Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | true | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Sino Agro Food, Inc. | |
Entity Central Index Key | 1,488,419 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Public Float | $ 99,313,445 | |
Trading Symbol | SIAF | |
Entity Common Stock, Shares Outstanding | 22,726,859 | |
Amendment Description | This Amendment No. 1 on Form 10-K/A (the “Amended Annual Report”) amends the Annual Report on Form 10-K of Sino Agro Food, Inc. originally filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2017 (the “Original Filing”). Other than the foregoing, this Amended Annual Report speaks as of the original date of the Original Filing, does not reflect events that may have occurred subsequent to the date of the Original Filing and does not modify or update in any way disclosures made in the Original Filing. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 2,576,058 | $ 7,229,197 |
Inventories | 62,592,272 | 62,848,707 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 740,984 | 1,306,885 |
Deposits and prepayments | 84,845,966 | 83,811,929 |
Accounts receivable, net of allowance for doubtful accounts | 122,912,086 | 135,674,418 |
Other receivables | 47,120,800 | 59,780,587 |
Total current assets | 320,788,166 | 350,651,723 |
Plant and equipment | ||
Plant and equipment, net of accumulated depreciation | 189,727,227 | 95,238,410 |
Non-currents assets held for sale | 0 | 9,020,669 |
Construction in progress | 35,157,213 | 72,788,769 |
Land use rights, net of accumulated amortization | 53,673,690 | 58,485,675 |
Total plant and equipment | 278,558,130 | 235,533,523 |
Other assets | ||
Goodwill | 724,940 | 724,940 |
Proprietary technologies, net of accumulated amortization | 10,090,697 | 10,784,358 |
Interests in unconsolidated investees | 139,133,443 | 0 |
Long term investments | 720,773 | 769,941 |
Temporary deposits paid to entities for investments in Sino joint venture companies | 15,644,998 | 41,109,708 |
Total other assets | 166,314,851 | 53,388,947 |
Total assets | 765,661,147 | 639,574,193 |
Current liabilities | ||
Accounts payable and accrued expenses | 8,789,324 | 9,345,559 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,630,752 | 8,700,706 |
Due to a director | 2,070,390 | 211,247 |
Other payables | 5,962,092 | 4,792,579 |
Borrowings - Short term bank loans | 2,883,090 | 4,466,040 |
Negotiable promissory notes | 1,113,140 | 865,968 |
Income tax payable | 1,130 | 0 |
Liabilities, Current | 23,449,918 | 28,382,099 |
Non-current liabilities | ||
Other payables | 11,192,117 | 4,797,332 |
Borrowings - Long term debts and bank loan | 5,766,182 | 1,554,902 |
Convertible note payables | 21,314,877 | 34,904,739 |
Liabilities, Noncurrent | 38,273,176 | 41,256,973 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock value | ||
Common stock: $0.001 par value (27,000,000 shares authorized, 22,726,859 and 20,133,757 shares issued and outstanding as of December 31, 2016 and 2015, respectively) | 22,727 | 20,134 |
Additional paid - in capital | 155,741,280 | 142,882,173 |
Retained earnings | 454,592,652 | 339,616,638 |
Accumulated other comprehensive income | (4,335,355) | 1,427,638 |
Treasury stock | (1,250,000) | (1,250,000) |
Total Sino Agro Food, Inc. and subsidiaries stockholders' equity | 604,771,304 | 482,696,583 |
Non - controlling interest | 99,166,749 | 87,238,538 |
Total stockholders' equity | 703,938,053 | 569,935,121 |
Total liabilities and stockholders' equity | 765,661,147 | 639,574,193 |
Series A Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock value | 0 | 0 |
Total stockholders' equity | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock value | 0 | 0 |
Series F Non Convertible Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock value | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share issued | 100 | 100 |
Preferred stock, share outstanding | 100 | 100 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 27,000,000 | 27,000,000 |
Common stock, shares issued | 22,726,859 | 20,133,757 |
Common stock, shares outstanding | 22,726,859 | 20,133,757 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, share issued | 100 | 100 |
Preferred stock, share outstanding | 100 | 100 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Series F Non Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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 INCO
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||
- Sale of goods | $ 270,788,759 | $ 251,382,538 | $ 216,878,194 |
- Consulting and service income from development contracts | 71,107,794 | 90,374,144 | 80,112,541 |
- Commission income | 1,049,199 | 1,892,786 | 1,567,751 |
Revenue | 342,945,752 | 343,649,468 | 298,558,486 |
Cost of goods sold | (211,593,774) | (193,690,885) | (153,828,596) |
Cost of services | (47,415,205) | (57,046,350) | (44,241,900) |
Gross profit | 83,936,773 | 92,192,233 | 100,487,990 |
General and administrative expenses | (17,196,962) | (17,744,322) | (15,003,317) |
Net income from operations | 66,739,811 | 75,167,911 | 85,484,673 |
Other income (expenses) | |||
Government grant | 1,787,636 | 2,891,482 | 537,787 |
Other income | 318,023 | 483,299 | 443,575 |
Gain on extinguishment of debts | 0 | 132,000 | 270,586 |
Interest expense | (4,010,699) | (4,269,703) | (761,061) |
Net income (expenses) | (1,905,040) | (762,922) | 490,887 |
Net income before income taxes | 64,834,771 | 74,404,989 | 85,975,560 |
Provision for income taxes | (1,130) | 0 | 0 |
Net income from continuing operations | 64,833,641 | 74,404,989 | 85,975,560 |
Less: Net (income) loss attributable to non - controlling interest | (20,852,875) | (23,804,038) | (19,691,934) |
Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries | 43,980,766 | 50,600,951 | 66,283,626 |
Discontinued operations | |||
Net income from discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 |
Net gain from disposal of subsidiaries, TRW and JFD | 56,947,005 | 0 | 0 |
Less: Net (income) loss attributable to the non - controlling interest | (820,973) | (1,599,424) | (2,456,648) |
Net income of discontinued operations attributable to the Sino Agro Food, Inc. and subsidiaries | 70,995,248 | 15,754,579 | 25,780,984 |
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | 114,976,014 | 66,355,530 | 92,064,610 |
Other comprehensive (loss) income - Foreign currency translation (loss) income | (7,576,607) | (6,540,619) | 291,215 |
Comprehensive income | 107,399,407 | 59,814,911 | 92,355,825 |
Less: other comprehensive loss (income) attributable to non - controlling interest | 1,657,383 | 1,515,441 | (98,531) |
Comprehensive income attributable to Sino Agro Food, Inc. and subsidiaries | $ 109,056,790 | $ 61,330,352 | $ 92,257,294 |
Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: from continuing and discontinued operations | |||
Basic (in dollars per share) | $ 5.46 | $ 3.69 | $ 5.81 |
Diluted (in dollars per share) | 5 | 3.60 | 5.56 |
Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: from continuing operations | |||
Basic (in dollars per share) | 2.09 | 2.81 | 4.18 |
Diluted (in dollars per share) | $ 1.93 | $ 2.75 | $ 4 |
Weighted average number of shares outstanding: | |||
Basic (in shares) | 21,041,065 | 17,988,619 | 15,847,496 |
Diluted (in shares) | 23,194,083 | 18,576,241 | 16,554,566 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series F Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Non-controlling Interest [Member] |
Balance at Dec. 31, 2013 | $ 331,598,370 | $ 0 | $ 7,000 | $ 0 | $ 13,899 | $ (1,250,000) | $ 105,037,379 | $ 181,196,498 | $ 6,260,131 | $ 40,333,463 |
Balance (in shares) at Dec. 31, 2013 | 100 | 7,000,000 | 13,899,196 | (101,010) | ||||||
Issue of common Stock - For settlement of debts | 12,735,787 | $ 0 | $ 0 | 0 | $ 2,733 | $ 0 | 12,733,054 | 0 | 0 | 0 |
Issue of common Stock - For settlement of debts (in shares) | 2,734,625 | |||||||||
Issue of common Stock - Employees' and professional compensation | 3,319,444 | 0 | 0 | 0 | $ 531 | 0 | 3,318,913 | 0 | 0 | 0 |
Issue of common Stock - Employees' and professional compensation (in shares) | 530,576 | |||||||||
Cancellation piecemeal adjustments | (15,951) | $ (1) | 0 | (15,950) | 0 | 0 | ||||
Cancellation piecemeal adjustments (in shares) | (1,681) | |||||||||
Amortize discount - Convertible notes | 85,600 | 0 | 0 | 0 | $ 0 | 85,600 | ||||
Net income for the year - Continuing operations | 85,975,560 | 0 | 0 | 66,283,626 | 0 | 19,691,934 | ||||
Net income for the year - Discontinued operations | 28,237,632 | 0 | 0 | 25,780,984 | 0 | 2,456,648 | ||||
Foreign currency translation difference | 291,215 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192,685 | 98,531 |
Balance at Dec. 31, 2014 | 462,227,658 | $ 0 | $ 7,000 | 0 | $ 17,162 | $ (1,250,000) | 121,158,996 | 273,261,108 | 6,452,816 | 62,580,576 |
Balance (in shares) at Dec. 31, 2014 | 100 | 7,000,000 | 17,162,716 | (101,010) | ||||||
Issue of common Stock - For settlement of debts | 868,000 | $ 0 | $ 0 | 0 | $ 100 | $ 0 | 867,900 | 0 | 0 | 0 |
Issue of common Stock - For settlement of debts (in shares) | 100,000 | |||||||||
Issue of common Stock - Employees' and professional compensation | 726,363 | 0 | 0 | 0 | $ 48 | 0 | 726,315 | 0 | 0 | 0 |
Issue of common Stock - Employees' and professional compensation (in shares) | 47,787 | |||||||||
Issue of common Stock - Series B convertible preferred stock converted | 0 | 0 | $ (7,000) | 0 | $ 707 | 0 | 6,293 | 0 | 0 | 0 |
Issue of common Stock - Series B convertible preferred stock converted (in shares) | (7,000,000) | 707,070 | ||||||||
Issue of common Stock - As security for finance raised | 17,277,765 | $ 1,889 | 0 | 17,275,876 | 0 | 0 | 0 | |||
Issue of common Stock - As security for finance raised (in shares) | 1,888,304 | |||||||||
Reverse split shares adjustments | 2,766,642 | 0 | $ 0 | 0 | $ 228 | 0 | 2,766,414 | 0 | 0 | 0 |
Reverse split shares adjustments (in shares) | 227,880 | |||||||||
Amortize discount - Convertible notes | 80,379 | 0 | 0 | 0 | 0 | 80,379 | 0 | 0 | 0 | |
Capital contribution from non-controlling interest | 769,941 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 769,941 |
Net income for the year - Continuing operations | 74,404,989 | 0 | 0 | 50,600,951 | 0 | 23,804,038 | ||||
Net income for the year - Discontinued operations | 17,354,003 | 0 | 0 | 15,754,579 | 0 | 1,599,424 | ||||
Foreign currency translation difference | (6,540,619) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,025,178) | (1,515,441) |
Balance at Dec. 31, 2015 | 569,935,121 | $ 0 | $ 0 | $ 20,134 | $ (1,250,000) | 142,882,173 | 339,616,638 | 1,427,638 | 87,238,538 | |
Balance (in shares) at Dec. 31, 2015 | 100 | 0 | 20,133,757 | (101,010) | ||||||
Issue of common Stock - Employees' and professional compensation | 7,965,625 | $ 0 | $ 0 | 0 | $ 1,332 | $ 0 | 7,964,293 | 0 | 0 | 0 |
