needs for various reasons, including newly implemented stock option plans, stock for convertible bonds or convertible preferred stock, or a stock dividend. | ||||||||||
(b) | to make more shares available for acquisitions of other entities. | ||||||||||
The cost method of accounting for treasury shares has been adopted by the Company. The purchase of outstanding shares and thus converting them into treasury shares is treated as a temporary reduction in shareholders’ equity in view of the expectation to reissue the shares instead of retiring them. When the Company reissues the treasury shares, the temporary account is eliminated. The cost of acquiring outstanding shares for converting into treasury shares is charged to a contra account, in this case a contra equity account that reduces the stockholder equity balance. | |||||||||||
2.24 | INCOME TAXES | ||||||||||
The Company accounts for income taxes under the provisions of ASC Topic 740 “Accounting for Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | |||||||||||
The provision for income tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. | |||||||||||
Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. | |||||||||||
ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. | |||||||||||
2.25 | POLITICAL AND BUSINESS RISK | ||||||||||
The Company's operations are carried out in the PRC. Accordingly, the political, economic and legal environment in the PRC may influence the Company’s business, financial condition and results of operations by the general state of the PRC's economy. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. | |||||||||||
2.26 | CONCENTRATION OF CREDIT RISK | ||||||||||
Cash includes cash at banks and demand deposits in accounts maintained with banks within the PRC. Total cash in these banks as of December 31, 2013 and 2012 amounted to $1,256,440 and $8,403,458 respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. | |||||||||||
The Company had 5 major customers (A, B, C, D & E) whose business individually represented the following percentages of the Company’s total revenue for the periods indicated: | |||||||||||
2013 | 2012 | ||||||||||
Customer A | 18.09 | % | 32.44 | % | |||||||
Customer B | 15.02 | % | 10.27 | % | |||||||
Customer C | 9.24 | % | 9.69 | % | |||||||
Customer D | 9.14 | % | 6.34 | % | |||||||
Customer E | 8.49 | % | 6.01 | % | |||||||
59.98 | % | 64.75 | % | ||||||||
Percentage of revenue | Amount | ||||||||||
Customer A | Fishery development and Corporate and others division | 18.09 | % | $ | 47,284,512 | ||||||
Customer B | Fishery development and Corporate and others division | 15.02 | % | $ | 39,275,564 | ||||||
Accounts receivable are derived from revenue earned from customers located primarily in the PRC. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. | |||||||||||
The Company had 5 major customers whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable: | |||||||||||
2013 | 2012 | ||||||||||
Customer A | 12.86 | % | 18.18 | % | |||||||
Customer B | 10.23 | % | 14.32 | % | |||||||
Customer C | 8.69 | % | 11.14 | % | |||||||
Customer D | 8.36 | % | 9.94 | % | |||||||
Customer E | 8.27 | % | 8.23 | % | |||||||
48.41 | % | 61.81 | % | ||||||||
As of December 31, 2013, amounts due from customers A and B are $10,546,704 and $8,387,732, respectively. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware of any financial difficulties of its major customers. | |||||||||||
2.27 | IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS | ||||||||||
In accordance with ASC Topic 360, “Property, Plant and Equipment,” long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the carrying amount of its long-lived assets, including intangibles, for impairment, each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of December 31, 2013 and 2012, the Company determined no impairment losses were necessary. | |||||||||||
2.28 | EARNINGS PER SHARE | ||||||||||
As prescribed in ASC Topic 260 “Earnings per Share,” Basic Earnings per Share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company’s common stock at the average market price during the period. | |||||||||||
For the years ended December 31, 2013 and 2012, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.62 and $0.70 respectively. For the years ended December 31, 2013 and 2012, diluted earnings per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.58 and $0.63, respectively | |||||||||||
2.29 | ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||
ASC Topic 220 “Comprehensive Income” establishes standards for reporting and displaying comprehensive income and its components in financial statements. Comprehensive income is defined as the change in stockholders’ equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The comprehensive income for all periods presented includes both the reported net income and net change in cumulative translation adjustments. | |||||||||||
2.3 | RETIREMENT BENEFIT COSTS | ||||||||||
PRC state managed retirement benefit programs are defined contribution plans and the payments to the plans are charged as expenses when employees have rendered service entitling them to the contribution made by the employer. | |||||||||||
2.31 | STOCK-BASED COMPENSATION | ||||||||||
The Company has adopted both ASC Topic 718, “Compensation - Stock Compensation” and ASC Topic 505-50, “Equity-Based Payments to Non- Employees” using the fair value method in which an entity issues its equity instruments to acquire goods and services from employees and non-employees. Stock compensation for stock granted to non-employees has been determined in accordance with this accounting standard and the accounting standard regarding accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling goods or services, as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. This accounting standard allows the “simplified” method to determine the term of employee options when other information is not available. Under ASC Topic 718 and ASC Topic 505-50, stock compensation expenses is measured at the grant date on the value of the option or restricted stock and is recognized as expenses, less expected forfeitures, over the requisite service period, which is generally the vesting period. | |||||||||||
2.32 | 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 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 under 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 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. 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. | ||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value as of December 31, 2013 or 2012, nor gains or losses are reported in the statements of income and comprehensive income that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the fiscal year ended December 31, 2013 or 2012. | |||||||||||
2.33 | NEW ACCOUNTING PRONOUNCEMENTS | ||||||||||
The Company does not expect any recent accounting pronouncements to have a material effect on the Company’s financial position, results of operations, or cash flows. | |||||||||||
In July 2012, the FASB issued Accounting Standards Update ASU 2012-02, the amendments to ASC 350, Intangibles—Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). The amendments apply to all entities, both public and nonpublic, that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. In accordance with the amendments an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. An entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, and early adoption is permitted. The Company will apply these amendments for reporting periods beginning after December 31, 2012. The Company does not expect the adoption of the amendments to have a material impact on the consolidated financial statements. | |||||||||||
In February 2013, the FASB issued guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statements or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance will be effective for us beginning July 1, 2013. Other than requiring additional disclosures, we do not anticipate a material impact on the consolidated financial statements upon adoption. | |||||||||||
In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent releases any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for us beginning July 1, 2014. We do not anticipate a material impact on the consolidated financial statements upon adoption. | |||||||||||
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists”. These amendments provide 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 carry forward, except to the extent that a net operating loss carry forward, a similar tax loss, or a tax credit carry forward 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, the amendments are 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. | |||||||||||
Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. | |||||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||
3 | SEGMENT INFORMATION | |||||||||||||||||||
The Company establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as business segments and major customers in consolidated financial statements. The Company operates in four principal reportable segments: Fishery Development Division, and HU Plantation Division and Organic Fertilizer and Bread Grass Division, and Cattle Development Division. No geographic information is required as all revenue and assets are located in the PRC. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | others (5) | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | |||||||||||||||||
Division (3) | ||||||||||||||||||||
Revenue | $ | 109,059,105 | $ | 22,814,476 | $ | 73,718,075 | $ | 24,792,014 | $ | 31,042,143 | $ | 261,425,813 | ||||||||
Net income (loss) | $ | 40,267,690 | 8,894,028 | $ | 14,302,266 | $ | 4,717,736 | $ | 6,024,809 | $ | 74,206,529 | |||||||||
Total assets | $ | 96,033,450 | $ | 49,831,925 | $ | 156,141,447 | $ | 46,428,738 | $ | 19,079,371 | $ | 367,514,931 | ||||||||
2012 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others (5) | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | ||||||||||||||||||
Division (3) | ||||||||||||||||||||
(Restated) | (Restated) | (Restated) | ||||||||||||||||||
Revenue | $ | 81,383,568 | $ | 11,878,599 | $ | 23,347,564 | $ | 17,038,001 | $ | 4,965,907 | $ | 138,613,639 | ||||||||
Net income (loss) | $ | 39,150,568 | $ | 6,245,281 | $ | 3,875,609 | $ | 9,058,822 | $ | -784,448 | $ | 57,545,832 | ||||||||
Total assets | $ | 79,222,788 | $ | 36,792,718 | $ | 96,282,055 | $ | 28,265,035 | $ | 2,536,382 | $ | 243,098,978 | ||||||||
Note | ||||||||||||||||||||
-1 | Operated by Capital Award, Inc (“CA”). and Jiangmen City A Power Fishery Development Co., Limited (“JFD”). | |||||||||||||||||||
-2 | Operated by Jiangmen City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”). | |||||||||||||||||||
-3 | Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”) and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). | |||||||||||||||||||
-4 | Operated by Jiangmen City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Meiji Limited (“MEIJI”). | |||||||||||||||||||
-5 | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). | |||||||||||||||||||
Further analysis of revenue:- | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others (6) | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | ||||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 72,362,980 | $ | - | $ | - | $ | - | $ | - | $ | 72,362,980 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 22,814,476 | - | - | - | $ | 22,814,476 | |||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 11,490,395 | - | 11,490,395 | |||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 62,227,680 | - | 62,227,680 | |||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 17,671,418 | - | 17,671,418 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 22,047,092 | 22,047,092 | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 35,259,211 | - | - | - | - | 35,259,211 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,120,596 | - | 7,120,596 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 8,799,503 | 8,799,503 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 1,436,914 | - | - | - | - | 1,436,914 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | - | - | - | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 195,548 | 195,548 | ||||||||||||||
$ | 109,059,105 | $ | 22,814,476 | $ | 73,718,075 | $ | 24,792,014 | $ | 31,042,143 | $ | 261,425,813 | |||||||||
2012 (Restated) | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others (6) | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | ||||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 45,189,788 | $ | - | $ | - | $ | - | $ | - | $ | 45,189,788 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 11,878,599 | - | - | - | 11,878,599 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 2,213,038 | - | 2,213,038 | |||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 21,134,526 | - | 21,134,526 | |||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 5,957,870 | - | 5,957,870 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 1,698,506 | 1,698,506 | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 35,471,383 | - | - | - | - | 35,471,383 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 10,930,131 | - | 10,930,131 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 3,267,401 | 3,267,401 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 722,397 | - | - | - | - | 722,397 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 150,000 | - | 150,000 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | - | - | ||||||||||||||
$ | 81,383,568 | $ | 11,878,599 | $ | 23,347,564 | $ | 17,038,001 | $ | 4,965,907 | $ | 138,613,639 | |||||||||
Further analysis of cost of goods sold and cost of services:- | ||||||||||||||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | -5 | ||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. ("CA") | $ | 51,470,476 | $ | - | $ | - | $ | - | $ | - | $ | 51,470,476 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited ("JHST") | - | 10,101,512 | - | - | - | 10,101,512 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") | - | - | 7,040,470 | - | - | 7,040,470 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited ("SJAP") | - | - | 38,411,418 | - | - | 38,411,418 | ||||||||||||||
Macau Eiji Company Limited ("MEIJI") | - | - | - | 13,161,262 | - | 13,161,262 | ||||||||||||||
Sino Agro Food, Inc. ("SIAF") | - | - | - | - | 19,160,917 | 19,160,917 | ||||||||||||||
$ | 51,470,476 | $ | 10,101,512 | $ | 45,451,888 | $ | 13,161,262 | $ | 19,160,917 | $ | 139,346,055 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | -5 | |||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 13,197,048 | $ | - | $ | - | $ | - | $ | - | $ | 13,197,048 | ||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 4,733,262 | - | 4,733,262 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 2,618,298 | 2,618,298 | ||||||||||||||
$ | 13,197,048 | $ | - | $ | - | $ | 4,733,262 | $ | 2,618,298 | $ | 20,548,608 | |||||||||
Further analysis of cost of goods sold and cost of services:- | ||||||||||||||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
2012 (Restated) | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | -6 | ||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 23,512,812 | $ | - | $ | - | $ | - | $ | - | $ | 23,512,812 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 5,035,955 | - | - | - | 5,035,955 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“H SA”) | - | - | 1,723,031 | - | 1,723,031 | |||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 14,574,772 | - | 14,574,772 | |||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 4,613,074 | - | 4,613,074 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 1,098,870 | 1,098,870 | ||||||||||||||
$ | 23,512,812 | $ | 5,035,955 | $ | 16,297,803 | $ | 4,613,074 | $ | 1,098,870 | $ | 50,558,514 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | -6 | ||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 14,340,937 | $ | - | $ | - | $ | - | $ | - | $ | 14,340,937 | ||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 2,998,343 | - | 2,998,343 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 909,677 | 909,677 | ||||||||||||||
$ | 14,340,937 | $ | - | $ | - | $ | 2,998,343 | $ | 909,677 | $ | 18,248,957 | |||||||||
DIVIDEND
DIVIDEND | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Dividend [Abstract] | ' | |||||||
Dividend Disclosure [Text Block] | ' | |||||||
4 | DIVIDEND | |||||||
On August 22, 2012, the Company’s Board of Directors declared that the Company’s stockholders were entitled to receive one share of restricted Series F Non-convertible Preferred Stock for every 100 shares of Common Stock owned by the stockholders as of September 28, 2012, with lesser or greater amounts being rounded up to the nearest 100 shares of common stock for purpose of the computing the dividend. The holders of record of shares of Series F Non - Convertible Preferred Stock shall be entitled to a coupon payment directly from the Company at the redemption rate of $3.40 per share and be payable on May 30, 2014. | ||||||||
On December 6, 2012, the Company’s Board of Directors has declared cash dividend on its Common Stock, payable in the amount of $0.01 for every one share issued and outstanding as of December 26, 2012, with a distribution date of January 15, 2013. | ||||||||
2013 | 2012 | |||||||
Cash dividend | ||||||||
Nil (2012: 95,130,730 outstanding shares at $0.01) | $ | - | $ | 951,307 | ||||
Deferred dividend | ||||||||
Nil (2012: 91,931,287 outstanding shares at $0.034) | - | 3,125,661 | ||||||
$ | - | $ | 4,076,968 | |||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
5 | INCOME TAXES | |||||||
United States of America | ||||||||
The Company was incorporated in the State of Nevada, in the United States of America. The Company has no trading operations in United States of America and no US corporate tax has been provided for in the consolidated financial statements of the Company | ||||||||
Undistributed Earnings of Foreign Subsidiaries | ||||||||
The Company intends to use the remaining accumulated and future earnings of foreign subsidiaries to expand operations outside the United States and accordingly, undistributed earnings of foreign subsidiaries are considered to be indefinitely reinvested outside the United States and no provision for U.S. Federal and State income tax or applicable dividend distribution tax has been provided thereon. | ||||||||
The Company fails to file US tax returns for the years ended December 31, 2007 through December 31, 2013 in compliance with US Treasury Internal Revenue Service Code. The Company reviews tax position with the assistance US tax professional and believes that there will be no taxes and no penalties assessed by the Internal Revenue Service in the United States of America. The Company has appointed US tax professional to assist the Company to file these income tax returns. | ||||||||
China | ||||||||
Beginning January 1, 2008, the new Enterprise Income Tax (“EIT”) law replaced the existing laws for Domestic Enterprises (“DE’s”) and Foreign Invested Enterprises (“FIE’s”). The new standard EIT rate of 25% replaced the 33% rate currently applicable to both DE’s and FIE’s. The Company is currently evaluating the impact that the new EIT will have on its financial condition. Beginning January 1, 2008, China unified the corporate income tax rule on foreign invested enterprises and domestic enterprises. The unified corporate income tax rate is 25%. | ||||||||
Under new tax legislation in China beginning in January 2008, the agriculture, dairy and fishery sectors are exempt from enterprise income taxes. | ||||||||
No EIT has been provided in the financial statements of SIAF, CA, JHST, JHMC, JFD, HSA and SJAP since they are exempt from EIT for the years ended December 31, 2013 and 2012 as they are within the agriculture, dairy and fishery sectors. | ||||||||
Belize | ||||||||
CA, CS and CH are international business companies incorporated in Belize, and are exempt from corporate tax in Belize. | ||||||||
Hong Kong | ||||||||
No Hong Kong profits tax has been provided in the consolidated financial statements of TRW, since these entities did not earn any assessable profits arising in Hong Kong for the years ended December 31, 2013 and 2012. | ||||||||
Macau | ||||||||
No Macau Corporate income tax has been provided in the consolidated financial statements of APWAM and MEIJI since these entities did not earn any assessable profits for the years ended December 31, 2013 and 2012. | ||||||||
Sweden | ||||||||
No Sweden Corporate income tax has been provided in the consolidated financial statements of SAFS since SAFS incurred a tax loss for the period from November 12, 2013 (date of registration) to December 31, 2013. | ||||||||
No deferred tax assets and liabilities are of December 31, 2013 and 2012 since there was no difference between the financial statements carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the period in which the differences are expected to reverse. | ||||||||
Provision for income taxes is as follows: | ||||||||
2013 | 2012 | |||||||
SIAF | $ | - | $ | - | ||||
SAFS | - | - | ||||||
TRW | - | - | ||||||
MEIJI and APWAM | - | - | ||||||
JHST, JFD, JHMC, SJAP and HSA | - | - | ||||||
$ | - | $ | - | |||||
The Company did not recognize any interest or penalties related to unrecognized tax benefits in the years ended December 31, 2013 and 2012. The Company had no uncertain positions that would necessitate recording of tax related liability. The Company is subject to examination by the respective tax authorities. | ||||||||
CASH_AND_CASH_EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Cash and Cash Equivalents Disclosure [Text Block] | ' | |||||||
6 | CASH AND CASH EQUIVALENTS | |||||||
2013 | 2012 | |||||||
Cash and bank balances | $ | 1,327,274 | $ | 8,424,265 | ||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
7 | INVENTORIES | |||||||
As of December 31, 2013, inventories are as follows: | ||||||||
2013 | 2012 | |||||||
Sleepy cods, prawns, eels and marble goble | $ | 1,761,111 | 4,612,090 | |||||
Bread grass | 580,955 | 1,473,653 | ||||||
Beef cattle | 1,951,962 | 2,569,659 | ||||||
Organic fertilizer | 895,670 | 737,166 | ||||||
Forage for cattle and consumable | 684,979 | 278,900 | ||||||
Raw materials for bread grass and organic fertilizer | 855,493 | 6,765,536 | ||||||
Immature seeds | 698,704 | 677,751 | ||||||
Harvested HU plantation | 719,329 | - | ||||||
8,148,203 | 17,114,755 | |||||||
DEPOSITS_AND_PREPAID_EXPENSES
DEPOSITS AND PREPAID EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deposits and Prepaid Expenses [Abstract] | ' | |||||||
Deposits and Prepaid Expenses Disclosure [Text Block] | ' | |||||||
8 | DEPOSITS AND PREPAID EXPENSES | |||||||
2013 | 2012 | |||||||
Deposits for | ||||||||
- purchases of equipment | $ | 4,886,048 | $ | 318,192 | ||||
- acquisition of land use rights | 7,826,508 | 7,826,508 | ||||||
- inventories purchases | 9,771,383 | 2,228,854 | ||||||
- aquaculture contract | - | 7,062,600 | ||||||
- building materials | 1,281,935 | 2,000,000 | ||||||
- proprietary technologies | 4,404,210 | 2,254,839 | ||||||
- construction in progress | 23,021,316 | 14,423,021 | ||||||
Miscellaneous | - | 4,892,258 | ||||||
Shares issued for employee compensation and overseas professional fee | 100,308 | 271,800 | ||||||
Temporary deposits paid to entities for euity investments in future Sino Joint | ||||||||
Venture companies | 41,109,708 | 6,030,785 | ||||||
$ | 92,401,416 | $ | 47,308,857 | |||||
The Company made temporary deposits paid to entities for investments in future Sino Joint Venture companies for equity investments in future development of trade and seafood centre, fish, prawn and cattle farms. Miscellaneous represents the value of the shares of the Company held by the custodian for convertible notes, rental and utility deposits, and deposits for sundries purchases and sundries prepaid expenses. | ||||||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable [Abstract] | ' | |||||||
Accounts Receivable Disclosure [Text Block] | ' | |||||||
9 | ACCOUNTS RECEIVABLE | |||||||
