Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 12-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | Sino Agro Food, Inc. | |
Entity Central Index Key | 1488419 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | SIAF | |
Entity Common Stock, Shares Outstanding | 18,199,201 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $10,932,661 | $3,031,447 |
Inventories | 49,227,718 | 45,967,993 |
Cost and estimated earnings in excess of billings on uncompleted contracts | 1,306,885 | 0 |
Deposits and prepaid expenses | 76,791,239 | 75,951,591 |
Accounts receivable, net of allowance for doubtful accounts | 103,774,371 | 104,503,071 |
Other receivables | 60,944,553 | 52,305,260 |
Total current assets | 302,977,427 | 281,759,362 |
Property and equipment | ||
Property and equipment, net of accumulated depreciation | 64,750,441 | 64,352,975 |
Construction in progress | 87,710,314 | 69,120,277 |
Land use rights, net of accumulated amortization | 62,763,167 | 63,322,202 |
Total property and equipment | 215,223,922 | 196,795,454 |
Other assets | ||
Goodwill | 724,940 | 724,940 |
Proprietary technologies, net of accumulated amortization | 11,327,787 | 11,480,298 |
Long term investment | 814,067 | 817,127 |
Temporary deposits paid to entities for investments in Sino joint ventures companies | 41,109,708 | 41,109,708 |
Total other assets | 53,976,502 | 54,132,073 |
Total assets | 572,177,851 | 532,686,889 |
Current liabilities | ||
Accounts payable and accrued expenses | 23,127,256 | 22,138,835 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,034,158 | 8,060,580 |
Due to a director | 1,008,000 | 1,172,059 |
Series F Non-convertible preferred stock redemption payable | 3,146,063 | 3,146,063 |
Other payables | 11,084,679 | 11,695,982 |
Short term bank loan | 4,394,210 | 4,410,727 |
Bonds payable | 1,725,000 | 1,725,000 |
Liabilities, Current | 48,519,366 | 52,349,246 |
Non-current liabilities | ||
Other payables | 4,797,332 | 0 |
Long term debts | 2,297,421 | 2,306,057 |
Convertible bond payables | 16,286,754 | 15,803,928 |
Liabilities, Noncurrent | 23,381,507 | 18,109,985 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock value | ||
Common stock: $0.001 par value (22,727,272 shares authorized 18,069,412 and 17,162,716 shares issued as of March 31, 2015 and December 31, 2014, respectively) | 18,069 | 17,162 |
Additional paid - in capital | 128,862,006 | 121,158,996 |
Retained earnings | 297,015,949 | 273,261,108 |
Accumulated other comprehensive income | 6,436,710 | 6,452,816 |
Treasury stock | -1,250,000 | -1,250,000 |
Total Sino Agro Food, Inc. and subsidiaries stockholders' equity | 431,089,734 | 399,647,082 |
Non - controlling interest | 69,187,244 | 62,580,576 |
Total stockholders' equity | 500,276,978 | 462,227,658 |
Total liabilities and stockholders' equity | 572,177,851 | 532,686,889 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock value | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock value | 7,000 | 7,000 |
Series F Non Convertible Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock value |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Jun. 26, 2010 | Mar. 22, 2010 |
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 | 7,000,100 | |||
Preferred stock, share outstanding | 7,000,100 | 7,000,100 | |||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
Common stock, shares authorized | 22,727,272 | 22,727,272 | |||
Common stock, shares issued | 18,069,412 | 17,162,716 | |||
Series A Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
Preferred stock, shares authorized | 100 | 100 | 100 | ||
Preferred stock, share issued | 100 | 100 | 100 | ||
Preferred stock, share outstanding | 100 | 100 | |||
Series B Convertible Preferred Stock [Member] | |||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 7,000,000 | ||
Preferred stock, share issued | 7,000,000 | 7,000,000 | 3,000,000 | 7,000,000 | |
Preferred stock, share outstanding | 7,000,000 | 7,000,000 | |||
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 | 0 | 0 | |||
Preferred stock, share outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue | ||
- Sale of goods | $85,572,543 | $78,272,309 |
- Consulting and service income from development contracts | 29,369,839 | 12,243,202 |
- Commission and management fee | 534,068 | 412,278 |
Revenue | 115,476,450 | 90,927,789 |
Cost of goods sold | -63,289,988 | -55,864,529 |
Cost of services | -16,608,011 | -6,503,412 |
Gross profit | 35,578,451 | 28,559,848 |
General and administrative expenses | -4,565,907 | -2,668,394 |
Net income from operations | 31,012,544 | 25,891,454 |
Other income (expenses) | ||
Government grant | 83,180 | 113,232 |
Other income | 62,646 | 3,258 |
Gain of extinguishment of debts | 0 | 43,020 |
Interest expense | -783,606 | -109,107 |
Net income (expenses) | -637,780 | 50,403 |
Net income before income taxes | 30,374,764 | 25,941,857 |
Provision for income taxes | 0 | 0 |
Net income | 30,374,764 | 25,941,857 |
Less: Net (income) loss attributable to the non - controlling interest | -6,619,923 | -5,153,938 |
Net income from continuing operations attributable to the Sino Agro Food, Inc. and subsidiaries | 23,754,841 | 20,787,919 |
Other comprehensive (loss) income | ||
Foreign currency translation loss | -29,361 | -707,636 |
Comprehensive income | 23,725,480 | 20,080,283 |
Less: other comprehensive (income) loss attributable to the non - controlling interest | 13,255 | 113,521 |
Comprehensive income attributable to the Sino Agro Food, Inc. and subsidiaries | $23,738,735 | $20,193,804 |
Earnings (loss) per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: | ||
Basic (in dollars per share) | $1.39 | $1.45 |
Diluted (in dollars per share) | $1.33 | $1.38 |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 17,114,989 | 14,308,910 |
Diluted (in shares) | 17,822,059 | 15,015,980 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net income for the period | $30,374,764 | $25,941,857 |
Adjustments to reconcile net income from operations to net cash from operations: | ||
Depreciation | 802,338 | 534,803 |
Amortization | 514,121 | 509,080 |
Gain on extinguishment of debts | 0 | -43,020 |
Common stock issued for services | 630,033 | 33,436 |
Other amortized cost | 809,868 | 50,000 |
Changes in operating assets and liabilities: | ||
Increase in inventories | -3,259,725 | -11,593,523 |
Increase in costs and estimated earnings in excess of billings on uncompleted contacts | -1,306,885 | -4,528 |
(Increase) decrease in deposits and prepaid expenses | -597,390 | 6,600,205 |
Increase (decrease) in due to a director | 6,340,525 | -892,415 |
Increase in accounts payable and accrued expenses | 988,421 | 7,587,849 |
Increase in other payables | 4,186,029 | 4,967,306 |
Decrease (increase) in accounts receivable | 728,700 | -10,700,017 |
(Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts | -4,026,422 | 476,053 |
Increase in other receivables | -8,639,293 | -2,741,573 |
Net cash provided by operating activities | 27,545,084 | 20,725,513 |
Cash flows from investing activities | ||
Purchases of property and equipment | -1,451,880 | -907,666 |
Payment for construction in progress | -18,845,219 | -5,248,183 |
Net cash used in investing activities | -20,297,099 | -6,155,849 |
Cash flows from financing activities | ||
Proceeds from long term debts | 0 | 2,438,192 |
Net cash provided by financing activities | 0 | 2,438,192 |
Effects on exchange rate changes on cash | 653,229 | 431,747 |
Increase in cash and cash equivalents | 7,901,214 | 17,439,603 |
Cash and cash equivalents, beginning of period | 3,031,447 | 1,327,274 |
Cash and cash equivalents, end of period | 10,932,661 | 18,766,877 |
Supplementary disclosures of cash flow information: | ||
Cash paid for interest | 119,181 | 109,107 |
Cash paid for income taxes | 0 | 0 |
Non - cash transactions | ||
Common stock issued for settlement of debts | 0 | 5,964,195 |
Common stock issued | 7,703,917 | 0 |
Common stock issued for services and employee compensation | 0 | 133,744 |
Transfer to property and equipment from construction in progress | $0 | $1,784,678 |
CORPORATE_INFORMATION
CORPORATE INFORMATION | 3 Months Ended | ||
Mar. 31, 2015 | |||
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, United States of America. | |||
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 “P.R.C.” ): | |||
(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 P.R.C.; | ||
(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 P.R.C. 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 P.R.C. 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 P.R.C., 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 P.R.C with major business activities in the agriculture industry; and | ||
• | Guangzhou City Garwor Company Limited (English translation) (“ Garwor ”), a private limited company incorporated in the P.R.C, 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, P.R.C. | |||
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. | |||
On February 28, 2011, the Company applied to form Enping City Bi Tao A Power Prawn Culture Development Co Limited (“ EBAPCD ”) , and the Company would indirectly own a 25% equity interest in future Sino Joint Venture Company (pending approval). | |||
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. Up to March 31, 2015, MEIJI further invested in JHMC of $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%. As of March 31, 2015, MEIJI and SJAP total investment in HSA were $857,808 and 629,344, respectively. | |||
On November 12, 2013, 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 March 31, 2015, the Company invested $77,664 in SAFS. | |||
SJAP formed Qinghai Zhong He Meat Products Co., Limited (“QZH”) , with SJAP would owning 100% equity interest. As of March 31, 2015, the SJAP’s total investment in QZH was $487,805. | |||
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, P.R.C, 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 | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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% (12.31.2014: 100%) directly | Fishery development and holder of A-Power Technology master license. | |||||||
Capital Stage Inc. (“CS”) | Belize | 100% (12.31.2014: 100%) indirectly | Dormant | |||||||
Capital Hero Inc. (“CH”) | Belize | 100% (12.31.2014: 100%) indirectly | Dormant | |||||||
Sino Agro Food Sweden AB (“SAFS”) | Sweden | 100% (12.31.2014: 100%) directly | Dormant | |||||||
Tri-way Industries Limited (“TRW”) | Hong Kong, P.R.C. | 100% (12.31.2014: 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 Eiji Limited (“MEIJI”) | Macau, P.R.C. | 100% (12.31.2014: 100%) directly | Investment holding, cattle farm development, beef cattle and beef trading | |||||||
A Power Agro Agriculture Development (Macau) Limited (“APWAM”) | Macau, P.R.C. | 100% (12.31.2014: 100%) directly | Investment holding | |||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Hylocereus Undatus Plantation (“HU Plantation”). | |||||||
Jiang Men City A Power Fishery Development Co., Limited (“JFD”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Fish cultivation | |||||||
Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Beef cattle cultivation | |||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | P.R.C. | 76% (12.31.2014: 76%) 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”) | P.R.C. | 45% (12.31.2014: 45%) indirectly | Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures | |||||||
Qinghai Zhong He Meat Products Co., Ltd (“QZH”) | P.R.C. | 100% (12.31.2014:100%) indirectly | Cattle slaughter | |||||||
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 ”). | ||||||||||
Reverse stock split and new conversion rate of Series B preferred stock to share of common stock | ||||||||||
On December 16, 2014, the Company implemented a 9.9-for-1 reverse stock split. On December 17, 2014, the Company implemented new conversion rate of 9.9 for 1 share of common stock. All share information contained within this report, including consolidated balance sheets, consolidated statements of income and other comprehensive income, and footnotes have been retroactively adjusted for the effects of reverse stock split and new conversion rate of Series B preferred stock to share of common stock. | ||||||||||
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 and QZH. All material inter-company transactions and balances have been eliminated in consolidation. | ||||||||||
SIAF, CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM, SAFS, SJAP and QZH 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 P.R.C. 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 $8,693 and $12,254 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
2.11 | ADVERTISING | |||||||||
Advertising costs are included in general and administrative expenses, which totaled $708,843 and $262 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
2.12 | RESEARCH AND DEVELOPMENT EXPENSES | |||||||||
Research and development expenses are included in general and administrative expenses, which totaled $0 and $0 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
2.13 | 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 $6,436,710 as of March 31, 2015 and $6,452,816 as of December 31, 2014. The balance sheet amounts with the exception of equity as of March 31, 2015 and December 31, 2014 were translated using an exchange rate of RMB 6.14 to $1.00 and RMB 6.15 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the three months ended March 31, 2015 and 2014 were RMB 6.14 to $1.00 and RMB 6.12 to $1.00, respectively. | ||||||||||
2.14 | 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 P.R.C. 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. | ||||||||||
2.15 | 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 March 31, 2015 and December 31, 2014 are $0. | ||||||||||
2.16 | 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. | ||||||||||
2.17 | 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. | ||||||||||
2.18 | 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. | ||||||||||
2.19 | LONG TERM INVESTMENT | |||||||||
On October 29, 2014, the Company invested in Huangyuan County Rural Credit Union (“RCU”), Huangyuan County , Xining City, Qinghai Province, the P.R.C. RCU is engaged in the financing and crediting business to agricultural projects for local farmers. The Company has a 5% stake in RCU. The Company has no representative on the board of directors to oversee corporate operations. The Company accounts for its long term investment at cost. | ||||||||||
2.2 | 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 sleepy cods breeding technology license is capitalized as proprietary technologies when technological feasibility has been established. Cost of granting sleepy cods breeding technology license is amortized using the straight-line method over its estimated life of 25 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. | ||||||||||
2.21 | 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. | ||||||||||
2.22 | 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 10 to 60 years. Land use rights purchase prices were determined in accordance with the P.R.C. Government’s minimum lease payments on agricultural land and mutually agreed to terms between the Company and the vendors. | ||||||||||
2.23 | 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. | ||||||||||
2.24 | 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. | ||||||||||
2.25 | 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. | ||||||||||
2.26 | 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. | ||||||||||
2.27 | POLITICAL AND BUSINESS RISK | |||||||||
The Company’s operations are carried out in the P.R.C. Accordingly, the political, economic and legal environment in the P.R.C. may influence the Company’s business, financial condition and results of operations by the general state of the P.R.C.’s economy. The Company’s operations in the P.R.C. 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. | ||||||||||
2.28 | CONCENTRATION OF CREDIT RISK | |||||||||
Cash includes cash at banks and demand deposits in accounts maintained with banks within the P.R.C. Total cash in these banks as of March 31, 2015 and December 31, 2014 amounted to $2,814,677 and $10,762,208 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 years indicated: | ||||||||||
Three months | Three months | |||||||||
ended | ended | |||||||||
March 31, 2015 | March 31, 2014 | |||||||||
Customer A | 20.65 | % | 29.54 | % | ||||||
Customer B | 18.54 | % | 10.31 | % | ||||||
Customer C | 14.8 | % | 15.6 | % | ||||||
Customer D | 9.74 | % | 5.12 | % | ||||||
Customer E | 8.13 | % | - | |||||||
Customer F | - | 9.88 | % | |||||||
71.86 | % | 70.45 | % | |||||||
Percentage | Amount | |||||||||
of revenue | ||||||||||
Customer A | Fishery development and Corporate and others division | 20.65 | % | $ | 23,851,276 | |||||
Customer B | Fishery division | 18.54 | % | $ | 21,404,582 | |||||
Customer C | Organic Fertilizer division | 14.8 | % | $ | 17,091,160 | |||||
Accounts receivable are derived from revenue earned from customers located primarily in the P.R.C. 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: | ||||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Customer A | 20.17 | % | 21.21 | % | ||||||
Customer B | 11.46 | % | 13.51 | % | ||||||
Customer C | 10.95 | % | 9.68 | % | ||||||
Customer D | 7.17 | % | 7.12 | % | ||||||
Customer E | 6 | % | 10.23 | % | ||||||
55.75 | % | 61.75 | % | |||||||
As of March 31, 2015, amounts due from customers A, B and C are $20,930,515, $11,893,849, and $11,362,873, 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. | ||||||||||
2.29 | 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 March 31, 2015 and December 31, 2014, the Company determined no impairment losses were necessary. | ||||||||||
2.3 | 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. | ||||||||||
ASC 260-10-55 requires that stock dividends or stock splits be accounted for retroactively if the stock dividends or stock splits occur during the year, or retroactively if the stock dividends or stock splits occur after the end of the period but before the release of the financial statements, by considering it outstanding of the entirety of each period presented. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the year. | ||||||||||