Issue of common Stock - Employees' and professional compensation (in shares) | 1,331,855 | |||||||||
Issue of common Stock - As security for finance raised | 10,716,075 | 0 | 0 | 0 | $ 2,461 | 0 | 10,713,614 | 0 | 0 | 0 |
Issue of common Stock - As security for finance raised (in shares) | 2,461,247 | |||||||||
Shares cancellation | (5,820,000) | 0 | 0 | 0 | $ (1,200) | 0 | (5,818,800) | 0 | 0 | 0 |
Shares cancellation (in shares) | (1,200,000) | |||||||||
Net income for the year - Continuing operations | 64,833,641 | 0 | 43,980,766 | 0 | 20,852,875 | |||||
Net income for the year - Discontinued operations | 14,869,216 | 0 | 70,995,248 | 156,231 | 820,973 | |||||
Deemed disposal of subsidiaries | (8,088,254) | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | (8,088,254) |
Foreign currency translation difference | (7,576,607) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,919,224) | (1,657,383) |
Balance at Dec. 31, 2016 | $ 703,938,053 | $ 0 | $ 0 | $ 0 | $ 22,727 | $ (1,250,000) | $ 155,741,280 | $ 454,592,652 | $ (4,335,355) | $ 99,166,749 |
Balance (in shares) at Dec. 31, 2016 | 100 | 22,726,859 | (101,010) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income for the year - Continuing operations | $ 64,833,641 | $ 74,404,989 | $ 85,975,560 |
Net income for the year - Discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 |
Adjustments to reconcile net income for the year to net cash from operations: | |||
Depreciation | 4,141,629 | 2,866,527 | 2,457,131 |
Amortization | 1,716,228 | 1,950,824 | 2,210,257 |
Gain on deemed disposal of subsidiaries | (56,947,005) | 0 | 0 |
Gain on extinguishment of debts | 0 | (132,000) | (270,586) |
Share based compensation costs | 4,345,993 | 363,181 | 659,686 |
Other amortized cost arising from convertible notes and others | 2,589,503 | 5,451,612 | 906,682 |
Changes in operating assets and liabilities: | |||
Decrease increase in inventories | 256,435 | (16,880,714) | (37,819,790) |
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contacts | 565,901 | (1,306,885) | 663,296 |
(Increase) decrease in deposits and prepaid expenses | (1,055,087) | 4,651,244 | (23,320,658) |
(Decrease) increase in due to a director | (7,485,399) | 3,005,115 | 3,488,291 |
(Decrease) increase in accounts payable and accrued expenses | (556,235) | (12,793,276) | 11,083,641 |
Increase in other payables | 7,564,298 | 3,691,261 | 13,933,571 |
Decrease (increase) in accounts receivable | 12,762,332 | (31,171,347) | (22,445,129) |
Increase in tax payable | 1,130 | 0 | 0 |
(Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts | (6,069,954) | 640,126 | 4,913,624 |
Increase in amount due from unconsolidated equity investee | (55,120,003) | 0 | 0 |
Decrease (increase) in other receivables | 12,659,787 | (7,475,327) | (48,522,489) |
Net cash provided by operating activities | 56,019,415 | 44,619,333 | 22,150,719 |
Cash flows from investing activities | |||
Purchases of property and equipment and non-current assets held for sale | (3,112,204) | (4,616,397) | (4,003,588) |
Payment for construction in progress | (54,913,543) | (49,532,030) | (26,693,530) |
Investments in unconsolidated equity investees | (1,152,640) | 0 | 0 |
Net cash outflow from deemed disposal of subsidiaries | 0 | 0 | 0 |
Long term investments | 0 | 0 | (817,127) |
Net cash used in investing activities | (59,178,387) | (54,148,427) | (31,514,245) |
Cash flows from financing activities | |||
- Net proceeds from convertible bonds payable | 0 | 12,867,550 | 0 |
- Issue of negotiable instrument note | 0 | 3,854,550 | 0 |
- Negotiable instrument notes repaid | 0 | (3,040,000) | 0 |
Net proceeds from bonds payable | 0 | 0 | 7,522,450 |
Bond payable repaid | 0 | (1,725,000) | 0 |
Capital contribution from non-controlling interest | 0 | 769,941 | 0 |
Proceeds from short term debts | 2,883,090 | 3,849,707 | 4,100,377 |
Proceeds from long term debts | 5,766,182 | 0 | 2,436,193 |
Long term debts repaid | (2,171,235) | (449,533) | 0 |
Short term bank loan repaid | (3,849,707) | (4,085,635) | (4,100,377) |
Payment for cancellation of piecemeal shares | 0 | 0 | (15,951) |
Series F Non-convertible preferred stock redemption | 0 | (3,146,063) | 0 |
Net cash provided by financing activities | 2,628,330 | 8,895,517 | 9,942,692 |
Effects on exchange rate changes on cash | (4,122,497) | 4,831,327 | 1,125,007 |
(Decrease)/increase in cash and cash equivalents | (4,653,139) | 4,197,750 | 1,704,173 |
Cash and cash equivalents, beginning of year | 7,229,197 | 3,031,447 | 1,327,274 |
Cash and cash equivalents, end of year | 2,576,058 | 7,229,197 | 3,031,447 |
Supplementary disclosures of cash flow information: | |||
Cash paid for interest | 1,421,196 | 1,068,710 | 761,299 |
Cash paid for income taxes | 0 | 0 | 0 |
Non - cash transactions | |||
Common stock issued for settlement of debts | 0 | 868,000 | 12,735,789 |
Common stock issued as security for finance raised | 10,716,076 | 0 | 0 |
Common stock purchased for cancellation | (5,820,000) | 0 | 0 |
Common stock issued for services and compensation | 7,965,625 | 726,315 | 3,319,444 |
Transfer to land use rights from deposits and prepaid expenses | 0 | 0 | 14,393,942 |
Transfer construction in progress to property and equipment and non-current held for sale | 88,237,779 | 41,925,482 | 4,453,665 |
Transfer deposits and prepaid expenses to property and equipment and non-current assets held for sale | 1,949,106 | 46,194 | 217,264 |
Proceeds from convertible bond payable paid to director and applied to operating activities | 0 | 0 | 4,110,000 |
Transfer to proprietary technologies from deposits and prepaid expenses | 0 | 17,277,765 | 0 |
Reverse split adjustments | 0 | 2,766,642 | 0 |
Series B convertible preferred stock convertible into common stock | 0 | 7,000 | 0 |
Convertible bond adjustments | $ 14,483,399 | $ 0 | $ 0 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. CORPORATE INFORMATION Sino Agro Food, Inc. (the “ Company SIAF 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 CS CH 3,232,323 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 78 ZX (b) Tri-way Industries Limited (“ TRW (c) Macau Eiji Company Limited (“ MEIJI 75 HST 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 75 25 On November 26, 2008, SIAF established Pretty Mountain Holdings Limited (“ PMH 80 SJAP 45 55 • Qinghai Province Sanjiang Group Company Limited (English translation) (“ Qinghai Sanjiang • Guangzhou City Garwor Company Limited (English translation) (“ Garwor 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 APWAM 45 45 55 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” 100 45,000,000 January 1, 2011 On February 28, 2011, the Company applied to form Enping City Bi Tao A Power Prawn Culture Development Co Limited (“ EBAPCD 25 On February 28, 2011, TRW applied to form a corporate joint venture, Enping City Bi Tao A Power Fishery Development Co., Limited (“ EBAPFD 25 JFD 25 25 1,258,607 25 1,662,365 25 1,702,580 75 25 100 215.94 340.53 99,990,000 56,947,005 On April 15, 2011, MEIJI applied to form Enping City A Power Cattle Farm Co., Limited (“ ECF 25 1,076,489 (“ JHMC 50 2,944,176 25 75 400,000 On July 18, 2011, the Company formed Hunan Shenghua A Power Agriculture Co., Limited (“ HSA 26 50 24 857,808 629,344 On November 12, 2013, the Company acquired a shell company, Goldcup9203 AB, incorporated in Sweden, in which the Company owns a 100 (“ SAFS 77,664 SJAP formed Qinghai Zhong He Meat Products Co., Limited (“ QZH 100 4,645,489 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 ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
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. REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100 100 Capital Stage Inc. (“CS”) Belize 100 100 Capital Hero Inc. (“CH”) Belize 100 100 Sino Agro Food Sweden AB (“SAFS”) Sweden 100 100 Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C 100 100 A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100 100 Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C 75 75 HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City A Power Fishery Development Co., Limited (“JFD”) P.R.C. (2015: 75 (reclassified as Unconsolidated equity investee on October 5, 2016) Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75 75 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76 76 Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Tri-way Industries Limited (“TRW”) Hong Kong, P.R.C. (2015: 100%) held directly (reclassified as Unconsolidated equity investee on October 5, 2016) 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. Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. 45 45 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. 100 100 Name of unconsolidated investees Place of incorporation Percentage of interest Principal activities Tri-way Industries Limited (“TRW”) Hong Kong, P.R.C 23.89 100 (reclassified as Unconsolidated equity investee on October 5, 2016) 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. Jiang Men City A Power Fishery Development Co., Limited (“JFD”) P.R.C 100 (reclassified as unconsolidated equity investee on October 5, 2016) * In addition, according to investment agreement between QZH and QQI, (i) QQI only enjoyed interest 6 3 100 100 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 9.9 for 1 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. TRD and JFD were derecognized as subsidiaries on October 5, 2016. SIAF, CA, CS, CH, MEIJI, JHST, 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 the 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 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 ASC Revenue Recognition 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. 2.10 SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $ 20,160 31,311 23,010 2.11 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $ 2,621,537 2,795,633 2,379,831 2.12 RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are included in general and administrative expenses, which totaled $ 0 549,020 786,261 2.13 FOREIGN CURRENCY TRANSLATION AND OTHER COMPREHENSIVE INCOME The reporting currency of the Company is the U.S. dollars. The functional currency of the Company is the Chinese Renminbi (RMB). For those entities whose functional currency is other than the U.S. dollars, 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 $ (4,335,355) 1,427,638 6.94 1.00 6.49 1.00 6.64 1.00 6.23 1.00 6.14 1.00 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 December 31, 2016 and December 31, 2015 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 PLANT AND EQUIPMENT Plant 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 plant 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. 