The Company has performed an analysis on all of its accounts receivable and determined that all amounts are collectible by the Company. As such, all accounts receivable are reflected as a current asset and no allowance for baddebt has been recorded as of December 31, 2013 and 2012. Bad debts written off for the years ended December 31, 2013 and 2012 are $0. | ||||||||
Aging analysis of accounts receivable is as follows: | ||||||||
2013 | 2012 | |||||||
0 - 30 days | $ | 20,864,404 | $ | 10,813,981 | ||||
31 - 90 days | 28,960,582 | 27,784,784 | ||||||
91 - 120 days | 23,941,294 | 6,866,842 | ||||||
over 120 days and less than 1 year | 8,291,662 | 7,482,743 | ||||||
over 1 year | - | - | ||||||
$ | 82,057,942 | $ | 52,948,350 | |||||
OTHER_RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Receivable [Abstract] | ' | |||||||
Other Receivables Disclosure [Text Block] | ' | |||||||
10 | OTHER RECEIVABLES | |||||||
2013 | 2012 | |||||||
Cash advance paid as consideration to acquire investments | $ | - | $ | 4,657,728 | ||||
Advanced to employees | 109,278 | 166,722 | ||||||
Advanced to suppliers | 3,673,493 | 205,088 | ||||||
Miscellaneous | 924,710 | |||||||
$ | 3,782,771 | $ | 5,954,248 | |||||
Cash advances paid as consideration to acquire investments represent deposits made for potential future investments. These payments are temporary and refundable because the company have not finished studies of economic returns of target companies yet. Advanced to employees and suppliers are unsecured, interest free and without fixed term of repayment. | ||||||||
PLANT_AND_EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
11 | PLANT AND EQUIPMENT | |||||||
2013 | 2012 | |||||||
Plant and machinery | $ | 5,263,933 | $ | 3,681,644 | ||||
Structure and leasehold improvements | 36,308,860 | 15,446,062 | ||||||
Mature seeds and herbage cultivation | 6,294,372 | 1,369,626 | ||||||
Furniture and equipment | 391,608 | 212,479 | ||||||
Motor vehicles | 765,858 | 277,513 | ||||||
49,024,631 | 20,987,324 | |||||||
Less: Accumulated depreciation | -2,537,573 | -1,041,022 | ||||||
Net carrying amount | $ | 46,487,058 | $ | 19,946,302 | ||||
Depreciation expense was $1,496,551 and $443,361 for the years ended December 31, 2013 and 2012, respectively. | ||||||||
CONSTRUCTION_IN_PROGRESS
CONSTRUCTION IN PROGRESS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Construction In Progress [Abstract] | ' | |||||||
Construction in Progress Disclosure [Text Block] | ' | |||||||
12 | CONSTRUCTION IN PROGRESS | |||||||
2013 | 2012 | |||||||
Construction in progress | ||||||||
- Oven room for production of dried flowers | $ | - | $ | 828,905 | ||||
- Office, warehouse and organic fertilizer plant in HSA | 22,761,164 | 10,450,518 | ||||||
- Organic fertilizer and bread grass production plant and office building | 8,600,187 | 7,921,105 | ||||||
- Rangeland for beef cattle and office building | 26,054,582 | 5,291,982 | ||||||
- Fish pond | 1,718,799 | - | ||||||
$ | 59,134,732 | $ | 24,492,510 | |||||
LAND_USE_RIGHTS
LAND USE RIGHTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Land Use Rights [Abstract] | ' | ||||||||
Land Use Rights Disclosure [Text Block] | ' | ||||||||
13 | LAND USE RIGHTS | ||||||||
Private ownership of agricultural land is not permitted in the PRC. Instead, the Company has leased six lots of land. The cost of the first lot of land use rights acquired in 2007 in Guangdong Province was $6,408,289 and consists of 180.23 acres with the lease expiring in 2067. The cost of the second lot of land use rights acquired in 2008 in Guangdong Province was $764,128, which consists of 31.84 acres with the lease expiring in 2068. The cost of the third lot of land use rights acquired in 2011 was $12,040,571, which consists of 93.64 acres in Guangdong Province, with the lease expires in 2037. The cost of the fourth lot of land use rights acquired in 2011 was $35,405,750 which consisted of 287.21 acres in the Hunan Province, PRC and the leases expire in 2051, 2054 and 2071. The cost of the fifth lot of land use rights acquired in 2012 was $528,240 which consisted of 21.09 acres in Qinghai Province, PRC and the lease expires in 2051. The cost of the sixth lot of land use rights acquired in 2013 was $489,904 which consisted of 6.27 acres in Guangdong Province, the PRC and the lease expires in 2023. | |||||||||
2013 | 2012 | ||||||||
Cost | $ | 65,192,615 | $ | 58,630,950 | |||||
Less: Accumulated amortisation | -4,486,786 | -2,897,704 | |||||||
Net carrying amount | $ | 60,705,829 | $ | 55,733,246 | |||||
Expiry date | Location | Amount | |||||||
Balance @1.1.2012 | $ | 57,845,573 | |||||||
Additons: | |||||||||
2012 | 2051 | Xining city, Qinghai Province, the P.R.C. | 528,240 | ||||||
Exchange difference | 257,137 | ||||||||
Balance @12.31.2012 | 58,630,950 | ||||||||
Additons: | |||||||||
2013 | 2023 | Enping city, Guangdong Province, the P.R.C. | 489,904 | ||||||
2013 | Land improvement cost incurred | 3,914,275 | |||||||
Exchange difference | 2,157,486 | ||||||||
Balance @12.31.2013 | $ | 65,192,615 | |||||||
Land use rights are amortized on the straight-line basis over their respective lease periods. The lease period of agriculture land is 30 to 60 years. Amortization of land use rights was $1,589,082 and $1,599,600 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
PROPRIETARY_TECHNOLOGIES
PROPRIETARY TECHNOLOGIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Proprietary Technologies [Abstract] | ' | |||||||
Proprietary Technologies Disclosure [Text Block] | ' | |||||||
14 | PROPRIETARY TECHNOLOGIES | |||||||
By an agreement dated November 12, 2008, TRW acquired an enzyme technology master license, registered under a Chinese patent, for the manufacturing of livestock feed and bioorganic fertilizer and its related labels for $8,000,000. On March 6, 2012, MEIJI acquired an aromatic-feed formula technology for the production of aromatic cattle for $1,500,000. On October 1, 2013, SIAF was granted a license to exploit sleep cod breeding technology license for to grow out sleep cod for $2,270,968 for 50 years. SJAP booked bacterial cellulose technology license and related trademark for $2,119,075 and amortized expenditures for 20 years starting from January 1, 2014. | ||||||||
2013 | 2012 | |||||||
Cost | $ | 13,896,168 | $ | 9,512,258 | ||||
Less: Accumulated amortization | -1,814,698 | -1,397,634 | ||||||
Net carrying amount | $ | 12,081,470 | $ | 8,114,624 | ||||
Amortization of proprietary technologies was $417,064 and $375,309 for the years ended December 31, 2013 and 2012, respectively. No impairments of proprietary technologies have been identified for the years ended December 31, 2013 and 2012. | ||||||||
GOODWILL
GOODWILL | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill Disclosure [Text Block] | ' | |||||||
15 | GOODWILL | |||||||
Goodwill represents the fair value of the assets acquired the acquisitions over the cost of the assets acquired. It is stated at cost less accumulated impairment losses. Management tests goodwill for impairment on an annual basis or when impairment indicators arise. In these instances, the Company recognizes an impairment loss when it is probable that the estimated cash flows are less than the carrying value of the assets. To date, no such impairment loss has been recorded. | ||||||||
2013 | 2012 | |||||||
Goodwill from acquisition | $ | 724,940 | $ | 724,940 | ||||
Less: Accumulated impairment losses | - | - | ||||||
Net carrying amount | $ | 724,940 | $ | 724,940 | ||||
VARIABLE_INTEREST_ENTITY
VARIABLE INTEREST ENTITY | 12 Months Ended | |
Dec. 31, 2013 | ||
Variable Interest Entity [Abstract] | ' | |
Variable Interest Entity Disclosure [Text Block] | ' | |
16 | VARIABLE INTEREST ENTITY | |
On September 28, 2009, APWAM acquired the PMH’s 45% equity interest in the Sino-Foreign joint venture company, Qinghai Sanjiang A Power Agriculture Co. Limited (“SJAP”), which was incorporated in the PRC. As of December 31, 2013, the Company has invested $2,251,359 in this joint venture. SJAP is engaged in its business of the manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures. | ||
Continuous assessment of the VIE relationship with SJAP | ||
The Company may also have a controlling financial interest in an entity through an arrangement that does not involve voting interests, such as a VIE. The Company evaluates entities deemed to be VIE’s using a risk and reward model to determine whether to consolidate. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. | ||
The Company also quantitatively and qualitatively examined if SJAP is considered a VIE. Qualitative analyses considered the extent to which the nature of its variable interest exposed the Company to losses. For quantitative analyses, the Company also used internal cash flow models to determine if SJAP was a VIE and, if so, whether the Company was the primary beneficiary. The projection of these cash flows and probabilities thereof requires significant managerial judgment because of the inherent limitations that relate to the use of historical data for the projection of future events. On December 31, 2013, the Company evaluated the above VIE testing results and concluded that the Company is the primary beneficiary of SJAP’s expected losses or residual returns and that SJAP qualifies as a VIE of the Company. As result, the Company has consolidated SJAP as a VIE. | ||
The reasons for the changes are as follows: | ||
•Originally, the board of directors of SJAP consisted of 7 members; 3 appointees from Qinghai Sanjiang (one stockholder), 1 from Garwor (one stockholder), and 3 from the Company, such that the Company did not have majority interest represented on the board of directors of SJAP. | ||
•On May 7, 2010, Qinghai Sanjiang sold and transferred its equity interest in SJAP to Garwor. The State Administration for Industry and Commerce of Xining City Government of the People’s Republic of China approved the sale and transfer. | ||
Consequently Garwor and the Company agreed that the new board of directors of SJAP would consist of 3 members; 1 appointee from Garwor and 2 appointees from the Company, such that the Company now had a majority interest in the board of directors of SJAP. Also, and in accordance with the Company’s Sino Joint Venture Agreement, the Company’s management appointed the chief financial officer of SJAP. As a result, the financial statements of SJAP were included in the consolidated financial statements of the Company. | ||
LICENSE_RIGHTS
LICENSE RIGHTS | 12 Months Ended | |
Dec. 31, 2013 | ||
License Rights [Abstract] | ' | |
License Rights Disclosure [Text Block] | ' | |
17 | LICENSE RIGHTS | |
Pursuant to an agreement dated August 1, 2006 between Infinity Environmental Group Limited (“Infinity”) and the Company, the Company was granted an A Power Technology License with the condition that the Company was required to pay the license fee covering 500 units of APM as performance payment to Infinity on or before July 31, 2008. This license allows the Company to develop service, manage and supply A Power Technology Farms in the PRC using the A Power Technology, but subject to a condition that the Company is required to pay a license fee to Infinity once the Company has sold the license to its customer. Under the said license, the Company has the right to authorize developers and/or joint venture partners to develop A Power Technology Farms in the PRC. Infinity is a company incorporated in Australia. An impairment loss made for the years ended December 31, 2013 and 2012 are $1 and $0, respectively. | ||
OTHER_PAYABLES
OTHER PAYABLES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
18 | OTHER PAYABLES | |||||||
2013 | 2012 | |||||||
Due to third parties | $ | 4,715,543 | $ | 877,259 | ||||
Promissory notes issued to third parties | 3,625,000 | 3,352,394 | ||||||
Convertible notes payable | - | 232,000 | ||||||
Due to local government | 2,428,243 | 2,192,825 | ||||||
$ | 10,768,786 | $ | 6,654,478 | |||||
Due to third parties are unsecured, interest free and have no fixed terms of repayment. | ||||||||
CONSTUCTION_CONTRACTS
CONSTUCTION CONTRACTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contractors [Abstract] | ' | |||||||
Long-term Contracts or Programs Disclosure [Text Block] | ' | |||||||
19 | CONSTRUCTION CONTRACT | |||||||
(i) | Costs and estimated earnings in excess of billings on uncompleted contract | |||||||
2013 | 2012 | |||||||
Cost | $ | 3,527,975 | $ | 3,755,046 | ||||
Estimated earnings | 8,538,930 | 8,307,452 | ||||||
Less: Billings | -11,403,609 | -9,725,618 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contract | $ | 663,296 | $ | 2,336,880 | ||||
(ii) | Billings in excess of costs and estimated earnings on uncompleted contracts | |||||||
2013 | 2012 | |||||||
Billings | $ | 8,406,900 | $ | 9,810,427 | ||||
Less: Costs | -2,179,410 | -1,886,705 | ||||||
Estimated earnings | -3,080,534 | -5,133,638 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contract | $ | 3,146,956 | $ | 2,790,084 | ||||
(iii) | Overall | |||||||
2013 | 2012 | |||||||
Billings | $ | 19,810,509 | $ | 19,536,045 | ||||
Less: Costs | -5,707,385 | -5,641,751 | ||||||
Estimated earnings | -11,619,464 | -13,441,090 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contract | $ | 2,483,660 | $ | 453,204 | ||||
BORROWINGS
BORROWINGS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Short-term Debt [Text Block] | ' | |||||||||||||
20 | BORROWINGS | |||||||||||||
There are no provisions in the Company’s bank borrowings and long term debts that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business. Under certain agreements, the Company has the option to retire debt prior to maturity, either at par or at a premium over par. | ||||||||||||||
Short term bank loan | ||||||||||||||
Name of bank | Interest rate | Term | 2013 | 2012 | ||||||||||
Agricultural Bank of China | 6 | % | August 30, 2013 - August 29, 2014 | |||||||||||
Huangyuan County Branch, | (August 30, 2012 - August 29, 2013) | |||||||||||||
Xining , Qinghai Province, | ||||||||||||||
the P.R.C. | $ | 4,100,377 | ‸* | $ | 3,181,927 | ‸* | ||||||||
‸ personal and corporate guaranteed by third parties. | ||||||||||||||
* secured by land use rights with net carrying amount of $515,026 (2012: $528,240). | ||||||||||||||
Long term debts | ||||||||||||||
Name of lender | Interest rate | Term | 2013 | 2012 | ||||||||||
Gan Guo Village Committee | 12.22 | % | June 2012 - June 2017 | |||||||||||
Bo Huang Town | ||||||||||||||
Huangyuan County, | ||||||||||||||
Xining City, | ||||||||||||||
Qinghai Province, the P.R.C. | $ | 180,417 | $ | 175,006 | ||||||||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||
Dec. 31, 2013 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||
21 | SHAREHOLDERS’ EQUITY | ||
The Group’s share capital as of December 31, 2013 and 2012 shown on the consolidated balance sheet represents the aggregate nominal value of the share capital of the Company as at that date. | |||
On March 22, 2010, the Company designated 100 shares of Series A preferred stock at a par value per share of $0.001. As of the same date, 100 shares of Series A preferred stock were issued at $1 per share for cash in the amount of $100. | |||
The Series A preferred stock: | |||
(i) | does not pay a dividend; | ||
(ii) | votes together with the shares of Common Stock of the Corporation as a single class and, regardless of the number of shares of Series A Preferred Stock outstanding and as long as at least one of such shares of Series A Preferred Stock is outstanding, shall represent eighty percent (80%) of all votes entitled to be voted at any annual or special meeting of shareholders of the Corporation or action by written consent of shareholders. Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80%, which is allocated to the outstanding shares of Series A Preferred Stock; and | ||
(iii) | ranks senior to common stockholders, holders of Series B convertible preferred stockholders and any other stockholders on liquidation. | ||
The Company has designated 100 shares of Series A preferred stock with 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively. | |||
The Series B convertible preferred stock: | |||
On March 22, 2010, the Company designated 7,000,000 shares of Series B convertible preferred stock at a par value per share of $0.001. The Series B convertible preferred stock is redeemable, the stockholders are not entitled to receive any dividend and voting rights but rank senior over common stockholders on liquidation, and can convert to common stock on a one for one basis at any time. On June 26, 2010, 7,000,000 shares of common stock were surrendered for cancellation and the Company issued 7,000,000 shares of Series B convertible preferred stock at $1.00 per share. Pursuant to share exchange agreement made as of December 22, 2012, between the Company and a stockholder, Capital Adventure Inc., a holder of 3,000,000 shares of common shares, with the consent of Board of Directors, to exchange for 3,000,000 shares of Series B convertible preferred stock on one-for-one basis. As of December 23, 2012, 3,000,000 shares of Series B convertible preferred stock were issued to Capital Adventure Inc., for the exchange of its holding of 3,000,000 shares of common stocks. As of December 31, 2012, 3,000,000 shares of common stocks were still not returned to the Company. | |||
On March 27, 2013, 3,000,000 Series B convertible preferred stock were cancelled. | |||
There were 7,000,000 shares and 10,000,000 shares of Series B convertible preferred stock issued and outstanding as of December 31, 2013 and December 31, 2012, respectively. | |||
The Series F Non-Convertible preferred stock: | |||
On August 1, 2012, the Company designated 1,000,000 shares of preferred stock with a par value per share of $0.001 as Series F Non-Convertible Preferred Stock with a face value of $1.00 per share. | |||
On August 22, 2012, the Company’s Board of Directors declared that the Company’s stockholders were entitled to receive one share of restricted Series F Non-convertible Preferred Stock for every 100 shares of Common Stock owned by the stockholders as of September 28, 2012, with lesser or greater amounts being rounded up to the nearest 100 shares of Common Stock, in exchange for their entitlement of deferred dividend amounting to $3,146,063 due on May 30, 2014. Thus the holders of Series F Non - Convertible Preferred Stock in the form of coupon notes shall be entitled to a coupon payment directly from the Company at the redemption rate of $3.40 per share on May 30, 2014. | |||
The Company recorded the above transactions as deferred dividend payable. No shares of Series F Non-Convertible Preferred Stock were physically issued during the year ended December 31, 2013 and 2012 because the only purpose for the issuance of the F preferred shares was to facilitate the payment of a cash dividend in the future | |||
The Series F Non-Convertible Preferred Stock: | |||
(i) | is not redeemable subject to (iv); | ||
(ii) | except for (iv), with respect to dividend rights, rights on liquidation, winding up and dissolution, rank junior and subordinate to (a) all classes of Common Stock,(b) all other classes of Preferred Stock and (c) any class or series of capital securities of the Company. | ||
(iii) | shall not entitled to receive any further dividend; and | ||
(iv) | on May 30, 2014, the holders of shares of Series F Non-Convertible Preferred Stock with coupon shall be entitled to a coupon payment directly from the Company at the redemption rate of $3.40 per share. Upon redemption, the Holder shall no longer own any shares of Series F with coupon that have been redeemed, and all such redeemed shares shall disappear and no longer exist on the books and records of the Company; redeemed shares of Series F which no longer exist upon redemption shall thereafter be counted toward the authorized but unissued “blank check” preferred stock of the Company. | ||
As a result, grand total issued and outstanding preferred stock as of December 31, 2013 and 2012 are 7,000,100 shares and 10,000,100, respectively. | |||
Common Stock: | |||
On December 5, 2012, the Company obtained stockholder consent for the approval of an amendment to our articles of incorporation to increase our authorized shares of common stock, no par value (the “Common Stock”), from 100,000,000 to 130,000,000. The board of directors believes that the increase in our authorized Common Stock will provide us with greater flexibility with respect to our capital structure for purposes including additional equity financings and stock based acquisitions. The certificate of amendment effectuating the vote by the shareholders was filed with the State of Nevada on January 24, 2013. | |||
During the year ended December 31, 2012, the Company issued (i) 32,064,588 shares of common stock for 18,193,714 at values ranging from $0.40 to $0.71 per share to settle debts due to third parties. The Company executed several agreements with third parties to settle debts by issuance of the Company’s common stock. The shares issued by the Company were valued at the trading price of the stock on the date the shares were issued. Any excess of the fair value of the shares over the carrying cost of the debt has been reported as a gain on the extinguishment of debts under other income of $552,988 have been credited to consolidated statements of income as other income for the year ended December 31, 2012; and (ii) 906,000 shares of common stock valued to employees at fair value of $0.40 per share for $362,400 for employee compensation. The fair value of the common stock issued was determined by using the trading price of the Company’s common stock on the date of issuance of $0.40 per share. | |||
During the year ended December 31, 2013, the Company issued 37,299,984 shares of common stock for $18,030,632 at values ranging from $0.37 to $0.62 per share to settle debts due to third parties. The Company executed several agreements with third parties to settle debts by issuance of the Company’s common stock. The shares issued by the Company were valued at the trading price of the stock on the date the shares were issued. Any excess of the fair value of the shares over the carrying cost of the debt has been reported as a gain on the extinguishment of debts of $1,318,947 and $1,666,386 has been credited to consolidated statements of income as other income for the years ended December 31, 2013 and 2012, respectively; and (ii) 297,209 shares of common stock valued to employees at fair value of $0.45 per share for $133,744 for employee compensation. The fair value of the common stock issued was determined by using the trading price of the Company’s common stock on the date of issuance of $0.45 per share. | |||
On March 28, 2013, the Company filed a prospectus related to a public offering of Common Stock of the Company for maximum aggregate gross proceeds of $26,250,000 within a period not to exceed 180 days from the date of this prospectus. | |||
On December 5, 2012, the Company obtained stockholder consent for the approval of an amendment to our articles of incorporation to increase our authorized shares of common stock, no par value (the “Common Stock”), from 130,000,000 to 170,000,000. The board of directors believes that the increase in our authorized Common Stock will provide us with greater flexibility with respect to our capital structure for purposes including additional equity financings and stock based acquisitions. The certificate of amendment effectuating the vote by the shareholders was filed with the State of Nevada on January 24, 2013. | |||
The Company has common stock of 137,602,043 and 100,004,850 shares issued and outstanding as of December 31 , 2013 and 2012, respectively. | |||
CONVERTIBLE_NOTES_PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Convertible Notes Payable [Text Block] | ' | |
22 | CONVERTIBLE NOTES PAYABLE | |
In December of 2011, the Board of Directors passed a resolution authorizing the Company to enter into an agreement to borrow funds from a third party to assist in providing a method for certain Chinese shareholders to sell their shares in the Company. The Company entered into a series of convertible promissory notes along with common stock purchase warrants whereby this third party could exercise the conversion option and settles the amount due by receiving shares of stock from these certain Chinese shareholders. The monies borrowed from this third party were deposited into a custodial account that was not controlled by the Company. The Chinese shareholders also deposited their shares with this custodian. The shares transferred to the custodian were at all times, in the opinion of management, sufficient to satisfy the obligations of the convertible promissory notes and the outstanding common stock purchase warrants. All amounts owed this financing arrangement were to be repaid through the conversion options exercised by the third party and by the deliverance of the common shares of these certain Chinese investors. | ||