For the three months ended March 31, 2015 and 2014, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries’ common stockholders amount to $1.39 and $1.45 respectively. For the three months ended March 31, 2015 and 2014, diluted earnings per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $1.33 and $1.38, respectively | ||||||||||
2.31 | 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. | ||||||||||
2.32 | RETIREMENT BENEFIT COSTS | |||||||||
P.R.C. 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. | ||||||||||
2.33 | 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. | ||||||||||
2.34 | 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 March 31, 2015 or December 31, 2014, 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 three months ended March 31, 2015 or 2014. | ||||||||||
2.35 | 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 April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which provides a narrower definition of discontinued operations than under existing U.S. GAAP. ASU 2014-08 requires that only a disposal of a component of an entity, or a group of components of an entity, that represents a strategic shift that has, or will have, a major effect on the reporting entity’s operations and financial results should be reported in the consolidated financial statements as discontinued operations. ASU 2014-08 also provides guidance on the consolidated financial statement presentations and disclosures of discontinued operations. The new guidance is effective prospectively for the Company to all new disposals of components and new classification as held for sale beginning April 1, 2015. The Company is evaluating the effects, if any, of the adoption of this guidance will have on the consolidated financial position, results of operations or cash flows. | ||||||||||
In May 2014, the Financial Accounting Standards Board issued guidance related to revenue from contracts with customers. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The updated standard will replace most existing revenue recognition guidance under GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard will be effective for us in the first quarter of 2017. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | ||||||||||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of July 31, 2014. | ||||||||||
In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. Management is currently evaluating the impact of this pronouncement on our consolidated financial statements. | ||||||||||
In November 2014, FASB issued ASU No. 2014-17, (Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force.) The amendments in this update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The adoption of ASU 2014-17 did not have a material impact on the Company’s consolidated financial statements. | ||||||||||
In January 2015, FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have material impact on the Company’s consolidated financial statements. | ||||||||||
In February 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The new consolidation standard changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity ("VIE"), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. A reporting entity may apply a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or may apply the amendments retrospectively. The Company is currently assessing the impact of the adoption of this guidance on the 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 | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 five principal reportable segments: Fishery Development Division, HU Plantation Division, Organic Fertilizer and Bread Grass Division, Cattle Farm Development Division and Corporate and others. No geographic information is required as all revenue and assets are located in the P.R.C. | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | HU | Fertilizer and | Cattle Farm | |||||||||||||||||
Development | Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Revenue | $ | 53,336,774 | $ | - | $ | 40,376,589 | $ | 8,289,986 | $ | 13,473,101 | $ | 115,476,450 | ||||||||
Net income (loss) | $ | 17,364,450 | $ | -588,016 | $ | 5,659,105 | $ | 354,180 | $ | 965,122 | $ | 23,754,841 | ||||||||
Total assets | $ | 135,886,166 | $ | 53,485,748 | $ | 278,916,757 | $ | 32,526,979 | $ | 71,362,201 | $ | 572,177,851 | ||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | HU | Fertilizer and | Cattle Farm | |||||||||||||||||
Development | Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Revenue | $ | 43,764,265 | $ | 760,052 | $ | 28,975,083 | $ | 7,544,591 | $ | 9,883,798 | $ | 90,927,789 | ||||||||
Net income (loss) | $ | 10,310,638 | $ | -25,268 | $ | 10,018,030 | $ | 266,194 | $ | 218,325 | $ | 20,787,919 | ||||||||
Total assets | $ | 105,593,997 | $ | 49,175,247 | $ | 186,106,742 | $ | 47,176,963 | $ | 19,191,827 | $ | 407,244,776 | ||||||||
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”), Qinghai Zhong He Meat Products Co., Limited (“QZH”), 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 Eiji Limited (“MEIJI”). | |||||||||||||||||||
-5 | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). | |||||||||||||||||||
Further analysis of revenue:- | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | Fertilizer and | Cattle Farm | ||||||||||||||||||
Development | HU Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 27,218,841 | $ | - | $ | - | $ | - | $ | - | $ | 27,218,841 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | - | - | - | - | - | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 4,182,440 | - | - | 4,182,440 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 24,038,273 | - | - | 24,038,273 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) | - | - | 12,155,876 | - | - | 12,155,876 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 8,289,986 | - | 8,289,986 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 9,687,127 | 9,687,127 | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 25,583,865 | - | - | - | - | 25,583,865 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 3,785,974 | 3,785,974 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 534,068 | - | - | - | - | 534,068 | ||||||||||||||
$ | 53,336,774 | $ | - | $ | 40,376,589 | $ | 8,289,986 | $ | 13,473,101 | $ | 115,476,450 | |||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | Fertilizer and | Cattle Farm | ||||||||||||||||||
Development | HU Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 31,108,785 | $ | - | $ | - | $ | - | $ | - | $ | 31,108,785 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 760,052 | - | - | - | $ | 760,052 | |||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 4,822,180 | - | - | 4,822,180 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 24,152,903 | - | - | 24,152,903 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Ltd (“QZH”) | - | - | - | - | - | - | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,544,591 | - | 7,544,591 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | - | - | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 12,243,202 | - | - | - | - | 12,243,202 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 9,883,798 | 9,883,798 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 412,278 | - | - | - | - | 412,278 | ||||||||||||||
$ | 43,764,265 | $ | 760,052 | $ | 28,975,083 | $ | 7,544,591 | $ | 9,883,798 | $ | 90,927,789 | |||||||||
Further analysis of cost of goods sold and cost of services:- | ||||||||||||||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | HU | Fertilizer and | Cattle Farm | Corporate | ||||||||||||||||
Development | Plantation | Bread Grass | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | -5 | Total | |||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 20,101,997 | $ | - | $ | - | $ | - | $ | - | $ | 20,101,997 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | - | - | - | - | - | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 2,390,598 | - | - | 2,390,598 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 16,563,831 | - | - | 16,563,831 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) | - | - | 8,171,368 | - | - | 8,171,368 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,988,119 | - | 7,988,119 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 8,074,075 | 8,074,075 | ||||||||||||||
$ | 20,101,997 | $ | - | $ | 27,125,797 | $ | 7,988,119 | $ | 8,074,075 | $ | 63,289,988 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | -5 | |||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 15,203,198 | $ | - | $ | - | $ | - | $ | - | $ | 15,203,198 | ||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 1,404,813 | 1,404,813 | ||||||||||||||
$ | 15,203,198 | $ | - | $ | - | $ | - | $ | 1,404,813 | $ | 16,608,011 | |||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
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”) | $ | 21,545,566 | $ | - | $ | - | $ | - | $ | - | $ | 21,545,566 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 245,178 | - | - | - | 245,178 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 2,727,978 | - | - | 2,727,978 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 15,529,206 | - | - | 15,529,206 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) | - | - | - | - | - | - | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,220,836 | - | 7,220,836 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 8,595,765 | 8,595,765 | ||||||||||||||
$ | 21,545,566 | $ | 245,178 | $ | 18,257,184 | $ | 7,220,836 | $ | 8,595,765 | $ | 55,864,529 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
For the three months ended March 31,2014 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 6,503,412 | $ | - | $ | - | $ | - | $ | - | $ | 6,503,412 | ||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | - | - | ||||||||||||||
$ | 6,503,412 | $ | - | $ | - | $ | - | $ | - | $ | 6,503,412 | |||||||||
GAIN_ON_EXTINGUISHMENT_OF_DEBT
GAIN ON EXTINGUISHMENT OF DEBTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||
Extinguishment of Debts Disclosure [Text Block] | 4 | 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 $0 and $43,020 has been credited to consolidated statements of income as other income for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
Three months | Three months | |||||||
ended | ended | |||||||
March 31, 2015 | March 31, 2014 | |||||||
Total amounts of debts to be settled | $ | - | $ | 6,019,125 | ||||
Less: Aggregate market fair value of (3.31.2014: 11,909,999) shares of common stock in exchange of the above debts for debts extinguishment | - | -5,976,105 | ||||||
Gain on extinguishment of debts | $ | - | $ | 43,020 | ||||
INCOME_TAXES
INCOME TAXES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 appointed US tax professionals to assist in filing income tax returns for the years ended December 31, 2014 and 2013 in compliance with US Treasury Internal Revenue Code and we filed our 2013 Tax returns with the Internal Revenue Service (“ IRS ”) of USA Government on June 2014. | ||||||||
As of March 31, 2015, the Company reviewed its tax position with the assistance US tax professionals and believed that there would be no taxes and no penalties assessed by the IRS in the United States of America. | ||||||||
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, SJAP and QZH since they are exempt from EIT for the three months ended March 31, 2015 and 2014 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 three months ended March 31, 2015 and 2014. | ||||||||
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 three months ended March 31, 2015 and 2014. | ||||||||
Sweden | ||||||||
No Sweden Corporate income tax has been provided in the consolidated financial statements of SAFS since SAFS incurred a tax loss for the three months ended March 31, 2015 and 2014. | ||||||||
No deferred tax assets and liabilities are of March 31, 2015 and December 31, 2014 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: | ||||||||
Three | Three | |||||||
months | months | |||||||
ended | ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
SIAF | $ | - | $ | - | ||||
SAFS | - | - | ||||||
TRW | - | - | ||||||
MEIJI and APWAM | - | - | ||||||
JHST, JFD, JHMC, SJAP , QZH and HSA | - | - | ||||||
$ | - | $ | - | |||||
The Company did not recognize any interest or penalties related to unrecognized tax benefits in the three months ended March 31, 2015 and 2014. 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Cash and Cash Equivalents Disclosure [Text Block] | 6 | CASH AND CASH EQUIVALENTS | ||||||
March 31, 2015 | December 31, 2014 | |||||||
Cash and bank balances | $ | 10,932,661 | $ | 3,031,447 | ||||
INVENTORIES
INVENTORIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | 7 | INVENTORIES | ||||||
As of March 31, 2015, inventories are as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Sleepy cods, prawns, eels and marble goby | $ | 3,547,158 | $ | 3,051,606 | ||||
Beef and mutton | 5,101,402 | 2,908,886 | ||||||
Bread grass | 1,302,969 | 2,336,308 | ||||||
Beef cattle | 7,361,889 | 8,362,763 | ||||||
Organic fertilizer | 6,075,642 | 7,292,389 | ||||||
Forage for cattle and consumable | 9,238,819 | 6,547,333 | ||||||
Raw materials for bread grass and organic fertilizer | 15,351,389 | 14,223,407 | ||||||
Immature seeds | 1,248,450 | 1,245,301 | ||||||
$ | 49,227,718 | $ | 45,967,993 | |||||
DEPOSITS_AND_PREPAYMENTS
DEPOSITS AND PREPAYMENTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ||||||||
Deposits and Prepaid Expenses Disclosure [Text Block] | 8 | DEPOSITS AND PREPAYMENTS | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Deposits for | ||||||||
- purchases of equipment | $ | 4,668,784 | $ | 4,668,784 | ||||
- acquisition of land use rights | 3,373,110 | 3,373,110 | ||||||
- inventories purchases | 12,889,155 | 14,221,199 | ||||||
- aquaculture contracts | 14,219,514 | 20,467,603 | ||||||
- building materials | 877,598 | 877,598 | ||||||
- consulting service providers and others | 11,032,481 | 5,188,473 | ||||||
- construction in progress | 20,467,357 | 20,467,357 | ||||||
Prepayments - debts discounts and others | 3,544,120 | 3,827,401 | ||||||
Shares issued for employee compensation and overseas professional and bond interest | 5,719,120 | 2,860,066 | ||||||
$ | 76,791,239 | $ | 75,951,591 | |||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [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 bad debt has been recorded as of March 31, 2015 and December 31, 2014. Bad debts written off for the three months ended March 31, 2015 and 2014 are $0. | ||||||||
Aging analysis of accounts receivable is as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
0 - 30 days | $ | 29,443,363 | $ | 21,663,061 | ||||
31 - 90 days | 33,126,585 | 38,324,554 | ||||||
91 - 120 days | 9,368,839 | 21,138,383 | ||||||
over 120 days and less than 1 year | 31,835,584 | 23,377,073 | ||||||
over 1 year | - | - | ||||||
$ | 103,774,371 | $ | 104,503,071 | |||||
OTHER_RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Receivable [Abstract] | ||||||||
Other Receivables Disclosure [Text Block] | 10 | OTHER RECEIVABLES | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Advanced to employees | $ | 658,741 | $ | 476,630 | ||||
Advanced to suppliers | 11,253,654 | 9,910,682 | ||||||
Advanced to customers | 21,032,158 | 13,947,946 | ||||||
Advanced to developers | 28,000,000 | 28,000,000 | ||||||
$ | 60,944,553 | $ | 52,305,260 | |||||
Advanced to employees, suppliers, customers and developers are unsecured, interest free and with no fixed terms of repayment. | ||||||||
The Company entered friendly loan agreements with suppliers, customers and developers to assist them to procure project loans. | ||||||||
PLANT_AND_EQUIPMENT
PLANT AND EQUIPMENT | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | 11 | PLANT AND EQUIPMENT | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Plant and machinery | $ | 5,573,254 | $ | 5,507,571 | ||||
Structure and leasehold improvements | 51,650,906 | 51,650,906 | ||||||
Mature seeds | 11,928,410 | 10,794,289 | ||||||
Furniture and equipment | 629,055 | 629,055 | ||||||
Motor vehicles | 765,858 | 765,858 | ||||||
70,547,483 | 69,347,679 | |||||||
Less: Accumulated depreciation | -5,797,042 | -4,994,704 | ||||||
Net booking value | 64,750,441 | 64,352,975 | ||||||
Depreciation expense was $802,338 and $534,803 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
CONSTRUCTION_IN_PROGRESS
CONSTRUCTION IN PROGRESS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Construction In Progress [Abstract] | ||||||||
Construction in Progress Disclosure [Text Block] | 12 | CONSTRUCTION IN PROGRESS | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Construction in progress | ||||||||
- Office, warehouse and organic fertilizer plant in HSA | $ | 28,185,939 | $ | 20,205,123 | ||||
- Oven room, road for production of dried flowers | 1,587,594 | 539,304 | ||||||
- Organic fertilizer and bread grass production plant and office building | 13,734,314 | 12,325,685 | ||||||
- Rangeland for beef cattle and office building | 41,996,899 | 35,074,556 | ||||||
- Fish pond | 2,205,568 | 975,609 | ||||||
$ | 87,710,314 | $ | 69,120,277 | |||||
LAND_USE_RIGHTS
LAND USE RIGHTS | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Land Use Rights [Abstract] | |||||||||
Land Use Rights Disclosure [Text Block] | 13 | LAND USE RIGHTS | |||||||
Private ownership of agricultural land is not permitted in the P.R.C. Instead, the Company has leased seven lots of land. The cost of the first lot of land use rights acquired in 2007 in Guangdong Province, the P.R.C. 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, the P.R.C. 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 79.48 acres in Guangdong Province, the P.R.C. 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, the P.R.C. 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, P.R.C. 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 P.R.C. and the lease expires in 2023. The cost of the seventh lot of land use rights acquired in 2014 was $4,453,665 which consisted of 33.28 acres in Guangdong Province, the P.R.C. and the lease expires in 2044. | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Cost | $ | 69,204,948 | $ | 69,428,143 | |||||