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 plant 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 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 2.20 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 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 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 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 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 60 2.23 EQUITY METHOD INVESTMENTS 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 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 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. 2.25 VARIABLE INTEREST ENTITY A variable interest entity (“ VIE (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. 2.26 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. 2.27 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Property and equipment are not depreciated once classified as held for distribution. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheets. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: • represents a separate major line of business or geographical area of operations • is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations, or • is a subsidiary acquired exclusively with a view to resale Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of income and other comprehensive income. 2.28 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. 2.29 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. 2.30 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 December 31, 2016 and 2015 amounted to $ 2,395,355 7,022,695 2016 2015 2014 Customer A 17.63 % - % - % Customer B 10.45 % 15.25 % 14.24 % Customer C 10.18 % - % - % Customer D 8.91 % 11.09 % 6.65 % Customer E 7.07 % 12.41 % 25.73 % Customer F - % 9.60 % 15.94 % Customer G - % 8.87 % 6.58 % 54.24 % 57.22 % 69.14 % Percentage of revenue Amount Customer A Organic Fertilizer and Bread Grass Division 17.63 % $ 76,578,139 Customer B Fishery Development Division 10.45 % $ 45,394,220 Customer C Fishery Division 10.18 % $ 44,208,890 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: 2016 2015 Customer A 19.61 % 10.12 % Customer B 18.11 % - % Customer C 12.83 % - % Customer D 7.52 % - % Customer D 5.96 % 11.31 % Customer E - % 13.71 % Customer F - % 9.31 % Customer F - % 8.45 % 64.03 % 52.90 % As of December 31, 2016, amounts due from customers A, B and C are $ 24,106,909 22,262,073 15,771,795 2.31 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, during each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of December 31, 2016 and 2015, the Company determined no impairment losses were necessary. 2.32 EARNINGS PER SHARE As prescribed in ASC Topic 260 “ Earnings per Share, EPS 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 years ended December 31, 2016, 2015, and 2014, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders for continuing and discontinued operations amounted to $ 5.46 3.69 5.81 5.00 3.60 5.56 For the years ended December 31, 2016, 2015, and 2014, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders for continuing operations amounted to $ 2.09 2.81 4.18 1.93 2.75 4.00 2.33 ACCUMULATED OTHER COMPREHENSIVE INCOME ASC Topic 220 “ Comprehensive Income” 2.34 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. 2.35 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. 2.36 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) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 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 Division. On October 5, 2016, (i) Jiang Men City A Power Fishery Development Co., Limited (“JFD”) and Tri- Way Industries Limited (“TRW’), part of Fishery Division, were disposed from the Company; and (ii). Capital Award Inc. (“CA”), part of Fishery Development Division, ceased its income from sale of goods - fishery since December 31 2016 Continuing Discontinued Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 72,156,993 $ 13,318,582 $ 155,203,534 $ 29,837,560 $ 72,429,083 $ 61,402,763 $ 404,348,515 Net income (loss) $ 22,429,776 $ 3,507,783 $ 18,416,950 $ 2,905,449 $ (3,279,192) $ 70,995,248 $ 114,976,014 Total assets $ 87,688,839 $ 47,051,841 $ 325,639,821 $ 52,267,765 $ 253,012,881 $ - $ 765,661,147 2015 Continuing Discontinued operation operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 88,480,956 $ 13,674,894 $ 164,565,027 $ 35,272,834 $ 41,655,757 $ 85,404,016 $ 429,053,484 Net income (loss) $ 31,066,248 $ 5,198,917 $ 16,669,323 $ 2,752,147 $ (5,085,684) $ 15,754,579 $ 66,355,530 Total assets $ 143,408,415 $ 54,867,488 $ 297,805,297 $ 48,258,274 $ 86,214,050 $ 9,020,669 $ 639,574,193 2014 Continuing Discontinued operation operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 76,750,308 $ 11,086,275 $ 122,041,511 $ 32,891,161 $ 55,789,231 $ 105,775,887 $ 404,334,373 Net income (loss) $ 27,360,538 $ 3,852,659 $ 27,929,319 $ 2,916,940 $ 4,224,170 $ 25,780,984 $ 92,064,610 Total assets $ 131,155,150 $ 53,220,509 $ 244,014,073 $ 47,753,495 $ 49,149,387 $ 7,394,275 $ 532,686,889 Note (1) Operated by Capital Award, Inc. (“CA”) and Jiang Men City A Power Fishery Development Co., Limited (“JFD”). On September 30, 2016, part of JFD was disposed from the Company. (2) Operated by Jiang Men 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 Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). (5) Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). 2016 Continuing Discontinued operations operations Organic Fishery Fertilizer and Cattle Farm Fishery Development HU Plantation Bread Grass Development Corporate and Development Division (1) Division (2) Division (3) Division (4) others (6) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 61,402,763 $ 61,402,763 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 13,318,582 - - - - 13,318,582 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 20,618,734 - - - 20,618,734 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 45,462,110 - - - 45,462,110 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 89,122,690 - - - 89,122,690 Macau Eiji Company Limited (“MEIJI”) - - - 29,837,560 - - 29,837,560 Sino Agro Food, Inc. (“SIAF”) - - - - 72,429,083 - 72,429,083 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 71,107,794 - - - - - 71,107,794 Sino Agro Food, Inc. (“SIAF”) - - - - - - - Commission and management fee Capital Award, Inc. (“CA”) 1,049,199 - - - - - 1,049,199 $ 72,156,993 $ 13,318,582 $ 155,203,534 $ 29,837,560 $ 72,429,083 $ 61,402,763 $ 404,348,515 Further analysis of revenue:- 2015 Continuing Discontinued operations operations Organic Fishery Fertilizer and Cattle Farm Fishery Development HU Plantation Bread Grass Development Corporate and Development Division (1) Division (2) Division (3) Division (4) others (6) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 85,404,016 $ 85,404,016 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 13,674,894 - - - - $ 13,674,894 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 19,967,383 - - - 19,967,383 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 86,973,719 - - - 86,973,719 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 57,623,925 - - - 57,623,925 Macau Eiji Company Limited (“MEIJI”) - - - 35,272,834 - - 35,272,834 Sino Agro Food, Inc. (“SIAF”) - - - - 37,869,783 - 37,869,783 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 86,588,170 - - - - - 86,588,170 Sino Agro Food, Inc. (“SIAF”) - - - - 3,785,974 - 3,785,974 Commission and management fee Capital Award, Inc. (“CA”) 1,892,786 - - - - - 1,892,786 $ 88,480,956 $ 13,674,894 $ 164,565,027 $ 35,272,834 $ 41,655,757 $ 85,404,016 $ 429,053,484 2014 Continuing Discontinued operations operations Organic Fishery Fertilizer and Cattle Farm Fishery Development HU Plantation Bread Grass Development Corporate and Development Division (1) Division (2) Division (3) Division (4) others (6) Division Total Name of entity $ - $ - $ - $ - $ - $ 105,775,887 $ 105,775,887 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 11,086,275 - - - - 11,086,275 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 20,005,179 - - - 20,005,179 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 88,827,545 - - - 88,827,545 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 13,208,787 - - - 13,208,787 Macau Eiji Company Limited (“MEIJI”) - - - 32,891,161 - - 32,891,161 Sino Agro Food, Inc. (“SIAF”) - - - - 50,859,247 - 50,859,247 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 75,182,557 - - - - - 75,182,557 Sino Agro Food, Inc. (“SIAF”) - - - - 4,929,984 - 4,929,984 Commission and management fee Capital Award, Inc. (“CA”) 1,567,751 - - - - - 1,567,751 $ 76,750,308 $ 11,086,275 $ 122,041,511 $ 32,891,161 $ 55,789,231 105,775,887 $ 404,334,373 Further analysis of cost of goods sold and cost of services:- COST OF GOODS SOLD 2016 Continuing Discontinued Fishery HU Organic Cattle Farm Corporate Fishery Total Name of entity $ - $ - $ - $ - $ - $ 45,742,523 $ 45,742,523 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 6,274,906 - - - - 6,274,906 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 12,459,371 - - - 12,459,371 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 30,553,572 - - - 30,553,572 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 70,283,492 - - - 70,283,492 Macau Eiji Company Limited (“MEIJI”) - - - 28,299,710 - - 28,299,710 Sino Agro Food, Inc. (“SIAF”) - - - - 63,722,723 - 63,722,723 $ - $ 6,274,906 $ 113,296,435 $ 28,299,710 $ 63,722,723 $ 45,742,523 $ 257,336,297 COST OF SERVICES 2016 Continuing Discontinued operation operation Fishery HU Plantation Organic Cattle Farm Corporate Fishery Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 47,415,205 $ - $ - $ - $ - $ - $ 47,415,205 Sino Agro Food, Inc. (“SIAF”) - - - - - - - $ 47,415,205 $ - $ - $ - $ - $ - $ 47,415,205 COST OF GOODS SOLD 2015 Continuing Discontinued Organic Fishery HU Fertilizer and Cattle Farm Corporate Fishery Development Plantation Bread Grass Development and others Development Division (1) Division (2) Division (3) Division (4) (5) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 67,152,999 $ 67,152,999 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 4,382,965 $ - - - - 4,382,965 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 11,510,644 - - 11,510,644 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 68,719,888 - - 68,719,888 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 42,548,711 - - 42,548,711 Macau Eiji Company Limited (“MEIJI”) - - - 33,403,353 - 33,403,353 Sino Agro Food, Inc. (“SIAF”) - - - - 33,125,324 33,125,324 $ - $ 4,382,965 $ 122,779,243 $ 33,403,353 $ 33,125,324 $ 67,152,999 $ 260,843,884 COST OF SERVICES 2015 Continuing Discontinued Fishery HU Organic Cattle Farm Corporate Fishery Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 55,641,537 $ - $ - $ - $ - $ - $ 55,641,537 Sino Agro Food, Inc. (“SIAF”) - - - - 1,404,813 - 1,404,813 $ 55,641,537 $ - $ - $ - $ 1,404,813 $ - $ 57,046,350 COST OF GOODS SOLD 2014 Continuing Discontinued Organic Fishery HU Fertilizer and Cattle Farm Fishery Development Plantation Bread Grass Development Corporate and Development Division (1) Division(2) Division (3) Division (4) others (6) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 76,925,056 $ 76,925,056 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 3,334,857 - - - 3,334,857 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 11,261,482 - - 11,261,482 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 61,871,146 - - - 61,871,146 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 9,353,132 - - - 9,353,132 Macau Eiji Company Limited (“MEIJI”) - - - 31,151,084 - - 31,151,084 Sino Agro Food, Inc. (“SIAF”) - - - - 36,856,895 - 36,856,895 $ - $ 3,334,857 $ 82,485,760 $ 31,151,084 $ 36,856,895 $ 76,925,056 $ 230,753,652 COST OF SERVICES 2014 Continuing Discontinued Fishery HU Organic Cattle Farm Corporate and Fishery Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 39,387,359 $ - $ - $ - $ - $ - $ 39,387,359 Sino Agro Food, Inc. (“SIAF”) - - - - 4,854,541 - 4,854,541 $ 39,387,359 $ - $ - $ - $ 4,854,541 $ - $ 44,241,900 |