During the year 2012, the Company borrowed a total of $ 460,000 from this third party under five separate promissory notes. Each note carried an interest rate of 12% per annum with a maturity date of six months from the date of issuance. Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. The Company also issued a total of 842,500 common stock purchase warrants with an exercise price of $0.50 per share with an expiration date six months from the date of issuance. | ||
The Company calculated the fair value of the warrants and the beneficial conversion feature utilizing the Black Scholes model at the date of the issuance of each promissory note. The relative fair values were allocated to the warrants and the debt. Accordingly, a discount was created on the debt and this discount will be amortized to interest expense of the life of the debt. Debt discount amortization as of December 31, 2012 was $ 178,867. | ||
As of December 31, 2012, there was $ 232,000 principal outstanding and accrued interest in the amount of $ 9,764 that was owed under the terms of the promissory notes. The Company has recorded these amounts as payable by the Company with a corresponding asset represented by the value of the shares of the Company held by the custodian at December 31, 2012. | ||
As of December 31, 2013, there was $0 principal outstanding and accrued interest in the amount of $0 that was owed under the terms of the promissory notes. The Company has recorded these amounts as payable by the Company with a corresponding asset represented by the value of the shares of the Company held by the custodian as of December 31, 2013. | ||
WARRANTS
WARRANTS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Warrants [Abstract] | ' | ||||||||||
Warrants Disclosure [Text Block] | ' | ||||||||||
23 | WARRANTS | ||||||||||
As indicated in the convertible promissory note footnote, during the year 2012, the Company borrowed a total of $460,000 from a third party under five separate promissory notes secured by personal guarantee of a director. Each note carried an interest rate of 12% per annum with a maturity date of six months from the date of issuance. Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. The Company also issued a total of 842,500 common stock purchase warrants with an exercise price of $0.50 per share with an expiration date six months from the date of issuance. The Company fair valued the warrants on the date of issuances and recorded amounts based on their relative fair values to the debt and to the warrants. The fair value of the warrants was determined using the Black-Scholes pricing model and included the following assumptions | |||||||||||
Expected annual dividend rate | 0 | % | |||||||||
Weighted average exercise price | $ | 0.5 | |||||||||
Risk-free interest rate | 2 | % | |||||||||
Average expected life | 6 months | ||||||||||
Expected volatility of common stock | 80 | % | |||||||||
Forfeiture rate | 0 | % | |||||||||
The warrants have an exercise price of $0.50 and have a contractual life of 6 months from the date of issuance. The value of the discounts created by the warrants and beneficial conversion feature were $36,113 and $52,118, respectively. The discount related to the beneficial conversion feature will be amortized to interest expense over the life of the debt and the discount for the warrants will be amortized to interest expense over the contractual life of the warrants. The relative fair values were allocated to the warrants and the debt. Accordingly, a discount was created on the debt and this discount will be amortized to interest expense of the life of the debt. | |||||||||||
As of December 31, 2013, the following share purchase warrants were outstanding and exercisable: | |||||||||||
Expiry date | Exercise | 2013 | 2012 | ||||||||
price | |||||||||||
8-Jan-13 | $ | 0.5 | - | 150,000 | |||||||
15-Feb-13 | $ | 0.5 | - | 78,500 | |||||||
9-Apr-13 | $ | 0.5 | - | 157,000 | |||||||
- | 385,500 | ||||||||||
Share purchase warrant transactions and the number of share purchase warrants outstanding and exercisable are summarized as follows: | |||||||||||
December 31, 2013 | Exercise price | ||||||||||
Number of warrants outstanding as of January 1, 2013 | 385,000 | $ | 0.5 | ||||||||
Issued | - | - | |||||||||
Exercised | - | - | |||||||||
Expired | -385,000 | - | |||||||||
Number of warrants outstanding as of December 31, 2013 | - | ||||||||||
OBLIGATION_UNDER_OPERATING_LEA
OBLIGATION UNDER OPERATING LEASES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
24 | OBLIGATION UNDER OPERATING LEASES | ||||
The Company leases (i) 2,178 square feet of agriculture space used for offices for a monthly rent of $512 in Enping City, Guangdong Province, PRC, its lease expiring on March 31, 2014; (ii) 5,081 square feet of office space in Guangzhou City, Guangdong Province, PRC for a monthly rent of $11,838, its lease expiring on July 8, 2014; and (iii) 1,555 square feet each for two staff quarters in Linli District, Hunan Province, PRC for a monthly rent of $159, their leases expiring on January 23, 2013 and May 1, 2014. | |||||
Lease expense was $150,104 and $155,119 for the years ended December 31, 2013 and 2012, respectively. | |||||
The future minimum lease payments as of December 31, 2013, are as follows: | |||||
$ | |||||
Year ended December 31,2014 | 85,038 | ||||
Thereafter | - | ||||
85,038 | |||||
BUSINESS_COMBINATION
BUSINESS COMBINATION | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||
25 | BUSINESS COMBINATION | |||||||||||||
Business combination of JFD | ||||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2012 and 2011, as well as unaudited consolidated results of operations as though the JFD and JHMC acquisitions had occurred on January 1, 2011. | ||||||||||||||
On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“EBAPFD”), incorporated in the PRC. TRW owned a 25% equity interest in EBAPFD. On November 17, 2011, TRW formed Jiang Men City A Power Fishery Development Co., Limited (“JFD”) in which it acquired a 25% equity interest, while withdrawing its 25% equity interest in EBAPFD. As of December 31, 2011, the Company had invested $1,258,607 in JFD. JFD is engaged as an operator of an indoor fish farm. Prior to December 31, 2011, JFD has not commenced its principal business activity. Management did not retain a specialist or valuation expert to value the purchase of this additional 25% interest. As of January 1, 2012, JFD had not commenced its principal operations and was in the process of finalizing the construction of the indoor fish farm facilities. Management determined that the fair value of the assets approximated the historical cost carried on the books of JFD. On January 1, 2012, the Company acquired an additional 25% equity interest in JFD for total cash consideration of $1,662,365. On April 1, 2012, the Company acquired an additional 25% equity interest in JFD for the amount of $1,702,580.The Company presently owns a 75% equity interest in JFD and controls its board of directors. As of January 1, 2012, the Company had consolidated the assets and operations of JFD. | ||||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2012 and 2011, as well as unaudited consolidated results of operations as though the JFD and JHMC acquisitions had occurred on January 1, 2011. | ||||||||||||||
Second acquisition on January 1, 2012 – 25% additional equity interest in JFD. | ||||||||||||||
The Company allocated the purchase price on the fair value of the assets acquired as of January 1, 2012. | ||||||||||||||
Net assets at fair value acquired: | ||||||||||||||
Property and equipment | $ | 34,919 | ||||||||||||
Construction in progress | 4,495,306 | |||||||||||||
Inventory | 1,838,337 | |||||||||||||
6,368,562 | ||||||||||||||
Less: Other payables | -92,603 | |||||||||||||
Non-controlling interest | -3,324,729 | |||||||||||||
25% held by the Company | -1,662,365 | |||||||||||||
$ | 1,288,865 | |||||||||||||
Satisfied by | ||||||||||||||
Purchase consideration | $ | 1,662,365 | ||||||||||||
Less: Cash acquired | -373,500 | |||||||||||||
$ | 1,288,865 | |||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2012 and 2011, as well as unaudited consolidated results of operations as though the JFD and JHMC acquisitions had occurred on January 1, 2011. | ||||||||||||||
Third acquisition on April 1, 2012 – 25% additional equity interest in JFD. | ||||||||||||||
The Company allocated the purchase price based on the fair value of the assets acquired as of April 1, 2012. | ||||||||||||||
Net assets at fair value acquired: | ||||||||||||||
Property and equipment | $ | 33,535 | ||||||||||||
Construction in progress | 4,499,376 | |||||||||||||
Inventory | 1,970,387 | |||||||||||||
Accounts receivable | 1,337,519 | |||||||||||||
7,840,817 | ||||||||||||||
Less: Other payables | -292,663 | |||||||||||||
Accounts payable | -1,230,096 | |||||||||||||
Non-controlling interest | -1,702,580 | |||||||||||||
50% held by the Company | -3,405,159 | |||||||||||||
$ | 1,210,319 | |||||||||||||
Satisfied by | ||||||||||||||
Purchase consideration | $ | 1,702,580 | ||||||||||||
Less: Cash acquired | -492,261 | |||||||||||||
$ | 1,210,319 | |||||||||||||
Business combination of JHMC | ||||||||||||||
Second acquisition on September 30, 2012 - 50% additional equity interest in JHMC | ||||||||||||||
On April 15, 2011, MEIJI applied to form Enping City A Power Cattle Farm Co., Limited (“ECF”), all of which the Company would indirectly own a 25% equity interest in on November 17, 2011. On September 17, 2012 MEIJI formed Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) in which it owns 75% equity interest with investment $4,020,665 while withdrawing its 25% equity interest in ECF. As of September 30, 2012, the Company had consolidated the assets and operations of JHMC. | ||||||||||||||
The Company allocated the purchase price based on the fair value of the assets acquired as of September 30, 2012. | ||||||||||||||
Net assets at fair value acquired: | ||||||||||||||
Property and equipment | $ | 512,450 | ||||||||||||
Construction in progress | 4,177,007 | |||||||||||||
Inventory | 671,429 | |||||||||||||
5,360,886 | ||||||||||||||
Less: Non - controlling interest | -1,340,221 | |||||||||||||
$ | 4,020,665 | |||||||||||||
Satisfied by | ||||||||||||||
Purchase consideration | $ | 4,020,665 | ||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2012 and 2011, as well as unaudited consolidated results of operations as though the JFD and JHMC acquisitions had occurred on January 1, 2011. | ||||||||||||||
2012 | 2011 | |||||||||||||
As reported | Pro Forma | As reported | Pro Forma | |||||||||||
Revenue | $ | 138,612,639 | $ | 128,725,067 | $ | 51,879,903 | $ | 47,718,758 | ||||||
Net income from continuing operations | $ | 57,545,832 | $ | 50,655,603 | $ | 15,691,032 | $ | 14,041,347 | ||||||
Net income from discontinued operations | $ | - | $ | - | $ | 10,203,951 | $ | 10,203,951 | ||||||
Total net income from continuing and discontinued operations | $ | 57,545,832 | $ | 50,655,603 | $ | 25,894,983 | $ | 24,245,298 | ||||||
From continuing and discontinued operations Earning per share | ||||||||||||||
Basic | $ | 0.7 | $ | 0.68 | $ | 0.43 | $ | 0.4 | ||||||
Diluted | $ | 0.63 | $ | 0.55 | $ | 0.39 | $ | 0.36 | ||||||
From continuing operations Earning per share | ||||||||||||||
Basic | $ | 0.7 | $ | 0.68 | $ | 0.26 | $ | 0.23 | ||||||
Diluted | $ | 0.63 | $ | 0.55 | $ | 0.23 | $ | 0.21 | ||||||
From discontinued operations Earning per share | ||||||||||||||
Basic | $ | - | $ | - | $ | 0.17 | $ | 0.17 | ||||||
Diluted | $ | - | $ | - | $ | 0.16 | $ | 0.15 | ||||||
The unaudited pro forma information set forth above is for informational purpose only and include adjustments related to elimination of revenue from JFD and JHMC before acquisition of equity interests. The pro forma information should not be considered indicative of actual results that would have been achieved if JFD and JHMC have been acquired at the beginning of 2011 or results that may be obtained in any future period. | ||||||||||||||
BONDS_PAYABLE
BONDS PAYABLE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
26 | BONDS PAYABLE | |||||||
On July 1, 2013 , the Company offered a maximum of $21,000,000 of units (“Units”) for an aggregate of 840 Units; each Unit consisting of a $25,000 principal amount promissory note made by the Subscription Agreement and Confidential Private Placement Memorandum with maturity date two years from the Initial Closing Date of the Offering September 30, 2013. The interest rate of 5% is paid annually. Commission, issue cost and discounts are amortized over 2 years from October 1, 2013. | ||||||||
On the same date, the Company issued 806,000 shares of common stock to a company to provide consulting services for the benefit of the Company. | ||||||||
Term of the bonds are as follows: | ||||||||
Issue size: | $16,800,000 | |||||||
Number of units offered: | 840 units | |||||||
Number of units issued: | 69 units | |||||||
Principal value per unit: | $25,000 per unit | |||||||
Net payable value /bond: | $20,000 per unit | |||||||
Discounted value/bond: | $5,000 paid to bond holder | |||||||
Maturity date: | 2 years (September 30, 2015) | |||||||
Participating interest: | 5% per annum | |||||||
Effective yield: | 11.80% per annum | |||||||
2013 | 2012 | |||||||
5% Participating zeron coupon bonds repayable on September 30, 2015 | $ | 1,725,000 | $ | - | ||||
The Company calculated professional service compensation of $400,000 in respect of bond issue, and recognized $100,000 for the year ended December 31, 2013. As of December 31, 2013, the deferred compensation balance was $300,000 and the deferred compensation balance of $300,000 was to be amortized over 18 months beginning on January 1, 2014. | ||||||||
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | |
Dec. 31, 2013 | ||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
27 | STOCK BASED COMPENSATION | |
On August 16, 2012, the Company issued employees a total of 100,000 shares of common stock valued at fair value of range from $0.40 per share for services rendered to the Company. On the same date, the Company issued 806,000 shares of common stock to a company to provide consulting services for the benefit of the Company. The fair value of the common stock issued was determined by using the trading price of the Company’s common stock on the date of issuance of $0.40 per share. | ||
The Company calculated stock based compensation of $2,501,457 and recognized $2,229,657 for the year ended December 31, 2012. As of December 31, 2012, the deferred compensation balance was $271,800 and this balance of $271,800 was to be amortized over 9 months beginning on January 1, 2013. | ||
On July 2, 2013, the Company issued employees a total of 297,209 shares of common stock valued at fair value of range from $0.45 per share for services rendered to the Company. The fair value of the common stock issued was determined by using the trading price of the Company’s common stock on the date of issuance of $0.45 per share. | ||
The Company calculated stock based compensation of $405,544, and recognized $305,236 for the year ended December 31, 2013. As of December 31, 2013, the deferred compensation balance was $100,308 and the deferred compensation balance of $100,308 was to be amortized over 9 months beginning on January 1, 2014. | ||
CONTINGENCIES
CONTINGENCIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Legal Matters and Contingencies [Text Block] | ' | |
28 | CONTINGENCIES | |
As of December 31, 2013 and 2012, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its consolidated balance sheets, consolidated statements of income and other comprehensive income or cash flows. | ||
GAIN_ON_EXTINGUISHMENT_OF_DEBT
GAIN ON EXTINGUISHMENT OF DEBTS | 12 Months Ended | |
Dec. 31, 2013 | ||
Extinguishment Of Debts Disclosure [Abstract] | ' | |
Extinguishment of Debts Disclosure [Text Block] | ' | |
29 | GAIN ON EXTINGUISHMENT OF DEBTS | |
The Company executed several agreements with third parties to settle debts by issuance of the Company’s common stock. The shares issued by the Company were valued at the trading price of the stock on the date the shares were issued. Any excess of the fair value of the shares over the carrying cost of the debt has been reported as a gain on the extinguishment of debts of $1,318,947 and $1,666,386 has been credited to consolidated statements of income as other income for the years ended December 31, 2013 and 2012, respectively. | ||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions [Text Block] | ' | ||
30 | RELATED PARTY TRANSACTIONS | ||
In addition to the transactions and balances as disclosed elsewhere in these consolidated financial statements, during the years ended December 31, 2013 and 2012, the Company had the following significant related party transactions:- | |||
Name of related party | Nature of transactions | ||
Mr. Solomon Yip Kun Lee, Chairman | Included in due to a director, due to Mr. Solomon Yip Kun Lee is $1,793,768 and $3,345,803 as of December 31, 2013 and 2012, respectively. The amounts are unsecured, interest free and have no fixed term of repayment. | ||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
31 | EARNINGS PER SHARE | |||||||
Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution of securities by including other potential common stock, including convertible preferred stock, stock options and warrants, in the weighted average number of common shares outstanding for the year, if dilutive. The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table: | ||||||||
2013 | 2012 | |||||||
BASIC | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 74,206,529 | $ | 57,545,832 | ||||
Basic earnings per share | $ | 0.62 | $ | 0.7 | ||||
Basic weighted average shares outstanding | 119,730,338 | 82,016,910 | ||||||
2013 | 2012 | |||||||
DILUTED | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 74,206,529 | $ | 57,545,832 | ||||
Diluted earnings per share | $ | 0.58 | $ | 0.63 | ||||
Basic weighted average shares outstanding | 119,730,338 | 82,016,910 | ||||||
Add: weight average Series B Convertible preferred shares outstanding | 7,706,849 | 10,000,000 | ||||||
Diluted weighted average shares outstanding | 127,437,187 | 92,016,910 | ||||||
For the years ended December 31, 2013 and 2012, 0 and 385,000 warrants, respectively were not included in the diluted earnings per share because shares issued in respect of the share warrants exercised was from Chinese shareholders as mentioned in note 23. | ||||||||
RESTATEMENT_OF_CONSOLIDATED_ST
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOW | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule Of Restatement Of Consolidated Statement Of Cach Flows [Abstract] | ' | |||||||||||
Schedule Of Restatement Of Consolidated Statement Of Cash Flows [Text Block] | ' | |||||||||||
32 | RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOW | |||||||||||
SINO AGRO FOOD, INC. | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 (EXTRACT) | ||||||||||||
2012 | Adjustments | 2012 | ||||||||||
(As reported) | (Restated) | |||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 63,252,540 | $ | 63,252,540 | ||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash from operations: | ||||||||||||
Depreciation | 443,361 | 443,361 | ||||||||||
Amortization | 1,934,909 | 1,934,909 | ||||||||||
Gain on extinguishment of debts | -1,666,386 | -1,666,386 | ||||||||||
Common stock issued for services | 2,229,657 | 2,229,657 | ||||||||||
Other amortized costs | - | - | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Decrease/(increase) in inventories | -10,037,494 | -10,037,494 | ||||||||||
Increase in deposits and prepaid expenses (excluding temporary deposits paid to entities for investments in future Sino Joint Venture companies | -34,307,276 | 6,030,785 | * | -28,276,491 | ||||||||
(Decrease)/increase in due to a director | 12,239,470 | 12,239,470 | ||||||||||
Increase in accounts payable and accrued expenses | 3,330,443 | 3,330,443 | ||||||||||
Increase in other payables | 1,482,417 | 1,482,417 | ||||||||||
Increase in accounts receivable | -18,142,198 | -18,142,198 | ||||||||||
Decrease/(increase) in cost and estimated earnings in excess of billings on uncompleted contacts | -1,880,776 | -1,880,776 | ||||||||||
Increase in billings in excess of costs and estimated earnings on uncompleted contracts | 827,965 | 827,965 | ||||||||||
Decrease in amount due to related parties | -867,413 | -867,413 | ||||||||||
Decrease in amount due from related parties | 15,820,752 | 15,820,752 | ||||||||||
Decrease in other receivables | 3,734,623 | 3,734,623 | ||||||||||
Net cash provided by operating activities | 38,394,594 | 44,425,379 | ||||||||||
Cash flows from investing activities | ||||||||||||
Purchases of property and equipment | -10,756,744 | -10,756,744 | ||||||||||
Payment for construction in progress | ||||||||||||
Payment for investment in future Sino Joint Venture companies (included in deposits and prepaid expenses | - | -6,030,785 | * | -6,030,785 | ||||||||
Acquisition of proprietary technology | -1,500,000 | -1,500,000 | ||||||||||
Net cash outflow from business combination of a subsidiaries less cash acquired | -6,893,349 | -6,893,349 | ||||||||||
Payment for construction in progress | -19,185,878 | -19,185,878 | ||||||||||
Net cash used in investing activities | -38,335,971 | -44,366,756 | ||||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from long term debt | 175,006 | 175,006 | ||||||||||
Proceeds from short term debt | 3,181,927 | 3,181,927 | ||||||||||
Non-controlling interest contribution | 3,634,064 | 3,634,064 | ||||||||||
Repayment of short term debt | - | - | ||||||||||
Proceeds from bond payable | - | - | ||||||||||
Dividends paid | -134,631 | -134,631 | ||||||||||
Net cash provided by financing activities | 6,856,366 | 6,856,366 | ||||||||||
Effects on exchange rate changes on cash | 121,368 | 121,368 | ||||||||||
(Decrease)/increase in cash and cash equivalents | 7,036,357 | 7,036,357 | ||||||||||
Cash and cash equivalents, beginning of year | 1,387,908 | 1,387,908 | ||||||||||
Cash and cash equivalents, end of year | $ | 8,424,265 | $ | 8,424,265 | ||||||||
* Note: These adjustments are to classify movement of temporary deposits paid to entities for equity investment in future Sino Joint Venture companies included in deposits and prepaid expenses as cash flows used in investing activities. | ||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||
Fiscal Period, Policy [Policy Text Block] | ' | ||||||||||
2.1 FISCAL YEAR | |||||||||||
The Company has adopted December 31 as its fiscal year end. | |||||||||||
2.2 REPORTING ENTITIES | |||||||||||
Name of subsidiaries | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Capital Award Inc. ("CA") | Belize | 100% (2012: 100%) directly | Fishery development and holder of A-Power Technology master license. | ||||||||
Capital Stage Inc. ("CS") | Belize | 100% (2012: 100%) indirectly | Dormant | ||||||||
Capital Hero Inc. ("CH") | Belize | 100% (2012: 100%) indirectly | Dormant | ||||||||
Sino Agro Food Sweden AB (publ) ("SAFS") | Sweden | 100% (2012: 0%) directly | Dormant | ||||||||
Tri-way Industries Limited ("TRW") | Hong Kong, PRC | 100% (2012: 100%) directly | Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | ||||||||
Macau Meiji Limited ("MEIJI") | Macau, PRC | 100% (2012: 100%) directly | Investment holding, cattle farm development, beef cattle and beef trading | ||||||||
A Power Agro Agriculture Development (Macau) Limited ("APWAM") | Macau, PRC | 100% (2012: 100%) directly | Investment holding | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd ("JHST") | PRC | 75% (2012: 75%) directly | Hylocereus Undatus Plantation ("HU Plantation"). | ||||||||
Jiang Men City A Power Fishery Development Co., Limited ("JFD") | PRC | 75% (2012: 75%) indirectly | Fish cultivation | ||||||||