Less: Accumulated amortization | -6,441,781 | -6,105,941 | |||||||
Net carrying amount | $ | 62,763,167 | $ | 63,322,202 | |||||
Expiry date | Description | Amount | |||||||
Balance @1.1.2014 | $ | 65,192,615 | |||||||
Additions | |||||||||
2013 | 2044 | Zhongshan City, Guangdong Province, P.R.C. | 4,453,665 | ||||||
Exchange difference | -218,137 | ||||||||
Balance @12.31.2014 | 69,428,143 | ||||||||
Exchange difference | -223,195 | ||||||||
Balance @3.31.2015 | $ | 69,204,948 | |||||||
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 $335,840 and $362,524 for the three months ended March 31, 2015 and 2014, respectively. | |||||||||
GOODWILL
GOODWILL | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill Disclosure [Text Block] | 14 | 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. | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Goodwill from acquisition | $ | 724,940 | $ | 724,940 | ||||
Less: Accumulated impairment losses | - | - | ||||||
Net carrying amount | $ | 724,940 | $ | 724,940 | ||||
PROPRIETARY_TECHNOLOGIES
PROPRIETARY TECHNOLOGIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Proprietary Technologies [Abstract] | ||||||||
Proprietary Technologies Disclosure [Text Block] | 15 | 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 sleepy cods breeding technology to grow out of sleepy cods 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. | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Cost | $ | 13,911,868 | $ | 13,886,098 | ||||
Less: Accumulated amortization | -2,584,081 | -2,405,800 | ||||||
Net carrying amount | $ | 11,327,787 | $ | 11,480,298 | ||||
Amortization of proprietary technologies was $178,281 and $146,556 for the three months ended March 31, 2015 and 2014, respectively. No impairments of proprietary technologies have been identified for the three months ended March 31, 2015 and 2014. | ||||||||
LONG_TERM_INVESTMENTS
LONG TERM INVESTMENTS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Long-term Investments [Abstract] | ||||||||
Investment Holdings [Text Block] | 16 | LONG TERM INVESTMENTS | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Investment in Huangyuan County Rural Credit Union | $ | 814,067 | $ | 817,127 | ||||
Less: Accumulated impairment losses | - | - | ||||||
$ | 814,067 | $ | 817,127 | |||||
TEMPORARY_DEPOSITS_PAID_TO_ENT
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 17 | TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES | ||||||||||
Intended | ||||||||||||
unincorporated | Projects | March 31, | December 31, | |||||||||
investee | engaged | 2015 | 2014 | |||||||||
A | Trade center | * | $ | 4,086,941 | $ | 4,086,941 | ||||||
A | Seafood center | * | 1,032,914 | 1,032,914 | ||||||||
B | Fish Farm 2 Gao Qiqiang Aquaculture | * | 6,000,000 | 6,000,000 | ||||||||
C | Prawn farm 1 | * | 14,554,578 | 14,554,578 | ||||||||
D | Prawn farm 2 | * | 9,877,218 | 9,877,218 | ||||||||
E | Cattle farm 2 | * | 5,558,057 | 5,558,057 | ||||||||
$ | 41,109,708 | $ | 41,109,708 | |||||||||
The Company made temporary deposits paid to entities for equity investments in future Sino Joint Venture companies (“SJVCs”) engaged in projects development of trade and seafood centers, fish, prawns and cattle farms. Such temporary deposits represented as deposits of the respective consideration required for the purchase of equity stakes of respective future SJVCs. The amounts were classified as temporary because legal procedures of formation of SJVCs have not yet been completed. As of March 31, 2015, the percentages of equity stakes of SFJVCs A (trade and seafood centers), B ( fish farm 2 GaoQiqiang Aquaculture Farm ), C (prawn farm 1), D (pawn farm 2) and E (cattle farm 2) are 31%, 23%, 56%, 29% and 35% respectively. | ||||||||||||
* The above amounts were subject to conversion to an additional equity investment in the investees upon the completion of legal procedures of formation of SJVCs. | ||||||||||||
VARIABLE_INTEREST_ENTITY
VARIABLE INTEREST ENTITY | 3 Months Ended | ||
Mar. 31, 2015 | |||
Variable Interest Entity [Abstract] | |||
Variable Interest Entity Disclosure [Text Block] | 18 | 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 P.R.C. As of March 31, 2015, 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 March 31, 2015, 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 P.R.C. 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. | |||
Continuous assessment of the VIE relationship with QZH | |||
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 QZH 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 QZH 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 March 31, 2015, the Company evaluated the above VIE testing results and concluded that the Company is the primary beneficiary of QZH’s expected losses or residual returns and that QZH qualifies as a VIE of the Company. As result, the Company has consolidated QZH as a VIE. | |||
SJAP is sole stockholder of QZH and SJAP appointed sole director of QZH. Consequently, the Company indirectly control directorship of QZH, such that the Company now had a majority interest in the directorship of QZH. Also, and in accordance with the Company’s Sino Joint Venture Agreement, the Company’s management appointed the chief financial officer of QZH. As a result, the financial statements of QZH were included in the consolidated financial statements of the Company. | |||
CONSTRUCTION_CONTRACT
CONSTRUCTION CONTRACT | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Contractors [Abstract] | ||||||||
Long-term Contracts or Programs Disclosure [Text Block] | 19 | CONSTRUCTION CONTRACT | ||||||
(i) | Costs and estimated earnings in excess of billings on uncompleted contracts | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Cost | $ | 6,487,032 | $ | 3,755,046 | ||||
Estimated earnings | 10,995,534 | 8,307,452 | ||||||
Less: Billings | -16,175,681 | -9,725,618 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contract | $ | 1,306,885 | $ | 2,336,880 | ||||
(ii) | Billings in excess of costs and estimated earnings on uncompleted contracts | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Billings | $ | 110,060,524 | $ | 102,199,674 | ||||
Less: Costs | -56,769,967 | -46,648,988 | ||||||
Estimated earnings | -49,256,399 | -47,490,106 | ||||||
Billing in excess of costs and estimated earnings on uncompleted contract | $ | 4,034,158 | $ | 8,060,580 | ||||
(iii) | Overall | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Billings | $ | 126,236,205 | $ | 102,199,674 | ||||
Less: Costs | -63,256,999 | -46,648,988 | ||||||
Estimated earnings | -60,251,933 | -47,490,106 | ||||||
Billing in excess of costs and estimated earnings on uncompleted contract | $ | 2,727,273 | $ | 8,060,580 | ||||
SERIES_F_SHARES_MANDATORY_REDE
SERIES F SHARES MANDATORY REDEMPTION PAYABLE | 3 Months Ended | ||
Mar. 31, 2015 | |||
Equity [Abstract] | |||
Preferred Stock [Text Block] | 20 | SERIES F SHARES MANDATORY REDEMPTION PAYABLE | |
On August 13, 2014, the Company filed a Certificate of the Designations, Powers, Preferences and Rights of the Series F Non-Convertible Preferred Stock (the “Certificate”) to its Articles of Incorporation, with the Secretary of State of the State of Nevada, setting forth the terms of its Preferred Stock. On June 10, 2014, the Company amended and restated the Certificate to (i) postpone the payment date of the dividend there under to May 30, 2015, (ii) to delete a reference to the redemption or declaration of any cash dividend or distribution on any Junior Securities, and (iii) make certain minor corrections to the Certificate. No share of Series F Non-Convertible Preferred Stock was ever issued. The Company believes it to be in the best interests of its shareholders to delay the cash payment until such time as its financial position would enable it to make the payment without harming its ability to develop its business in accordance with management’s plans. | |||
OTHER_PAYABLES
OTHER PAYABLES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Liabilities Disclosure [Text Block] | 21 | OTHER PAYABLES | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Due to third parties | $ | 12,891,558 | $ | 8,176,469 | ||||
Promissory notes issued to third parties | 600,000 | 1,100,000 | ||||||
Due to local government | 2,419,513 | 2,419,513 | ||||||
15,882,011 | 11,695,982 | |||||||
Less: The current portion classified as non-current liabilities | -4,797,332 | - | ||||||
Due to third parties | ||||||||
Amount classified as current as current liabilities | $ | 11,084,679 | $ | 11,695,982 | ||||
Due to third parties are unsecured, interest free and have no fixed terms of repayment. | ||||||||
BORROWINGS
BORROWINGS | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Short-term Debt [Text Block] | 22 | 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 debts | March 31, | December 31, | ||||||||||||||
Name of lender | Interest rate | Term | 2015 | 2014 | ||||||||||||
Agricultural Development Bank of China | 6.40% | January 3, 2014 - December 17, 2018 | $ | 323,875 | ‸* | $ | 325,092 | ‸* | ||||||||
Huangyuan County Branch, | ||||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
Agricultural Development Bank of China | 6.18% | October 21, 2014 - October 20, 2015 | 4,070,335 | ‸* | 4,085,635 | ‸* | ||||||||||
Huangyuan County Branch, | - | |||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
$ | 4,394,210 | $ | 4,410,727 | |||||||||||||
Long term debts | March 31, | December 31, | ||||||||||||||
Name of lender | Interest rate | Term | 2015 | 2014 | ||||||||||||
GanGuo Village Committee | 12.22% | June 2012 - June 2017 | $ | 179,095 | $ | 179,768 | ||||||||||
Bo Huang Town | ||||||||||||||||
Huangyuan County, | ||||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
Agricultural Development Bank of China | 6.40% | January 3, 2014 - December 17, 2018 | 2,442,201 | ‸*# | 2,451,381 | ‸*# | ||||||||||
Huangyuan County Branch, | ||||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
Less: The current portion reclassified as short term debts | -323,875 | -325,092 | ||||||||||||||
$ | 2,297,421 | $ | 2,306,057 | |||||||||||||
The above note agreements contained regular provisions requiring timely repayment of principals and accrued interests, payment of default interest in the event of default, and without specific financial covenants. Management of the Company believes the Company is in material compliance with the terms of the loan agreements. | ||||||||||||||||
‸ | personal and corporate guaranteed by third parties. | |||||||||||||||
* | secured by land use rights with net carrying amount of $494,604 (2014: $499,856). | |||||||||||||||
# | repayable $323,875, $650,184, $650,184 and $817,958 in 2015, 2016, 2017 and 2018, respectively. | |||||||||||||||
BONDS_PAYABLE
BONDS PAYABLE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | 23 | 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. | ||||||||
Terms 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 | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Bonds payable | $ | 1,725,000 | $ | 1,725,000 | ||||
The Company calculated professional service compensation of $400,000 in respect of bond issue, and recognized $200,000 for the year ended December 31, 2014. As of December 31, 2014, the deferred compensation balance was $100,000 and the deferred compensation balance of $100,000 was to be amortized over 6 months beginning on January 1, 2015. | ||||||||
The Company calculated professional service compensation of $400,000 in respect of bond issue, and recognized $50,000 and $50,000 for the three months ended March 31, 2015 and 2014. As of March 31, 2015, the deferred compensation balance was $50,000 and the deferred compensation balance of $50,000 was to be amortized over 3 months beginning on April 1, 2015. | ||||||||
CONVERTIBLE_BOND_TE_PAYABLES
CONVERTIBLE BOND TE PAYABLES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Convertible Note Payable Disclosure [Text Block] | 24 | CONVERTIBLE BOND TE PAYABLES | ||||||
On August 29, 2014, the Company completed the closing of a private placement financing transaction with an accredited investor, which purchased a 10.5% Convertible Note (the “Note”) in the aggregate principal amount of up to $33,300,000. The Company received the total advance of $11,632,450. The Company shall offer investor a discount equal to 25% of the amount of the principal advanced by the investor. | ||||||||
Interest on the note shall accrue on the outstanding principal balance of this Note from August 29, 2014. Interest shall be payable quarterly on the last day of each of March, June, September and December commencing September 30, 2014 provided, however, that note holder may elect to require the Company to issue to the note holder a promissory note in lieu of cash in satisfaction of any interest due and payable at such time. Any interest payment note shall be subject to the same terms as the note. The note has a maturity date of February 28, 2020. | ||||||||
The note is convertible, at the discretion of the note holder, into shares of the Company’s common stock (i) at any time following an Event of Default, or (ii) for a period of thirty (30) calendar days following October 31, 2015 and each anniversary thereof, at an initial conversion price per share of $1.00, subject to adjustment for stock splits, reverse stock splits, stock dividends and other similar transactions and subject to the terms of the note. As long as the note is outstanding, the investor shall have a right of first refusal, exercisable for thirty (30) calendar days after notice to the note holder, to purchase securities proposed to be offered and sold by the Company. | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
10.50% convertible note of maturity date February 20, 2020 | $ | 16,286,754 | $ | 15,803,928 | ||||
The Company calculated the fair value of the convertible note and the beneficial conversion feature utilizing the Discounted Cash Flows model at the date of the issuance of convertible note. The relative fair values were allocated to the liability and equity components of the debt. Accordingly, a discount was created on the debt and this discount will be amortized to interest expense over the life of the debt. Debt premium amortization as of March 31, 2015 was $3,891. | ||||||||
As of March 31, 2015, there was $15,803,928 (December 31, 2014: $15,509,933) principal outstanding and accrued interest in the amount of $482,826 (December 31, 2014: 293,995) that was owed under the terms of the convertible note. | ||||||||
The above note agreement contained regular provisions requiring timely repayment of principals and accrued interests, payment of default interest in the event of default, default and optional conversion and without specific financial covenants. Management of the Company believes the Company is in material compliance with the terms of the convertible note agreement. | ||||||||
The Company calculated professional service compensation of $1,500,000 in respect of convertible note issue, and recognized $125,000 and $0 for the three months ended March 31, 2015 and 2014. As of March 31, 2015, the deferred compensation balance of $1,375,000 was to be amortized over 9 months beginning on April 1, 2015. | ||||||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended | ||
Mar. 31, 2015 | |||
Stockholders' Equity Note [Abstract] | |||
Stockholders' Equity Note Disclosure [Text Block] | 25 | SHAREHOLDERS’ EQUITY | |
The Group’s share capital as of March 31, 2015 and December 31, 2014 shown on the consolidated balance sheet represents the aggregate nominal value of the share capital of the Company as of 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 | ||
(ii) | 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 March 31, 2015 and December 31, 2014, 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 $9.90 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 a 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. On December 17, 2014, the Company approved an amendment to certificate designation in respect of Series B preferred stock. Pursuant to the above new amendment, each holder of Series B preferred stock shall have the rights, at any time or from time to time, to convert each 9.9 shares of Series B preferred to one fully paid and non assessable share of common stock of par value $0.001 per share. | |||
There were 7,000,000 shares of Series B convertible preferred stock issued and outstanding as of March 31, 2015 and December 31, 2014, respectively. | |||
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. | ||
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. However, the Company was unable to issue the Series F Non-convertible Preferred Stock as originally contemplated. Consequently, The Company’s transfer agent was instructed to note in its record date rather than actual issue the Preferred F shares. On June 14, 2014, the Company announced the delay in payment of the coupon until May 30, 2015. The company reserved the excess over the nominal amount of the Series F Non-convertible Preferred Stock of $3,124,737 as Series F Non-convertible Preferred Stock redemption payable. | |||
As a result, total issued and outstanding of Series F Non-Convertible Preferred Stock as of March 31, 2015 and December 31, 2014 are 0 shares and grand total issued and outstanding preferred stock as of March 31, 2015 and December 31, 2014 are 7,000,100 shares. | |||
Common Stock: | |||