GAIN ON EXTINGUISHMENT OF DEBTS
GAIN ON EXTINGUISHMENT OF DEBTS | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 0 132,000 270,586 2016 2015 2014 Total amounts of debts to be settled $ - $ 1,000,000 $ 13,006,375 Less: Aggregate market fair value of 0 (2015: 100,000) (2014: 2,734,626) shares of common stock in exchange of the above debts for debts extinguishment - (868,000) (12,735,789) Gain on extinguishment of debts $ - $ 132,000 $ 270,586 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
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 U.S. 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, 2016 in compliance with US Treasury Internal Revenue Code and we filed our 2015 Tax returns with the Internal Revenue Service (“IRS”) in 2016. As of December 31, 2016, 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 DE’s FIE’s 25 33 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, HSA, SJAP and QZH since they are exempt from EIT for the years ended December 31, 2016, 2015 and 2014 as they are within the agriculture, and cattle sectors. No EIT has been provided in the financial statements of JFD since they are exempt from EIT for the period ended September 30, 2016 (date of de-recognition JFD as subsidiary) and for the year ended December 31, 2015 and 2014 as they are within the 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 period ended September 30, 2016 (date of de-recognition TRW as subsidiary) and for the years ended December 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 years ended December 31, 2016, 2015 and 2014. Sweden Sweden Corporate income tax has been provided at 22 No deferred tax assets and liabilities are of December 31, 2016 and 2015 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. 2016 2015 2014 SIAF $ - $ - $ - SAFS 1,130 - - TRW - - - MEIJI and APWAM - - - JHST, JFD, JHMC, SJAP, QZH and HSA - - - $ 1,130 $ - $ - The Company did not recognize any interest or penalties related to unrecognized tax benefits in the years ended December 31, 2016, 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. |
NET INCOME FROM DISCONTINUED OP
NET INCOME FROM DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 6. NET INCOME FROM DISCONTINUED OPERATIONS On August 15, 2016, an agreement had been executed by and between TRW and its JFD business partners to acquire their 25% equity holding (i.e. non-controlled interest) in JFD, a Sino Foreign Joint Venture Company, having resulted in TRW having secured a 100% equity interest in JFD as of October 5, 2016. Upon TRW’s acquisition of 4 additional prawn farms’ assets, namely Aquafarms 1 through 4, at fair value of US$215.94 million from respective third parties, the consideration paid to SIAF/CA for both their holdings in the merged aquaculture entities and/or master licensing fees (US$81.37 million) and repayment to SIAF for its assumption of TRW liabilities/obligations (US$43.29 million), the total sum of these arrangements (US$340.53) is scheduled for settlement on or before April 30, 2017 (this date has been from amended from March 31, 2017 in consideration of the regulatory timetable). The settlement will transpire through the issuance of 99,990,000 TRW common shares at fair value of $3.41 per share. SIAF’s equity position in TRW now stands at 23.89% (or, US$124.66 million), effective on October 5, 2016. As a result of its disposition of control in TRW, the Company’s categorization of its holdings in TRW has been reclassified from subsidiary to investments in unconsolidated equity investees as of October 5, 2016, and constitutes a deemed disposal of the subsidiary. The deemed gain on disposal of $56,947,005 was recorded in the consolidated statement of profit and loss account of the Company for the year ended December 31, 2016. On October 1, 2016, SIAF took all assets and liabilities of TRW and JFD except plant and equipment - fish farm. On October 5, 2016, (i) Tri-way Industries Ltd. (“TRW”) and its subsidiary Jiang Men City A Power Fishery Development Co., Limited (“JFD”), part of Fishery Division, were separated from the Company; and (ii) Capital Award Inc. (“CA”), part of Fishery Development Division, ceased its income from sale of their respective goods. The post-tax result of the Fishery Development Division has been disclosed as a discontinued operation in the consolidated statements of income and comprehensive income. Loss of control over TRW and JFD were not subject to business tax of PRC and income tax of PRC and Hong Kong. (a) Net income from discontinued operations 2016 2015 2014 Revenue -Sale of goods $ 61,402,763 $ 85,404,016 $ 105,775,887 Cost of sales (45,742,523 ) (67,152,999 ) (76,925,056 ) Gross profit 15,660,240 18,251,017 28,850,831 General and administrative expenses (791,347 ) (896,395 ) (612,961 ) Net income from operations 14,868,893 17,354,622 28,237,870 Interest income/(expenses) 323 (619 ) (238 ) Income before tax from discontinued operations 14,869,216 17,354,003 28,237,632 Net gain from deemed disposal of subsidiaries, TRW and JFD 56,947,005 - - Net income before taxes 71,816,221 17,354,003 28,237,632 Provision for income taxes - - - Net income from discontinued operations 71,816,221 17,354,003 28,237,632 Less: Net income attributable to the non-controlling interest (820,973 ) (1,599,424 ) (2,456,648 ) Net income from discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries $ 70,995,248 $ 15,754,579 $ 25,780,984 (b) Net gain from deemed disposal of subsidiaries due to loss of control over TRW and JFD Fair value of interest retained in subsidiaries, TRW and JFD $ 81,367,997 Less Amounts recognized prior to disposal Net assets of Tri-Way Industries Limited group $ 32,353,015 Less: Non-controlling interest at disposal (8,088,254 ) 24,264,761 57,103,236 Cumulative exchange loss in respect of net assets of subsidiaries reclassified from other comprehensive income (156,231 ) Net gain from deemed disposal of subsidiaries, TRW and JFD $ 56,947,005 (c) Consideration received from deemed disposal of subsidiaries due to loss of control over TRW and JFD $ - (d) Consolidated assets and liabilities of subsidiaries, TRW and JFD as of October 5, 2016 ASSETS Current assets Amount due from SIAF 23,971,907 Total current assets 23,971,907 Non-current assets held for sale - Plant and equipment 8,381,108 Total non-current assets held for sale 8,381,108 Total assets $ 32,353,015 Net assets of subsidiaries, TRW and JFD as of October 5, 2016 disposed of $ 32,353,015 As of October 1, 2016, the Company took up all assets and liabilities of TRW and JFD except plant and equipment - fish farm and the net amount is $23,971,907. (e) Net cash outflow on deemed disposal of subsidiaries, TRW and JFD 2016 Cash and cash equivalents disposed of $ - Net cash outflow on deemed disposal of subsidiaries TRW and JFD $ - (f) Detailed cash flow from discontinued operations 2016 2015 2014 Cash flows from operating activities Net income for the year $ 71,816,221 $ 17,354,003 $ 28,237,632 Adjustments to reconcile net loss to net cash from operations: Gain on deemed disposal of subsidiaries (56,947,005 ) - - Changes in operating assets and liabilities: (8,140,484 ) (11,219,136 ) (27,299,147 ) Net cash provided by operating activities 6,728,732 6,134,867 938,485 Cash flows from investing activities Payment for construction in progress (11,388,334 ) - - Acquisition of property, plant and equipment (324 ) (1,629,846 ) (848,573 ) Net cash used in investing activities (11,388,658 ) (1,629,846 ) (848,573 ) Increase in cash and cash equivalents (4,659,926 ) 4,505,021 89,912 Cash and cash equivalents, beginning of period/ year 4,659,926 154,905 64,993 Cash and cash equivalents, end of period/ year $ - $ 4,659,926 $ 154,905 Supplementary of disclosures of cash flow information Cash paid for interest $ - $ 619 $ 238 Cash paid for income taxes $ - $ - - Non-cash transactions -Disposal proceeds receivable of sale of subsidiaries, TRW and JFD - - - |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 7. CASH AND CASH EQUIVALENTS 2016 2015 Cash and bank balances $ 2,576,058 $ 7,229,197 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 8. INVENTORIES 2016 2015 Sleepy cods, prawns, eels and marble goby $ 481,509 $ 4,053,458 Beef and mutton 13,217,456 14,593,458 Bread grass 2,115,815 1,207,260 Beef cattle 6,814,132 7,336,228 Organic fertilizer 15,901,153 10,815,983 Forage for cattle and consumable 6,536,517 8,018,541 Raw materials for bread grass and organic fertilizer 15,829,424 15,440,348 Immature seeds 1,696,266 1,383,431 $ 62,592,272 $ 62,848,707 |
DEPOSITS AND PREPAYMENTS
DEPOSITS AND PREPAYMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expense and Other Assets [Abstract] | |
Deposits and Prepaid Expenses Disclosure [Text Block] | 9. DEPOSITS AND PREPAYMENTS 2016 2015 Deposits for - purchases of equipment $ 5,555,471 $ 4,963,245 - acquisition of land use rights 3,373,110 3,373,110 - inventories purchases 13,729,305 19,948,867 - aquaculture contracts 2,261,538 4,340,741 - consulting service providers and others 8,150,000 9,197,796 - construction in progress 13,719,339 20,243,172 - issue of shares as collateral 26,493,841 11,281,100 Prepayments - debts discounts and others 5,007,015 9,919,126 Shares issued for employee compensation and overseas professional and bond interest 3,982,812 544,772 Others 2,573,535 - $ 84,845,966 $ 83,811,929 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable Disclosure [Text Block] | 10. 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 December 31, 2016 and 2015. Bad debts written off for the years ended December 31, 2016, 2015 and 2014 are $ 0 Aging analysis of accounts receivable is as follows: 2016 2015 0 - 30 days $ 28,550,628 $ 49,190,282 31 - 90 days 29,905,888 29,280,990 91 - 120 days 39,219,847 19,838,792 over 120 days and less than 1 year 25,235,723 37,364,354 over 1 year - - $ 122,912,086 $ 135,674,418 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2016 | |