Jiang Men City Hang Mei Cattle Farm Development Co., Limited ("JHMC") | PRC | 75% (2012: 75%) indirectly | Beef cattle cultivation | ||||||||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") | PRC | 26% directly and 50% indirectly (2012: 26% directly and 50% indirectly) | Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | ||||||||
Name of variable interest entity | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Qinghai Sanjiang A Power Agriculture Co., Ltd ("SJAP") | PRC | 45% (2012: 45%) indirectly | Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures | ||||||||
Name of unconsolidated equity investee | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Enping City Bi Tao A Power Prawn Culture Development Co., Limited ("EBAPCD") (pending approval) | PRC | 25% (2012: 25% indirectly) | Prawn cultivation | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||
2.3 | BASIS OF PRESENTATION | ||||||||||
The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). | |||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||
2.4 | BASIS OF CONSOLIDATION | ||||||||||
The consolidated financial statements include the financial statements of the Company, its subsidiaries CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM, SAFS and its variable interest entity SJAP. All material inter-company transactions and balances have been eliminated in consolidation. | |||||||||||
SIAF, CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM, SAFS and SJAP are hereafter referred to as (“the Company”). | |||||||||||
Business Combinations Policy [Policy Text Block] | ' | ||||||||||
2.5 | BUSINESS COMBINATION | ||||||||||
The Company adopted the accounting pronouncements relating to business combination (primarily contained in ASC Topic 805 “Business Combinations”), including assets acquired and liabilities assumed on arising from contingencies. These pronouncements established principles and requirement for how the acquirer of a business recognizes and measures in its financial statements he identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquisition as well as provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. In addition, these pronouncements eliminate the distinction between contractual and non-contractual contingencies, including the initial recognition and measurement criteria and require an acquirer to develop a systematic and rational basis for subsequently measuring and accounting for acquired contingencies depending on their nature. The Company’s adoption of these pronouncements will have an impact on the manner in which it accounts for any future acquisitions. | |||||||||||
Consolidation Subsidiaries Or Other Investments Consolidated Entities Policy [Policy Text Block] | ' | ||||||||||
2.6 | NON - CONTROLLING INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||
The Company adopted the accounting pronouncement on non-controlling interests in consolidated financial statements, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. This guidance is primarily contained in ASC Topic “Consolidation.” It clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated financial statements. The adoption of this standard has not had material impact on the Company’s consolidated financial statements. | |||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||
2.7 | USE OF ESTIMATES | ||||||||||
The preparation of consolidated financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods covered thereby. Actual results could differ from these estimates. Judgments and estimates of uncertainties are required in applying the Company’s accounting policies in certain areas. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets, estimates of the realization of deferred tax assets and inventory reserves. | |||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||
2.8 | REVENUE RECOGNITION | ||||||||||
The Company’s revenue recognition policies are in compliance with ASC 605. Sales revenue is recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable, and (iv) the ability to collect is reasonably assured. These criteria are generally satisfied at the time of shipment when risk of loss and title passes to the customer. | |||||||||||
Government grants are recognized when (i) the Company has substantially accomplished what must be done pursuant to the terms of the grant that are established by the local government; and (ii) the Company receives notification from the local government that the Company has satisfied all of the requirements to receive the government grants; and (iii) the amounts are received. | |||||||||||
Multiple-Element Arrangements | |||||||||||
To qualify as a separate unit of accounting under ASC 605-25 “ Multiple Element Arrangements”, the delivered item must have value to the customer on a standalone basis. The significant deliverables under the Company’s multiple-element arrangements are consulting and service under development contract, commission and management service. | |||||||||||
Revenues from the Company's consulting and services under development contracts are performed under fixed-price contracts. Revenues under long-term contracts are accounted for under the percentage-of-completion method of accounting in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). Under the percentage-of-completion method, the Company estimates profit as the difference between total estimated revenue and total estimated cost of a contract and recognizes that profit over the contract term. The percentage of costs incurred determines the amount of revenue to be recognized. Payment terms are generally defined by the installation contract and as a result may not match the timing of the costs incurred by the Company and the related recognition of revenue. Such differences are recorded as either costs or estimated earnings in excess of billings on uncompleted contracts or billings in excess of costs and estimated earnings on uncompleted contracts. The Company determines a customer’s credit worthiness at the time an order is accepted. Sudden and unexpected changes in a customer’s financial condition could put recoverability at risk. | |||||||||||
The percentage of completion method requires the ability to estimate several factors, including the ability of the customer to meet its obligations under the contract, including the payment of amounts when due. If the Company determines that collectability is not assured, the Company will defer revenue recognition and use methods of accounting for the contract such as the completed contract method until such time as the Company determines that collectability is reasonably assured or through the completion of the project. | |||||||||||
For fixed-price contracts, the Company uses the ratio of costs incurred to date on the contract to management's estimate of the contract's total costs, to determine the percentage of completion on each contract. This method is used as management considers expended costs to be the best available measure of progression of these contracts. Contract costs include all direct material, subcontract and labor costs and those indirect costs related to contract performance, such as supplies, tool repairs and depreciation. The Company accounts for maintenance and repair services under the guidance of ASC 605 as the services provided relate to construction work. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in job performance, job conditions, and estimated profitability arising from contract penalty, change orders and final contract settlements may result in revisions to the estimated profit ability during the contract. These changes, which include contracts with estimated costs in excess of estimated revenues, are recognized as contract costs in the period in which the revisions are determined. Profit incentives are included in revenues when their realization is reasonably assured. At the point the Company anticipates a loss on a contract, the Company estimates the ultimate loss through completion and recognizes that loss in the period in which the loss was identified. | |||||||||||
The Company does not provide warranties to customers on a basis customary to the industry, however, customers can claim warranty directly from product manufacturers for defects in equipment or products. Historically, the Company has experienced no warranty claims. | |||||||||||
The Company provides various management services to its customers in the PRC based on a negotiated fixed-price contract. The clients usually pay the fees when the services contract is signed and services are rendered. The Company recognizes these services-based revenues from contracts when (i) management services are rendered; (ii) clients recognize the completion of services; and (iii) collectability is reasonably assured. Fees received in advance are recorded as deferred revenue under current liabilities. | |||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||
2.9 | COST OF GOODS SOLD AND COST OF SERVICES | ||||||||||
Cost of goods sold consists primarily of direct purchase cost of merchandise goods, and related levies. Cost of services consist primarily direct cost and indirect cost incurred to date for development contracts and provision for anticipated losses for development contracts. | |||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||||
2.1 | SHIPPING AND HANDLING | ||||||||||
Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $39,549 and $84,298 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||
2.11 | ADVERTISING | ||||||||||
Advertising costs are included in general and administrative expenses, which totaled $2,365 and $1,973 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||
2.12 | FOREIGN CURRENCY TRANSLATION AND OTHER COMPREHENSIVE INCOME | ||||||||||
The reporting currency of the Company is the U.S. dollar. The functional currency of the Company is the Chinese Renminbi (RMB). | |||||||||||
For those entities whose functional currency is other than the U.S. dollar, all assets and liabilities are translated into U.S. dollars at the exchange rate on the balance sheet date; shareholders’ equity is translated at historical rates and items in the statements of income and of cash flows are translated at the average rate for the period. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily agree with changes in the corresponding balances in the balance sheets. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statements of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of income and comprehensive income, as incurred. | |||||||||||
Accumulated other comprehensive income in the consolidated statement of shareholders’ equity amounted to $6,260,131 as of December 31, 2013 and $3,868,274 as of December 31, 2012. The balance sheet amounts with the exception of equity as of December 31, 2013 and 2012 were translated using an exchange rate of RMB 6.10 to $1.00 and RMB 6.29 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the years ended December 31, 2013 and 2012 were RMB 6.19 to $1.00 and RMB 6.31 to $1.00, respectively. | |||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||
2.13 | CASH AND CASH EQUIVALENTS | ||||||||||
The Company considers all highly liquid securities with original maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents kept with financial institutions in the PRC are not insured or otherwise protected. Should any of those institutions holding the Company’s cash become insolvent, or should the Company become unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. | |||||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||||
2.14 | ACCOUNTS RECEIVABLE | ||||||||||
The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on a specific identification basis. | |||||||||||
The standard credit period for most of the Company’s clients is three months. The collection period over 1 year is classified as long-term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for doubtful accounts as of December 31, 2013 and 2012 are $0. | |||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||
2.15 | INVENTORIES | ||||||||||
Inventories are valued at the lower of cost (determined on a weighted average basis) and net realizable value. | |||||||||||
Costs incurred in bringing each product to its location and conditions are accounted for as follows: | |||||||||||
(a) | raw materials – purchase cost on a weighted average basis; | ||||||||||
(b) | manufactured finished goods and work-in-progress – cost of direct materials and labor and a proportion of manufacturing overhead based on normal operation capacity but excluding borrowing costs; and | ||||||||||
(c) | retail and wholesale merchandise finished goods – purchase cost on a weighted average basis. | ||||||||||
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs for completion and the estimated costs necessary to make the sale. | |||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||
2.16 | PROPERTY AND EQUIPMENT | ||||||||||
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Such costs include the cost of replacing parts that are eligible for capitalization when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognized in the carrying amount of the property and equipment as a replacement only if it is eligible for capitalization. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end. | |||||||||||
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. | |||||||||||
Plant and machinery | 5 - 10 years | ||||||||||
Structure and leasehold improvements | 10 - 20 years | ||||||||||
Mature seeds and herbage cultivation | 20 years | ||||||||||
Furniture and equipment | 2.5 - 10 years | ||||||||||
Motor vehicles | 5 -10 years | ||||||||||
An item of property and equipment is removed from the accounts upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the period the item is disposed. | |||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||
2.17 | GOODWILL | ||||||||||
Goodwill is an asset representing the fair economic benefits arising from other assets acquired in a business combination that are not individually identified or separately recognized. Goodwill is tested for impairment on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. The Company uses a fair-value-based approach to test for impairment at the level of each reporting unit. The Company directly acquired MEIJI, which is the holding company of JHST that operates the Hu Plantation. As a result of this acquisition, the Company recorded goodwill in the amount of $724,940. This goodwill represents the fair value of the assets acquired in these acquisitions over the cost of the assets acquired. | |||||||||||
Proprietary Technologies Policy [Policy Text Block] | ' | ||||||||||
2.18 | PROPRIETARY TECHNOLOGIES | ||||||||||
A master license of stock feed manufacturing technology was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition of stock feed manufacturing technology master license is amortized using the straight-line method over its estimated life of 20 years. | |||||||||||
An aromatic cattle-feeding formula was acquired and the costs of acquisition are capitalized as proprietary technologies when technological feasibility has been established. Cost of acquisition on aromatic cattle-feeding formula is amortized using the straight-line method over its estimated life of 25 years. | |||||||||||
The cost of sleep cod breeding technology license is capitalized as proprietary technologies when technological feasibility has been established. Cost of granting sleep cod breeding technology license is amortized using the straight-line method over its estimated life of 20 years. | |||||||||||
Bacterial cellulose technology license and related trade mark are capitalized as proprietary technologies when technological feasibility has been established. Cost of license and related trade mark is amortized using the straight-line method over its estimated life of 20 years. | |||||||||||
The Company has determined that technological feasibility is established at the time a working model of products is completed. Proprietary technologies are intangible assets of finite lives. Management evaluates the recoverability of proprietary technologies on an annual basis at the end of the Company’s fiscal year, or when impairment indicators arise. As required by ASC Topic 350 “Intangible – Goodwill and Other”, the Company uses a fair-value-based approach to test for impairment. | |||||||||||
Government Contractors, Contracts in Progress, Policy [Policy Text Block] | ' | ||||||||||
2.19 | CONSTRUCTION IN PROGRESS | ||||||||||
Construction in progress represents direct costs of construction as well as acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until construction is completed and the asset is ready for its intended use. | |||||||||||
Land Use Rights Policy [Policy Text Block] | ' | ||||||||||
2.2 | LAND USE RIGHTS | ||||||||||
Land use rights represent acquisition of rights to agricultural land from farmers and are amortized on the straight-line basis over their respective lease periods. The lease period of agricultural land is in the range from 30 to 60 years. Land use rights purchase prices were determined in accordance with the PRC Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors. | |||||||||||
Corporate Joint Venture Policy [Policy Text Block] | ' | ||||||||||
2.21 | CORPORATE JOINT VENTURE | ||||||||||
A corporation formed, owned, and operated by two or more businesses as a separate and discrete business or project (venture) for their mutual benefit is considered to be a corporate joint venture. Investee entities, in which the Company can exercise significant influence, but not control, are accounted for under the equity method of accounting. Under the equity method of accounting, the Company’s share of the earnings or losses of these companies is included in net income. | |||||||||||
A loss in value of an investment that is other than a temporary decline is recognized as a charge to operations. Evidence of a loss in value might include, but would not necessarily be limited to, the absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. | |||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' | ||||||||||
2.22 | VARIABLE INTEREST ENTITY | ||||||||||
A variable interest entity (“VIE”) is an entity (investee) in which the investor has obtained less than a majority interest, according to the Financial Accounting Standards Board (FASB). A VIE is subject to consolidation if a VIE meets one of the following three criteria as elaborated in ASC Topic 810-10, Consolidation: | |||||||||||
(a) | equity-at-risk is not sufficient to support the entity's activities; | ||||||||||
(b) | as a group, the equity-at-risk holders cannot control the entity; or | ||||||||||
(c) | the economics do not coincide with the voting interest. | ||||||||||
If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. A corporation formed, owned, and operated by two or more businesses (ventures) as a separate and discrete business or project (venture) for their mutual benefit is defined as a joint venture. | |||||||||||
Treasury Stock Policy [Policy Text Block] | ' | ||||||||||
2.23 | TREASURY STOCK | ||||||||||
Treasury stock means shares of a corporation’s own stock that have been issued and subsequently reacquired by the corporation. Converting outstanding shares to treasury shares does not reduce the number of shares issued but does reduce the number of shares outstanding. These shares are not eligible to receive dividends. Accounting for excesses and deficiencies on treasury stock transactions is governed by ASC 505-30-30. | |||||||||||
State laws and federal agencies closely regulate transactions involving a company’s own capital stock, so the purchase of outstanding shares must have a legitimate purpose. Some of the most common reasons for purchasing outstanding shares are as follows: | |||||||||||
(a) | to meet additional stock needs for various reasons, including newly implemented stock option plans, stock for convertible bonds or convertible preferred stock, or a stock dividend. | ||||||||||
(b) | to make more shares available for acquisitions of other entities. | ||||||||||
The cost method of accounting for treasury shares has been adopted by the Company. The purchase of outstanding shares and thus converting them into treasury shares is treated as a temporary reduction in shareholders’ equity in view of the expectation to reissue the shares instead of retiring them. When the Company reissues the treasury shares, the temporary account is eliminated. The cost of acquiring outstanding shares for converting into treasury shares is charged to a contra account, in this case a contra equity account that reduces the stockholder equity balance. | |||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||
2.24 | INCOME TAXES | ||||||||||
The Company accounts for income taxes under the provisions of ASC Topic 740 “Accounting for Income Taxes.” Under ASC Topic 740, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | |||||||||||
The provision for income tax is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. | |||||||||||
Deferred income taxes are calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. | |||||||||||
ASC Topic 740 also prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or for one expected to be taken, in a tax return. ASC Topic 740 also provides guidance related to, among other things, classification, accounting for interest and penalties associated with tax positions, and disclosure requirements. Any interest and penalties accrued related to unrecognized tax benefits will be recorded as tax expense. | |||||||||||
Political and Business Risk Policy [Policy Text Block] | ' | ||||||||||
2.25 | POLITICAL AND BUSINESS RISK | ||||||||||
The Company's operations are carried out in the PRC. Accordingly, the political, economic and legal environment in the PRC may influence the Company’s business, financial condition and results of operations by the general state of the PRC's economy. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. | |||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||
2.26 | CONCENTRATION OF CREDIT RISK | ||||||||||
Cash includes cash at banks and demand deposits in accounts maintained with banks within the PRC. Total cash in these banks as of December 31, 2013 and 2012 amounted to $1,256,440 and $8,403,458 respectively, none of which is covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks to its cash in bank accounts. | |||||||||||
The Company had 5 major customers (A, B, C, D & E) whose business individually represented the following percentages of the Company’s total revenue for the periods indicated: | |||||||||||
2013 | 2012 | ||||||||||
Customer A | 18.09 | % | 32.44 | % | |||||||
Customer B | 15.02 | % | 10.27 | % | |||||||
Customer C | 9.24 | % | 9.69 | % | |||||||
Customer D | 9.14 | % | 6.34 | % | |||||||
Customer E | 8.49 | % | 6.01 | % | |||||||
59.98 | % | 64.75 | % | ||||||||
Percentage of revenue | Amount | ||||||||||
Customer A | Fishery development and Corporate and others division | 18.09 | % | $ | 47,284,512 | ||||||
Customer B | Fishery development and Corporate and others division | 15.02 | % | $ | 39,275,564 | ||||||
Accounts receivable are derived from revenue earned from customers located primarily in the PRC. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. | |||||||||||
The Company had 5 major customers whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable: | |||||||||||
2013 | 2012 | ||||||||||
Customer A | 12.86 | % | 18.18 | % | |||||||
Customer B | 10.23 | % | 14.32 | % | |||||||
Customer C | 8.69 | % | 11.14 | % | |||||||
Customer D | 8.36 | % | 9.94 | % | |||||||
Customer E | 8.27 | % | 8.23 | % | |||||||
48.41 | % | 61.81 | % | ||||||||
As of December 31, 2013, amounts due from customers A and B are $10,546,704 and $8,387,732, respectively. The Company has not experienced any significant difficulty in collecting its accounts receivable in the past and is not aware of any financial difficulties of its major customers. | |||||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||
2.27 | IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS | ||||||||||
In accordance with ASC Topic 360, “Property, Plant and Equipment,” long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company reviews the carrying amount of its long-lived assets, including intangibles, for impairment, each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of December 31, 2013 and 2012, the Company determined no impairment losses were necessary. | |||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||