On November 10, 2014, the Company approved an amendment to the Corporation’s Articles of Incorporation to effectuate a reverse stock split (the “Reverse Split”) of the Corporation’s common stock, par value $0.001 per share (the “Common Stock”) affecting both the authorized and issued and outstanding number of such shares by a ratio of 9.9 for 1. The Reverse Split became effective in the State of Nevada on December 16, 2014. Subsequent to the balance sheet date, the Board of directors and the holders of a majority of the voting power of our stockholders of the company have approved an amendment to articles of incorporation to increase its authorized shares of Common Stock from 17,171,717 to 22,727,272. | |||
During the year ended December 31. 2014, the Company issued (i) 2,734,625 shares of common stock for $13,006,373 at values ranging from $3.96 to $10.40 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 $270,586 and $1,318,947 has been credited to consolidated statements of income as other income for the year ended December 31, 2014 and 2013, respectively; (ii) 130,568 shares of common stock valued to employees at fair value of $4.26 per share for $555,827 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 $4.26 per share; (iii) 400,008 shares of common stock valued to professionals at fair value ranging from $3.96 to $7.43 per share for $2,763,618 for service 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 ranging from $3.96 to $9.90 per share; and (iv) 1,681 piecemeal shares of common stock valued at fair value of $9.49 per share for $15,951 for cancellation. 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 cancellation of $9.49 per share. | |||
During the three months ended March 31, 2015, the Company executed several agreements with third parties to raise debts loan by issuance of the Company’s common stock. The Company issued 755,304 shares of common stock ranging from $6.96 to $8.96 as collateral to secure debts loan of $4,797,332 from third party. The shares issued by the Company were valued at the trading price of the stock on the date the shares were issued. The Company issued 153,392 shares at $11.13 to decimal stockholder to round up its shares holding. 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 $0 and $43,020 has been credited to consolidated statements of income as other income for the three months ended March 31, 2015 and 2014, respectively. | |||
The Company has 18,069,412 and 17,162,716 shares of common stock issued and outstanding as of March 31, 2015 and December 31, 2014, respectively. | |||
OBLIGATION_UNDER_OPERATING_LEA
OBLIGATION UNDER OPERATING LEASES | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | 26 | OBLIGATION UNDER OPERATING LEASES | |||
The Company leases (i) 2,178 square feet of agriculture space used for offices for a monthly rent of $634 in Enping City, Guangdong Province, P.R.C., its lease expiring on March 31, 2017; (ii) 5,081 square feet of office space in Guangzhou City, Guangdong Province, P.R.C. for a monthly rent of $12,733, its lease expiring on July 8, 2016; and (iii) 1,555 square feet of staff quarters in Linli District, Hunan Province, P.R.C. for a monthly rent of $163, its lease expiring on May 1, 2016. | |||||
Lease expense was $40,591 and $37,527 for the three months ended March 31, 2015 and 2014, respectively. | |||||
The future minimum lease payments as of March 31, 2015, are as follows: | |||||
Year ended December 31, 2015 | $ | 121,773 | |||
Thereafter | 86,561 | ||||
$ | 208,334 | ||||
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended | ||
Mar. 31, 2015 | |||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 27 | STOCK BASED COMPENSATION | |
On April 25, 2014, the Company issued employees a total of 130,567 shares of common stock valued at fair value of $4.26 per share for services rendered to the Company. The fair values of the common stock issued were determined by using the trading price of the Company’s common stock on the date of issuance of $4.26 per share. | |||
On June 16, 2014, the Company issued professionals a total of 117,248 shares of common stock valued at fair value of $3.96 per share for services rendered to the Company. The fair values of the common stock issued were determined by using the trading price of the Company’s common stock on the date of issuance of $3.96 per share. | |||
On September 16, 2014, the Company issued professionals a total of 202,020 shares of common stock valued at fair value of $7.43 per share for services rendered to the Company. The fair values of the common stock issued were determined by using the trading price of the Company’s common stock on the date of issuance of $7.43 per share. | |||
On December 15, 2014, the Company issued professionals a total of 80,739 shares of common stock valued at agreed price of $9.90 per share for services rendered to the Company. The agreed prices of the common stock issued were determined by both parties and greater than the trading price of the Company’s common stock on the date of issuance of $7.73 per share. | |||
The Company calculated stock based compensation of $2,760,066 and $ 405,544, and recognized $630,033 and $33,436 for the three months ended March 31, 2015 and March 31, 2014. As of March 31, 2015, the deferred compensation balance for staff was $1,880,033 and the deferred compensation balances of (i) $255,033; (ii) $500,000, (iii) $1,125,000 were to be amortized over 3, 6 and 9 months respectively beginning on April 1, 2015. | |||
CONTINGENCIES
CONTINGENCIES | 3 Months Ended | ||
Mar. 31, 2015 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Legal Matters and Contingencies [Text Block] | 28 | CONTINGENCIES | |
As of March 31, 2015 and December 31, 2014, 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 consolidated statements of cash flows. | |||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | ||
Mar. 31, 2015 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions [Text Block] | 29 | RELATED PARTY TRANSACTIONS | |
In addition to the transactions and balances as disclosed elsewhere in these consolidated financial statements, during the three months ended March 31, 2015 and 2014, the Company had the following significant related party transactions:- | |||
Name of | Nature of transactions | ||
related party | |||
Mr. Solomon Yip Kun Lee, Chairman | Included in due to a director, due to Mr. Solomon Yip Kun Lee is $1,008,000 and $1,172,059 as of March 31, 2015 and December 31, 2014, respectively. The amounts are unsecured, interest free and have no fixed terms of repayment. | ||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | 30 | 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: | ||||||||
Three | Three | |||||||
months | months | |||||||
ended | ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
BASIC | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 23,754,841 | $ | 20,787,919 | ||||
Basic earnings per share | $ | 1.39 | $ | 1.45 | ||||
Basic weighted average shares outstanding | 17,114,989 | 14,308,910 | ||||||
Three | Three | |||||||
months | months | |||||||
ended | ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
DILUTED | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 23,754,841 | $ | 20,787,919 | ||||
Add back interest on convertible notes | - | - | ||||||
Net income used in computing diluted earnings per share | $ | 23,754,841 | $ | 20,789,919 | ||||
Diluted earnings per share | $ | 1.33 | $ | 1.38 | ||||
Basic weighted average shares outstanding | 17,114,989 | 14,308,910 | ||||||
Add: weight average of common stock converted from Series B Convertible preferred shares outstanding | 707,070 | 707,070 | ||||||
Diluted weighted average shares outstanding | 17,822,059 | 15,015,980 | ||||||
For the three months ended March 31, 2015 and 2014, full dilution effect of convertible note of $16,286,754 (3.31.2014: $0), was not taken into account for calculation of the diluted earnings per share because convertible note holder is restricted to exercise shares before October 1, 2015 under terms of convertible note agreement. | ||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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. | ||||||||||
Reporting Entity Policy [Policy Text Block] | 2.2 | REPORTING ENTITIES | ||||||||
Name of subsidiaries | Place of incorporation | Percentage of interest | Principal activities | |||||||
Capital Award Inc. (“CA”) | Belize | 100% (12.31.2014: 100%) directly | Fishery development and holder of A-Power Technology master license. | |||||||
Capital Stage Inc. (“CS”) | Belize | 100% (12.31.2014: 100%) indirectly | Dormant | |||||||
Capital Hero Inc. (“CH”) | Belize | 100% (12.31.2014: 100%) indirectly | Dormant | |||||||
Sino Agro Food Sweden AB (“SAFS”) | Sweden | 100% (12.31.2014: 100%) directly | Dormant | |||||||
Tri-way Industries Limited (“TRW”) | Hong Kong, P.R.C. | 100% (12.31.2014: 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 Eiji Limited (“MEIJI”) | Macau, P.R.C. | 100% (12.31.2014: 100%) directly | Investment holding, cattle farm development, beef cattle and beef trading | |||||||
A Power Agro Agriculture Development (Macau) Limited (“APWAM”) | Macau, P.R.C. | 100% (12.31.2014: 100%) directly | Investment holding | |||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Hylocereus Undatus Plantation (“HU Plantation”). | |||||||
Jiang Men City A Power Fishery Development Co., Limited (“JFD”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Fish cultivation | |||||||
Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Beef cattle cultivation | |||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | P.R.C. | 76% (12.31.2014: 76%) 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”) | P.R.C. | 45% (12.31.2014: 45%) indirectly | Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures | |||||||
Qinghai Zhong He Meat Products Co., Ltd (“QZH”) | P.R.C. | 100% (12.31.2014:100%) indirectly | Cattle slaughter | |||||||
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 ”). | ||||||||||
Reverse stock split and new conversion rate of Series B preferred stock to share of common stock | ||||||||||
On December 16, 2014, the Company implemented a 9.9-for-1 reverse stock split. On December 17, 2014, the Company implemented new conversion rate of 9.9 for 1 share of common stock. All share information contained within this report, including consolidated balance sheets, consolidated statements of income and other comprehensive income, and footnotes have been retroactively adjusted for the effects of reverse stock split and new conversion rate of Series B preferred stock to share of common stock. | ||||||||||
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 and QZH. All material inter-company transactions and balances have been eliminated in consolidation. | ||||||||||
SIAF, CA, CS, CH, TRW, MEIJI, JHST, JFD, JHMC, HSA, APWAM, SAFS, SJAP and QZH 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 P.R.C. 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 $8,693 and $12,254 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
Advertising Costs, Policy [Policy Text Block] | 2.11 | ADVERTISING | ||||||||
Advertising costs are included in general and administrative expenses, which totaled $708,843 and $262 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
Research and Development Expense, Policy [Policy Text Block] | 2.12 | RESEARCH AND DEVELOPMENT EXPENSES | ||||||||
Research and development expenses are included in general and administrative expenses, which totaled $0 and $0 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 2.13 | 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 $6,436,710 as of March 31, 2015 and $6,452,816 as of December 31, 2014. The balance sheet amounts with the exception of equity as of March 31, 2015 and December 31, 2014 were translated using an exchange rate of RMB 6.14 to $1.00 and RMB 6.15 to $1.00, respectively. The average translation rates applied to the statements of income and other comprehensive income and of cash flows for the three months ended March 31, 2015 and 2014 were RMB 6.14 to $1.00 and RMB 6.12 to $1.00, respectively. | ||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | 2.14 | 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 P.R.C. 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] | 2.15 | 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 March 31, 2015 and December 31, 2014 are $0. | ||||||||||
Inventory, Policy [Policy Text Block] | 2.16 | 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] | 2.17 | 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] | 2.18 | 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. | ||||||||||
Investment, Policy [Policy Text Block] | 2.19 | LONG TERM INVESTMENT | ||||||||
On October 29, 2014, the Company invested in Huangyuan County Rural Credit Union (“RCU”), Huangyuan County , Xining City, Qinghai Province, the P.R.C. RCU is engaged in the financing and crediting business to agricultural projects for local farmers. The Company has a 5% stake in RCU. The Company has no representative on the board of directors to oversee corporate operations. The Company accounts for its long term investment at cost. | ||||||||||
Proprietary Technologies Policy [Policy Text Block] | 2.2 | 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 sleepy cods breeding technology license is capitalized as proprietary technologies when technological feasibility has been established. Cost of granting sleepy cods breeding technology license is amortized using the straight-line method over its estimated life of 25 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] | 2.21 | 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] | 2.22 | 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 10 to 60 years. Land use rights purchase prices were determined in accordance with the P.R.C. 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] | 2.23 | 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] | 2.24 | 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] | 2.25 | 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] | 2.26 | 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] | 2.27 | POLITICAL AND BUSINESS RISK | ||||||||
The Company’s operations are carried out in the P.R.C. Accordingly, the political, economic and legal environment in the P.R.C. may influence the Company’s business, financial condition and results of operations by the general state of the P.R.C.’s economy. The Company’s operations in the P.R.C. 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] | 2.28 | CONCENTRATION OF CREDIT RISK | ||||||||
Cash includes cash at banks and demand deposits in accounts maintained with banks within the P.R.C. Total cash in these banks as of March 31, 2015 and December 31, 2014 amounted to $2,814,677 and $10,762,208 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 years indicated: | ||||||||||
Three months | Three months | |||||||||
ended | ended | |||||||||
March 31, 2015 | March 31, 2014 | |||||||||
Customer A | 20.65 | % | 29.54 | % | ||||||
Customer B | 18.54 | % | 10.31 | % | ||||||
Customer C | 14.8 | % | 15.6 | % | ||||||
Customer D | 9.74 | % | 5.12 | % | ||||||
Customer E | 8.13 | % | - | |||||||
Customer F | - | 9.88 | % | |||||||
71.86 | % | 70.45 | % | |||||||
Percentage | Amount | |||||||||
of revenue | ||||||||||
Customer A | Fishery development and Corporate and others division | 20.65 | % | $ | 23,851,276 | |||||
Customer B | Fishery division | 18.54 | % | $ | 21,404,582 | |||||
Customer C | Organic Fertilizer division | 14.8 | % | $ | 17,091,160 | |||||
Accounts receivable are derived from revenue earned from customers located primarily in the P.R.C. 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: | ||||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Customer A | 20.17 | % | 21.21 | % | ||||||
Customer B | 11.46 | % | 13.51 | % | ||||||
Customer C | 10.95 | % | 9.68 | % | ||||||
Customer D | 7.17 | % | 7.12 | % | ||||||
Customer E | 6 | % | 10.23 | % | ||||||
55.75 | % | 61.75 | % | |||||||
As of March 31, 2015, amounts due from customers A, B and C are $20,930,515, $11,893,849, and $11,362,873, 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] | 2.29 | 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 March 31, 2015 and December 31, 2014, the Company determined no impairment losses were necessary. | ||||||||||
Earnings Per Share, Policy [Policy Text Block] | 2.3 | 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. | ||||||||||
ASC 260-10-55 requires that stock dividends or stock splits be accounted for retroactively if the stock dividends or stock splits occur during the year, or retroactively if the stock dividends or stock splits occur after the end of the period but before the release of the financial statements, by considering it outstanding of the entirety of each period presented. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the year. | ||||||||||
For the three months ended March 31, 2015 and 2014, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries’ common stockholders amount to $1.39 and $1.45 respectively. For the three months ended March 31, 2015 and 2014, diluted earnings per share attributable to Sino Agro Food, Inc. and its subsidiaries’ common stockholders amounted to $1.33 and $1.38, respectively | ||||||||||
Comprehensive Income, Policy [Policy Text Block] | 2.31 | 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] | 2.32 | RETIREMENT BENEFIT COSTS | ||||||||
P.R.C. 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] | 2.33 | 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] | 2.34 | 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 March 31, 2015 or December 31, 2014, 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 three months ended March 31, 2015 or 2014. | ||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | 2.35 | 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 April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which provides a narrower definition of discontinued operations than under existing U.S. GAAP. ASU 2014-08 requires that only a disposal of a component of an entity, or a group of components of an entity, that represents a strategic shift that has, or will have, a major effect on the reporting entity’s operations and financial results should be reported in the consolidated financial statements as discontinued operations. ASU 2014-08 also provides guidance on the consolidated financial statement presentations and disclosures of discontinued operations. The new guidance is effective prospectively for the Company to all new disposals of components and new classification as held for sale beginning April 1, 2015. The Company is evaluating the effects, if any, of the adoption of this guidance will have on the consolidated financial position, results of operations or cash flows. | ||||||||||