Other Receivable [Abstract] | |
Other Receivables Disclosure [Text Block] | OTHER RECEIVABLES 2016 2015 Advanced to employees $ 260,007 $ 169,369 Advanced to suppliers 9,428,841 8,052,235 Advanced to customers 19,469,256 20,696,433 Advanced to developers 13.400,128 28,000,000 Others 4,562,568 - Advanced to convertible bond holder - 2,862,550 $ 47,120,800 $ 59,780,587 Advanced to employees, suppliers, customers and developers are unsecured, interest free and with no fixed terms of repayment. The Company entered loan agreements with suppliers, customers and developers to assist them to procure project loans. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PLANT AND EQUIPMENT 2016 2015 Plant and machinery $ 6,022,686 $ 5,889,915 Structure and leasehold improvements 163,414,025 80,772,440 Mature seeds and herbage cultivation 28,781,286 14,122,937 Furniture and equipment 827,356 128,639 Motor vehicles 926,511 790,434 199,971,864 101,704,365 Less: Accumulated depreciation (10,244,637) (6,465,955) Net carrying amount $ 189,727,227 $ 95,238,410 Depreciation expenses were $ 4,141,629 2,866,527 2,457,131 |
NON-CURRENT ASSETS HELD FOR SAL
NON-CURRENT ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Long Lived Assets Held For Sale [Text Block] | 13. NON-CURRENT ASSETS HELD FOR SALE On August 15, 2016, an agreement had been executed by and between TRW and its JFD business partners to acquire their 25 100 215.94 99,990,000 3.41 23.89 56,947,005 2016 2015 Structure and leasehold improvements $ - $ 8,763,294 Furniture and equipment - 257,375 Net carrying amount $ - $ 9,020,669 |
CONSTRUCTION IN PROGRESS
CONSTRUCTION IN PROGRESS | 12 Months Ended |
Dec. 31, 2016 | |
Construction In Progress [Abstract] | |
Construction in Progress Disclosure [Text Block] | 14. CONSTRUCTION IN PROGRESS 2016 2015 Construction in progress - Office, warehouse and organic fertilizer plant in HSA $ 4,474,428 $ 26,158,968 - Oven room, road for production of dried flowers 3,603,863 3,079,766 - Organic fertilizer and bread grass production plant and office building 622,036 11,746,949 - Rangeland for beef cattle and office building 8,674,515 26,463,249 - Fish pond 17,782,371 5,339,837 $ 35,157,213 $ 72,788,769 |
LAND USE RIGHTS
LAND USE RIGHTS | 12 Months Ended |
Dec. 31, 2016 | |
Land Use Rights [Abstract] | |
Land Use Rights Disclosure [Text Block] | 15. 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 $ 6,408,289 180.26 2067 764,128 31.84 2068 12,040,571 84.5 2037 35,405,750 287.27 2071 528,240 21.09 2051 489,904 6.26 2023 4,453,665 33.28 2044 2016 2015 Cost $ 62,341,829 $ 65,961,071 Less: Accumulated amortization (8,668,139) (7,475,396) Net carrying amount $ 53,673,690 $ 58,485,675 Amount Balance 1.1.2014 $ 69,428,143 Exchange difference (3,467,072) Balance 12.31.2015 $ 65,961,071 Exchange difference (3,619,242) Balance 12.31.2016 $ 62,341,829 Land use rights are amortized on the straight-line basis over their respective lease periods. The lease period of agriculture land is 30 60 1,151,323 1,369,455 1,619,155 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | 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. 2016 2015 Goodwill from acquisition $ 724,940 $ 724,940 Less: Accumulated impairment losses - - Net carrying amount $ 724,940 $ 724,940 |
PROPRIETARY TECHNOLOGIES
PROPRIETARY TECHNOLOGIES | 12 Months Ended |
Dec. 31, 2016 | |
Proprietary Technologies [Abstract] | |
Proprietary Technologies Disclosure [Text Block] | 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 5,473,720 On March 6, 2012, MEIJI acquired an aromatic-feed formula technology for the production of aromatic cattle for $ 1,500,000 2,270,000 50 2,119,075 20 2016 2015 Cost $ 11,108,131 $ 13,771,527 Less: Accumulated amortization (1,017,434) (2,987,169) Net carrying amount $ 10,090,697 $ 10,784,358 Amortization of proprietary technologies was $ 564,905 581,369 591,102 |
INTERESTS IN UNCONSOLIDATED EQU
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES | 12 Months Ended |
Dec. 31, 2016 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 18. INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES 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 25 25 1,258,607 25 1,662,365 25 1,702,580 75 On August 15, 2016, an agreement had been executed by and between TRW and its JFD business partners to acquire their 25 100 99,990,000 3.41 disposal of $ 56,947,005 On May 6, 2016, SJAP invested in 30 HTIT 150,806 2016 2015 Investments at cost - TRW $ 83,869,286 $ - - HITT 144,154 - Amount due from a consolidated equity investee - TRW 55,120,003 - Share of post-acquisition profits - - $ 139,133,443 $ - |
LONG TERM INVESTMENT
LONG TERM INVESTMENT | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Investments [Abstract] | |
Investment Holdings [Text Block] | LONG TERM INVESTMENT 2016 2015 Investment in Huangyuan County Rural Credit Union $ 720,773 $ 769,941 Less: Accumulated impairment losses - - $ 720,773 $ 769,941 |
TEMPORARY DEPOSITS PAID TO ENTI
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES | 12 Months Ended |
Dec. 31, 2016 | |
Sino Joint Venture companies [Member] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 20. TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES Intended unincorporated Projects Investee Engaged 2016 2015 A Trade center * $ 4,086,941 $ 4,086,941 A Seafood center - 1,032,914 B Fish Farm 2 GaoQiqiang Aquaculture * 6,000,000 6,000,000 C Prawn farm 1 - 14,554,578 D Prawn farm 2 - 9,877,218 E Cattle farm 2 * 5,558,057 5,558,057 $ 15,644,998 $ 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 December 31, 2016, the percentages of equity stakes of A (trade and seafood centers), B (fish farm 2 GaoQiqiang Aquaculture Farm) and E (cattle farm 2) are 31 23 35 * 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 | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | 21. VARIABLE INTEREST ENTITY On September 28, 2009, APWAM acquired the PMH’s 45 SJAP 2,251,359 Continuous assessment of the VIE relationship with SJAP The Company may also have a controlling financial interest in an entity through an arrangement that does not involve voting interests, such as a VIE. The Company evaluates entities deemed to be VIE’s using a risk and reward model to determine whether to consolidate. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. The Company also quantitatively and qualitatively examined if SJAP is considered a VIE. Qualitative analyses considered the extent to which the nature of its variable interest exposed the Company to losses. For quantitative analyses, the Company also used internal cash flow models to determine if SJAP was a VIE and, if so, whether the Company was the primary beneficiary. The projection of these cash flows and probabilities thereof requires significant managerial judgment because of the inherent limitations that relate to the use of historical data for the projection of future events. On December 31, 2016, 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 December 31, 2016, 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 | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | 22 CONSTRUCTION CONTRACT (i) Costs and estimated earnings in excess of billings on uncompleted contracts 2016 2015 Costs $ 7,288,360 $ 6,487,032 Estimated earnings 5,846,890 10,995,534 Less: Billings (12,394,266) (16,175,681) Costs and estimated earnings in excess of billings on uncompleted contracts $ 740,984 $ 1,306,885 (ii) Billings in excess of costs and estimated earnings on uncompleted contracts 2016 2015 Billings $ 24,115,354 $ 146,830,043 Less: Costs (13,907,143) (85,092,860) Estimated earnings (7,577,459) (53,036,477) Billing in excess of costs and estimated earnings on uncompleted contracts $ 2,630,752 $ 8,700,706 (iii) Overall 2016 2015 Billings $ 36,509,620 $ 163,005,724 Less: Costs (21,195,503) (91,579,892) Estimated earnings (13,424,349) (64,032,011) Billing in excess of costs and estimated earnings on uncompleted contracts $ 1,889,768 $ 7,393,821 |
OTHER PAYABLES
OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | 23. OTHER PAYABLES 2016 2015 Due to third parties $ 451,195 $ 312,782 Due to debts loan 4,797,332 4,797,332 Promissory notes issued to third parties 11,192,117 2,200,000 Due to local government 713,565 2,279,797 $ 17,154,209 $ 9,589,911 Less: Amount classified as non-current liabilities Promissory notes issued to third parties (11,192,117) - Due to debts loan - (4,797,332) Amount classified as current liabilities $ 5,962,092 $ 4,792,579 Due to third parties are unsecured, interest free and have no fixed terms of repayment. During the year ended December 31, 2015, t he 753,304 6.96 8.91 4,797,332 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 24. BORROWINGS There are no provisions in the Company’s bank borrowings and long term debts that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business. Under certain agreements, the Company has the option to retire debt prior to maturity, either at par or at a premium over par. Short term bank loans Name of lender Interest rate Term 2016 2015 Agricultural Development Bank of China Huangyuan County Branch, January 3, 2014 - Xining City, Qinghai Province, the P.R.C. 6.4 % December 17, 2018 $ - $ 616,333 ‸*# Da Tong National Development Rural Bank Limited Da Tong County, Xining City, Qinghai Province, the P.R.C. July 14 ,2016 - 10 % May 28, 2017 2,883,090 ‸+ - Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C. October 28, 2015 - 4.785 % October 27, 2016 - 3,849,707 ‸* $ 2,883,090 $ 4,466,040 Long term debts and bank loan Name of lender Interest rate Term 2016 2015 GanGuo Village Committee Bo Huang Town Huangyuan County, Xining City, Qinghai Province, the P.R.C. June 2012 - 12.22 % June 2017 $ - $ 169,387 China Development Bank December 9, 2016 - Beijing City, the P.R,C. 5.39 % December 15, 2026 5,766,182 ‸*# - Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C. January 3, 2014 - 6.4 % December 17, 2018 - 2,001,848 ‸*# Less: The current portion reclassified as short term debts - (616,333) $ 5,766,182 $ 1,554,902 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 $ 416,973 436,253 + secured by property and equipment with net carrying amount of $ 1,036,889 0 secured by land use rights with net carrying amounts of $ 363,092 0 # repayable $ 72,078 216,232 288,308 432,464 432,464 720,773 720,773 1,441,545 1,441,545 616,333 616,333 769,182 |
NEGOTIABLE PROMISSORY NOTES