2.28 | EARNINGS PER SHARE | ||||||||||
As prescribed in ASC Topic 260 “Earnings per Share,” Basic Earnings per Share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. The effect of stock options on diluted EPS is determined through the application of the treasury stock method, whereby proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company’s common stock at the average market price during the period. | |||||||||||
For the years ended December 31, 2013 and 2012, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders amount to $0.62 and $0.70 respectively. For the years ended December 31, 2013 and 2012, diluted earnings per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $0.58 and $0.63, respectively | |||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||
2.29 | ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||
ASC Topic 220 “Comprehensive Income” establishes standards for reporting and displaying comprehensive income and its components in financial statements. Comprehensive income is defined as the change in stockholders’ equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The comprehensive income for all periods presented includes both the reported net income and net change in cumulative translation adjustments. | |||||||||||
Postemployment Benefit Plans, Policy [Policy Text Block] | ' | ||||||||||
2.3 | RETIREMENT BENEFIT COSTS | ||||||||||
PRC state managed retirement benefit programs are defined contribution plans and the payments to the plans are charged as expenses when employees have rendered service entitling them to the contribution made by the employer. | |||||||||||
Compensation Related Costs, Policy [Policy Text Block] | ' | ||||||||||
2.31 | STOCK-BASED COMPENSATION | ||||||||||
The Company has adopted both ASC Topic 718, “Compensation - Stock Compensation” and ASC Topic 505-50, “Equity-Based Payments to Non- Employees” using the fair value method in which an entity issues its equity instruments to acquire goods and services from employees and non-employees. Stock compensation for stock granted to non-employees has been determined in accordance with this accounting standard and the accounting standard regarding accounting for equity instruments that are issued to other than employees for acquiring, or in conjunction with selling goods or services, as the fair value of the consideration received or the fair value of equity instruments issued, whichever is more reliably measured. This accounting standard allows the “simplified” method to determine the term of employee options when other information is not available. Under ASC Topic 718 and ASC Topic 505-50, stock compensation expenses is measured at the grant date on the value of the option or restricted stock and is recognized as expenses, less expected forfeitures, over the requisite service period, which is generally the vesting period. | |||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||
2.32 | 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 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 under 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 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. 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. | ||||||||||
The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value as of December 31, 2013 or 2012, nor gains or losses are reported in the statements of income and comprehensive income that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the fiscal year ended December 31, 2013 or 2012. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||
2.33 | NEW ACCOUNTING PRONOUNCEMENTS | ||||||||||
The Company does not expect any recent accounting pronouncements to have a material effect on the Company’s financial position, results of operations, or cash flows. | |||||||||||
In July 2012, the FASB issued Accounting Standards Update ASU 2012-02, the amendments to ASC 350, Intangibles—Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment (“ASU 2012-02”). The amendments apply to all entities, both public and nonpublic, that have indefinite-lived intangible assets, other than goodwill, reported in their financial statements. In accordance with the amendments an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with Subtopic 350-30. An entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, and early adoption is permitted. The Company will apply these amendments for reporting periods beginning after December 31, 2012. The Company does not expect the adoption of the amendments to have a material impact on the consolidated financial statements. | |||||||||||
In February 2013, the FASB issued guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statements or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance will be effective for us beginning July 1, 2013. Other than requiring additional disclosures, we do not anticipate a material impact on the consolidated financial statements upon adoption. | |||||||||||
In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent releases any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for us beginning July 1, 2014. We do not anticipate a material impact on the consolidated financial statements upon adoption. | |||||||||||
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists”. These amendments provide 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 carry forward, except to the extent that a net operating loss carry forward, a similar tax loss, or a tax credit carry forward 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, the amendments are 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. | |||||||||||
Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. | |||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||||
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block] | ' | ||||||||||
2.2 REPORTING ENTITIES | |||||||||||
Name of subsidiaries | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Capital Award Inc. ("CA") | Belize | 100% (2012: 100%) directly | Fishery development and holder of A-Power Technology master license. | ||||||||
Capital Stage Inc. ("CS") | Belize | 100% (2012: 100%) indirectly | Dormant | ||||||||
Capital Hero Inc. ("CH") | Belize | 100% (2012: 100%) indirectly | Dormant | ||||||||
Sino Agro Food Sweden AB (publ) ("SAFS") | Sweden | 100% (2012: 0%) directly | Dormant | ||||||||
Tri-way Industries Limited ("TRW") | Hong Kong, PRC | 100% (2012: 100%) directly | Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | ||||||||
Macau Meiji Limited ("MEIJI") | Macau, PRC | 100% (2012: 100%) directly | Investment holding, cattle farm development, beef cattle and beef trading | ||||||||
A Power Agro Agriculture Development (Macau) Limited ("APWAM") | Macau, PRC | 100% (2012: 100%) directly | Investment holding | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd ("JHST") | PRC | 75% (2012: 75%) directly | Hylocereus Undatus Plantation ("HU Plantation"). | ||||||||
Jiang Men City A Power Fishery Development Co., Limited ("JFD") | PRC | 75% (2012: 75%) indirectly | Fish cultivation | ||||||||
Jiang Men City Hang Mei Cattle Farm Development Co., Limited ("JHMC") | PRC | 75% (2012: 75%) indirectly | Beef cattle cultivation | ||||||||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") | PRC | 26% directly and 50% indirectly (2012: 26% directly and 50% indirectly) | Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | ||||||||
Name of variable interest entity | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Qinghai Sanjiang A Power Agriculture Co., Ltd ("SJAP") | PRC | 45% (2012: 45%) indirectly | Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures | ||||||||
Name of unconsolidated equity investee | Place of incorporation | Percentage of interest | Principal activities | ||||||||
Enping City Bi Tao A Power Prawn Culture Development Co., Limited ("EBAPCD") (pending approval) | PRC | 25% (2012: 25% indirectly) | Prawn cultivation | ||||||||
Schedule Of Property Plant Equipment Useful Life [Table Text Block] | ' | ||||||||||
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. | |||||||||||
Plant and machinery | 5 - 10 years | ||||||||||
Structure and leasehold improvements | 10 - 20 years | ||||||||||
Mature seeds and herbage cultivation | 20 years | ||||||||||
Furniture and equipment | 2.5 - 10 years | ||||||||||
Motor vehicles | 5 -10 years | ||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | ' | ||||||||||
The Company had 5 major customers (A, B, C, D & E) whose business individually represented the following percentages of the Company’s total revenue for the periods indicated: | |||||||||||
2013 | 2012 | ||||||||||
Customer A | 18.09 | % | 32.44 | % | |||||||
Customer B | 15.02 | % | 10.27 | % | |||||||
Customer C | 9.24 | % | 9.69 | % | |||||||
Customer D | 9.14 | % | 6.34 | % | |||||||
Customer E | 8.49 | % | 6.01 | % | |||||||
59.98 | % | 64.75 | % | ||||||||
Percentage of revenue | Amount | ||||||||||
Customer A | Fishery development and Corporate and others division | 18.09 | % | $ | 47,284,512 | ||||||
Customer B | Fishery development and Corporate and others division | 15.02 | % | $ | 39,275,564 | ||||||
Accounts receivable are derived from revenue earned from customers located primarily in the PRC. The Company performs ongoing credit evaluations of customers and has not experienced any material losses to date. | |||||||||||
The Company had 5 major customers whose accounts receivable balance individually represented the following percentages of the Company’s total accounts receivable: | |||||||||||
2013 | 2012 | ||||||||||
Customer A | 12.86 | % | 18.18 | % | |||||||
Customer B | 10.23 | % | 14.32 | % | |||||||
Customer C | 8.69 | % | 11.14 | % | |||||||
Customer D | 8.36 | % | 9.94 | % | |||||||
Customer E | 8.27 | % | 8.23 | % | |||||||
48.41 | % | 61.81 | % | ||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | others (5) | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | |||||||||||||||||
Division (3) | ||||||||||||||||||||
Revenue | $ | 109,059,105 | $ | 22,814,476 | $ | 73,718,075 | $ | 24,792,014 | $ | 31,042,143 | $ | 261,425,813 | ||||||||
Net income (loss) | $ | 40,267,690 | 8,894,028 | $ | 14,302,266 | $ | 4,717,736 | $ | 6,024,809 | $ | 74,206,529 | |||||||||
Total assets | $ | 96,033,450 | $ | 49,831,925 | $ | 156,141,447 | $ | 46,428,738 | $ | 19,079,371 | $ | 367,514,931 | ||||||||
2012 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others (5) | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | ||||||||||||||||||
Division (3) | ||||||||||||||||||||
(Restated) | (Restated) | (Restated) | ||||||||||||||||||
Revenue | $ | 81,383,568 | $ | 11,878,599 | $ | 23,347,564 | $ | 17,038,001 | $ | 4,965,907 | $ | 138,613,639 | ||||||||
Net income (loss) | $ | 39,150,568 | $ | 6,245,281 | $ | 3,875,609 | $ | 9,058,822 | $ | -784,448 | $ | 57,545,832 | ||||||||
Total assets | $ | 79,222,788 | $ | 36,792,718 | $ | 96,282,055 | $ | 28,265,035 | $ | 2,536,382 | $ | 243,098,978 | ||||||||
Note | ||||||||||||||||||||
-1 | Operated by Capital Award, Inc (“CA”). and Jiangmen City A Power Fishery Development Co., Limited (“JFD”). | |||||||||||||||||||
-2 | Operated by Jiangmen City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”). | |||||||||||||||||||
-3 | Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”), A Power Agro Agriculture Development (Macau) Limited (“APWAM”) and Hunan Shenghua A Power Agriculture Co., Limited (“HSA”). | |||||||||||||||||||
-4 | Operated by Jiangmen City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Meiji Limited (“MEIJI”). | |||||||||||||||||||
-5 | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). | |||||||||||||||||||
Schedule Of Further Analysis Of Revenue [Table Text Block] | ' | |||||||||||||||||||
Further analysis of revenue:- | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others (6) | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | ||||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 72,362,980 | $ | - | $ | - | $ | - | $ | - | $ | 72,362,980 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 22,814,476 | - | - | - | $ | 22,814,476 | |||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 11,490,395 | - | 11,490,395 | |||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 62,227,680 | - | 62,227,680 | |||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 17,671,418 | - | 17,671,418 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 22,047,092 | 22,047,092 | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 35,259,211 | - | - | - | - | 35,259,211 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,120,596 | - | 7,120,596 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 8,799,503 | 8,799,503 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 1,436,914 | - | - | - | - | 1,436,914 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | - | - | - | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 195,548 | 195,548 | ||||||||||||||
$ | 109,059,105 | $ | 22,814,476 | $ | 73,718,075 | $ | 24,792,014 | $ | 31,042,143 | $ | 261,425,813 | |||||||||
2012 (Restated) | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others (6) | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | ||||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 45,189,788 | $ | - | $ | - | $ | - | $ | - | $ | 45,189,788 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 11,878,599 | - | - | - | 11,878,599 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 2,213,038 | - | 2,213,038 | |||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 21,134,526 | - | 21,134,526 | |||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 5,957,870 | - | 5,957,870 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 1,698,506 | 1,698,506 | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 35,471,383 | - | - | - | - | 35,471,383 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 10,930,131 | - | 10,930,131 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 3,267,401 | 3,267,401 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 722,397 | - | - | - | - | 722,397 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 150,000 | - | 150,000 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | - | - | ||||||||||||||
$ | 81,383,568 | $ | 11,878,599 | $ | 23,347,564 | $ | 17,038,001 | $ | 4,965,907 | $ | 138,613,639 | |||||||||
Further analysis of cost of goods sold and cost of services:- | ||||||||||||||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | -5 | ||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. ("CA") | $ | 51,470,476 | $ | - | $ | - | $ | - | $ | - | $ | 51,470,476 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited ("JHST") | - | 10,101,512 | - | - | - | 10,101,512 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited ("HSA") | - | - | 7,040,470 | - | - | 7,040,470 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited ("SJAP") | - | - | 38,411,418 | - | - | 38,411,418 | ||||||||||||||
Macau Eiji Company Limited ("MEIJI") | - | - | - | 13,161,262 | - | 13,161,262 | ||||||||||||||
Sino Agro Food, Inc. ("SIAF") | - | - | - | - | 19,160,917 | 19,160,917 | ||||||||||||||
$ | 51,470,476 | $ | 10,101,512 | $ | 45,451,888 | $ | 13,161,262 | $ | 19,160,917 | $ | 139,346,055 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate and | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | others | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | -5 | |||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 13,197,048 | $ | - | $ | - | $ | - | $ | - | $ | 13,197,048 | ||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 4,733,262 | - | 4,733,262 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 2,618,298 | 2,618,298 | ||||||||||||||
$ | 13,197,048 | $ | - | $ | - | $ | 4,733,262 | $ | 2,618,298 | $ | 20,548,608 | |||||||||
Further analysis of cost of goods sold and cost of services:- | ||||||||||||||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
2012 (Restated) | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | -6 | ||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 23,512,812 | $ | - | $ | - | $ | - | $ | - | $ | 23,512,812 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 5,035,955 | - | - | - | 5,035,955 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“H SA”) | - | - | 1,723,031 | - | 1,723,031 | |||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 14,574,772 | - | 14,574,772 | |||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 4,613,074 | - | 4,613,074 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 1,098,870 | 1,098,870 | ||||||||||||||
$ | 23,512,812 | $ | 5,035,955 | $ | 16,297,803 | $ | 4,613,074 | $ | 1,098,870 | $ | 50,558,514 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
2012 | ||||||||||||||||||||
Fishery | HU | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Plantation | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Bread Grass | Division (4) | -6 | ||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 14,340,937 | $ | - | $ | - | $ | - | $ | - | $ | 14,340,937 | ||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 2,998,343 | - | 2,998,343 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 909,677 | 909,677 | ||||||||||||||
$ | 14,340,937 | $ | - | $ | - | $ | 2,998,343 | $ | 909,677 | $ | 18,248,957 | |||||||||
DIVIDEND_Tables
DIVIDEND (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Dividend [Abstract] | ' | |||||||
Schedule of Dividends Payable [Table Text Block] | ' | |||||||
On December 6, 2012, the Company’s Board of Directors has declared cash dividend on its Common Stock, payable in the amount of $0.01 for every one share issued and outstanding as of December 26, 2012, with a distribution date of January 15, 2013. | ||||||||
2013 | 2012 | |||||||
Cash dividend | ||||||||
Nil (2012: 95,130,730 outstanding shares at $0.01) | $ | - | $ | 951,307 | ||||
Deferred dividend | ||||||||
Nil (2012: 91,931,287 outstanding shares at $0.034) | - | 3,125,661 | ||||||
$ | - | $ | 4,076,968 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
Provision for income taxes is as follows: | ||||||||
2013 | 2012 | |||||||
SIAF | $ | - | $ | - | ||||
SAFS | - | - | ||||||
TRW | - | - | ||||||
MEIJI and APWAM | - | - | ||||||
JHST, JFD, JHMC, SJAP and HSA | - | - | ||||||
$ | - | $ | - | |||||
CASH_AND_CASH_EQUIVALENTS_Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Cash and bank balances | $ | 1,327,274 | $ | 8,424,265 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
As of December 31, 2013, inventories are as follows: | ||||||||
2013 | 2012 | |||||||
Sleepy cods, prawns, eels and marble goble | $ | 1,761,111 | 4,612,090 | |||||
Bread grass | 580,955 | 1,473,653 | ||||||
Beef cattle | 1,951,962 | 2,569,659 | ||||||
Organic fertilizer | 895,670 | 737,166 | ||||||
Forage for cattle and consumable | 684,979 | 278,900 | ||||||
Raw materials for bread grass and organic fertilizer | 855,493 | 6,765,536 | ||||||
Immature seeds | 698,704 | 677,751 | ||||||
Harvested HU plantation | 719,329 | - | ||||||
8,148,203 | 17,114,755 | |||||||
DEPOSITS_AND_PREPAID_EXPENSES_
DEPOSITS AND PREPAID EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deposits and Prepaid Expenses [Abstract] | ' | |||||||
Schedule Of Deposits and Prepaid Expenses [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Deposits for | ||||||||
- purchases of equipment | $ | 4,886,048 | $ | 318,192 | ||||
- acquisition of land use rights | 7,826,508 | 7,826,508 | ||||||
- inventories purchases | 9,771,383 | 2,228,854 | ||||||
- aquaculture contract | - | 7,062,600 | ||||||
- building materials | 1,281,935 | 2,000,000 | ||||||
- proprietary technologies | 4,404,210 | 2,254,839 | ||||||
- construction in progress | 23,021,316 | 14,423,021 | ||||||
Miscellaneous | - | 4,892,258 | ||||||
Shares issued for employee compensation and overseas professional fee | 100,308 | 271,800 | ||||||
Temporary deposits paid to entities for euity investments in future Sino Joint | ||||||||
Venture companies | 41,109,708 | 6,030,785 | ||||||
$ | 92,401,416 | $ | 47,308,857 | |||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable [Abstract] | ' | |||||||
Schedule Of Past Due Financing Receivables [Table Text Block] | ' | |||||||
Aging analysis of accounts receivable is as follows: | ||||||||
2013 | 2012 | |||||||
0 - 30 days | $ | 20,864,404 | $ | 10,813,981 | ||||
31 - 90 days | 28,960,582 | 27,784,784 | ||||||
91 - 120 days | 23,941,294 | 6,866,842 | ||||||
over 120 days and less than 1 year | 8,291,662 | 7,482,743 | ||||||
over 1 year | - | - | ||||||
$ | 82,057,942 | $ | 52,948,350 | |||||
OTHER_RECEIVABLES_Tables
OTHER RECEIVABLES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Receivable [Abstract] | ' | |||||||
Schedule Of Other Receivables Disclosure [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Cash advance paid as consideration to acquire investments | $ | - | $ | 4,657,728 | ||||
Advanced to employees | 109,278 | 166,722 | ||||||
Advanced to suppliers | 3,673,493 | 205,088 | ||||||
Miscellaneous | 924,710 | |||||||
$ | 3,782,771 | $ | 5,954,248 | |||||
PLANT_AND_EQUIPMENT_Tables
PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Plant and machinery | $ | 5,263,933 | $ | 3,681,644 | ||||
Structure and leasehold improvements | 36,308,860 | 15,446,062 | ||||||
Mature seeds and herbage cultivation | 6,294,372 | 1,369,626 | ||||||
Furniture and equipment | 391,608 | 212,479 | ||||||
Motor vehicles | 765,858 | 277,513 | ||||||
49,024,631 | 20,987,324 | |||||||
Less: Accumulated depreciation | -2,537,573 | -1,041,022 | ||||||
Net carrying amount | $ | 46,487,058 | $ | 19,946,302 | ||||
CONSTRUCTION_IN_PROGRESS_Table
CONSTRUCTION IN PROGRESS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Construction In Progress [Abstract] | ' | |||||||
Schedule Of Construction In progress [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Construction in progress | ||||||||
- Oven room for production of dried flowers | $ | - | $ | 828,905 | ||||
- Office, warehouse and organic fertilizer plant in HSA | 22,761,164 | 10,450,518 | ||||||
- Organic fertilizer and bread grass production plant and office building | 8,600,187 | 7,921,105 | ||||||
- Rangeland for beef cattle and office building | 26,054,582 | 5,291,982 | ||||||
- Fish pond | 1,718,799 | - | ||||||
$ | 59,134,732 | $ | 24,492,510 | |||||
LAND_USE_RIGHTS_Tables
LAND USE RIGHTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Land Use Rights [Abstract] | ' | ||||||||
Land Use Rights [Table Text Block] | ' | ||||||||
2013 | 2012 | ||||||||
Cost | $ | 65,192,615 | $ | 58,630,950 | |||||
Less: Accumulated amortisation | -4,486,786 | -2,897,704 | |||||||
Net carrying amount | $ | 60,705,829 | $ | 55,733,246 | |||||
Schedule Of Land Use Rights [Table Text Block] | ' | ||||||||
Expiry date | Location | Amount | |||||||
Balance @1.1.2012 | $ | 57,845,573 | |||||||
Additons: | |||||||||
2012 | 2051 | Xining city, Qinghai Province, the P.R.C. | 528,240 | ||||||
Exchange difference | 257,137 | ||||||||
Balance @12.31.2012 | 58,630,950 | ||||||||
Additons: | |||||||||
2013 | 2023 | Enping city, Guangdong Province, the P.R.C. | 489,904 | ||||||
2013 | Land improvement cost incurred | 3,914,275 | |||||||
Exchange difference | 2,157,486 | ||||||||
Balance @12.31.2013 | $ | 65,192,615 | |||||||
PROPRIETARY_TECHNOLOGIES_Table
PROPRIETARY TECHNOLOGIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Proprietary Technologies [Abstract] | ' | |||||||
Schedule Of Proprietary Technologies [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Cost | $ | 13,896,168 | $ | 9,512,258 | ||||
Less: Accumulated amortization | -1,814,698 | -1,397,634 | ||||||
Net carrying amount | $ | 12,081,470 | $ | 8,114,624 | ||||
GOODWILL_Tables
GOODWILL (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Goodwill from acquisition | $ | 724,940 | $ | 724,940 | ||||
Less: Accumulated impairment losses | - | - | ||||||
Net carrying amount | $ | 724,940 | $ | 724,940 | ||||
OTHER_PAYABLES_Tables
OTHER PAYABLES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule Of Other Payables [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Due to third parties | $ | 4,715,543 | $ | 877,259 | ||||
Promissory notes issued to third parties | 3,625,000 | 3,352,394 | ||||||
Convertible notes payable | - | 232,000 | ||||||
Due to local government | 2,428,243 | 2,192,825 | ||||||