In May 2014, the Financial Accounting Standards Board issued guidance related to revenue from contracts with customers. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The updated standard will replace most existing revenue recognition guidance under GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard will be effective for us in the first quarter of 2017. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | ||||||||||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of July 31, 2014. | ||||||||||
In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. Management is currently evaluating the impact of this pronouncement on our consolidated financial statements. | ||||||||||
In November 2014, FASB issued ASU No. 2014-17, (Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force.) The amendments in this update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The adoption of ASU 2014-17 did not have a material impact on the Company’s consolidated financial statements. | ||||||||||
In January 2015, FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have material impact on the Company’s consolidated financial statements. | ||||||||||
In February 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The new consolidation standard changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity ("VIE"), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. A reporting entity may apply a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or may apply the amendments retrospectively. The Company is currently assessing the impact of the adoption of this guidance on the 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) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ||||||||||
Schedule Of Subsidiary and Variable Interest Entity [Table Text Block] | Name of subsidiaries | Place of incorporation | Percentage of interest | Principal activities | ||||||
Capital Award Inc. (“CA”) | Belize | 100% (12.31.2014: 100%) directly | Fishery development and holder of A-Power Technology master license. | |||||||
Capital Stage Inc. (“CS”) | Belize | 100% (12.31.2014: 100%) indirectly | Dormant | |||||||
Capital Hero Inc. (“CH”) | Belize | 100% (12.31.2014: 100%) indirectly | Dormant | |||||||
Sino Agro Food Sweden AB (“SAFS”) | Sweden | 100% (12.31.2014: 100%) directly | Dormant | |||||||
Tri-way Industries Limited (“TRW”) | Hong Kong, P.R.C. | 100% (12.31.2014: 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 Eiji Limited (“MEIJI”) | Macau, P.R.C. | 100% (12.31.2014: 100%) directly | Investment holding, cattle farm development, beef cattle and beef trading | |||||||
A Power Agro Agriculture Development (Macau) Limited (“APWAM”) | Macau, P.R.C. | 100% (12.31.2014: 100%) directly | Investment holding | |||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Hylocereus Undatus Plantation (“HU Plantation”). | |||||||
Jiang Men City A Power Fishery Development Co., Limited (“JFD”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Fish cultivation | |||||||
Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) | P.R.C. | 75% (12.31.2014: 75%) indirectly | Beef cattle cultivation | |||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | P.R.C. | 76% (12.31.2014: 76%) 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”) | P.R.C. | 45% (12.31.2014: 45%) indirectly | Manufacturing of organic fertilizer, livestock feed, and beef cattle and plantation of crops and pastures | |||||||
Qinghai Zhong He Meat Products Co., Ltd (“QZH”) | P.R.C. | 100% (12.31.2014:100%) indirectly | Cattle slaughter | |||||||
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 years indicated: | |||||||||
Three months | Three months | |||||||||
ended | ended | |||||||||
March 31, 2015 | March 31, 2014 | |||||||||
Customer A | 20.65 | % | 29.54 | % | ||||||
Customer B | 18.54 | % | 10.31 | % | ||||||
Customer C | 14.8 | % | 15.6 | % | ||||||
Customer D | 9.74 | % | 5.12 | % | ||||||
Customer E | 8.13 | % | - | |||||||
Customer F | - | 9.88 | % | |||||||
71.86 | % | 70.45 | % | |||||||
Percentage | Amount | |||||||||
of revenue | ||||||||||
Customer A | Fishery development and Corporate and others division | 20.65 | % | $ | 23,851,276 | |||||
Customer B | Fishery division | 18.54 | % | $ | 21,404,582 | |||||
Customer C | Organic Fertilizer division | 14.8 | % | $ | 17,091,160 | |||||
Accounts receivable are derived from revenue earned from customers located primarily in the P.R.C. 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: | ||||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Customer A | 20.17 | % | 21.21 | % | ||||||
Customer B | 11.46 | % | 13.51 | % | ||||||
Customer C | 10.95 | % | 9.68 | % | ||||||
Customer D | 7.17 | % | 7.12 | % | ||||||
Customer E | 6 | % | 10.23 | % | ||||||
55.75 | % | 61.75 | % | |||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended March 31, 2015 | |||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | HU | Fertilizer and | Cattle Farm | |||||||||||||||||
Development | Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Revenue | $ | 53,336,774 | $ | - | $ | 40,376,589 | $ | 8,289,986 | $ | 13,473,101 | $ | 115,476,450 | ||||||||
Net income (loss) | $ | 17,364,450 | $ | -588,016 | $ | 5,659,105 | $ | 354,180 | $ | 965,122 | $ | 23,754,841 | ||||||||
Total assets | $ | 135,886,166 | $ | 53,485,748 | $ | 278,916,757 | $ | 32,526,979 | $ | 71,362,201 | $ | 572,177,851 | ||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | HU | Fertilizer and | Cattle Farm | |||||||||||||||||
Development | Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Revenue | $ | 43,764,265 | $ | 760,052 | $ | 28,975,083 | $ | 7,544,591 | $ | 9,883,798 | $ | 90,927,789 | ||||||||
Net income (loss) | $ | 10,310,638 | $ | -25,268 | $ | 10,018,030 | $ | 266,194 | $ | 218,325 | $ | 20,787,919 | ||||||||
Total assets | $ | 105,593,997 | $ | 49,175,247 | $ | 186,106,742 | $ | 47,176,963 | $ | 19,191,827 | $ | 407,244,776 | ||||||||
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”), Qinghai Zhong He Meat Products Co., Limited (“QZH”), 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 Eiji 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:- | |||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | Fertilizer and | Cattle Farm | ||||||||||||||||||
Development | HU Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 27,218,841 | $ | - | $ | - | $ | - | $ | - | $ | 27,218,841 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | - | - | - | - | - | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 4,182,440 | - | - | 4,182,440 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 24,038,273 | - | - | 24,038,273 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) | - | - | 12,155,876 | - | - | 12,155,876 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 8,289,986 | - | 8,289,986 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 9,687,127 | 9,687,127 | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 25,583,865 | - | - | - | - | 25,583,865 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 3,785,974 | 3,785,974 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 534,068 | - | - | - | - | 534,068 | ||||||||||||||
$ | 53,336,774 | $ | - | $ | 40,376,589 | $ | 8,289,986 | $ | 13,473,101 | $ | 115,476,450 | |||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | Fertilizer and | Cattle Farm | ||||||||||||||||||
Development | HU Plantation | Bread Grass | Development | Corporate and | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | others (5) | Total | |||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 31,108,785 | $ | - | $ | - | $ | - | $ | - | $ | 31,108,785 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 760,052 | - | - | - | $ | 760,052 | |||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 4,822,180 | - | - | 4,822,180 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 24,152,903 | - | - | 24,152,903 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Ltd (“QZH”) | - | - | - | - | - | - | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,544,591 | - | 7,544,591 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | - | - | ||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 12,243,202 | - | - | - | - | 12,243,202 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 9,883,798 | 9,883,798 | ||||||||||||||
Commission and management fee | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | 412,278 | - | - | - | - | 412,278 | ||||||||||||||
$ | 43,764,265 | $ | 760,052 | $ | 28,975,083 | $ | 7,544,591 | $ | 9,883,798 | $ | 90,927,789 | |||||||||
Further analysis of cost of goods sold and cost of services:- | ||||||||||||||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Organic | ||||||||||||||||||||
Fishery | HU | Fertilizer and | Cattle Farm | Corporate | ||||||||||||||||
Development | Plantation | Bread Grass | Development | and others | ||||||||||||||||
Division (1) | Division (2) | Division (3) | Division (4) | -5 | Total | |||||||||||||||
Name of entity | ||||||||||||||||||||
Sale of goods | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 20,101,997 | $ | - | $ | - | $ | - | $ | - | $ | 20,101,997 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | - | - | - | - | - | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 2,390,598 | - | - | 2,390,598 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 16,563,831 | - | - | 16,563,831 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) | - | - | 8,171,368 | - | - | 8,171,368 | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,988,119 | - | 7,988,119 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 8,074,075 | 8,074,075 | ||||||||||||||
$ | 20,101,997 | $ | - | $ | 27,125,797 | $ | 7,988,119 | $ | 8,074,075 | $ | 63,289,988 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||||||
Fishery | HU Plantation | Organic | Cattle Farm | Corporate | Total | |||||||||||||||
Development | Division (2) | Fertilizer and | Development | and others | ||||||||||||||||
Division (1) | Bread Grass | Division (4) | -5 | |||||||||||||||||
Division (3) | ||||||||||||||||||||
Name of entity | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 15,203,198 | $ | - | $ | - | $ | - | $ | - | $ | 15,203,198 | ||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 1,404,813 | 1,404,813 | ||||||||||||||
$ | 15,203,198 | $ | - | $ | - | $ | - | $ | 1,404,813 | $ | 16,608,011 | |||||||||
COST OF GOODS SOLD | ||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||
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”) | $ | 21,545,566 | $ | - | $ | - | $ | - | $ | - | $ | 21,545,566 | ||||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) | - | 245,178 | - | - | - | 245,178 | ||||||||||||||
Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) | - | - | 2,727,978 | - | - | 2,727,978 | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) | - | - | 15,529,206 | - | - | 15,529,206 | ||||||||||||||
Qinghai Zhong He Meat Products Co., Limited (“QZH”) | - | - | - | - | - | - | ||||||||||||||
Macau Eiji Company Limited (“MEIJI”) | - | - | - | 7,220,836 | - | 7,220,836 | ||||||||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | 8,595,765 | 8,595,765 | ||||||||||||||
$ | 21,545,566 | $ | 245,178 | $ | 18,257,184 | $ | 7,220,836 | $ | 8,595,765 | $ | 55,864,529 | |||||||||
COST OF SERVICES | ||||||||||||||||||||
For the three months ended March 31,2014 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Consulting and service income for development contracts | ||||||||||||||||||||
Capital Award, Inc. (“CA”) | $ | 6,503,412 | $ | - | $ | - | $ | - | $ | - | $ | 6,503,412 | ||||||||
Sino Agro Food, Inc. (“SIAF”) | - | - | - | - | - | - | ||||||||||||||
$ | 6,503,412 | $ | - | $ | - | $ | - | $ | - | $ | 6,503,412 | |||||||||
GAIN_ON_EXTINGUISHMENT_OF_DEBT1
GAIN ON EXTINGUISHMENT OF DEBTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||
Schedule of Extinguishment of Debt [Table Text Block] | Three months | Three months | ||||||
ended | ended | |||||||
March 31, 2015 | March 31, 2014 | |||||||
Total amounts of debts to be settled | $ | - | $ | 6,019,125 | ||||
Less: Aggregate market fair value of (3.31.2014: 11,909,999) shares of common stock in exchange of the above debts for debts extinguishment | - | -5,976,105 | ||||||
Gain on extinguishment of debts | $ | - | $ | 43,020 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Provision for income taxes is as follows: | |||||||
Three | Three | |||||||
months | months | |||||||
ended | ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
SIAF | $ | - | $ | - | ||||
SAFS | - | - | ||||||
TRW | - | - | ||||||
MEIJI and APWAM | - | - | ||||||
JHST, JFD, JHMC, SJAP , QZH and HSA | - | - | ||||||
$ | - | $ | - | |||||
CASH_AND_CASH_EQUIVALENTS_Tabl
CASH AND CASH EQUIVALENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Cash and Cash Equivalents [Abstract] | ||||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, 2015 | December 31, 2014 | ||||||
Cash and bank balances | $ | 10,932,661 | $ | 3,031,447 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | As of March 31, 2015, inventories are as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Sleepy cods, prawns, eels and marble goby | $ | 3,547,158 | $ | 3,051,606 | ||||
Beef and mutton | 5,101,402 | 2,908,886 | ||||||
Bread grass | 1,302,969 | 2,336,308 | ||||||
Beef cattle | 7,361,889 | 8,362,763 | ||||||
Organic fertilizer | 6,075,642 | 7,292,389 | ||||||
Forage for cattle and consumable | 9,238,819 | 6,547,333 | ||||||
Raw materials for bread grass and organic fertilizer | 15,351,389 | 14,223,407 | ||||||
Immature seeds | 1,248,450 | 1,245,301 | ||||||
$ | 49,227,718 | $ | 45,967,993 | |||||
DEPOSITS_AND_PREPAYMENTS_Table
DEPOSITS AND PREPAYMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ||||||||
Schedule Of Deposits and Prepaid Expenses [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Deposits for | ||||||||
- purchases of equipment | $ | 4,668,784 | $ | 4,668,784 | ||||
- acquisition of land use rights | 3,373,110 | 3,373,110 | ||||||
- inventories purchases | 12,889,155 | 14,221,199 | ||||||
- aquaculture contracts | 14,219,514 | 20,467,603 | ||||||
- building materials | 877,598 | 877,598 | ||||||
- consulting service providers and others | 11,032,481 | 5,188,473 | ||||||
- construction in progress | 20,467,357 | 20,467,357 | ||||||
Prepayments - debts discounts and others | 3,544,120 | 3,827,401 | ||||||
Shares issued for employee compensation and overseas professional and bond interest | 5,719,120 | 2,860,066 | ||||||
$ | 76,791,239 | $ | 75,951,591 | |||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Schedule Of Past Due Financing Receivables [Table Text Block] | Aging analysis of accounts receivable is as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
0 - 30 days | $ | 29,443,363 | $ | 21,663,061 | ||||
31 - 90 days | 33,126,585 | 38,324,554 | ||||||
91 - 120 days | 9,368,839 | 21,138,383 | ||||||
over 120 days and less than 1 year | 31,835,584 | 23,377,073 | ||||||
over 1 year | - | - | ||||||
$ | 103,774,371 | $ | 104,503,071 | |||||
OTHER_RECEIVABLES_Tables
OTHER RECEIVABLES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Receivable [Abstract] | ||||||||
Schedule of Other Current Assets [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Advanced to employees | $ | 658,741 | $ | 476,630 | ||||
Advanced to suppliers | 11,253,654 | 9,910,682 | ||||||
Advanced to customers | 21,032,158 | 13,947,946 | ||||||
Advanced to developers | 28,000,000 | 28,000,000 | ||||||
$ | 60,944,553 | $ | 52,305,260 | |||||
PLANT_AND_EQUIPMENT_Tables
PLANT AND EQUIPMENT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Plant and machinery | $ | 5,573,254 | $ | 5,507,571 | ||||
Structure and leasehold improvements | 51,650,906 | 51,650,906 | ||||||
Mature seeds | 11,928,410 | 10,794,289 | ||||||
Furniture and equipment | 629,055 | 629,055 | ||||||
Motor vehicles | 765,858 | 765,858 | ||||||
70,547,483 | 69,347,679 | |||||||
Less: Accumulated depreciation | -5,797,042 | -4,994,704 | ||||||
Net booking value | 64,750,441 | 64,352,975 | ||||||
CONSTRUCTION_IN_PROGRESS_Table
CONSTRUCTION IN PROGRESS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Construction In Progress [Abstract] | ||||||||
Schedule Of Construction In progress [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Construction in progress | ||||||||
- Office, warehouse and organic fertilizer plant in HSA | $ | 28,185,939 | $ | 20,205,123 | ||||
- Oven room, road for production of dried flowers | 1,587,594 | 539,304 | ||||||
- Organic fertilizer and bread grass production plant and office building | 13,734,314 | 12,325,685 | ||||||
- Rangeland for beef cattle and office building | 41,996,899 | 35,074,556 | ||||||
- Fish pond | 2,205,568 | 975,609 | ||||||
$ | 87,710,314 | $ | 69,120,277 | |||||
LAND_USE_RIGHTS_Tables
LAND USE RIGHTS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Land Use Rights [Abstract] | |||||||||
Land Use Rights [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Cost | $ | 69,204,948 | $ | 69,428,143 | |||||
Less: Accumulated amortization | -6,441,781 | -6,105,941 | |||||||
Net carrying amount | $ | 62,763,167 | $ | 63,322,202 | |||||
Schedule Of Land Use Rights Including Foreign Currency Adjustments [Table Text Block] | Expiry date | Description | Amount | ||||||
Balance @1.1.2014 | $ | 65,192,615 | |||||||
Additions | |||||||||
2013 | 2044 | Zhongshan City, Guangdong Province, P.R.C. | 4,453,665 | ||||||
Exchange difference | -218,137 | ||||||||
Balance @12.31.2014 | 69,428,143 | ||||||||
Exchange difference | -223,195 | ||||||||
Balance @3.31.2015 | $ | 69,204,948 | |||||||
GOODWILL_Tables