NEGOTIABLE PROMISSORY NOTES | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Promissory Notes Disclosure [Text Block] | 25. NEGOTIABLE PROMISSORY NOTES On August 29, 2015, TRW issued negotiable promissory notes to three fund companies and one individual for $ 3,450,000 2016 2015 Negotiable promissory notes $ 1,113,140 $ 865,968 Principal amount: $ 1,035,479 814,500 Interest payable: $ 77,661 51,468 Interest rate: 2.5 2.6 Default interest rate 15% venti o Interest payment Accrued interest on the principal amount shall be paid by cash in arrears on each interest payment date Issue date: August 29, 2015 October 12, 2015 Repayment date: Repaid in full within 283 calendar days from the issue of notes Conversion option: Notes holders can exercise at any time from and including the day falling 60 calendar days from the date of the notes, upon the note holders giving not less than 5 business day prior written notices to TRW and the Company, the principal amount shall be converted to shares of the Company. The TRW may at their own discretion choose to settle such conversion option with newly issue shares or existing shares, at their sole discretion. In the event a dividend, share split or consolidation or spin-off (each a Corporate Event") from the Company, the conversion price shall be adjusted to provide the same economic value to the notes holders as if such Corporate Event did not occur. Security: Corporate guarantee by the Company |
CONVERTIBLE NOTE PAYABLES
CONVERTIBLE NOTE PAYABLES | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Note Payable Disclosure [Text Block] | 26. CONVERTIBLE NOTE 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 Note 33,300,000 11,632,450 25 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 2016 2015 10.50% convertible note of maturity date February 28, 2020 $ 21,314,877 $ 34,904,739 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 of $0, $ 24,475 5,188 As of December 31, 2016, there was $ 18,183,267 32,666,666 3,131,610 2,238,073 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 0 1,500,000 0 0 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 27. SHAREHOLDERS’ EQUITY The Group’s share capital as of December 31, 2016 and 2015 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 0.001 100 1 100 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 Each outstanding share of the Series A Preferred Stock shall represent its proportionate share of the 80% (ii) ranks senior to common stockholders, holders of Series B convertible preferred stockholders and any other stockholders on liquidation. The Company has designated 100 100 The Series B convertible preferred stock: On March 22, 2010, the Company designated 7,000,000 0.001 7,000,000 7,000,000 9.90 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 March 27, 2013 3,000,000 9.9 0.001 7,000,000 707,070 There were 0 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 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 100 100 3.40 3,124,737 As a result, total issued and outstanding of Series F Non-Convertible Preferred Stock as of December 31, 2016 and 2015 are 0 100 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 9.9 for 1 17,171,716 22,727,272 During the year ended December 31, 2014, the Company issued (i) 2,734,625 13,006,373 3.96 10.40 270,586 1,318,947 130,568 4.26 555,827 4.26 400,008 3.96 7.43 2,763,618 3.96 9.90 1,681 9.49 15,951 During the year ended December 31, 2015, the Company issued (i) 100,000 868,000 8.68 132,000 270,586 753,304 6.96 8.91 4,797,332 1,135,000 8.75 12.50 7,600,000 153,392 11.13 75,002 14.20 47,787 15.20 726,315 7,000,000 707,070 514 10.97 During the year ended December 31, 2016, the Company (i) issued 1,199,068 5.98 7,169,823 132,787 5.98 794,066 2,461,247 6.96 8.91 5,765,476 4,797,332 1,200,000 4.85 5,820,000 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 22,727,273 27,000,000 The Company has 22,726,859 20,133,757 |
OBLIGATION UNDER OPERATING LEAS
OBLIGATION UNDER OPERATING LEASES | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 28. OBLIGATION UNDER OPERATING LEASES The Company leases (i) 2,178 634 March 31, 2019 5,081 12,733 July 8, 2018 1,555 226 May 1, 2018 Lease expenses were $ 174,429 179,201 159,300 Year ending December 31, 2017 $ 47,250 Year ending December 31, 2018 257,449 $ 304,699 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 29. STOCK BASED COMPENSATION On December 15, 2014, the Company issued to professionals a total of 80,739 The Company calculated stock based compensation of $ 3,419,752 659,686 2,760,066 510,066 750,000 1,500,000 On May 6, 2015, the Company issued to directors and employees a total of 47,787 The Company calculated stock based compensation of 3,486,428 3,123,247 363,181 363,181 On May 10, 2016, the Company issued directors and employees a total of 1,199,068 132,787 The Company calculated stock based compensation of $ 7,965,624 4,345,993 3,982,813 3,982,813 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | 30. CONTINGENCIES As of December 31, 2016 and 2015, 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. As of December 31, 2016 the Company entered into loan and pledge agreement with a Shanghai, P.R.C. based lender (the “lender”) The lender has various trading facilities and has agreed to allow the Company or its nominee to use parts of trading facilities up to an amount of $ 20 20 three 13,982,640 7,478,375 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | 31. RELATED PARTY TRANSACTIONS In addition to the transactions and balances as disclosed elsewhere in these consolidated financial statements, during the years ended December 31, 2016, 2015 and 2014, the Company had the following significant related party transactions:- Name of related party Nature of transactions Mr. Solomon Yip Included in due to a director, due to Mr. Solomon Yip Kun Lee is $ 2,070,390 211,247 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 32. 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. 2016 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 -continuing and discontinued operations $ 114,976,014 $ 66,355,530 $ 92,064,610 Net income used in computing basic earnings per share -continuing operations $ 43,980,766 $ 50,600,951 $ 66,283,626 Basic earnings per share - continuing and discontinued operations $ 5.46 $ 3.69 $ 5.81 Basic earnings per share - continuing operations $ 2.09 $ 2.81 $ 4.18 Basic weighted average shares outstanding 21,041,065 17,988,619 15,847,496 2016 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 - continuing and discontinued operations $ 114,976,014 $ 66,355,530 $ 92,064,610 Convertible note interest 893,537 571,667 - Net income used in computing diluted earnings per share $ 115,869,551 $ 66,927,197 $ 92,064,610 Diluted earnings per share - continuing and discontinued operations $ 5.00 $ 3.60 $ 5.56 2016 2015 2014 Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share - continuing operations $ 43,980,766 $ 50,600,951 $ 66,283,626 Convertible mote interest 893,537 571,667 - Net income used in computing diluted earnings per share $ 44,874,303 $ 51,172,618 $ 66,283,626 Diluted earnings per share continuing operations $ 1.93 $ 2.75 $ 4.00 Basic weighted average shares outstanding 21,041,065 17,988,619 15,847,496 Add: weight average of common stock converted from Series B Convertible preferred shares outstanding - - 707,070 weight average of common stock convertible from convertible note payables 2,153,018 587,622 - Diluted weighted average shares outstanding 23,194,083 18,576,241 16,554,566 For the years ended December 31, 2014 and 2013, full dilution effect of convertible note of $ 15,803,928 0 For the years ended December 31, 2016 and 2015, full dilution effect of convertible note of $ 21,314,877 35,413,573 For the years ended December 31, 2016, full dilution effect of negotiable promissory notes of $ 1,113,140 |
RESTATEMENT OF CONSOLIDATED FIN
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | 33. RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS T he Company has restated its consolidated statement of balance sheet, consolidated statement of income and other comprehensive income and consolidated of cash flows to correct an error related to accounting for disposal of the fishery division sale of goods of the company operated by subsidiaries -TRW and JFD as discontinued operations. CONSOLIDATED BALANCE SHEET SINO AGRO FOOD, INC. CONSOLIDATED BALANCE SHEET (EXTRACT) AS AT DECEMBER 31, 2016 2015 2015 Note As reported Prior year adjustment As restated Plant and equipment Plant and equipment, net of accumulated depreciation 12 $ 104,258,769 $ (9,020,669) $ 95,238,100 Non-currents assets held for sale 13 9,020,669 9,020,669 Construction in progress 14 72,788,769 72,788,769 Total plant and equipment $ 177,047,538 $ 177,047,538 Note: $ 9,020,669 CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME SINO AGRO FOOD, INC. CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (EXTRACT) FOR THE YEAR ENDED DECEMBER 31, 2016 Note 2015 Prior year 2015 2014 Prior year 2014 As reported adjustment (Restated) As reported adjustment (Restated) Continuing operations Revenue - Sale of goods $ 336,786,554 * $ (85,404,016) $ 251,382,538 $ 322,654,081 * $ (105,775,887) $ 216,878,194 - Consulting and service income from development contracts 90,374,144 90,374,144 80,112,541 80,112,541 - Commission income 1,892,786 1,892,786 1,567,751 1,567,751 429,053,484 343,649,468 404,334,373 298,558,486 Cost of goods sold (260,843,884) * 67,152,999 (193,690,885) (230,753,652) * 76,925,056 (153,828,596) Cost of services (57,046,350) (57,046,350) (44,241,900) (44,241,900) Gross profit 111,163,250 92,192,233 129,338,821 100,487,990 General and administrative expenses (18,640,717) * 896,395 (17,744,322) (15,616,278) * 612,961 (15,003,317) Net income from operations 92,522,533 75,167,911 113,722,543 85,484,673 Other income (expenses) Government grant 2,891,482 2,891,482 537,787 537,787 Other income 483,299 483,299 443,575 443,575 Gain on extinguishment of debts 4 132,000 132,000 270,586 270,586 Interest expense (4,270,322) * 619 (4,269,703) (761,299) * 238 (761,061) Net income (expenses) (763,541) (762,922) 490,649 490,887 Net income before income taxes 91,758,992 74,404,989 114,213,192 85,975,560 Provision for income taxes 5 - - - - Net income from continuing operations 91,758,992 74,404,989 114,213,192 85,975,560 Less: Net (income) loss attributable to non - controlling interest (25,403,462) 1,599,424 (23,804,038) (22,148,582) 2,456,648 (19,691,934) Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries 66,355,530 50,600,951 92,064,610 66,283,626 Discontinued operations Net income from discontinued operations 6 - 17,354,003 17,354,003 - 28,237,632 28,237,632 Net gain from disposal of subsidiaries, TRW and JFD 6 - - - - Less: Net (income) loss attributable to the non - controlling interest 6 - (1,599,424) - (2,456,648) Net income of discontinued operations attributable to the Sino Agro Food, Inc. and subsidiaries - 15,754,579 - 25,780,984 Net income attributable to the Sino Agro Food, Inc. and subsidiaries $ 66,355,530 $ 66,355,530 $ 92,064,610 $ 92,064,610 Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: - from continuing operations * Net income of discontinued operation -sale of fishery division of $ 17,354,006 28,237,632 CONSOLIDATED STATEMENT OF CASH FLOWS SINO AGRO FOOD, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (EXTRACT) FOR THE YEAR ENDED DECEMBER 31, 2016 2015 Prior year 2015 2014 Prior year 2014 As reported (Restated) As reported (Restated) Cash flows from operating activities Net income for the year $ 91,758,992 * $ (91,758,992) $ 114,213,192 * $ (114,213,192) - Continuing operations 74,404,989 $ 74,404,989 85,975,560 $ 85,975,560 - Discontinued operations 17,354,003 17,354,003 28,237,632 28,237,632 Adjustments to reconcile net income for the year to net cash from operations: Depreciation 2,866,527 2,866,527 2,457,131 2,457,131 Amortization 1,950,824 1,950,824 2,210,257 2,210,257 Gain on deemed disposal of subsidiaries - - - - Gain on extinguishment of debts (132,000) (132,000) (270,586) (270,586) Share based compensation costs 363,181 363,181 659,686 659,686 Other amortized cost arising from convertible notes and others 5,451,612 5,451,612 906,682 906,682 Changes in operating assets and liabilities: Decrease increase in inventories (16,880,714) (16,880,714) (37,819,790) (37,819,790) Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contacts (1,306,885) (1,306,885) 663,296 663,296 (Increase) decrease in deposits and prepaid expenses 4,651,244 4,651,244 (23,320,658) (23,320,658) (Decrease) increase in due to a director 3,005,115 3,005,115 3,488,291 3,488,291 (Decrease) increase in accounts payable and accrued expenses (12,793,276) (12,793,276) 11,083,641 11,083,641 Increase in other payables 3,691,261 3,691,261 13,933,571 13,933,571 Decrease (increase) in accounts receivable (31,171,347) (31,171,347) (22,445,129) (22,445,129) Increase in tax payable - - - - (Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts 640,126 640,126 4,913,624 4,913,624 Increase in amount due from unconsolidated equity investee - - - - Decrease (increase) in other receivables (7,475,327) (7,475,327) (48,522,489) (48,522,489) Net cash provided by operating activities $ 44,619,333 $ 44,619,333 $ 22,150,719 $ 22,150,719 * Net income for the year is split into: 2015 Continuing operations of 74,404,989 17,354,003 2014 Continuing operations of 85,975,560 28,237,632 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Reporting Entity Policy [Policy Text Block] | REPORTING ENTITIES Name of subsidiaries Place of incorporation Percentage of interest Principal activities Capital Award Inc. (“CA”) Belize 100 100 Capital Stage Inc. (“CS”) Belize 100 100 Capital Hero Inc. (“CH”) Belize 100 100 Sino Agro Food Sweden AB (“SAFS”) Sweden 100 100 Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C 100 100 A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100 100 Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C 75 75 HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City A Power Fishery Development Co., Limited (“JFD”) P.R.C. (2015: 75 (reclassified as Unconsolidated equity investee on October 5, 2016) Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75 75 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76 76 Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Tri-way Industries Limited (“TRW”) Hong Kong, P.R.C. (2015: 100%) held directly (reclassified as Unconsolidated equity investee on October 5, 2016) 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. Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. 45 45 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. 100 100 Name of unconsolidated investees Place of incorporation Percentage of interest Principal activities Tri-way Industries Limited (“TRW”) Hong Kong, P.R.C 23.89 100 (reclassified as Unconsolidated equity investee on October 5, 2016) 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. Jiang Men City A Power Fishery Development Co., Limited (“JFD”) P.R.C 100 (reclassified as unconsolidated equity investee on October 5, 2016) * In addition, according to investment agreement between QZH and QQI, (i) QQI only enjoyed interest 6 3 100 100 |
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 9.9 for 1 |
Consolidation, Policy [Policy Text Block] | 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. TRD and JFD were derecognized as subsidiaries on October 5, 2016. SIAF, CA, CS, CH, MEIJI, JHST, 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 the 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 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 ASC Revenue Recognition 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] | 2.10 SHIPPING AND HANDLING Shipping and handling costs related to cost of goods sold are included in general and administrative expenses, which totaled $ 20,160 31,311 23,010 |
Advertising Costs, Policy [Policy Text Block] | 2.11 ADVERTISING Advertising costs are included in general and administrative expenses, which totaled $ 2,621,537 2,795,633 2,379,831 |
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 $ 0 549,020 786,261 |
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. dollars. The functional currency of the Company is the Chinese Renminbi (RMB). For those entities whose functional currency is other than the U.S. dollars, 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 $ (4,335,355) 1,427,638 6.94 1.00 6.49 1.00 6.64 1.00 6.23 1.00 6.14 1.00 |
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 December 31, 2016 and December 31, 2015 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 PLANT AND EQUIPMENT Plant 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 plant 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. 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 plant 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 |
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 |
Proprietary Technologies Policy [Policy Text Block] | 2.20 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 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 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 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 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 60 |
Equity Method Investment [Policy Text Block] | 2.23 EQUITY METHOD INVESTMENTS 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 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. |
Corporate Joint Venture Policy [Policy Text Block] | 2.24 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] | 2.25 VARIABLE INTEREST ENTITY A variable interest entity (“ VIE (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] | 2.26 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. |
Discontinued Operations, Policy [Policy Text Block] | 2.27 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Property and equipment are not depreciated once classified as held for distribution. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated balance sheets. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: • represents a separate major line of business or geographical area of operations • is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations, or • is a subsidiary acquired exclusively with a view to resale Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of income and other comprehensive income. |
Income Tax, Policy [Policy Text Block] | 2.28 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] | 2.29 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] | 2.30 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 December 31, 2016 and 2015 amounted to $ 2,395,355 7,022,695 2016 2015 2014 Customer A 17.63 % - % - % Customer B 10.45 % 15.25 % 14.24 % Customer C 10.18 % - % - % Customer D 8.91 % 11.09 % 6.65 % Customer E 7.07 % 12.41 % 25.73 % Customer F - % 9.60 % 15.94 % Customer G - % 8.87 % 6.58 % 54.24 % 57.22 % 69.14 % Percentage of revenue Amount Customer A Organic Fertilizer and Bread Grass Division 17.63 % $ 76,578,139 Customer B Fishery Development Division 10.45 % $ 45,394,220 Customer C Fishery Division 10.18 % $ 44,208,890 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: 2016 2015 Customer A 19.61 % 10.12 % Customer B 18.11 % - % Customer C 12.83 % - % Customer D 7.52 % - % Customer D 5.96 % 11.31 % Customer E - % 13.71 % Customer F - % 9.31 % Customer F - % 8.45 % 64.03 % 52.90 % As of December 31, 2016, amounts due from customers A, B and C are $ 24,106,909 22,262,073 15,771,795 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | 2.31 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, during each reporting period. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is considered not recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. As of December 31, 2016 and 2015, the Company determined no impairment losses were necessary. |
Earnings Per Share, Policy [Policy Text Block] | 2.32 EARNINGS PER SHARE As prescribed in ASC Topic 260 “ Earnings per Share, EPS 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 years ended December 31, 2016, 2015, and 2014, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders for continuing and discontinued operations amounted to $ 5.46 3.69 5.81 5.00 3.60 5.56 For the years ended December 31, 2016, 2015, and 2014, basic earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders for continuing operations amounted to $ 2.09 2.81 4.18 1.93 2.75 4.00 |
Comprehensive Income, Policy [Policy Text Block] | 2.33 ACCUMULATED OTHER COMPREHENSIVE INCOME ASC Topic 220 “ Comprehensive Income” |
Postemployment Benefit Plans, Policy [Policy Text Block] | 2.34 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] | 2.35 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] | 2.36 FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value as of December 31, 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 fiscal years ended December 31, 2015, 2014 or 2013. |
New Accounting Pronouncements, Policy [Policy Text Block] | 2.37 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 January 2015, FASB issued ASU No. 2015-01, Income StatementExtraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In February 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, which simplifies presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU No. 2015-03 will be effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-03 did not have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash 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 ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 100 100 Capital Stage Inc. (“CS”) Belize 100 100 Capital Hero Inc. (“CH”) Belize 100 100 Sino Agro Food Sweden AB (“SAFS”) Sweden 100 100 Macau Eiji Company Limited (“MEIJI”) Macau, P.R.C 100 100 A Power Agro Agriculture Development (Macau) Limited (“APWAM”) Macau, P.R.C. 100 100 Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd (“JHST”) P.R.C 75 75 HylocereusUndatus Plantation (“HU Plantation”). Jiang Men City A Power Fishery Development Co., Limited (“JFD”) P.R.C. (2015: 75 (reclassified as Unconsolidated equity investee on October 5, 2016) Jiang Men City Hang Mei Cattle Farm Development Co., Limited (“JHMC”) P.R.C. 75 75 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) P.R.C. 76 76 Manufacturing of organic fertilizer, livestock feed, and beef cattle and sheep cultivation, and plantation of crops and pastures Tri-way Industries Limited (“TRW”) Hong Kong, P.R.C. (2015: 100%) held directly (reclassified as Unconsolidated equity investee on October 5, 2016) 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. Qinghai Sanjiang A Power Agriculture Co., Ltd (“SJAP”) P.R.C. 45 45 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. 100 100 Name of unconsolidated investees Place of incorporation Percentage of interest Principal activities Tri-way Industries Limited (“TRW”) Hong Kong, P.R.C 23.89 100 (reclassified as Unconsolidated equity investee on October 5, 2016) 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. Jiang Men City A Power Fishery Development Co., Limited (“JFD”) P.R.C 100 (reclassified as unconsolidated equity investee on October 5, 2016) * |