$ | 10,768,786 | $ | 6,654,478 | |||||
CONSTUCTION_CONTRACTS_Tables
CONSTUCTION CONTRACTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contractors [Abstract] | ' | |||||||
Billing in Excess of Costs and Estimated Earnings on Uncompleted Contract [Table Text Block] | ' | |||||||
(i) | Costs and estimated earnings in excess of billings on uncompleted contract | |||||||
2013 | 2012 | |||||||
Cost | $ | 3,527,975 | $ | 3,755,046 | ||||
Estimated earnings | 8,538,930 | 8,307,452 | ||||||
Less: Billings | -11,403,609 | -9,725,618 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contract | $ | 663,296 | $ | 2,336,880 | ||||
(ii) | Billings in excess of costs and estimated earnings on uncompleted contracts | |||||||
2013 | 2012 | |||||||
Billings | $ | 8,406,900 | $ | 9,810,427 | ||||
Less: Costs | -2,179,410 | -1,886,705 | ||||||
Estimated earnings | -3,080,534 | -5,133,638 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contract | $ | 3,146,956 | $ | 2,790,084 | ||||
(iii) | Overall | |||||||
2013 | 2012 | |||||||
Billings | $ | 19,810,509 | $ | 19,536,045 | ||||
Less: Costs | -5,707,385 | -5,641,751 | ||||||
Estimated earnings | -11,619,464 | -13,441,090 | ||||||
Billings in excess of costs and estimated earnings on uncompleted contract | $ | 2,483,660 | $ | 453,204 | ||||
BORROWINGS_Tables
BORROWINGS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule of Short-term Debt [Table Text Block] | ' | |||||||||||||
Short term bank loan | ||||||||||||||
Name of bank | Interest rate | Term | 2013 | 2012 | ||||||||||
Agricultural Bank of China | 6 | % | August 30, 2013 - August 29, 2014 | |||||||||||
Huangyuan County Branch, | (August 30, 2012 - August 29, 2013) | |||||||||||||
Xining , Qinghai Province, | ||||||||||||||
the P.R.C. | $ | 4,100,377 | ‸* | $ | 3,181,927 | ‸* | ||||||||
‸ personal and corporate guaranteed by third parties. | ||||||||||||||
* secured by land use rights with net carrying amount of $515,026 (2012: $528,240). | ||||||||||||||
Long term debts | ||||||||||||||
Name of lender | Interest rate | Term | 2013 | 2012 | ||||||||||
Gan Guo Village Committee | 12.22 | % | June 2012 - June 2017 | |||||||||||
Bo Huang Town | ||||||||||||||
Huangyuan County, | ||||||||||||||
Xining City, | ||||||||||||||
Qinghai Province, the P.R.C. | $ | 180,417 | $ | 175,006 | ||||||||||
WARRANTS_Tables
WARRANTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Warrants [Abstract] | ' | ||||||||||
Fair Value Of Warrants Valuation Assumptions [Table Text Block] | ' | ||||||||||
The fair value of the warrants was determined using the Black-Scholes pricing model and included the following assumptions | |||||||||||
Expected annual dividend rate | 0 | % | |||||||||
Weighted average exercise price | $ | 0.5 | |||||||||
Risk-free interest rate | 2 | % | |||||||||
Average expected life | 6 months | ||||||||||
Expected volatility of common stock | 80 | % | |||||||||
Forfeiture rate | 0 | % | |||||||||
Schedule Of Share Based Compensation Based On Period Stock Warrants Activity [Table Text Block] | ' | ||||||||||
As of December 31, 2013, the following share purchase warrants were outstanding and exercisable: | |||||||||||
Expiry date | Exercise | 2013 | 2012 | ||||||||
price | |||||||||||
8-Jan-13 | $ | 0.5 | - | 150,000 | |||||||
15-Feb-13 | $ | 0.5 | - | 78,500 | |||||||
9-Apr-13 | $ | 0.5 | - | 157,000 | |||||||
- | 385,500 | ||||||||||
Schedule Of Share Based Compensation Stock Warrants Activity [Table Text Block] | ' | ||||||||||
Share purchase warrant transactions and the number of share purchase warrants outstanding and exercisable are summarized as follows: | |||||||||||
December 31, 2013 | Exercise price | ||||||||||
Number of warrants outstanding as of January 1, 2013 | 385,000 | $ | 0.5 | ||||||||
Issued | - | - | |||||||||
Exercised | - | - | |||||||||
Expired | -385,000 | - | |||||||||
Number of warrants outstanding as of December 31, 2013 | - | ||||||||||
OBLIGATION_UNDER_OPERATING_LEA1
OBLIGATION UNDER OPERATING LEASES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
The future minimum lease payments as of December 31, 2013, are as follows: | |||||
$ | |||||
Year ended December 31,2014 | 85,038 | ||||
Thereafter | - | ||||
85,038 | |||||
BUSINESS_COMBINATION_Tables
BUSINESS COMBINATION (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2012 and 2011, as well as unaudited consolidated results of operations as though the JFD and JHMC acquisitions had occurred on January 1, 2011. | ||||||||||||||
2012 | 2011 | |||||||||||||
As reported | Pro Forma | As reported | Pro Forma | |||||||||||
Revenue | $ | 138,612,639 | $ | 128,725,067 | $ | 51,879,903 | $ | 47,718,758 | ||||||
Net income from continuing operations | $ | 57,545,832 | $ | 50,655,603 | $ | 15,691,032 | $ | 14,041,347 | ||||||
Net income from discontinued operations | $ | - | $ | - | $ | 10,203,951 | $ | 10,203,951 | ||||||
Total net income from continuing and discontinued operations | $ | 57,545,832 | $ | 50,655,603 | $ | 25,894,983 | $ | 24,245,298 | ||||||
From continuing and discontinued operations Earning per share | ||||||||||||||
Basic | $ | 0.7 | $ | 0.68 | $ | 0.43 | $ | 0.4 | ||||||
Diluted | $ | 0.63 | $ | 0.55 | $ | 0.39 | $ | 0.36 | ||||||
From continuing operations Earning per share | ||||||||||||||
Basic | $ | 0.7 | $ | 0.68 | $ | 0.26 | $ | 0.23 | ||||||
Diluted | $ | 0.63 | $ | 0.55 | $ | 0.23 | $ | 0.21 | ||||||
From discontinued operations Earning per share | ||||||||||||||
Basic | $ | - | $ | - | $ | 0.17 | $ | 0.17 | ||||||
Diluted | $ | - | $ | - | $ | 0.16 | $ | 0.15 | ||||||
JFD [Member] | ' | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||
The Company allocated the purchase price on the fair value of the assets acquired as of January 1, 2012. | ||||||||||||||
Net assets at fair value acquired: | ||||||||||||||
Property and equipment | $ | 34,919 | ||||||||||||
Construction in progress | 4,495,306 | |||||||||||||
Inventory | 1,838,337 | |||||||||||||
6,368,562 | ||||||||||||||
Less: Other payables | (92,603 | ) | ||||||||||||
Non-controlling interest | (3,324,729 | ) | ||||||||||||
25% held by the Company | (1,662,365 | ) | ||||||||||||
$ | 1,288,865 | |||||||||||||
Satisfied by | ||||||||||||||
Purchase consideration | $ | 1,662,365 | ||||||||||||
Less: Cash acquired | (373,500 | ) | ||||||||||||
$ | 1,288,865 | |||||||||||||
The Company allocated the purchase price based on the fair value of the assets acquired as of April 1, 2012. | ||||||||||||||
Net assets at fair value acquired: | ||||||||||||||
Property and equipment | $ | 33,535 | ||||||||||||
Construction in progress | 4,499,376 | |||||||||||||
Inventory | 1,970,387 | |||||||||||||
Accounts receivable | 1,337,519 | |||||||||||||
7,840,817 | ||||||||||||||
Less: Other payables | (292,663 | ) | ||||||||||||
Accounts payable | (1,230,096 | ) | ||||||||||||
Non-controlling interest | (1,702,580 | ) | ||||||||||||
50% held by the Company | (3,405,159 | ) | ||||||||||||
$ | 1,210,319 | |||||||||||||
Satisfied by | ||||||||||||||
Purchase consideration | $ | 1,702,580 | ||||||||||||
Less: Cash acquired | (492,261 | ) | ||||||||||||
$ | 1,210,319 | |||||||||||||
JHMC [Member] | ' | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||
The Company allocated the purchase price based on the fair value of the assets acquired as of September 30, 2012. | ||||||||||||||
Net assets at fair value acquired: | ||||||||||||||
Property and equipment | $ | 512,450 | ||||||||||||
Construction in progress | 4,177,007 | |||||||||||||
Inventory | 671,429 | |||||||||||||
5,360,886 | ||||||||||||||
Less: Non - controlling interest | -1,340,221 | |||||||||||||
$ | 4,020,665 | |||||||||||||
Satisfied by | ||||||||||||||
Purchase consideration | $ | 4,020,665 | ||||||||||||
BONDS_PAYABLE_Tables
BONDS PAYABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Bonds Payable [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
5% Participating zeron coupon bonds repayable on September 30, 2015 | $ | 1,725,000 | $ | - | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The numerators and denominators used in the computations of basic and dilutive earnings per share are presented in the following table: | ||||||||
2013 | 2012 | |||||||
BASIC | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 74,206,529 | $ | 57,545,832 | ||||
Basic earnings per share | $ | 0.62 | $ | 0.7 | ||||
Basic weighted average shares outstanding | 119,730,338 | 82,016,910 | ||||||
2013 | 2012 | |||||||
DILUTED | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 74,206,529 | $ | 57,545,832 | ||||
Diluted earnings per share | $ | 0.58 | $ | 0.63 | ||||
Basic weighted average shares outstanding | 119,730,338 | 82,016,910 | ||||||
Add: weight average Series B Convertible preferred shares outstanding | 7,706,849 | 10,000,000 | ||||||
Diluted weighted average shares outstanding | 127,437,187 | 92,016,910 | ||||||
RESTATEMENT_OF_CONSOLIDATED_ST1
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOW (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule Of Restatement Of Consolidated Statement Of Cach Flows [Abstract] | ' | |||||||||||
Schedule Of Restatement Of Consolidated Statement Of Cash Flows [Table Text Block] | ' | |||||||||||
2012 | Adjustments | 2012 | ||||||||||
(As reported) | (Restated) | |||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 63,252,540 | $ | 63,252,540 | ||||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash from operations: | ||||||||||||
Depreciation | 443,361 | 443,361 | ||||||||||
Amortization | 1,934,909 | 1,934,909 | ||||||||||
Gain on extinguishment of debts | -1,666,386 | -1,666,386 | ||||||||||
Common stock issued for services | 2,229,657 | 2,229,657 | ||||||||||
Other amortized costs | - | - | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Decrease/(increase) in inventories | -10,037,494 | -10,037,494 | ||||||||||
Increase in deposits and prepaid expenses (excluding temporary deposits paid to entities for investments in future Sino Joint Venture companies | -34,307,276 | 6,030,785 | * | -28,276,491 | ||||||||
(Decrease)/increase in due to a director | 12,239,470 | 12,239,470 | ||||||||||
Increase in accounts payable and accrued expenses | 3,330,443 | 3,330,443 | ||||||||||
Increase in other payables | 1,482,417 | 1,482,417 | ||||||||||
Increase in accounts receivable | -18,142,198 | -18,142,198 | ||||||||||
Decrease/(increase) in cost and estimated earnings in excess of billings on uncompleted contacts | -1,880,776 | -1,880,776 | ||||||||||
Increase in billings in excess of costs and estimated earnings on uncompleted contracts | 827,965 | 827,965 | ||||||||||
Decrease in amount due to related parties | -867,413 | -867,413 | ||||||||||
Decrease in amount due from related parties | 15,820,752 | 15,820,752 | ||||||||||
Decrease in other receivables | 3,734,623 | 3,734,623 | ||||||||||
Net cash provided by operating activities | 38,394,594 | 44,425,379 | ||||||||||
Cash flows from investing activities | ||||||||||||
Purchases of property and equipment | -10,756,744 | -10,756,744 | ||||||||||
Payment for construction in progress | ||||||||||||
Payment for investment in future Sino Joint Venture companies (included in deposits and prepaid expenses | - | -6,030,785 | * | -6,030,785 | ||||||||
Acquisition of proprietary technology | -1,500,000 | -1,500,000 | ||||||||||
Net cash outflow from business combination of a subsidiaries less cash acquired | -6,893,349 | -6,893,349 | ||||||||||
Payment for construction in progress | -19,185,878 | -19,185,878 | ||||||||||
Net cash used in investing activities | -38,335,971 | -44,366,756 | ||||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from long term debt | 175,006 | 175,006 | ||||||||||
Proceeds from short term debt | 3,181,927 | 3,181,927 | ||||||||||
Non-controlling interest contribution | 3,634,064 | 3,634,064 | ||||||||||
Repayment of short term debt | - | - | ||||||||||
Proceeds from bond payable | - | - | ||||||||||
Dividends paid | -134,631 | -134,631 | ||||||||||
Net cash provided by financing activities | 6,856,366 | 6,856,366 | ||||||||||
Effects on exchange rate changes on cash | 121,368 | 121,368 | ||||||||||
(Decrease)/increase in cash and cash equivalents | 7,036,357 | 7,036,357 | ||||||||||
Cash and cash equivalents, beginning of year | 1,387,908 | 1,387,908 | ||||||||||
Cash and cash equivalents, end of year | $ | 8,424,265 | $ | 8,424,265 | ||||||||
* Note: These adjustments are to classify movement of temporary deposits paid to entities for equity investment in future Sino Joint Venture companies included in deposits and prepaid expenses as cash flows used in investing activities. | ||||||||||||
CORPORATE_INFORMATION_Details_
CORPORATE INFORMATION (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 05, 2007 | Apr. 02, 2012 | Jan. 02, 2012 | Dec. 31, 2011 | Sep. 17, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2007 | 25-May-09 | Nov. 26, 2008 | 25-May-09 | 7-May-10 | Sep. 30, 2009 | Jul. 18, 2011 | Sep. 30, 2009 | 7-May-10 | Apr. 02, 2012 | Nov. 17, 2011 | Nov. 17, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Jul. 18, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2007 | Sep. 05, 2007 | Jul. 18, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 17, 2012 | Sep. 30, 2012 | Nov. 17, 2011 | Dec. 31, 2013 | |
Sino Agro Food Sweden AB [Member] | Hyt [Member] | Hyt [Member] | Jiang Men City Power Fishery Development Co Limited [Member] | Jiang Men City Power Fishery Development Co Limited [Member] | Jiang Men City Power Fishery Development Co Limited [Member] | Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | Macau Meiji Limited [Member] | Macau Meiji Limited [Member] | Macau Meiji Limited [Member] | Pmh [Member] | Pmh [Member] | Other Entities [Member] | Apwam [Member] | Apwam [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Garwor [Member] | Jfd [Member] | Jfd [Member] | Ebapfd [Member] | Ebapfd [Member] | Hsa [Member] | Hsa [Member] | Tri Way Industries Limited [Member] | Tri Way Industries Limited [Member] | Hst [Member] | Hst [Member] | Chinese Partner [Member] | Ebapcd [Member] | Jhmc [Member] | Jhmc [Member] | Jhmc [Member] | Ecf [Member] | Ecf [Member] | Meiji and Sjap [Member] | ||
Corporate Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 80.00% | 55.00% | 45.00% | 100.00% | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 75.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | 75.00% | 25.00% | 25.00% | 25.00% | ' | 26.00% | 100.00% | 100.00% | 25.00% | 75.00% | 24.00% | 25.00% | ' | ' | 75.00% | 25.00% | 25.00% | ' |
Additional Equity Method Investment Ownership Percentage | ' | ' | ' | 78.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Addition Minority Interest In Joint Ventures | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Equity Method Investments | ' | $77,664 | ' | ' | $1,702,580 | ' | $1,258,607 | ' | $1,076,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $398,329 | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | $4,020,665 | $2,944,176 | ' | $403,805 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | 1,662,365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 75.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | 75.00% | 25.00% | 25.00% | 25.00% | ' | 26.00% | 100.00% | 100.00% | 25.00% | 75.00% | 24.00% | 25.00% | ' | ' | 75.00% | 25.00% | 25.00% | ' |
Business Combination, Consideration Transferred, Total | ' | ' | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | 1-Jan-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2007 | Jul. 18, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member] | Enping City Bi Tao A Power Prawn Culture Development Co Limited [Member] | Jiang Men Hang Meiji Cattle Farm Development Co Limited [Member] | Jiang Men Hang Meiji Cattle Farm Development Co Limited [Member] | Hunan Shenghua Power Agriculture Co Limited [Member] | Hunan Shenghua Power Agriculture Co Limited [Member] | Jiang Men City Power Fishery Development Co Limited [Member] | Jiang Men City Power Fishery Development Co Limited [Member] | Capital Award Inc [Member] | Capital Award Inc [Member] | Capital Stage Inc [Member] | Capital Stage Inc [Member] | Capital Hero Inc [Member] | Tri Way Industries Limited [Member] | Tri Way Industries Limited [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | Power Agro Agriculture Development Limited [Member] | Power Agro Agriculture Development Limited [Member] | Macau Meiji Limited [Member] | Macau Meiji Limited [Member] | Macau Meiji Limited [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Sino Agro Food Sweden [Member] | Sino Agro Food Sweden [Member] | |
Variable Interest Entity [Member] | Variable Interest Entity [Member] | ||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity Incorporation, State Country Name | 'PRC | 'PRC | 'PRC | 'PRC | 'PRC | 'PRC | 'PRC | 'PRC | 'Belize | 'Belize | 'Belize | 'Belize | 'Belize | 'Hong Kong, PRC | 'Hong Kong, PRC | 'PRC | 'PRC | 'Macau, PRC | 'Macau, PRC | 'Macau, PRC | 'Macau, PRC | ' | ' | 'PRC | 'PRC | 'Sweden | 'Sweden |
Noncontrolling Interest, Ownership Percentage by Parent | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 45.00% | ' | ' |
Equity Method Investment Indirect Ownership Percentage | ' | ' | 75.00% | 75.00% | 50.00% | 50.00% | 75.00% | 75.00% | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 0.00% |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 26.00% | 26.00% | ' | ' | 100.00% | 100.00% | ' | ' | ' | 100.00% | 100.00% | 75.00% | 75.00% | 100.00% | 100.00% | 100.00% | 100.00% | 75.00% | 50.00% | ' | ' | ' | ' |
Subsidiary or Equity Method Investee, Nature of Operations | ' | ' | ' | ' | ' | ' | ' | ' | 'Fishery development and holder of A-Power Technology master license. | 'Fishery development and holder of A-Power Technology master license. | ' | ' | ' | 'Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | 'Investment holding, holder of enzyme technology master license for manufacturing of livestock feed and bio-organic fertilizer and has not commenced its planned business of fish farm operations. | 'Hylocereus Undatus Plantation ("HU Plantation"). | 'Hylocereus Undatus Plantation ("HU Plantation"). | 'Investment holding | 'Investment holding | 'Investment holding, cattle farm development, beef cattle and beef trading | 'Investment holding, cattle farm development, beef cattle and beef trading | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Description of Principal Activities | 'Prawn cultivation | 'Prawn cultivation | 'Beef cattle cultivation | 'Beef cattle cultivation | 'Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | 'Manufacturing of organic fertilizer,livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures | 'Fish cultivation | 'Fish cultivation | ' | ' | 'Dormant | 'Dormant | 'Dormant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Dormant | 'Dormant |
Variable Interest Entity, Qualitative or Quantitative Information, Activities of VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures | 'Manufacturing of organic fertilizer,livestock feed, and beef cattle and plantation of crops and pastures | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Dec. 31, 2013 | |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '20 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 years |
Mature Seeds [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '20 years |
Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '2.5 years |
Vehicles [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 years |
Vehicles [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Product Information [Line Items] | ' | ' |
Sales Revenue, Goods, Net | $208,614,041 | $88,072,327 |
Sales Revenue, Product Line [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 59.98% | 64.75% |
Accounts Receivable [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 48.41% | 61.81% |
Customer A [Member] | Sales Revenue, Product Line [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 18.09% | 32.44% |
Customer A [Member] | Sales Revenue, Product Line [Member] | Fishery Development And Corporate And Others Division [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 18.09% | ' |
Sales Revenue, Goods, Net | 47,284,512 | ' |
Customer A [Member] | Accounts Receivable [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 12.86% | 18.18% |
Customer B [Member] | Sales Revenue, Product Line [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 15.02% | 10.27% |
Customer B [Member] | Sales Revenue, Product Line [Member] | Fishery Development And Corporate And Others Division [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 15.02% | ' |
Sales Revenue, Goods, Net | $39,275,564 | ' |
Customer B [Member] | Accounts Receivable [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 10.23% | 14.32% |
Customer C [Member] | Sales Revenue, Product Line [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 9.24% | 9.69% |
Customer C [Member] | Accounts Receivable [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 8.69% | 11.14% |
Customer D [Member] | Sales Revenue, Product Line [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 9.14% | 6.34% |
Customer D [Member] | Accounts Receivable [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 8.36% | 9.94% |
Customer E [Member] | Sales Revenue, Product Line [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 8.49% | 6.01% |
Customer E [Member] | Accounts Receivable [Member] | ' | ' |
Product Information [Line Items] | ' | ' |
Concentration Risk, Percentage | 8.27% | 8.23% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | CNY | USD ($) | CNY | USD ($) | Customer A [Member] | Customer B [Member] | Stock Feed Manufacturing Technology [Member] | Proprietary Technologies [Member] | Use Rights [Member] | Use Rights [Member] | Bacterial Cellulose Technology [Member] | Sleep Cod Breeding Technology [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | |
USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Revenue Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,365 | $1,973 |
Accumulated other comprehensive income | 6,260,131 | ' | 3,868,274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | 724,940 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | '20 years | '25 years | '30 years | '60 years | '20 years | '20 years | ' | ' |
Foreign Currency Exchange Rate | $1 | 6.1 | $1 | 6.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Foreign Currency Exchange Rate Re-measurement | $1 | 6.19 | $1 | 6.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash, Uninsured Amount | 1,256,440 | ' | 8,403,458 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping, Handling and Transportation Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,549 | 84,298 |
From continuing operations, Basic (in dollars per share) | $0.62 | ' | $0.70 | ' | $0.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing and discontinued operations, Diluted (in dollars per share) | $0.58 | ' | $0.63 | ' | $0.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Net, Current | $82,057,942 | ' | $52,948,350 | ' | ' | $10,546,704 | $8,387,732 | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Depreciation Methods | ' | ' | ' | ' | ' | ' | ' | 'straight-line method | 'straight-line method | ' | ' | 'straight-line method | 'straight-line method | ' | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | $261,425,813 | $138,613,639 | $51,879,903 | ||
Net income (loss) | 74,206,529 | 57,545,832 | 25,894,983 | ||
Total assets | 367,514,931 | 243,098,978 | ' | ||
Fishery Development Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | 109,059,105 | [1] | 81,383,568 | [1] | ' |
Net income (loss) | 40,267,690 | [1] | 39,150,568 | [1] | ' |
Total assets | 96,033,450 | [1] | 79,222,788 | [1] | ' |
HU Plantation Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | 22,814,476 | [2] | 11,878,599 | [2] | ' |
Net income (loss) | 8,894,028 | [2] | 6,245,281 | [2] | ' |
Total assets | 49,831,925 | [2] | 36,792,718 | [2] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | 73,718,075 | [3] | 23,347,564 | [3] | ' |
Net income (loss) | 14,302,266 | [3] | 3,875,609 | [3] | ' |
Total assets | 156,141,447 | [3] | 96,282,055 | [3] | ' |
Cattle Farm Development Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | 24,792,014 | [4] | 17,038,001 | [4] | ' |
Net income (loss) | 4,717,736 | [4] | 9,058,822 | [4] | ' |
Total assets | 46,428,738 | [4] | 28,265,035 | [4] | ' |
Corporate and Other [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenue | 31,042,143 | [5] | 4,965,907 | [5] | ' |