GOODWILL (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Goodwill [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Goodwill from acquisition | $ | 724,940 | $ | 724,940 | ||||
Less: Accumulated impairment losses | - | - | ||||||
Net carrying amount | $ | 724,940 | $ | 724,940 | ||||
PROPRIETARY_TECHNOLOGIES_Table
PROPRIETARY TECHNOLOGIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Proprietary Technologies [Abstract] | ||||||||
Schedule Of Proprietary Technologies [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Cost | $ | 13,911,868 | $ | 13,886,098 | ||||
Less: Accumulated amortization | -2,584,081 | -2,405,800 | ||||||
Net carrying amount | $ | 11,327,787 | $ | 11,480,298 | ||||
LONG_TERM_INVESTMENTS_Tables
LONG TERM INVESTMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Long-term Investments [Abstract] | ||||||||
Investment Holdings, Schedule of Investments [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Investment in Huangyuan County Rural Credit Union | $ | 814,067 | $ | 817,127 | ||||
Less: Accumulated impairment losses | - | - | ||||||
$ | 814,067 | $ | 817,127 | |||||
TEMPORARY_DEPOSITS_PAID_TO_ENT1
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Equity Method Investments [Table Text Block] | Intended | |||||||||||
unincorporated | Projects | March 31, | December 31, | |||||||||
investee | engaged | 2015 | 2014 | |||||||||
A | Trade center | * | $ | 4,086,941 | $ | 4,086,941 | ||||||
A | Seafood center | * | 1,032,914 | 1,032,914 | ||||||||
B | Fish Farm 2 Gao Qiqiang Aquaculture | * | 6,000,000 | 6,000,000 | ||||||||
C | Prawn farm 1 | * | 14,554,578 | 14,554,578 | ||||||||
D | Prawn farm 2 | * | 9,877,218 | 9,877,218 | ||||||||
E | Cattle farm 2 | * | 5,558,057 | 5,558,057 | ||||||||
$ | 41,109,708 | $ | 41,109,708 | |||||||||
CONSTRUCTION_CONTRACT_Tables
CONSTRUCTION CONTRACT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Contractors [Abstract] | ||||||||
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | (i) | Costs and estimated earnings in excess of billings on uncompleted contracts | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Cost | $ | 6,487,032 | $ | 3,755,046 | ||||
Estimated earnings | 10,995,534 | 8,307,452 | ||||||
Less: Billings | -16,175,681 | -9,725,618 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contract | $ | 1,306,885 | $ | 2,336,880 | ||||
(ii) | Billings in excess of costs and estimated earnings on uncompleted contracts | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Billings | $ | 110,060,524 | $ | 102,199,674 | ||||
Less: Costs | -56,769,967 | -46,648,988 | ||||||
Estimated earnings | -49,256,399 | -47,490,106 | ||||||
Billing in excess of costs and estimated earnings on uncompleted contract | $ | 4,034,158 | $ | 8,060,580 | ||||
(iii) | Overall | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Billings | $ | 126,236,205 | $ | 102,199,674 | ||||
Less: Costs | -63,256,999 | -46,648,988 | ||||||
Estimated earnings | -60,251,933 | -47,490,106 | ||||||
Billing in excess of costs and estimated earnings on uncompleted contract | $ | 2,727,273 | $ | 8,060,580 | ||||
OTHER_PAYABLES_Tables
OTHER PAYABLES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Schedule Of Other Payables [Table Text Block] | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Due to third parties | $ | 12,891,558 | $ | 8,176,469 | ||||
Promissory notes issued to third parties | 600,000 | 1,100,000 | ||||||
Due to local government | 2,419,513 | 2,419,513 | ||||||
15,882,011 | 11,695,982 | |||||||
Less: The current portion classified as non-current liabilities | -4,797,332 | - | ||||||
Due to third parties | ||||||||
Amount classified as current as current liabilities | $ | 11,084,679 | $ | 11,695,982 | ||||
BORROWINGS_Tables
BORROWINGS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Schedule Of Long-Term Debt Instruments [Table Text Block] | Short term debts | March 31, | December 31, | |||||||||||||
Name of lender | Interest rate | Term | 2015 | 2014 | ||||||||||||
Agricultural Development Bank of China | 6.40% | January 3, 2014 - December 17, 2018 | $ | 323,875 | ‸* | $ | 325,092 | ‸* | ||||||||
Huangyuan County Branch, | ||||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
Agricultural Development Bank of China | 6.18% | October 21, 2014 - October 20, 2015 | 4,070,335 | ‸* | 4,085,635 | ‸* | ||||||||||
Huangyuan County Branch, | - | |||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
$ | 4,394,210 | $ | 4,410,727 | |||||||||||||
Long term debts | March 31, | December 31, | ||||||||||||||
Name of lender | Interest rate | Term | 2015 | 2014 | ||||||||||||
GanGuo Village Committee | 12.22% | June 2012 - June 2017 | $ | 179,095 | $ | 179,768 | ||||||||||
Bo Huang Town | ||||||||||||||||
Huangyuan County, | ||||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
Agricultural Development Bank of China | 6.40% | January 3, 2014 - December 17, 2018 | 2,442,201 | ‸*# | 2,451,381 | ‸*# | ||||||||||
Huangyuan County Branch, | ||||||||||||||||
Xining City, Qinghai Province, the P.R.C. | ||||||||||||||||
Less: The current portion reclassified as short term debts | -323,875 | -325,092 | ||||||||||||||
$ | 2,297,421 | $ | 2,306,057 | |||||||||||||
The above note agreements contained regular provisions requiring timely repayment of principals and accrued interests, payment of default interest in the event of default, and without specific financial covenants. Management of the Company believes the Company is in material compliance with the terms of the loan agreements. | ||||||||||||||||
‸ | personal and corporate guaranteed by third parties. | |||||||||||||||
* | secured by land use rights with net carrying amount of $494,604 (2014: $499,856). | |||||||||||||||
# | repayable $323,875, $650,184, $650,184 and $817,958 in 2015, 2016, 2017 and 2018, respectively. | |||||||||||||||
BONDS_PAYABLE_Tables
BONDS PAYABLE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule Of Bonds Payable [Table Text Block] | Terms 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 | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Bonds payable | $ | 1,725,000 | $ | 1,725,000 | ||||
CONVERTIBLE_BOND_TE_PAYABLES_T
CONVERTIBLE BOND TE PAYABLES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Convertible Debt [Table Text Block] | As long as the note is outstanding, the investor shall have a right of first refusal, exercisable for thirty (30) calendar days after notice to the note holder, to purchase securities proposed to be offered and sold by the Company. | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
10.50% convertible note of maturity date February 20, 2020 | $ | 16,286,754 | $ | 15,803,928 | ||||
OBLIGATION_UNDER_OPERATING_LEA1
OBLIGATION UNDER OPERATING LEASES (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments as of March 31, 2015, are as follows: | ||||
Year ended December 31, 2015 | $ | 121,773 | |||
Thereafter | 86,561 | ||||
$ | 208,334 | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | |||||||
Three | Three | |||||||
months | months | |||||||
ended | ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
BASIC | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 23,754,841 | $ | 20,787,919 | ||||
Basic earnings per share | $ | 1.39 | $ | 1.45 | ||||
Basic weighted average shares outstanding | 17,114,989 | 14,308,910 | ||||||
Three | Three | |||||||
months | months | |||||||
ended | ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
DILUTED | ||||||||
Numerator for basic earnings per share attributable to the Company’s common stockholders: | ||||||||
Net income used in computing basic earnings per share | $ | 23,754,841 | $ | 20,787,919 | ||||
Add back interest on convertible notes | - | - | ||||||
Net income used in computing diluted earnings per share | $ | 23,754,841 | $ | 20,789,919 | ||||
Diluted earnings per share | $ | 1.33 | $ | 1.38 | ||||
Basic weighted average shares outstanding | 17,114,989 | 14,308,910 | ||||||
Add: weight average of common stock converted from Series B Convertible preferred shares outstanding | 707,070 | 707,070 | ||||||
Diluted weighted average shares outstanding | 17,822,059 | 15,015,980 | ||||||
CORPORATE_INFORMATION_Details_
CORPORATE INFORMATION (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Aug. 24, 2007 | Dec. 31, 2011 | Jul. 18, 2011 | Sep. 17, 2012 | Sep. 05, 2007 | Mar. 31, 2015 | Nov. 27, 2007 | 25-May-09 | Nov. 26, 2008 | 7-May-10 | Sep. 30, 2009 | Apr. 01, 2012 | Jan. 02, 2012 | Nov. 17, 2011 | Feb. 28, 2011 | Sep. 30, 2012 | Jan. 31, 2012 | |
Entity Information [Line Items] | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 32,000,000 | ||||||||||||||||
Chinese Partners [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.00% | ||||||||||||||||
Hyt [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||
Business Combination, Consideration Transferred, Total | $45,000,000 | ||||||||||||||||
Business Acquisition, Effective Date of Acquisition | 1-Jan-11 | ||||||||||||||||
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Additional Equity Method Investment Ownership Percentage | 50.00% | ||||||||||||||||
Hang Yu Tai Investment Limited [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 78.00% | ||||||||||||||||
Macau Eiji Company Limited [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | |||||||||||||||
Equity Method Investments | 857,808 | ||||||||||||||||
Hang Sing Tai Agriculture Co. Ltd [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||||||||||
Pretty Mountain Holdings Limited [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | 80.00% | |||||||||||||||
Other Entities [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | ||||||||||||||||
APWAM [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 45.00% | ||||||||||||||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||||
Equity Method Investments | 629,344 | ||||||||||||||||
Garwor [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | ||||||||||||||||
JFD [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | 25.00% | |||||||||||||||
Percentage Of Addition Minority Interest In Joint Ventures | 25.00% | 25.00% | |||||||||||||||
Equity Method Investments | 1,258,607 | 1,702,580 | 1,662,365 | ||||||||||||||
EBAPFD [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||||
HSA [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 26.00% | ||||||||||||||||
Ebapcd [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||||||||||||
JHMC [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||||||||||
Equity Method Investments | 400,000 | ||||||||||||||||
ECF [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||||
Equity Method Investments | 2,944,176 | 1,076,489 | |||||||||||||||
Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||
Equity Method Investments | 487,805 | ||||||||||||||||
Sino Agro Food Sweden AB [Member] | |||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||
Equity Method Investments | $77,664 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Jul. 18, 2011 | Sep. 30, 2009 | |
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | P.R.C | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Beef cattle cultivation | Beef cattle cultivation | ||
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||
Hunan Shenghua Power Agriculture Co Limited [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | P.R.C | P.R.C | ||
Equity Method Investment, Description of Principal Activities | 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 | ||
Hunan Shenghua Power Agriculture Co Limited [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 76.00% | 76.00% | ||
Jiang Men City Power Fishery Development Co Limited [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | PRC | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Fish cultivation | Fish cultivation | ||
Jiang Men City Power Fishery Development Co Limited [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||
Capital Award Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Belize | Belize | ||
Equity Method Investment, Description of Principal Activities | Fishery development and holder of A-Power Technology master license. | Fishery development and holder of A-Power Technology master license. | ||
Capital Award Inc [Member] | Direct Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
Capital Stage Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Belize | Belize | ||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | ||
Capital Stage Inc [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
Capital Hero Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Belize | Belize | ||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | ||
Capital Hero Inc [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
Tri Way Industries Limited [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Hong Kong, P.R.C. | Hong Kong, P.R.C | ||
Equity Method Investment, Description of Principal Activities | 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. | ||
Tri Way Industries Limited [Member] | Direct Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | P.R.C | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Hylocereus Undatus Plantation (HU Plantation). | Hylocereus Undatus Plantation (HU Plantation). | ||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||
Macau Eiji Limited [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Macau, P.R.C. | Macau, P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Investment holding, cattle farm development, beef cattle and beef trading Investment holding | Investment holding, cattle farm development, beef cattle and beef trading | ||
Macau Eiji Limited [Member] | Direct Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | P.R.C. | P.R.C | ||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | |||
Equity Method Investment, Description of Principal Activities | 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 | ||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | 45.00% | ||
Sino Agro Food Sweden [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Sweden | Sweden | ||
Equity Method Investment, Ownership Percentage | 100.00% | |||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | ||
Sino Agro Food Sweden [Member] | Direct Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
A Power Agro Agriculture Development (Macau) Limited (APWAM) [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | Macau, P.R.C | Macau, P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Investment holding | Investment holding | ||
A Power Agro Agriculture Development (Macau) Limited (APWAM) [Member] | Direct Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | ||
Qinghai Zhong He Meat Products Co., Limited [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Entity Incorporation, State Country Name | P.R.C. | P.R.C. | ||
Equity Method Investment, Description of Principal Activities | Cattle slaughter | Cattle slaughter | ||
Qinghai Zhong He Meat Products Co., Limited [Member] | Indirect Ownership [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 10.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 3 Months Ended |
Mar. 31, 2015 | |
Plant and machinery [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Plant and machinery [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Structure and leasehold improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Structure and leasehold improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Mature seeds and herbage cultivation [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 20 years |
Furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 2.5 years |
Motor vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 10 years |
Motor 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 $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Product Information [Line Items] | ||
Sales Revenue, Goods, Net | $85,572,543 | $78,272,309 |
Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 71.86% | 70.45% |
Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 55.75% | 61.75% |
Customer A [Member] | Fishery Development And Corporate And Others Division [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 20.65% | |
Sales Revenue, Goods, Net | 23,851,276 | |
Customer A [Member] | Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 20.65% | 29.54% |
Customer A [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 20.17% | 21.21% |
Customer B [Member] | Fishery division [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 18.54% | |
Sales Revenue, Goods, Net | 21,404,582 | |
Customer B [Member] | Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 18.54% | 10.31% |
Customer B [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 11.46% | 13.51% |
Customer C [Member] | Organic Fertilizer Division [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 14.80% | |
Sales Revenue, Goods, Net | $17,091,160 | |
Customer C [Member] | Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 14.80% | 15.60% |
Customer C [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 10.95% | 9.68% |
Customer D [Member] | Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 9.74% | 5.12% |
Customer D [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 7.17% | 7.12% |
Customer E [Member] | Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 8.13% | 0.00% |
Customer E [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 6.00% | 10.23% |
Customer F [Member] | Sales Revenue, Product Line [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 0.00% | 9.88% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | |||
Dec. 16, 2014 | Nov. 10, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Accumulated other comprehensive income | $6,436,710 | $6,452,816 | |||
Allowance for Doubtful Accounts Receivable | 0 | 0 | |||
Goodwill, Acquired During Period | 724,940 | ||||
Cash, Uninsured Amount | 2,814,677 | 10,762,208 | |||
From continuing operations, Basic (in dollars per share) | $1.39 | $1.45 | |||
From continuing and discontinued operations, Diluted (in dollars per share) | $1.33 | $1.38 | |||
Accounts Receivable, Net, Current | 103,774,371 | 104,503,071 | |||
Stockholders' Equity, Reverse Stock Split | 9.9-for-1 | 9.9 for 1 | |||
Balance Sheet [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Foreign Currency Exchange Rate, Translation | 6.14 | 6.15 | |||
Statements of Income And Other Comprehensive Income And of Cash Flows [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Foreign Currency Exchange Rate, Translation | 6.14 | 6.12 | |||
Customer A [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Net, Current | 20,930,515 | ||||
Customer B [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Net, Current | 11,893,849 | ||||
Customer C [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Net, Current | 11,362,873 | ||||
Stock Feed Manufacturing Technology [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | ||||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | ||||
Use Rights [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lease Period Of Land | 10 years | ||||
Use Rights [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lease Period Of Land | 60 years | ||||
Bacterial Cellulose Technology [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | ||||
Property, Plant and Equipment, Estimated Useful Lives | 20 years | ||||
Sleep Cod Breeding Technology [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | ||||
Property, Plant and Equipment, Estimated Useful Lives | 25 years | ||||
Aromatic Cattle-Feeding Formula [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Method | straight-line method | ||||
Property, Plant and Equipment, Estimated Useful Lives | 25 years | ||||
General and Administrative Expense [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Advertising Revenue Cost | 708,843 | 262 | |||
Shipping, Handling and Transportation Costs | 8,693 | 12,254 | |||
Research and Development Expense | $0 | $0 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | |||||
Revenue | $115,476,450 | $90,927,789 | |||
Net income (loss) | 23,754,841 | 20,787,919 | |||
Total assets | 572,177,851 | 407,244,776 | 532,686,889 | ||
Fishery Development Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 53,336,774 | [1] | 43,764,265 | [1] | |
Net income (loss) | 17,364,450 | [1] | 10,310,638 | [1] | |
Total assets | 135,886,166 | [1] | 105,593,997 | [1] | |
HU Plantation Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | [2] | 760,052 | [2] | |
Net income (loss) | -588,016 | [2] | -25,268 | [2] | |
Total assets | 53,485,748 | [2] | 49,175,247 | [2] | |
Organic Fertilizer and Bread Grass Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 40,376,589 | [3] | 28,975,083 | [3] | |
Net income (loss) | 5,659,105 | [3] | 10,018,030 | [3] | |
Total assets | 278,916,757 | [3] | 186,106,742 | [3] | |
Cattle Farm Development Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 8,289,986 | [4] | 7,544,591 | [4] | |
Net income (loss) | 354,180 | [4] | 266,194 | [4] | |
Total assets | 32,526,979 | [4] | 47,176,963 | [4] | |
Corporate and others [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 13,473,101 | [5] | 9,883,798 | [5] | |
Net income (loss) | 965,122 | [5] | 218,325 | [5] | |
Total assets | $71,362,201 | [5] | $19,191,827 | [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), Qinghai Zhong He Meat Products Co., Limited (bQZHb), 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 Eiji 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 $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | $85,572,543 | $78,272,309 | ||
Sales Revenue, Services, Net, Total | 29,369,839 | 12,243,202 | ||
Fees and Commissions | 534,068 | 412,278 | ||
Revenues | 115,476,450 | 90,927,789 | ||
Cost of goods sold | 63,289,988 | 55,864,529 | ||
Cost of services, total | 16,608,011 | 6,503,412 | ||
Capital Award, Inc. CA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 27,218,841 | 31,108,785 | ||
Sales Revenue, Services, Net, Total | 25,583,865 | 12,243,202 | ||
Fees and Commissions | 534,068 | 412,278 | ||
Cost of goods sold | 20,101,997 | 21,545,566 | ||
Cost of services, total | 15,203,198 | 6,503,412 | ||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 0 | 760,052 | ||
Cost of goods sold | 0 | 245,178 | ||
Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 4,182,440 | 4,822,180 | ||
Cost of goods sold | 2,390,598 | 2,727,978 | ||
Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 24,038,273 | 24,152,903 | ||
Cost of goods sold | 16,563,831 | 15,529,206 | ||
Macau Eiji Company Limited MEIJI [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 8,289,986 | 7,544,591 | ||
Cost of goods sold | 7,988,119 | 7,220,836 | ||
Sino Agro Food, Inc. SIAF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 9,687,127 | 0 | ||
Sales Revenue, Services, Net, Total | 3,785,974 | 9,883,798 | ||
Cost of goods sold | 8,074,075 | 8,595,765 | ||
Cost of services, total | 1,404,813 | 0 | ||
Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 12,155,876 | 0 | ||
Cost of goods sold | 8,171,368 | 0 | ||
Fishery Development Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 53,336,774 | [1] | 43,764,265 | [1] |
Cost of goods sold | 20,101,997 | [1] | 21,545,566 | [1] |
Cost of services, total | 15,203,198 | [1] | 6,503,412 | [1] |
Fishery Development Division [Member] | Capital Award, Inc. CA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 27,218,841 | [1] | 31,108,785 | [1] |
Sales Revenue, Services, Net, Total | 25,583,865 | [1] | 12,243,202 | [1] |
Fees and Commissions | 534,068 | [1] | 412,278 | [1] |
Cost of goods sold | 20,101,997 | [1] | 21,545,566 | [1] |
Cost of services, total | 15,203,198 | [1] | 6,503,412 | [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] |
Cost of goods sold | 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] |
Cost of goods sold | 0 | [1] | 0 | [1] |
Cost of services, total | 0 | [1] | 0 | [1] |
Fishery Development Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] |
Cost of goods sold | 0 | [1] | 0 | [1] |
Hu Plantation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | [2] | 760,052 | [2] |
Cost of goods sold | 0 | [2] | 245,178 | [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 | 0 | [2] | 760,052 | [2] |
Cost of goods sold | 0 | [2] | 245,178 | [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] |
Cost of goods sold | 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] |
Cost of goods sold | 0 | [2] | 0 | [2] |
Cost of services, total | 0 | [2] | 0 | [2] |
Hu Plantation [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 0 | [2] | 0 | [2] |
Cost of goods sold | 0 | [2] | 0 | [2] |
Organic Fertilizer and Bread Grass Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 40,376,589 | [3] | 28,975,083 | [3] |
Cost of goods sold | 27,125,797 | [3] | 18,257,184 | [3] |
Cost of services, total | 0 | [3] | 0 | [3] |
Organic Fertilizer 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 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 and Bread Grass Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 4,182,440 | [3] | 4,822,180 | [3] |
Cost of goods sold | 2,390,598 | [3] | 2,727,978 | [3] |
Organic Fertilizer and Bread Grass Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 24,038,273 | [3] | 24,152,903 | [3] |
Cost of goods sold | 16,563,831 | [3] | 15,529,206 | [3] |
Organic Fertilizer 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] |
Cost of goods sold | 0 | [3] | 0 | [3] |
Organic Fertilizer 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] |
Cost of goods sold | 0 | [3] | 0 | [3] |
Cost of services, total | 0 | [3] | 0 | [3] |
Organic Fertilizer and Bread Grass Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 12,155,876 | [3] | 0 | [3] |
Cost of goods sold | 8,171,368 | [3] | 0 | [3] |
Cattle Farm Development Division [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,289,986 | [4] | 7,544,591 | [4] |
Cost of goods sold | 7,988,119 | [4] | 7,220,836 | [4] |
Cost of services, total | 0 | [4] | 0 | [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] | ||||
Sales Revenue, Goods, Net, Total | 0 | [4] | 0 | [4] |
Cost of goods sold | 0 | [4] | 0 | [4] |
Cattle Farm Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [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] | Macau Eiji Company Limited MEIJI [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 8,289,986 | [4] | 7,544,591 | [4] |
Cost of goods sold | 7,988,119 | [4] | 7,220,836 | [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] |
Cost of goods sold | 0 | [4] | 0 | [4] |
Cost of services, total | 0 | [4] | 0 | [4] |
Cattle Farm Development Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 0 | [4] | 0 | [4] |
Cost of goods sold | 0 | [4] | 0 | [4] |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 13,473,101 | [5] | 9,883,798 | [5] |
Cost of goods sold | 8,074,075 | [5] | 8,595,765 | [5] |
Cost of services, total | 1,404,813 | [5] | 0 | [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] |
Cost of goods sold | 0 | [5] | 0 | [5] |
Corporate and Other [Member] | Sino Agro Food, Inc. SIAF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 9,687,127 | [5] | 0 | [5] |
Sales Revenue, Services, Net, Total | 3,785,974 | [5] | 9,883,798 | [5] |
Cost of goods sold | 8,074,075 | [5] | 8,595,765 | [5] |
Cost of services, total | 1,404,813 | [5] | 0 | [5] |
Corporate and Other [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | 0 | [5] | 0 | [5] |
Cost of goods sold | $0 | [5] | $0 | [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), Qinghai Zhong He Meat Products Co., Limited (bQZHb), 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 Eiji Limited (bMEIJIb). | |||
[5] | Operated by Sino Agro Food, Inc. (bSIAFb) and Sino Agro Food Sweden AB (publ) (bSAFSb). |
GAIN_ON_EXTINGUISHMENT_OF_DEBT2
GAIN ON EXTINGUISHMENT OF DEBTS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Extinguishment of Debt [Line Items] | ||
Total amounts of debts to be settled | $0 | $6,019,125 |
Less: Aggregate market fair value of (3.12.2014: 11,909,999) shares of common stock in exchange of the above debts for debts extinguishment | 0 | -5,976,105 |
Gain on extinguishment of debts | $0 | $43,020 |
GAIN_ON_EXTINGUISHMENT_OF_DEBT3
GAIN ON EXTINGUISHMENT OF DEBTS (Details Textual) | 3 Months Ended |
Mar. 31, 2014 | |
Debt Instrument [Line Items] | |
Debt Conversion, Converted Instrument, Shares Issued | 11,909,999 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes Disclosure [Line Items] | ||
Provision for income taxes | $0 | $0 |
SIAF [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 |
TRW [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 |
JHST, JFD, JHMC, SJAP, QZH 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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and bank balances | $10,932,661 | $3,031,447 | $18,766,877 | $1,327,274 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Inventories | $49,227,718 | $45,967,993 |
Sleepy Cods Prawns Eels and Marble Goby [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 3,547,158 | 3,051,606 |
Beef and Mutton [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 5,101,402 | 2,908,886 |
Bread Grass [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 1,302,969 | 2,336,308 |
Beef Cattle [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 7,361,889 | 8,362,763 |
Organic Fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 6,075,642 | 7,292,389 |
Forage For Cattle and Consumable [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 9,238,819 | 6,547,333 |
Raw materials for bread grass and organic fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | 15,351,389 | 14,223,407 |
Immature Seeds [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | $1,248,450 | $1,245,301 |
DEPOSITS_AND_PREPAYMENTS_Detai
DEPOSITS AND PREPAYMENTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Deposits And Prepaid Expenses [Line Items] | ||
Deposits for - purchases of equipment | $4,668,784 | $4,668,784 |
Deposits for - acquisition of land use rights | 3,373,110 | 3,373,110 |
Deposits for - inventories purchases | 12,889,155 | 14,221,199 |
Deposits for - aquaculture contracts | 14,219,514 | 20,467,603 |
Deposits for - building materials | 877,598 | 877,598 |
Deposits for - consulting service providers and others | 11,032,481 | 5,188,473 |
Deposits for - construction in progress | 20,467,357 | 20,467,357 |
Prepayments - debts discounts and others | 3,544,120 | 3,827,401 |
Shares issued for employee compensation and overseas professional and bond interest | 5,719,120 | 2,860,066 |
Deposits and prepaid expenses | $76,791,239 | $75,951,591 |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
0 - 30 days | $29,443,363 | $21,663,061 |
31 - 90 days | 33,126,585 | 38,324,554 |
91 - 120 days | 9,368,839 | 21,138,383 |
over 120 days and less than 1 year | 31,835,584 | 23,377,073 |
over 1 year | 0 | 0 |
Accounts Receivable Recorded Investment Past Due | $103,774,371 | $104,503,071 |
ACCOUNTS_RECEIVABLE_Details_Te
ACCOUNTS RECEIVABLE (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Doubtful Accounts Receivable, Write-offs | $0 | $0 |
OTHER_RECEIVABLES_Details
OTHER RECEIVABLES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Other Receivables [Line Items] | ||
Other Receivables, Net | $60,944,553 | $52,305,260 |
Advanced to employees [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 658,741 | 476,630 |
Advanced to suppliers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 11,253,654 | 9,910,682 |
Advanced to customers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 21,032,158 | 13,947,946 |
Advanced to developers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | $28,000,000 | $28,000,000 |
PLANT_AND_EQUIPMENT_Details
PLANT AND EQUIPMENT (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $70,547,483 | $69,347,679 |
Less: Accumulated depreciation | -5,797,042 | -4,994,704 |
Net booking value | 64,750,441 | 64,352,975 |
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 5,573,254 | 5,507,571 |
Structure and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 51,650,906 | 51,650,906 |
Mature Seeds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 11,928,410 | 10,794,289 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 629,055 | 629,055 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $765,858 | $765,858 |
PLANT_AND_EQUIPMENT_Details_Te
PLANT AND EQUIPMENT (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $802,338 | $534,803 |
CONSTRUCTION_IN_PROGRESS_Detai
CONSTRUCTION IN PROGRESS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Construction In Progress [Line Items] | ||
Construction in progress | $87,710,314 | $69,120,277 |
Office, warehouse and organic fertilizer plant in HSA [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 28,185,939 | 20,205,123 |
Oven room and road for production of dried flowers [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 1,587,594 | 539,304 |
Organic fertilizer and bread grass production plant and office building [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 13,734,314 | 12,325,685 |
Rangeland for beef cattle and office building [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 41,996,899 | 35,074,556 |
Fish Pond [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | $2,205,568 | $975,609 |
LAND_USE_RIGHTS_Details
LAND USE RIGHTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Land Use Rights [Line Items] | |||
Cost | $69,204,948 | $69,428,143 | $65,192,615 |
Less: Accumulated amortization | -6,441,781 | -6,105,941 | |
Net carrying amount | $62,763,167 | $63,322,202 |
LAND_USE_RIGHTS_Details_1
LAND USE RIGHTS (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Land Use Rights [Line Items] | ||
Begining Balance | $69,428,143 | $65,192,615 |
Exchange difference | -223,195 | -218,137 |
Ending Balance | 69,204,948 | 69,428,143 |
Zhongshan City, Guangdong Province, P.R.C. [Member] | ||
Land Use Rights [Line Items] | ||
land use rights acquired | $4,453,665 | |
Leasehold Expiration Period | 2044 |
LAND_USE_RIGHTS_Details_Textua
LAND USE RIGHTS (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | |
acre | acre | acre | acre | acre | acre | |||
Land Use Rights [Line Items] | ||||||||
Amortization of Leased Asset | $335,840 | $362,524 | ||||||
First Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 180.23 | |||||||
Leasehold Expiration Period | lease expiring in 2067 | |||||||
Second Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 31.84 | |||||||
Leasehold Expiration Period | lease expiring in 2068 | |||||||
Third Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 79.48 | |||||||
Leasehold Expiration Period | lease expires in 2037 | |||||||
Fourth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 287.21 | |||||||
Leasehold Expiration Period | leases expire in 2051, 2054 and 2071 | |||||||
Fifth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 21.09 | |||||||
Leasehold Expiration Period | lease expires in 2051 | |||||||
Sixth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 6.27 | |||||||
Leasehold Expiration Period | lease expires in 2023 | |||||||
Seventh Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | 33.28 | |||||||
Leasehold Expiration Period | lease expires in 2044 | |||||||
Use Rights [Member] | Minimum [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 30 years | |||||||
Use Rights [Member] | Maximum [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 60 years | |||||||
Use Rights [Member] | First Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 6,408,289 | |||||||
Use Rights [Member] | Second Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 764,128 | |||||||
Use Rights [Member] | Third Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 12,040,571 | |||||||
Use Rights [Member] | Fourth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 35,405,750 | |||||||
Use Rights [Member] | Fifth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 528,240 | |||||||
Use Rights [Member] | Sixth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 489,904 | |||||||
Use Rights [Member] | Seventh Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Payments to Acquire Land Held-for-use | 4,453,665 |
GOODWILL_Details
GOODWILL (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill from acquisition | $724,940 | $724,940 |
Less: Accumulated impairment losses | 0 | 0 |