Net income (loss) | 6,024,809 | [5] | -784,448 | [5] | ' |
Total assets | $19,079,371 | [5] | $2,536,382 | [5] | ' |
[1] | Operated by Capital Award, Inc (bCAb). and Jiangmen City A Power Fishery Development Co., Limited (bJFDb). | ||||
[2] | Operated by Jiangmen City Heng Sheng Tai Agriculture Development Co., Limited (bJHSTb). | ||||
[3] | Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (bSJAPb), A Power Agro Agriculture Development (Macau) Limited (bAPWAMb) and Hunan Shenghua A Power Agriculture Co., Limited (bHSAb). | ||||
[4] | Operated by Jiangmen City Hang Mei Cattle Farm Development Co. Limited (bJHMCb) and Macau Meiji Limited (bMEIJIb). | ||||
[5] | Operated by Sino Agro Food, Inc. (bSIAFb) and Sino Agro Food Sweden AB (publ) (bSAFSb). |
SEGMENT_INFORMATION_Details_1
SEGMENT INFORMATION (Details 1) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | $208,614,041 | $88,072,327 | ' | ||
Sales Revenue, Services, Net, Total | 51,179,311 | 50,541,312 | ' | ||
Fees and Commissions | 1,632,461 | 0 | ' | ||
Revenues | 261,425,813 | 138,613,639 | 51,879,903 | ||
Cost Of Goods Sold | 139,346,055 | 50,558,514 | ' | ||
Cost of Services, Total | 20,548,608 | 18,248,957 | ' | ||
Capital Award, Inc. CA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 72,362,980 | 45,189,788 | ' | ||
Sales Revenue, Services, Net, Total | 35,259,211 | 35,471,383 | ' | ||
Fees and Commissions | 1,436,914 | 722,397 | ' | ||
Cost Of Goods Sold | 51,470,476 | 23,512,812 | ' | ||
Cost of Services, Total | 13,197,048 | 14,340,937 | ' | ||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 22,814,476 | 11,878,599 | ' | ||
Cost Of Goods Sold | 10,101,512 | 5,035,955 | ' | ||
Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 11,490,395 | 2,213,038 | ' | ||
Cost Of Goods Sold | 7,040,470 | 1,723,031 | ' | ||
Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 62,227,680 | 21,134,526 | ' | ||
Cost Of Goods Sold | 38,411,418 | 14,574,772 | ' | ||
Macau Eiji Company Limited MEIJI [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 17,671,418 | 5,957,870 | ' | ||
Sales Revenue, Services, Net, Total | 7,120,596 | 10,930,131 | ' | ||
Fees and Commissions | 0 | 150,000 | ' | ||
Cost Of Goods Sold | 13,161,262 | 4,613,074 | ' | ||
Cost of Services, Total | 4,733,262 | 2,998,343 | ' | ||
Sino Agro Food, Inc. SIAF [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 22,047,092 | 1,698,506 | ' | ||
Sales Revenue, Services, Net, Total | 8,799,503 | 3,267,401 | ' | ||
Fees and Commissions | 195,548 | 0 | ' | ||
Cost Of Goods Sold | 19,160,917 | 1,098,870 | ' | ||
Cost of Services, Total | 2,618,298 | 909,677 | ' | ||
Fishery Development Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenues | 109,059,105 | [1] | 81,383,568 | [1] | ' |
Cost Of Goods Sold | 51,470,476 | [1] | 23,512,812 | [1] | ' |
Cost of Services, Total | 13,197,048 | [1] | 14,340,937 | [1] | ' |
Fishery Development Division [Member] | Capital Award, Inc. CA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 72,362,980 | [1] | 45,189,788 | [1] | ' |
Sales Revenue, Services, Net, Total | 35,259,211 | [1] | 35,471,383 | [1] | ' |
Fees and Commissions | 1,436,914 | [1] | 722,397 | [1] | ' |
Cost Of Goods Sold | 51,470,476 | [1] | 23,512,812 | [1] | ' |
Cost of Services, Total | 13,197,048 | [1] | 14,340,937 | [1] | ' |
Fishery Development Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | ' |
Cost Of Goods Sold | 0 | [1] | 0 | [1] | ' |
Fishery Development Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | ' |
Cost Of Goods Sold | 0 | [1] | 0 | [1] | ' |
Fishery Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | ' |
Cost Of Goods Sold | 0 | [1] | 0 | [1] | ' |
Fishery Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | ' |
Sales Revenue, Services, Net, Total | 0 | [1] | 0 | [1] | ' |
Fees and Commissions | 0 | [1] | 0 | [1] | ' |
Cost Of Goods Sold | 0 | [1] | 0 | [1] | ' |
Cost of Services, Total | 0 | [1] | 0 | [1] | ' |
Fishery Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | ' |
Sales Revenue, Services, Net, Total | 0 | [1] | 0 | [1] | ' |
Fees and Commissions | 0 | [1] | 0 | [1] | ' |
Cost Of Goods Sold | 0 | [1] | 0 | [1] | ' |
Cost of Services, Total | 0 | [1] | 0 | [1] | ' |
Hu Plantation [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenues | 22,814,476 | [2] | 11,878,599 | [2] | ' |
Cost Of Goods Sold | 10,101,512 | [2] | 5,035,955 | [2] | ' |
Cost of Services, Total | 0 | [2] | 0 | [2] | ' |
Hu Plantation [Member] | Capital Award, Inc. CA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [2] | 0 | [2] | ' |
Sales Revenue, Services, Net, Total | 0 | [2] | 0 | [2] | ' |
Fees and Commissions | 0 | [2] | 0 | [2] | ' |
Cost Of Goods Sold | 0 | [2] | 0 | [2] | ' |
Cost of Services, Total | 0 | [2] | 0 | [2] | ' |
Hu Plantation [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 22,814,476 | [2] | 11,878,599 | [2] | ' |
Cost Of Goods Sold | 10,101,512 | [2] | 5,035,955 | [2] | ' |
Hu Plantation [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [2] | 0 | [2] | ' |
Cost Of Goods Sold | 0 | [2] | 0 | [2] | ' |
Hu Plantation [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [2] | 0 | [2] | ' |
Cost Of Goods Sold | 0 | [2] | 0 | [2] | ' |
Hu Plantation [Member] | Macau Eiji Company Limited MEIJI [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [2] | 0 | [2] | ' |
Sales Revenue, Services, Net, Total | 0 | [2] | 0 | [2] | ' |
Fees and Commissions | 0 | [2] | 0 | [2] | ' |
Cost Of Goods Sold | 0 | [2] | 0 | [2] | ' |
Cost of Services, Total | 0 | [2] | 0 | [2] | ' |
Hu Plantation [Member] | Sino Agro Food, Inc. SIAF [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [2] | 0 | [2] | ' |
Sales Revenue, Services, Net, Total | 0 | [2] | 0 | [2] | ' |
Fees and Commissions | 0 | [2] | 0 | [2] | ' |
Cost Of Goods Sold | 0 | [2] | 0 | [2] | ' |
Cost of Services, Total | 0 | [2] | 0 | [2] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenues | 73,718,075 | [3] | 23,347,564 | [3] | ' |
Cost Of Goods Sold | 45,451,888 | [3] | 16,297,803 | [3] | ' |
Cost of Services, Total | 0 | [3] | 0 | [3] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | Capital Award, Inc. CA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [3] | 0 | [3] | ' |
Sales Revenue, Services, Net, Total | 0 | [3] | 0 | [3] | ' |
Fees and Commissions | 0 | [3] | 0 | [3] | ' |
Cost Of Goods Sold | 0 | [3] | 0 | [3] | ' |
Cost of Services, Total | 0 | [3] | 0 | [3] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [3] | 0 | [3] | ' |
Cost Of Goods Sold | 0 | [3] | 0 | [3] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 11,490,395 | [3] | 2,213,038 | [3] | ' |
Cost Of Goods Sold | 7,040,470 | [3] | 1,723,031 | [3] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 62,227,680 | [3] | 21,134,526 | [3] | ' |
Cost Of Goods Sold | 38,411,418 | [3] | 14,574,772 | [3] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | Macau Eiji Company Limited MEIJI [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [3] | 0 | [3] | ' |
Sales Revenue, Services, Net, Total | 0 | [3] | 0 | [3] | ' |
Fees and Commissions | 0 | [3] | 0 | [3] | ' |
Cost Of Goods Sold | 0 | [3] | 0 | [3] | ' |
Cost of Services, Total | 0 | [3] | 0 | [3] | ' |
Organic Fertilizer Beef and Bread Grass Division [Member] | Sino Agro Food, Inc. SIAF [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [3] | 0 | [3] | ' |
Sales Revenue, Services, Net, Total | 0 | [3] | 0 | [3] | ' |
Fees and Commissions | 0 | [3] | 0 | [3] | ' |
Cost Of Goods Sold | 0 | [3] | 0 | [3] | ' |
Cost of Services, Total | 0 | [3] | 0 | [3] | ' |
Cattle Farm Development Division [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenues | 24,792,014 | [4] | 17,038,001 | [4] | ' |
Cost Of Goods Sold | 13,161,262 | [4] | 4,613,074 | [4] | ' |
Cost of Services, Total | 4,733,262 | [4] | 2,998,343 | [4] | ' |
Cattle Farm Development Division [Member] | Capital Award, Inc. CA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [4] | 0 | [4] | ' |
Sales Revenue, Services, Net, Total | 0 | [4] | 0 | [4] | ' |
Fees and Commissions | 0 | [4] | 0 | [4] | ' |
Cost Of Goods Sold | 0 | [4] | 0 | [4] | ' |
Cost of Services, Total | 0 | [4] | 0 | [4] | ' |
Cattle Farm Development Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [4] | 0 | [4] | ' |
Cost Of Goods Sold | 0 | [4] | 0 | [4] | ' |
Cattle Farm Development Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Cost Of Goods Sold | 0 | [4] | ' | [4] | ' |
Cattle Farm Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Cost Of Goods Sold | 0 | [4] | ' | [4] | ' |
Cattle Farm Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 17,671,418 | [4] | 5,957,870 | [4] | ' |
Sales Revenue, Services, Net, Total | 7,120,596 | [4] | 10,930,131 | [4] | ' |
Fees and Commissions | 0 | [4] | 150,000 | [4] | ' |
Cost Of Goods Sold | 13,161,262 | [4] | 4,613,074 | [4] | ' |
Cost of Services, Total | 4,733,262 | [4] | 2,998,343 | [4] | ' |
Cattle Farm Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [4] | 0 | [4] | ' |
Sales Revenue, Services, Net, Total | 0 | [4] | 0 | [4] | ' |
Fees and Commissions | 0 | [4] | 0 | [4] | ' |
Cost Of Goods Sold | 0 | [4] | 0 | [4] | ' |
Cost of Services, Total | 0 | [4] | 0 | [4] | ' |
Corporate and Other [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Revenues | 31,042,143 | [5] | 4,965,907 | [5] | ' |
Cost Of Goods Sold | 19,160,917 | [5] | 1,098,870 | [5] | ' |
Cost of Services, Total | 2,618,298 | [5] | 909,677 | [5] | ' |
Corporate and Other [Member] | Capital Award, Inc. CA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [5] | 0 | [5] | ' |
Sales Revenue, Services, Net, Total | 0 | [5] | 0 | [5] | ' |
Fees and Commissions | 0 | [5] | 0 | [5] | ' |
Cost Of Goods Sold | 0 | [5] | 0 | [5] | ' |
Cost of Services, Total | 0 | [5] | 0 | [5] | ' |
Corporate and Other [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [5] | 0 | [5] | ' |
Cost Of Goods Sold | 0 | [5] | 0 | [5] | ' |
Corporate and Other [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [5] | 0 | [5] | ' |
Cost Of Goods Sold | 0 | [5] | 0 | [5] | ' |
Corporate and Other [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [5] | 0 | [5] | ' |
Cost Of Goods Sold | 0 | [5] | 0 | [5] | ' |
Corporate and Other [Member] | Macau Eiji Company Limited MEIJI [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 0 | [5] | 0 | [5] | ' |
Sales Revenue, Services, Net, Total | 0 | [5] | 0 | [5] | ' |
Fees and Commissions | 0 | [5] | 0 | [5] | ' |
Cost Of Goods Sold | 0 | [5] | 0 | [5] | ' |
Cost of Services, Total | 0 | [5] | 0 | [5] | ' |
Corporate and Other [Member] | Sino Agro Food, Inc. SIAF [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Sales Revenue, Goods, Net, Total | 22,047,092 | [5] | 1,698,506 | [5] | ' |
Sales Revenue, Services, Net, Total | 8,799,503 | [5] | 3,267,401 | [5] | ' |
Fees and Commissions | 195,548 | [5] | 0 | [5] | ' |
Cost Of Goods Sold | 19,160,917 | [5] | 1,098,870 | [5] | ' |
Cost of Services, Total | $2,618,298 | [5] | $909,677 | [5] | ' |
[1] | Operated by Capital Award, Inc (bCAb). and Jiangmen City A Power Fishery Development Co., Limited (bJFDb). | ||||
[2] | Operated by Jiangmen City Heng Sheng Tai Agriculture Development Co., Limited (bJHSTb). | ||||
[3] | Operated by Qinghai Sanjiang A Power Agriculture Co., Limited (bSJAPb), A Power Agro Agriculture Development (Macau) Limited (bAPWAMb) and Hunan Shenghua A Power Agriculture Co., Limited (bHSAb). | ||||
[4] | Operated by Jiangmen City Hang Mei Cattle Farm Development Co. Limited (bJHMCb) and Macau Meiji Limited (bMEIJIb). | ||||
[5] | Operated by Sino Agro Food, Inc. (bSIAFb) and Sino Agro Food Sweden AB (publ) (bSAFSb). |
DIVIDEND_Details
DIVIDEND (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Dividend [Line Items] | ' | ' |
Cash dividend, Nil (2012: 95,130,730 outstanding shares at $0.01) | $0 | $951,307 |
Deferred dividend, Nil (2012: 91,931,287 outstanding shares at $0.034) | 0 | 3,125,661 |
Dividends Payable | $0 | $4,076,968 |
DIVIDEND_Details_Textual
DIVIDEND (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Dividend [Line Items] | ' | ' |
Dividends Payable, Nature | 'On August 22, 2012, the Company’s Board of Directors declared that the Company’s stockholders were entitled to receive one share of restricted Series F Non-convertible Preferred Stock for every 100 shares of Common Stock owned by the stockholders as of September 28, 2012, with lesser or greater amounts being rounded up to the nearest 100 shares of common stock for purpose of the computing the dividend | ' |
Dividends Payable, Amount Per Share (in dollars per share) | $3.40 | ' |
Dividends Payable, Date of Record | 28-Sep-12 | ' |
Dividends Payable, Date to be Paid | 30-May-14 | ' |
Common stock, shares oustanding (in shares) | 137,602,043 | 100,004,850 |
Cash Dividend [Member] | ' | ' |
Dividend [Line Items] | ' | ' |
Dividends Payable, Amount Per Share (in dollars per share) | $0.01 | 0.01 |
Common stock, shares oustanding (in shares) | 0 | 95,130,730 |
Deferred Dividend [Member] | ' | ' |
Dividend [Line Items] | ' | ' |
Dividends Payable, Amount Per Share (in dollars per share) | $0.03 | 0.034 |
Common stock, shares oustanding (in shares) | 0 | 91,931,287 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes Disclosure [Line Items] | ' | ' |
Provision for income taxes | $0 | $0 |
Parent Company [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Provision for income taxes | 0 | 0 |
Tri Way Industries Limited [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Provision for income taxes | 0 | 0 |
Meiji and Apwam [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Provision for income taxes | 0 | 0 |
SAFS [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Provision for income taxes | 0 | 0 |
JHST, JFD, JHMC, SJAP, and HSA [Member] | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' |
Provision for income taxes | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) | 12 Months Ended |
Dec. 31, 2008 | |
Income Taxes Disclosure [Line Items] | ' |
Corporate Income Tax Rate | 25.00% |
Standard Rate [Member] | ' |
Income Taxes Disclosure [Line Items] | ' |
Enterprise Income Tax Rate | 33.00% |
Revised Rate [Member] | ' |
Income Taxes Disclosure [Line Items] | ' |
Enterprise Income Tax Rate | 25.00% |
CASH_AND_CASH_EQUIVALENTS_Deta
CASH AND CASH EQUIVALENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and Cash Equivalents [Line Items] | ' | ' | ' |
Cash and bank balances | $1,327,274 | $8,424,265 | $1,387,908 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Inventories | $8,148,203 | $17,114,755 |
Sleepy Cods Prawns Eels and Marble Goble [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | 1,761,111 | 4,612,090 |
Bread Grass [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | 580,955 | 1,473,653 |
Beef Cattle [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | 1,951,962 | 2,569,659 |
Organic Fertilizer [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | 895,670 | 737,166 |
Forage For Cattle and Consumable [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | 684,979 | 278,900 |
Bread Grass and Organic Fertilizer [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Raw Materials, Gross | 855,493 | 6,765,536 |
Immature Seeds [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | 698,704 | 677,751 |
Harvested Hu Plantation [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory, Finished Goods, Gross | $719,329 | $0 |
DEPOSITS_AND_PREPAID_EXPENSES_1
DEPOSITS AND PREPAID EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits And Prepaid Expenses [Line Items] | ' | ' |
Deposits for - purchases of equipment | $4,886,048 | $318,192 |
Deposits for - acquisition of land use right | 7,826,508 | 7,826,508 |
Deposits for - inventory purchases | 9,771,383 | 2,228,854 |
Deposits for - aquaculture contract | 0 | 7,062,600 |
Deposits for - building materials | 1,281,935 | 2,000,000 |
Deposits for - proprietary technology | 4,404,210 | 2,254,839 |
Deposits for - construction in progress | 23,021,316 | 14,423,021 |
Miscellaneous | 0 | 4,892,258 |
Shares issued for employee compensation and oversea professional fee | 100,308 | 271,800 |
Temporary deposits payment for acquiring equity investments | 41,109,708 | 6,030,785 |
Deposits and prepaid expenses | $92,401,416 | $47,308,857 |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
0 - 30 days | $20,864,404 | $10,813,981 |
31 - 90 days | 28,960,582 | 27,784,784 |
91 - 120 days | 23,941,294 | 6,866,842 |
over 120 days and less than 1 year | 8,291,662 | 7,482,743 |
over 1 year | 0 | 0 |
Accounts Receivable Recorded Investment Past Due | $82,057,942 | $52,948,350 |
ACCOUNTS_RECEIVABLE_Details_Te
ACCOUNTS RECEIVABLE (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Bad debts Written Off | $0 | $0 |
OTHER_RECEIVABLES_Details
OTHER RECEIVABLES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Receivables [Line Items] | ' | ' |
Cash advance paid as consideration to acquire investments | $0 | $4,657,728 |
Advanced to employees | 109,278 | 166,722 |
Advanced to suppliers | 3,673,493 | 205,088 |
Miscellaneous | ' | 924,710 |
Other Receivables, Net | $3,782,771 | $5,954,248 |
PLANT_AND_EQUIPMENT_Details
PLANT AND EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross book value | $49,024,631 | $20,987,324 |
Less: Accumulated depreciation | -2,537,573 | -1,041,022 |
Net carrying amount | 46,487,058 | 19,946,302 |
Plant and Machinery [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross book value | 5,263,933 | 3,681,644 |
Structure and Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross book value | 36,308,860 | 15,446,062 |
Mature Seeds [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross book value | 6,294,372 | 1,369,626 |
Furniture and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross book value | 391,608 | 212,479 |
Motor Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross book value | $765,858 | $277,513 |
PLANT_AND_EQUIPMENT_Details_Te
PLANT AND EQUIPMENT (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation | $1,496,551 | $443,361 |
CONSTRUCTION_IN_PROGRESS_Detai
CONSTRUCTION IN PROGRESS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Construction In Progress [Line Items] | ' | ' |
Construction in progress | $59,134,732 | $24,492,510 |
Oven room for production of dried flowers [Member] | ' | ' |
Construction In Progress [Line Items] | ' | ' |
Construction in progress | 0 | 828,905 |
Office, warehouse and organic fertilizer plant in HSA [Member] | ' | ' |
Construction In Progress [Line Items] | ' | ' |
Construction in progress | 22,761,164 | 10,450,518 |
Organic fertilizer and bread grass production plant and office building [Member] | ' | ' |
Construction In Progress [Line Items] | ' | ' |
Construction in progress | 8,600,187 | 7,921,105 |
Rangeland for beef cattle and office building [Member] | ' | ' |
Construction In Progress [Line Items] | ' | ' |
Construction in progress | 26,054,582 | 5,291,982 |
Fish Pond [Member] | ' | ' |
Construction In Progress [Line Items] | ' | ' |
Construction in progress | $1,718,799 | $0 |
LAND_USE_RIGHTS_Details
LAND USE RIGHTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Land Use Rights [Line Items] | ' | ' | ' |
Cost | $65,192,615 | $58,630,950 | $57,845,573 |
Less: Accumulated amortisation | -4,486,786 | -2,897,704 | ' |
Net carrying amount | $60,705,829 | $55,733,246 | ' |
LAND_USE_RIGHTS_Details_1
LAND USE RIGHTS (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Land Use Rights [Line Items] | ' | ' |
Begining Balance | $58,630,950 | $57,845,573 |
Exchange difference | 2,157,486 | 257,137 |
Ending Balance | 65,192,615 | 58,630,950 |
Xining City, Qinghai Province, the P.R.C. [Member] | ' | ' |
Land Use Rights [Line Items] | ' | ' |
land use rights acquired | ' | 528,240 |
Leasehold Expiration Period | ' | '2051 |
Enping City, Guangdong Province, the P.R.C. [Member] | ' | ' |
Land Use Rights [Line Items] | ' | ' |
land use rights acquired | 489,904 | ' |
Leasehold Expiration Period | '2023 | ' |
Land improvement cost incurred [Member] | ' | ' |
Land Use Rights [Line Items] | ' | ' |
land use rights acquired | $3,914,275 | ' |
LAND_USE_RIGHTS_Details_Textua
LAND USE RIGHTS (Details Textual) (USD $) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | |
First Lot [Member] | Second Lot [Member] | Third Lot [Member] | Fourth Lot [Member] | Fifth Lot [Member] | Sixth Lot [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | Use Rights [Member] | |||
acre | acre | acre | acre | acre | acre | Minimum [Member] | Maximum [Member] | First Lot [Member] | Second Lot [Member] | Third Lot [Member] | Fourth Lot [Member] | Fifth Lot [Member] | Sixth Lot [Member] | |||
Land Use Rights [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | '60 years | ' | ' | ' | ' | ' | ' |
Payments to Acquire Land Held-for-use | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,408,289 | $764,128 | $12,040,571 | $35,405,750 | $528,240 | $489,904 |
Amortization of Leased Asset | $1,589,082 | $1,599,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land | ' | ' | 180.23 | 31.84 | 93.64 | 287.21 | 21.09 | 6.27 | ' | ' | ' | ' | ' | ' | ' | ' |
Leasehold Expiration Period | ' | ' | 'lease expiring in 2067 | 'lease expiring in 2068 | 'lease expires in 2037 | 'leases expire in 2051, 2054 and 2071 | 'lease expires in 2051 | 'lease expiresin 2023 | ' | ' | ' | ' | ' | ' | ' | ' |
PROPRIETARY_TECHNOLOGIES_Detai
PROPRIETARY TECHNOLOGIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $13,896,168 | $9,512,258 |
Less: Accumulated amortization | -1,814,698 | -1,397,634 |
Net carrying amount | $12,081,470 | $8,114,624 |
PROPRIETARY_TECHNOLOGIES_Detai1
PROPRIETARY TECHNOLOGIES (Details Textual) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | |
Developed Technology Rights [Member] | Developed Technology Rights [Member] | Royalty Agreements [Member] | Patents [Member] | Sleep Cod Breeding Technology License [Member] | Bacterial Cellulose Technology License [Member] | |||
Macau Meiji Limited [Member] | Tri Way Industries Limited [Member] | |||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments To Acquire Intangible Assets | $0 | $1,500,000 | ' | ' | $1,500,000 | $8,000,000 | ' | ' |
Amortization Of Intangible Assets | ' | ' | 417,064 | 375,309 | ' | ' | ' | ' |
License Costs | ' | ' | ' | ' | ' | ' | 2,270,968 | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '50 years | '20 years |
Finite-Lived Intangible Assets, Net | $60,705,829 | $55,733,246 | ' | ' | ' | ' | ' | $2,119,075 |
GOODWILL_Details
GOODWILL (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill from acquisition | $724,940 | $724,940 |
Less: Accumulated impairment losses | 0 | 0 |
Net carrying amount | $724,940 | $724,940 |
VARIABLE_INTEREST_ENTITY_Detai
VARIABLE INTEREST ENTITY (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2009 | Dec. 31, 2013 | |
Qinghai Sanjiang Power Agriculture Co Limited [Member] | ||
Variable Interest Entity [Line Items] | ' | ' |
Unconsolidated equity investee | ' | $2,251,359 |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% | ' |
LICENSE_RIGHTS_Details_Textual
LICENSE RIGHTS (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | |
License Rights [Member] | License Rights [Member] | ||
License Rights [Line Items] | ' | ' | ' |
Number Of Units Converted Under License Fee | '500 units | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill), Total | ' | $1 | $0 |
OTHER_PAYABLES_Details
OTHER PAYABLES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Payables [Line Items] | ' | ' |
Due to third parties | $4,715,543 | $877,259 |
Promissory notes issued to third parties | 3,625,000 | 3,352,394 |
Convertible notes payable | 0 | 232,000 |
Due to local government | 2,428,243 | 2,192,825 |
Other Liabilities, Current | $10,768,786 | $6,654,478 |
CONSTUCTION_CONTRACTS_Details
CONSTUCTION CONTRACTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Construction Contracts [Line Items] | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contract | $3,146,956 | $2,790,084 |
Long Term Contracts Or Programs One [Member] | ' | ' |
Construction Contracts [Line Items] | ' | ' |
Cost | 3,527,975 | 3,755,046 |
Estimated earnings | 8,538,930 | 8,307,452 |
Less: Billings | -11,403,609 | -9,725,618 |
Costs and estimated earnings in excess of billings on uncompleted contract | 663,296 | 2,336,880 |
Long Term Contracts Or Programs Two [Member] | ' | ' |
Construction Contracts [Line Items] | ' | ' |
Cost | -2,179,410 | -1,886,705 |
Estimated earnings | -3,080,534 | -5,133,638 |
Less: Billings | 8,406,900 | 9,810,427 |
Costs and estimated earnings in excess of billings on uncompleted contract | 3,146,956 | 2,790,084 |
Long Term Contracts Or Programs Three [Member] | ' | ' |
Construction Contracts [Line Items] | ' | ' |
Cost | -5,707,385 | -5,641,751 |
Estimated earnings | -11,619,464 | -13,441,090 |
Less: Billings | 19,810,509 | 19,536,045 |
Costs and estimated earnings in excess of billings on uncompleted contract | $2,483,660 | $453,204 |
BORROWINGS_Details
BORROWINGS (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Short-term Debt [Line Items] | ' | ' | ||
Short term bank loan | $4,100,377 | $3,181,927 | ||
Long term debts | 180,417 | 175,006 | ||
Agricultural Bank Of China Huang Yuan Country Branch Prc [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Interest rate | 6.00% | 6.00% | ||
Debt Instrument, Issuance Date | 30-Aug-13 | 30-Aug-12 | ||
Debt Instrument, Maturity Date | 29-Aug-14 | 29-Aug-13 | ||
Short term bank loan | 4,100,377 | [1],[2] | 3,181,927 | [1],[2] |
Bo Huang Country [Member] | ' | ' | ||
Short-term Debt [Line Items] | ' | ' | ||
Interest rate | 12.22% | ' | ||
Debt Instrument, Issuance Date | 30-Jun-12 | ' | ||
Debt Instrument, Maturity Date | 30-Jun-17 | ' | ||
Long term debts | $180,417 | $175,006 | ||
[1] | personal and corporate guaranteed by third parties. | |||
[2] | secured by land use rights with net carrying amount of $515,026 (2012: $528,240). |
BORROWINGS_Details_Textual
BORROWINGS (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | ' | ' |
Book Value Of Land Held-For Use | $515,026 | $528,240 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 22, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 27, 2013 | Jun. 26, 2010 | Mar. 22, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 26, 2010 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series F Non Convertible Preferred Stock [Member] | Series F Non Convertible Preferred Stock [Member] | Series F Non Convertible Preferred Stock [Member] | |||||
Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||||||||||||||||||||||
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | 100 | 10,000,000 | 10,000,000 | 10,000,000 | ' | ' | 7,000,000 | 1,000,000 | 1,000,000 | ' |
Preferred stock, par value (in dollars per share) | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | $0.00 | $0.00 | $0.00 | ' |
Preferred stock, share issued | ' | ' | 7,000,100 | 10,000,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | 100 | 10,000,000 | 7,000,000 | 10,000,000 | ' | 7,000,000 | ' | 924,180 | 924,180 | ' |
Preferred stock, share outstanding | ' | ' | 7,000,100 | 10,000,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | ' | 10,000,000 | 7,000,000 | 10,000,000 | ' | ' | ' | 924,180 | 924,180 | ' |
Share Issue Price | ' | ' | ' | ' | ' | ' | ' | $0.62 | $0.71 | $0.37 | $0.40 | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | $1 | $1 | $1 |
Shares Issued For Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of common stock for settlement of debts, Value | ' | ' | ' | ' | ' | 18,030,632 | 18,193,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of common stock for settlement of debts, shares | ' | ' | ' | ' | ' | 37,299,984 | 32,064,588 | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | 100,000 | 297,209 | ' | ' | 297,209 | 906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Price Of Stock | ' | ' | ' | ' | ' | $0.45 | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | ' | ' | ' | ' | ' | 133,744 | 362,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.40 | $3.40 | ' |
Conversion Of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' |
Share Exchange Agreement Shares Exchangeable | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Authorized Pre Amendment | ' | ' | 130,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Authorized Post Amendment | ' | ' | 170,000,000 | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | 137,602,043 | 100,004,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | ' | ' | 137,602,043 | 100,004,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Preferred Stock Shares Cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Gains (Losses) On Extinguishment Of Debt | ' | ' | 1,318,947 | 1,666,386 | ' | ' | 552,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Aggregate Gross Proceeds From Issuance Initial Public Offering Authorized | 26,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description Of Public Offering | 'On March 28, 2013, the Company filed a prospectus related to a public offering of Common Stock of the Company for maximum aggregate gross proceeds of $26,250,000 within a period not to exceed 180 days from the date of this prospectus. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,146,063 | ' |
CONVERTIBLE_NOTES_PAYABLE_Deta
CONVERTIBLE NOTES PAYABLE (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Convertible Notes Payable, Current | $232,000 | $0 |
Convertible Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 460,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | 'Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. | ' |
Warrants Issued During Period Number Of Warrants | 842,500 | ' |
Warrants Issued During Period Exercise Price Of Warrants | $0.50 | ' |
Debt Instrument, Unamortized Discount | 178,867 | ' |
Interest Payable, Current | $9,764 | $0 |
WARRANTS_Details
WARRANTS (Details) (Stock Warrants [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Warrants [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected annual dividend rate | 0.00% |
Weighted average exercise price | $0.50 |
Risk-free interest rate | 2.00% |
Average expected life | '6 months |
Expected volatility of common stock | 80.00% |
Forfeiture rate | 0.00% |
WARRANTS_Details_1
WARRANTS (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 385,500 |
January 8 2013 [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Exercise Price | 0.5 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 150,000 |
February 15 2013 [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Exercise Price | 0.5 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 78,500 |
April 9 2013 [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Exercise Price | 0.5 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 157,000 |
WARRANTS_Details_2
WARRANTS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Stock Warrants [Member] | |||
Class of Warrant or Right [Line Items] | ' | ' | ' |
Number of warrants outstanding as of January 1, 2013 | 0 | 385,500 | 385,000 |
Numbers of warrant issued | ' | ' | 0 |
Numbers of warrant exercised | ' | ' | 0 |
Numbers of warrant forfeited | ' | ' | -385,000 |
Number of warrants outstanding as of December 31, 2013 | 0 | 385,500 | 0 |
Exercise price, outstanding at January 1, 2013 | ' | ' | $0.50 |
Exercise price, Issued | ' | ' | $0 |
Exercise price, Exercised | ' | ' | $0 |
Exercise price, Expired | ' | ' | $0 |
Exercise price, outstanding at December 31, 2013 | ' | ' | ' |
WARRANTS_Details_Textual
WARRANTS (Details Textual) (Convertible Notes Payable [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Convertible Notes Payable [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Debt Instrument, Face Amount | $460,000 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Convertible, Terms of Conversion Feature | 'Under the terms of the notes, the holder of the note has the option to convert the note to common shares at a discount of 15% from the average market price of the lowest three trading prices for the common stock during the ten trading days prior to the conversion date. |
Warrants Issued During Period Number Of Warrants | 842,500 |
Warrants Issued During Period Exercise Price Of Warrants | $0.50 |
Warrants Discount | 36,113 |
Debt Instrument, Convertible, Beneficial Conversion Feature | $52,118 |
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 15.00% |
OBLIGATION_UNDER_OPERATING_LEA2
OBLIGATION UNDER OPERATING LEASES (Details) (USD $) | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ' |
Year ended December 31, 2014 | $85,038 |
Thereafter | 0 |
Total | $85,038 |
OBLIGATION_UNDER_OPERATING_LEA3
OBLIGATION UNDER OPERATING LEASES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Leased Assets [Line Items] | ' | ' |
Operating Leases, Rent Expense | $150,104 | $155,119 |
Agriculture Land [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Area of Land | 2,178 | ' |
Operating Leases Rent Periodic Payment | 512 | ' |
Operating Leases Rent Frequency Of Periodic Payment | 'monthly | ' |
Lease Expiration Date | 31-Mar-14 | ' |
Office Space One [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Area of Land | 5,081 | ' |
Operating Leases Rent Periodic Payment | 11,838 | ' |
Lease Expiration Date | 8-Jul-14 | ' |
Office Space Two [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Operating Leases Rent Frequency Of Periodic Payment | 'monthly | ' |
Staff Quarter One [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Area of Land | 1,555 | ' |
Operating Leases Rent Periodic Payment | 159 | ' |
Operating Leases Rent Frequency Of Periodic Payment | 'monthly | ' |
Staff Quarter One [Member] | Minimum [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Lease Expiration Date | 23-Jan-13 | ' |
Staff Quarter One [Member] | Maximum [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Lease Expiration Date | 1-May-14 | ' |
Staff Quarter Two [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Area of Land | 1,555 | ' |
Operating Leases Rent Periodic Payment | $159 | ' |
Operating Leases Rent Frequency Of Periodic Payment | 'monthly | ' |
Staff Quarter Two [Member] | Minimum [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Lease Expiration Date | 23-Jan-13 | ' |
Staff Quarter Two [Member] | Maximum [Member] | ' | ' |
Operating Leased Assets [Line Items] | ' | ' |
Lease Expiration Date | 1-May-14 | ' |
BUSINESS_COMBINATION_Details
BUSINESS COMBINATION (Details) (JFD [Member], USD $) | Apr. 01, 2012 | Jan. 02, 2012 |
JFD [Member] | ' | ' |
Net assets at fair value acquired: | ' | ' |
Property and equipment | $33,535 | $34,919 |
Construction in progress | 4,499,376 | 4,495,306 |
Inventory | 1,970,387 | 1,838,337 |
Accounts receivable | 1,337,519 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 7,840,817 | 6,368,562 |
Less: Other payables | -292,663 | -92,603 |
Accounts payable | -1,230,096 | ' |
Non-controlling interest | -1,702,580 | -3,324,729 |
Held by the Company, 25% (on January 1, 2012) & 50% (on April 1, 2012) | -3,405,159 | -1,662,365 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 1,210,319 | 1,288,865 |
Satisfied by | ' | ' |
Purchase consideration | 1,702,580 | 1,662,365 |
Less: Cash acquired | -492,261 | -373,500 |
Business Acquisition Consideration Transferred | $1,210,319 | $1,288,865 |
BUSINESS_COMBINATION_Details_1
BUSINESS COMBINATION (Details 1) (JHMC [Member], USD $) | Sep. 30, 2012 |
JHMC [Member] | ' |
Net assets at fair value acquired: | ' |
Property and equipment | $512,450 |
Construction in progress | 4,177,007 |
Inventory | 671,429 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 5,360,886 |
Less: Non - controlling interest | -1,340,221 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total | 4,020,665 |
Satisfied by | ' |
Purchase consideration | $4,020,665 |
BUSINESS_COMBINATION_Details_2
BUSINESS COMBINATION (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | $261,425,813 | $138,613,639 | $51,879,903 |
Net income from continuing operations | 74,206,529 | 57,545,832 | 15,691,032 |
Net income from discontinued operations | ' | 0 | 10,203,951 |
Total net income from continuing and discontinued operations | 74,206,529 | 57,545,832 | 25,894,983 |
From continuing and discountinued operations Earning per share | ' | ' | ' |
From continuing and discontinued operations, Basic (in dollars per share) | $0.62 | $0.70 | $0.43 |
From continuing and discontinued operations, Diluted (in dollars per share) | $0.58 | $0.63 | $0.39 |
From continuing operations Earning per share | ' | ' | ' |
From continuing operations, Basic (in dollars per share) | ' | $0.70 | $0.26 |
From continuing operations, Diluted (in dollars per share) | ' | $0.63 | $0.23 |
From discontinued operations Earning per share | ' | ' | ' |
From discontinued operations, Basic (in dollars per share) | ' | $0 | $0.17 |
From discontinued operations, Diluted (in dollars per share) | ' | $0 | $0.16 |
Pro Forma [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | ' | 128,725,067 | 47,718,758 |
Net income from continuing operations | ' | 50,655,603 | 14,041,347 |
Net income from discontinued operations | ' | 0 | 10,203,951 |
Total net income from continuing and discontinued operations | ' | $50,655,603 | $24,245,298 |
From continuing and discountinued operations Earning per share | ' | ' | ' |
From continuing and discontinued operations, Basic (in dollars per share) | ' | $0.68 | $0.40 |
From continuing and discontinued operations, Diluted (in dollars per share) | ' | $0.55 | $0.36 |
From continuing operations Earning per share | ' | ' | ' |
From continuing operations, Basic (in dollars per share) | ' | $0.68 | $0.23 |
From continuing operations, Diluted (in dollars per share) | ' | $0.55 | $0.21 |
From discontinued operations Earning per share | ' | ' | ' |
From discontinued operations, Basic (in dollars per share) | ' | $0 | $0.17 |
From discontinued operations, Diluted (in dollars per share) | ' | $0 | $0.15 |
BUSINESS_COMBINATION_Details_T
BUSINESS COMBINATION (Details Textual) (USD $) | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 17, 2012 | Apr. 02, 2012 | Jan. 02, 2012 | Dec. 31, 2011 | Nov. 17, 2011 | Sep. 30, 2012 | Nov. 17, 2011 | Feb. 28, 2011 |
Enping City Bi Tao A Power Fishery Development Co Limited [Member] | JHMC [Member] | JHMC [Member] | JHMC [Member] | Jiang Men City Power A Fishery Developments Co Limited [Member] | Jiang Men City Power A Fishery Developments Co Limited [Member] | Jiang Men City Power A Fishery Developments Co Limited [Member] | Jiang Men City Power A Fishery Developments Co Limited [Member] | Enping City Bi Tao A Power Fishery Development Co Limited [Member] | Enping City Bi Tao A Power Fishery Development Co Limited [Member] | Enping City Bi Tao A Power Fishery Development Co Limited [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Minority Interest In Joint Ventures | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | 25.00% | 25.00% |
Equity Method Investments | $2,944,176 | $400,000 | ' | $4,020,665 | $1,702,580 | ' | $1,258,607 | ' | ' | ' | ' |
Percentage Of Addition Minority Interest In Joint Ventures | ' | ' | 50.00% | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' |
Percentage Of Withdrawal Of Minority Interest In Joint Venture | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' |
Percentage Of Right To Bo Acquire Minority Interest In Joint Venture | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | $1,662,365 | ' | ' | ' | ' | ' |
BONDS_PAYABLE_Details
BONDS PAYABLE (Details) (Five Participating zeron coupon bonds [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Five Participating zeron coupon bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Commercial Paper, Noncurrent | $1,725,000 | $0 |
BONDS_PAYABLE_Details_Textual
BONDS PAYABLE (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2012 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Number Of Units Offered | ' | 840 |
Professional Service Compensation Recognized | ' | $100,000 |
Professional Fees | ' | 400,000 |
Deferred Compensation Liability, Classified, Noncurrent | ' | 300,000 |
Stock Issued During Period, Shares, Issued For Services | 806,000 | ' |
BondsMember [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | ' | 21,000,000 |
First Lot Of Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Issue Size | ' | 16,800,000 |
Debt Instrument Number Of Units | ' | 69 |
Debt Instrument Face Amount Per Unit | ' | 25,000 |
Debt Instrument Net Of Unamortized Discount Per Unit | ' | 20,000 |
Debt Instrument Unamortized Discount Per Unit | ' | $5,000 |
Debt Instrument, Term | ' | '2 years |
Debt Instrument, Maturity Date | ' | 30-Sep-15 |
Debt Instrument, Interest Rate, Stated Percentage | ' | 5.00% |
Debt Instrument Effective Yield | ' | 11.80% |
Debt Instrument, Offering Date | ' | 30-Sep-13 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 100,000 | 297,209 | ' |
Stock Issued During Period, Shares, Issued for Services | 806,000 | ' | ' |
Stock Issued During Period Shares Issued For Services Market Price Offering Date (in dollars per share) | $0.40 | $0.45 | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | ' | ' | $2,501,457 |
Allocated Share-based Compensation Expense | ' | 305,236 | 2,229,657 |
Deferred Compensation Share-based Arrangements, Liability, Current | ' | 100,308 | 271,800 |
Employee Benefits and Share-based Compensation | ' | $405,544 | ' |
GAIN_ON_EXTINGUISHMENT_OF_DEBT1
GAIN ON EXTINGUISHMENT OF DEBTS (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Gain of extinguishment of debts | $1,318,947 | $1,666,386 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (Solomon Yip Kun Lee [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Solomon Yip Kun Lee [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due To Directors Current | $1,793,768 | $3,345,803 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
BASIC | ' | ' | ' |
Net income used in computing basic earnings per share | $74,206,529 | $57,545,832 | ' |
Basic earnings per share (in dollars per share) | $0.62 | $0.70 | $0.43 |
Basic weighted average shares outstanding | 119,730,338 | 82,016,910 | ' |
DILUTED | ' | ' | ' |
Net income used in computing basic earnings per share | $74,206,529 | $57,545,832 | ' |
Diluted earnings per share (in dollars per share) | $0.58 | $0.63 | $0.39 |
Basic weighted average shares outstanding | 119,730,338 | 82,016,910 | ' |
Add: weight average Series B Convertible preferred shares outstanding | 7,706,849 | 10,000,000 | ' |
Diluted weighted average shares outstanding | 127,437,187 | 92,016,910 | ' |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textual) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share, Basic and Diluted [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 385,000 |
RESTATEMENT_OF_CONSOLIDATED_ST2
RESTATEMENT OF CONSOLIDATED STATEMENT OF CASH FLOW (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Cash flows from operating activities | ' | ' | |
Net income | $94,441,246 | $63,252,540 | |
Adjustments to reconcile net income (loss) from continuing operations to net cash from operations: | ' | ' | |
Depreciation | 1,496,551 | 443,361 | |
Amortization | 2,006,146 | 1,934,909 | |
Gain on extinguishment of debts | -1,318,947 | -1,666,386 | |
Common stock issued for services | 405,236 | 2,229,657 | |
Other amortized costs | 57,278 | 0 | |
Changes in operating assets and liabilities: | ' | ' | |
Decrease/(increase) in inventories | 8,966,552 | -10,037,494 | |
Increase in deposits and prepaid expenses (excluding temporary deposits paid to entities for investments in future Sino Joint Venture companies | -22,827,646 | -28,276,491 | |
(Decrease)/increase in due to a director | -1,555,036 | 12,239,470 | |
Increase in accounts payable and accrued expenses | 5,292,551 | 3,330,443 | |
Increase in other payables | 22,144,941 | 1,482,417 | |
Increase in accounts receivable | -29,069,592 | -18,142,198 | |
Decrease/(increase) in cost and estimated earnings in excess of billings on uncompleted contacts | 1,673,584 | -1,880,776 | |
Increase in billings in excess of costs and estimated earnings on uncompleted contracts | 356,872 | 827,965 | |
Decrease in amount due to related parties | 0 | -867,413 | |
Decrease in amount due from related parties | 0 | 15,820,752 | |
Decrease in other receivables | 2,171,477 | 3,734,623 | |
Net cash provided by operating activities | 84,241,349 | 44,425,379 | |
Cash flows from investing activities | ' | ' | |
Purchases of property and equipment | -7,002,878 | -10,756,744 | |
Payment for investment in future Sino Joint Venture companies (included in deposits and prepaid expenses) | -35,078,923 | -6,030,785 | |
Acquisition of proprietary technology | 0 | -1,500,000 | |
Net cash outflow from business combination of a subsidiaries less cash acquired | 0 | -6,893,349 | |
Payment for construction in progress | -51,226,616 | -19,185,878 | |
Net cash used in investing activities | -93,308,417 | -44,366,756 | |
Cash flows from financing activities | ' | ' | |
Proceeds from long term debt | 0 | 175,006 | |
Proceeds from short term debt | 4,100,377 | 3,181,927 | |
Non-controlling interest contribution | 0 | 3,634,064 | |
Repayment of short term debt | -3,181,927 | 0 | |
Proceeds from bond payable | 940,000 | 0 | |
Dividends paid | -951,308 | -134,631 | |
Net cash provided by financing activities | 907,142 | 6,856,366 | |
Effects on exchange rate changes on cash | 1,062,935 | 121,368 | |
(Decrease)/increase in cash and cash equivalents | -7,096,991 | 7,036,357 | |
Cash and cash equivalents, beginning of year | 8,424,265 | 1,387,908 | |
Cash and cash equivalents, end of year | 1,327,274 | 8,424,265 | |
Scenario, Previously Reported [Member] | ' | ' | |
Cash flows from operating activities | ' | ' | |
Net income | ' | 63,252,540 | |
Adjustments to reconcile net income (loss) from continuing operations to net cash from operations: | ' | ' | |
Depreciation | ' | 443,361 | |
Amortization | ' | 1,934,909 | |
Gain on extinguishment of debts | ' | -1,666,386 | |
Common stock issued for services | ' | 2,229,657 | |
Other amortized costs | ' | 0 | |
Changes in operating assets and liabilities: | ' | ' | |
Decrease/(increase) in inventories | ' | -10,037,494 | |
Increase in deposits and prepaid expenses (excluding temporary deposits paid to entities for investments in future Sino Joint Venture companies | ' | -34,307,276 | |
(Decrease)/increase in due to a director | ' | 12,239,470 | |
Increase in accounts payable and accrued expenses | ' | 3,330,443 | |
Increase in other payables | ' | 1,482,417 | |
Increase in accounts receivable | ' | -18,142,198 | |
Decrease/(increase) in cost and estimated earnings in excess of billings on uncompleted contacts | ' | -1,880,776 | |
Increase in billings in excess of costs and estimated earnings on uncompleted contracts | ' | 827,965 | |
Decrease in amount due to related parties | ' | -867,413 | |
Decrease in amount due from related parties | ' | 15,820,752 | |
Decrease in other receivables | ' | 3,734,623 | |
Net cash provided by operating activities | ' | 38,394,594 | |
Cash flows from investing activities | ' | ' | |
Purchases of property and equipment | ' | -10,756,744 | |
Payment for investment in future Sino Joint Venture companies (included in deposits and prepaid expenses) | ' | 0 | |
Acquisition of proprietary technology | ' | -1,500,000 | |
Net cash outflow from business combination of a subsidiaries less cash acquired | ' | -6,893,349 | |
Payment for construction in progress | ' | -19,185,878 | |
Net cash used in investing activities | ' | -38,335,971 | |
Cash flows from financing activities | ' | ' | |
Proceeds from long term debt | ' | 175,006 | |
Proceeds from short term debt | ' | 3,181,927 | |
Non-controlling interest contribution | ' | 3,634,064 | |
Repayment of short term debt | ' | 0 | |
Proceeds from bond payable | ' | 0 | |
Dividends paid | ' | -134,631 | |
Net cash provided by financing activities | ' | 6,856,366 | |
Effects on exchange rate changes on cash | ' | 121,368 | |
(Decrease)/increase in cash and cash equivalents | ' | 7,036,357 | |
Cash and cash equivalents, beginning of year | ' | 1,387,908 | |
Cash and cash equivalents, end of year | ' | 8,424,265 | |
Restatement Adjustment [Member] | ' | ' | |
Changes in operating assets and liabilities: | ' | ' | |
Increase in deposits and prepaid expenses (excluding temporary deposits paid to entities for investments in future Sino Joint Venture companies | ' | 6,030,785 | [1] |
Cash flows from investing activities | ' | ' | |
Payment for investment in future Sino Joint Venture companies (included in deposits and prepaid expenses) | ' | ($6,030,785) | [1] |
[1] | These adjustments are to classify movement of temporary deposits paid to entities for equity investment in future Sino Joint Venture companies included in deposits and prepaid expenses as cash flows used in investing activities. |