Net carrying amount | $724,940 | $724,940 |
PROPRIETARY_TECHNOLOGIES_Detai
PROPRIETARY TECHNOLOGIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $13,911,868 | $13,886,098 |
Less: Accumulated amortization | -2,584,081 | -2,405,800 |
Net carrying amount | $11,327,787 | $11,480,298 |
PROPRIETARY_TECHNOLOGIES_Detai1
PROPRIETARY TECHNOLOGIES (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||||
Payments To Acquire Intangible Assets | $1,500,000 | |||||
Finite-Lived Intangible Assets, Net | 62,763,167 | 63,322,202 | ||||
Developed Technology Rights [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Amortization Of Intangible Assets | 178,281 | 146,556 | ||||
Patents [Member] | Tri Way Industries Limited [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Payments To Acquire Intangible Assets | 8,000,000 | |||||
Sleep Cod Breeding Technology License [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
License Costs | 2,270,968 | |||||
Finite-Lived Intangible Asset, Useful Life | 50 years | |||||
Bacterial Cellulose Technology License [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||
Finite-Lived Intangible Assets, Net | $2,119,075 |
LONG_TERM_INVESTMENTS_Details
LONG TERM INVESTMENTS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Investment in Huangyuan County Rural Credit Union | $814,067 | $817,127 |
Less: Accumulated impairment losses | 0 | 0 |
Long-term Investments | $814,067 | $817,127 |
TEMPORARY_DEPOSITS_PAID_TO_ENT2
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | $41,109,708 | $41,109,708 | ||
Trade Center [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | 4,086,941 | [1] | 4,086,941 | [1] |
Seafood Center [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | 1,032,914 | [1] | 1,032,914 | [1] |
Fish farm 2 Gao Qiqiang Aquaculture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | 6,000,000 | [1] | 6,000,000 | [1] |
Prawn farm 1 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | 14,554,578 | [1] | 14,554,578 | [1] |
Prawn farm 2 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | 9,877,218 | [1] | 9,877,218 | [1] |
Cattle farm 2 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits Assets, Noncurrent | $5,558,057 | [1] | $5,558,057 | [1] |
[1] | The above amounts were subject to conversion to an additional equity investment in the investees upon the completion of legal procedures of formation of SJVCs. |
TEMPORARY_DEPOSITS_PAID_TO_ENT3
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Details Textual) | Mar. 31, 2015 |
Sino Joint Venture companies A [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 31.00% |
Sino Joint Venture companies B [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 23.00% |
Sino Joint Venture companies C [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 56.00% |
Sino Joint Venture companies D [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 29.00% |
Sino Joint Venture companies E [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 35.00% |
VARIABLE_INTEREST_ENTITY_Detai
VARIABLE INTEREST ENTITY (Details Textual) (Qinghai Sanjiang Power Agriculture Co Limited [Member], USD $) | 12 Months Ended | |
Dec. 31, 2009 | Mar. 31, 2015 | |
Qinghai Sanjiang Power Agriculture Co Limited [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% | |
Equity Method Investments | $2,251,359 |
CONSTRUCTION_CONTRACT_Details
CONSTRUCTION CONTRACT (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Construction Contracts [Line Items] | ||
Costs | ($63,256,999) | ($46,648,988) |
Estimated earnings | -60,251,933 | -47,490,106 |
Less: Billings | 126,236,205 | 102,199,674 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,306,885 | 0 |
Billing in excess of costs and estimated earnings on uncompleted contracts | 2,727,273 | 8,060,580 |
Costs and estimated earnings in excess of billings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Costs | 6,487,032 | 3,755,046 |
Estimated earnings | 10,995,534 | 8,307,452 |
Less: Billings | -16,175,681 | -9,725,618 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,306,885 | 2,336,880 |
Billings in excess of costs and estimated earnings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Costs | -56,769,967 | -46,648,988 |
Estimated earnings | -49,256,399 | -47,490,106 |
Less: Billings | 110,060,524 | 102,199,674 |
Billing in excess of costs and estimated earnings on uncompleted contracts | $4,034,158 | $8,060,580 |
OTHER_PAYABLES_Details
OTHER PAYABLES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Other Payables [Line Items] | ||
Due to third parties | $12,891,558 | $8,176,469 |
Promissory notes issued to third parties | 600,000 | 1,100,000 |
Due to local government | 2,419,513 | 2,419,513 |
Other Liabilities | 15,882,011 | 11,695,982 |
Less: The current portion classified as non-current liabilities Due to third parties | -4,797,332 | 0 |
Amount classified as current as current liabilities | $11,084,679 | $11,695,982 |
BORROWINGS_Details
BORROWINGS (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Debt Instrument [Line Items] | ||||
Short term bank loan | $4,394,210 | $4,410,727 | ||
Long term debts | 2,297,421 | 2,306,057 | ||
Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Short term bank loan | 4,394,210 | 4,410,727 | ||
Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term debts | 2,297,421 | 2,306,057 | ||
Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Less: The current portion reclassified as short term debts | -323,875 | -325,092 | ||
Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C Interest Rate 6.4% [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.40% | |||
Debt Instrument, Issuance Date | 3-Jan-14 | |||
Debt Instrument, Maturity Date | 17-Dec-18 | |||
Short term bank loan | 323,875 | [1],[2] | 325,092 | [1],[2] |
Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C Interest Rate 6.4% [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.40% | |||
Debt Instrument, Issuance Date | 3-Jan-14 | |||
Debt Instrument, Maturity Date | 17-Dec-18 | |||
Long term debts | 2,442,201 | [1],[2],[3] | 2,451,381 | [1],[2],[3] |
Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C Interest Rate 6.18% [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.18% | |||
Debt Instrument, Issuance Date | 21-Oct-14 | |||
Debt Instrument, Maturity Date | 20-Oct-15 | |||
Short term bank loan | 4,070,335 | [1],[2] | 4,085,635 | [1],[2] |
Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C Interest Rate 6% [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.00% | |||
Short term bank loan | 0 | 0 | ||
Gan Guo Village Committee Bo Huang Town Huangyuan County, Xining City, Qinghai Province, the P.R.C. [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 12.22% | |||
Debt Instrument, Issuance Date | 30-Jun-12 | |||
Debt Instrument, Maturity Date | 30-Jun-17 | |||
Long term debts | $179,095 | $179,768 | ||
[1] | personal and corporate guaranteed by third parties. | |||
[2] | secured by land use rights with net carrying amount of $494,604 (2014: $499,856). | |||
[3] | repayable $323,875, $650,184, $650,184 and $817,958 in 2015, 2016, 2017 and 2018, respectively. |
BORROWINGS_Details_Textual
BORROWINGS (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Short-term and Long-term Debt [Line Items] | ||
2015 | $323,875 | |
2016 | 650,184 | |
2017 | 650,184 | |
2018 | 817,958 | |
Book Value Of Land Held For Use | $494,604 | $499,856 |
BONDS_PAYABLE_Details
BONDS PAYABLE (Details) (Bonds [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Bonds [Member] | ||
Classified as non-current liabilities | ||
Bonds payable | $1,725,000 | $1,725,000 |
BONDS_PAYABLE_Details_Textual
BONDS PAYABLE (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Professional Fees | $400,000 | $400,000 | ||
Professional and Contract Services Expense | 50,000 | 50,000 | 200,000 | |
Deferred Compensation Liability, Classified, Noncurrent | 50,000 | 100,000 | ||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 6 months | 3 months | ||
Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 21,000,000 | |||
Debt Instrument, Offering Date | 30-Sep-13 | |||
Debt Instrument Number Of Units Offered | 840 | |||
Debt Instrument Face Amount Per Unit | 25,000 | |||
Debt Instrument, Term | 2 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | ||
First Lot Of Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Issue Size | 16,800,000 | |||
Debt Instrument Number Of Units Offered | 840 | |||
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 Effective Yield | 11.80% |
CONVERTIBLE_BOND_TE_PAYABLES_D
CONVERTIBLE BOND TE PAYABLES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
10.50% convertible note of maturity date February 20, 2020 | $16,286,754 | $15,803,928 |
CONVERTIBLE_BOND_TE_PAYABLES_D1
CONVERTIBLE BOND TE PAYABLES (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Aug. 29, 2014 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Conversion Price | $1 | $1 | |||
Amortization of Debt Discount (Premium) | $3,891 | ||||
Convertible Notes Payable, Noncurrent | 16,286,754 | 16,286,754 | 15,803,928 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 125,000 | 0 | |||
Deferred Compensation Liability, Current and Noncurrent | 1,375,000 | 1,375,000 | 1,500,000 | ||
Deferred Compensation Arrangement, Compensation Cost Not yet Recognized, Period for Recognition | 9 months | ||||
Convertible Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | 10.50% | 10.50% | ||
Debt Instrument, Face Amount | 33,300,000 | ||||
Debt Instrument, Discount Percentage | 25.00% | ||||
Convertible Notes Payable, Noncurrent | 11,632,450 | ||||
Debt Instrument, Maturity Date | 20-Feb-20 | 20-Feb-20 | |||
Debt Instrument Principal Amount | 15,803,928 | 15,803,928 | 15,509,933 | ||
Debt Instrument, Increase, Accrued Interest | $482,826 | $293,995 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 16, 2014 | Nov. 10, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 15, 2014 | Sep. 16, 2014 | Jun. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 22, 2010 | Mar. 31, 2013 | Jun. 26, 2010 | Dec. 31, 2012 | Aug. 22, 2012 | 30-May-14 | |
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||||||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||||||
Preferred stock, share issued | 7,000,100 | 7,000,100 | |||||||||||||
Preferred stock, share outstanding | 7,000,100 | 7,000,100 | |||||||||||||
Common Stock, Shares, Issued | 18,069,412 | 17,162,716 | |||||||||||||
Common Stock, Shares, Outstanding | 18,069,412 | 17,162,716 | |||||||||||||
Gains (Losses) On Extinguishment Of Debt | $0 | $43,020 | |||||||||||||
Common Stock, Shares Authorized | 22,727,272 | 22,727,272 | |||||||||||||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||||||
Stockholders' Equity, Reverse Stock Split | 9.9-for-1 | 9.9 for 1 | |||||||||||||
Professionals [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 80,739 | 202,020 | 117,248 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $9.90 | $7.43 | $3.96 | ||||||||||||
Pre Amendment [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common Stock, Shares Authorized | 17,171,717 | ||||||||||||||
Post Amendment [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common Stock, Shares Authorized | 22,727,272 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issue of common stock for settlement of debts, Value | 4,797,332 | 13,006,373 | |||||||||||||
Issue of common stock for settlement of debts, shares | 2,734,625 | ||||||||||||||
Gains (Losses) On Extinguishment Of Debt | 0 | 43,020 | 270,586 | 1,318,947 | |||||||||||
Shares Issued, Price Per Share | $8.96 | ||||||||||||||
Payment for Cancellation of Piecemeal Shares | 15,951 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 153,392 | ||||||||||||||
Cancellation Of Piecemeal Shares | 1,681 | ||||||||||||||
Cancellation Of Piecemeal Shares, Price Per Share | $9.49 | ||||||||||||||
Common Stock [Member] | Employee [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 130,568 | ||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | 555,827 | ||||||||||||||
Shares Issued, Price Per Share | $4.26 | ||||||||||||||
Common Stock [Member] | Professionals [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 400,008 | ||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | 2,763,618 | ||||||||||||||
Common Stock [Member] | Maximum [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issue of common stock for settlement of debts, shares | 755,304 | ||||||||||||||
Shares Issued, Price Per Share | $10.40 | ||||||||||||||
Common Stock [Member] | Maximum [Member] | Professionals [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $7.43 | ||||||||||||||
Common Stock [Member] | Minimum [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares Issued, Price Per Share | $6.96 | $3.96 | |||||||||||||
Common Stock [Member] | Minimum [Member] | Professionals [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $3.96 | ||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 100 | 100 | 100 | ||||||||||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||||||||||||
Preferred stock, share issued | 100 | 100 | 100 | ||||||||||||
Preferred stock, share outstanding | 100 | 100 | |||||||||||||
Preferred Stock, Voting Rights | Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80% | ||||||||||||||
Stock Issued During Period, Value, New Issues | 100 | ||||||||||||||
Shares Issued, Price Per Share | $1 | ||||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 7,000,000 | ||||||||||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||||||||||||
Preferred stock, share issued | 7,000,000 | 7,000,000 | 7,000,000 | 3,000,000 | |||||||||||
Preferred stock, share outstanding | 7,000,000 | 7,000,000 | |||||||||||||
Share Exchange Agreement Shares Exchangeable | 3,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,000,000 | 7,000,000 | |||||||||||||
Preferred Stock, Conversion Basis | one-for-one basis | ||||||||||||||
Shares Issued, Price Per Share | $9.90 | ||||||||||||||
Series F Non-Convertible Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||||||||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||||||
Preferred stock, share issued | 0 | 0 | |||||||||||||
Preferred stock, share outstanding | 0 | 0 | |||||||||||||
Preferred Stock, Redemption Price Per Share | $3.40 | $3.40 | |||||||||||||
Conversion Of Stock, Shares Converted | 100 | ||||||||||||||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | $3,124,737 |
OBLIGATION_UNDER_OPERATING_LEA2
OBLIGATION UNDER OPERATING LEASES (Details) (USD $) | Mar. 31, 2015 |
Operating Leased Assets [Line Items] | |
Year ended December 31, 2015 | $121,773 |
Thereafter | 86,561 |
Operating Leases, Future Minimum Payments Due | $208,334 |
OBLIGATION_UNDER_OPERATING_LEA3
OBLIGATION UNDER OPERATING LEASES (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense | $40,591 | $37,527 |
Agriculture Land [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | 2,178 | |
Operating Leases Rent Periodic Payment | 634 | |
Operating Leases Rent Frequency Of Periodic Payment | monthly | |
Lease Expiration Date | 31-Mar-17 | |
Office Space [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | 5,081 | |
Operating Leases Rent Periodic Payment | 12,733 | |
Operating Leases Rent Frequency Of Periodic Payment | monthly | |
Lease Expiration Date | 8-Jul-16 | |
Staff Quarter [Member] | ||
Operating Leased Assets [Line Items] | ||
Area of Land | 1,555 | |
Operating Leases Rent Periodic Payment | $163 | |
Operating Leases Rent Frequency Of Periodic Payment | monthly | |
Lease Expiration Date | 1-May-16 |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details Textual) (USD $) | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 25, 2014 | Dec. 15, 2014 | Sep. 16, 2014 | Jun. 16, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Deferred Compensation Share-based Arrangements, Liability, Current | 1,125,000 | $500,000 | $255,033 | ||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 130,567 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $4.26 | ||||||||
Professionals [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 80,739 | 202,020 | 117,248 | ||||||
Employee Benefits and Share-based Compensation | 2,760,066 | 405,544 | |||||||
Allocated Share-based Compensation Expense | 630,033 | 33,436 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $9.90 | $7.43 | $3.96 | ||||||
Share Price | $7.73 | $7.43 | $3.96 | ||||||
Staff [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Amortization of Deferred Charges | $1,880,033 | ||||||||
Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share Price | $4.26 | ||||||||
Common Stock [Member] | Professionals [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 400,008 | ||||||||
Maximum [Member] | Common Stock [Member] | Professionals [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | 7.43 | ||||||||
Minimum [Member] | Common Stock [Member] | Professionals [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | 3.96 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Due To Directors Current | $1,008,000 | $1,172,059 |
Solomon Yip Kun Lee [Member] | ||
Related Party Transaction [Line Items] | ||
Due To Directors Current | $1,008,000 | $1,172,059 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
BASIC | ||
Net income used in computing basic earnings per share | $23,754,841 | $20,787,919 |
Basic earnings per share (in dollars per share) | $1.39 | $1.45 |
Basic weighted average shares outstanding | 17,114,989 | 14,308,910 |
DILUTED | ||
Net income used in computing basic earnings per share | 23,754,841 | 20,787,919 |
Add back interest on convertible notes | 0 | 0 |
Net income used in computing diluted earnings per share | $23,754,841 | $20,789,919 |
Diluted earnings per share (in dollars per share) | $1.33 | $1.38 |
Basic weighted average shares outstanding | 17,114,989 | 14,308,910 |
Add: weight average of common stock converted from Series B Convertible preferred shares outstanding | 707,070 | 707,070 |
Diluted weighted average shares outstanding | 17,822,059 | 15,015,980 |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded From Computation Diluted Earnings Per Share | $16,286,754 | $0 |