Schedule Of Property Plant Equipment Useful Life [Table Text Block] | 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 and E) whose business individually represented the following percentages of the Company’s total revenue for the period indicated: 2016 2015 2014 Customer A 17.63 % - % - % Customer B 10.45 % 15.25 % 14.24 % Customer C 10.18 % - % - % Customer D 8.91 % 11.09 % 6.65 % Customer E 7.07 % 12.41 % 25.73 % Customer F - % 9.60 % 15.94 % Customer G - % 8.87 % 6.58 % 54.24 % 57.22 % 69.14 % Percentage of revenue Amount Customer A Organic Fertilizer and Bread Grass Division 17.63 % $ 76,578,139 Customer B Fishery Development Division 10.45 % $ 45,394,220 Customer C Fishery Division 10.18 % $ 44,208,890 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: 2016 2015 Customer A 19.61 % 10.12 % Customer B 18.11 % - % Customer C 12.83 % - % Customer D 7.52 % - % Customer D 5.96 % 11.31 % Customer E - % 13.71 % Customer F - % 9.31 % Customer F - % 8.45 % 64.03 % 52.90 % |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2016 Continuing Discontinued Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 72,156,993 $ 13,318,582 $ 155,203,534 $ 29,837,560 $ 72,429,083 $ 61,402,763 $ 404,348,515 Net income (loss) $ 22,429,776 $ 3,507,783 $ 18,416,950 $ 2,905,449 $ (3,279,192) $ 70,995,248 $ 114,976,014 Total assets $ 87,688,839 $ 47,051,841 $ 325,639,821 $ 52,267,765 $ 253,012,881 $ - $ 765,661,147 2015 Continuing Discontinued operation operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 88,480,956 $ 13,674,894 $ 164,565,027 $ 35,272,834 $ 41,655,757 $ 85,404,016 $ 429,053,484 Net income (loss) $ 31,066,248 $ 5,198,917 $ 16,669,323 $ 2,752,147 $ (5,085,684) $ 15,754,579 $ 66,355,530 Total assets $ 143,408,415 $ 54,867,488 $ 297,805,297 $ 48,258,274 $ 86,214,050 $ 9,020,669 $ 639,574,193 2014 Continuing Discontinued operation operation Fishery Organic Fertilizer Cattle Farm Fishery Development HU Plantation and Bread Grass Development Corporate and Development Division(1) Division (2) Division (3) Division (4) others (5) Division(1) Total Revenue $ 76,750,308 $ 11,086,275 $ 122,041,511 $ 32,891,161 $ 55,789,231 $ 105,775,887 $ 404,334,373 Net income (loss) $ 27,360,538 $ 3,852,659 $ 27,929,319 $ 2,916,940 $ 4,224,170 $ 25,780,984 $ 92,064,610 Total assets $ 131,155,150 $ 53,220,509 $ 244,014,073 $ 47,753,495 $ 49,149,387 $ 7,394,275 $ 532,686,889 Note (1) Operated by Capital Award, Inc. (“CA”) and Jiang Men City A Power Fishery Development Co., Limited (“JFD”). On September 30, 2016, part of JFD was disposed from the Company. (2) Operated by Jiang Men 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 Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company 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:- 2016 Continuing Discontinued operations operations Organic Fishery Fertilizer and Cattle Farm Fishery Development HU Plantation Bread Grass Development Corporate and Development Division (1) Division (2) Division (3) Division (4) others (6) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 61,402,763 $ 61,402,763 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 13,318,582 - - - - 13,318,582 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 20,618,734 - - - 20,618,734 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 45,462,110 - - - 45,462,110 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 89,122,690 - - - 89,122,690 Macau Eiji Company Limited (“MEIJI”) - - - 29,837,560 - - 29,837,560 Sino Agro Food, Inc. (“SIAF”) - - - - 72,429,083 - 72,429,083 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 71,107,794 - - - - - 71,107,794 Sino Agro Food, Inc. (“SIAF”) - - - - - - - Commission and management fee Capital Award, Inc. (“CA”) 1,049,199 - - - - - 1,049,199 $ 72,156,993 $ 13,318,582 $ 155,203,534 $ 29,837,560 $ 72,429,083 $ 61,402,763 $ 404,348,515 Further analysis of revenue:- 2015 Continuing Discontinued operations operations Organic Fishery Fertilizer and Cattle Farm Fishery Development HU Plantation Bread Grass Development Corporate and Development Division (1) Division (2) Division (3) Division (4) others (6) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 85,404,016 $ 85,404,016 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 13,674,894 - - - - $ 13,674,894 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 19,967,383 - - - 19,967,383 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 86,973,719 - - - 86,973,719 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 57,623,925 - - - 57,623,925 Macau Eiji Company Limited (“MEIJI”) - - - 35,272,834 - - 35,272,834 Sino Agro Food, Inc. (“SIAF”) - - - - 37,869,783 - 37,869,783 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 86,588,170 - - - - - 86,588,170 Sino Agro Food, Inc. (“SIAF”) - - - - 3,785,974 - 3,785,974 Commission and management fee Capital Award, Inc. (“CA”) 1,892,786 - - - - - 1,892,786 $ 88,480,956 $ 13,674,894 $ 164,565,027 $ 35,272,834 $ 41,655,757 $ 85,404,016 $ 429,053,484 2014 Continuing Discontinued operations operations Organic Fishery Fertilizer and Cattle Farm Fishery Development HU Plantation Bread Grass Development Corporate and Development Division (1) Division (2) Division (3) Division (4) others (6) Division Total Name of entity $ - $ - $ - $ - $ - $ 105,775,887 $ 105,775,887 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 11,086,275 - - - - 11,086,275 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 20,005,179 - - - 20,005,179 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 88,827,545 - - - 88,827,545 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 13,208,787 - - - 13,208,787 Macau Eiji Company Limited (“MEIJI”) - - - 32,891,161 - - 32,891,161 Sino Agro Food, Inc. (“SIAF”) - - - - 50,859,247 - 50,859,247 Consulting and service income for development contracts Capital Award, Inc. (“CA”) 75,182,557 - - - - - 75,182,557 Sino Agro Food, Inc. (“SIAF”) - - - - 4,929,984 - 4,929,984 Commission and management fee Capital Award, Inc. (“CA”) 1,567,751 - - - - - 1,567,751 $ 76,750,308 $ 11,086,275 $ 122,041,511 $ 32,891,161 $ 55,789,231 105,775,887 $ 404,334,373 Further analysis of cost of goods sold and cost of services:- COST OF GOODS SOLD 2016 Continuing Discontinued Fishery HU Organic Cattle Farm Corporate Fishery Total Name of entity $ - $ - $ - $ - $ - $ 45,742,523 $ 45,742,523 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 6,274,906 - - - - 6,274,906 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 12,459,371 - - - 12,459,371 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 30,553,572 - - - 30,553,572 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 70,283,492 - - - 70,283,492 Macau Eiji Company Limited (“MEIJI”) - - - 28,299,710 - - 28,299,710 Sino Agro Food, Inc. (“SIAF”) - - - - 63,722,723 - 63,722,723 $ - $ 6,274,906 $ 113,296,435 $ 28,299,710 $ 63,722,723 $ 45,742,523 $ 257,336,297 COST OF SERVICES 2016 Continuing Discontinued operation operation Fishery HU Plantation Organic Cattle Farm Corporate Fishery Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 47,415,205 $ - $ - $ - $ - $ - $ 47,415,205 Sino Agro Food, Inc. (“SIAF”) - - - - - - - $ 47,415,205 $ - $ - $ - $ - $ - $ 47,415,205 COST OF GOODS SOLD 2015 Continuing Discontinued Organic Fishery HU Fertilizer and Cattle Farm Corporate Fishery Development Plantation Bread Grass Development and others Development Division (1) Division (2) Division (3) Division (4) (5) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 67,152,999 $ 67,152,999 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 4,382,965 $ - - - - 4,382,965 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 11,510,644 - - 11,510,644 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 68,719,888 - - 68,719,888 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 42,548,711 - - 42,548,711 Macau Eiji Company Limited (“MEIJI”) - - - 33,403,353 - 33,403,353 Sino Agro Food, Inc. (“SIAF”) - - - - 33,125,324 33,125,324 $ - $ 4,382,965 $ 122,779,243 $ 33,403,353 $ 33,125,324 $ 67,152,999 $ 260,843,884 COST OF SERVICES 2015 Continuing Discontinued Fishery HU Organic Cattle Farm Corporate Fishery Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 55,641,537 $ - $ - $ - $ - $ - $ 55,641,537 Sino Agro Food, Inc. (“SIAF”) - - - - 1,404,813 - 1,404,813 $ 55,641,537 $ - $ - $ - $ 1,404,813 $ - $ 57,046,350 COST OF GOODS SOLD 2014 Continuing Discontinued Organic Fishery HU Fertilizer and Cattle Farm Fishery Development Plantation Bread Grass Development Corporate and Development Division (1) Division(2) Division (3) Division (4) others (6) Division (1) Total Name of entity $ - $ - $ - $ - $ - $ 76,925,056 $ 76,925,056 Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited (“JHST”) - 3,334,857 - - - 3,334,857 Hunan Shenghua A Power Agriculture Co., Limited (“HSA”) - - 11,261,482 - - 11,261,482 Qinghai Sanjiang A Power Agriculture Co., Limited (“SJAP”) - - 61,871,146 - - - 61,871,146 Qinghai Zhong He Meat Products Co., Limited (“QZH”) - - 9,353,132 - - - 9,353,132 Macau Eiji Company Limited (“MEIJI”) - - - 31,151,084 - - 31,151,084 Sino Agro Food, Inc. (“SIAF”) - - - - 36,856,895 - 36,856,895 $ - $ 3,334,857 $ 82,485,760 $ 31,151,084 $ 36,856,895 $ 76,925,056 $ 230,753,652 COST OF SERVICES 2014 Continuing Discontinued Fishery HU Organic Cattle Farm Corporate and Fishery Total Name of entity Consulting and service income for development contracts Capital Award, Inc. (“CA”) $ 39,387,359 $ - $ - $ - $ - $ - $ 39,387,359 Sino Agro Food, Inc. (“SIAF”) - - - - 4,854,541 - 4,854,541 $ 39,387,359 $ - $ - $ - $ 4,854,541 $ - $ 44,241,900 |
GAIN ON EXTINGUISHMENT OF DEB43
GAIN ON EXTINGUISHMENT OF DEBTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Extinguishment of Debt Disclosures [Abstract] | |
Schedule of Extinguishment of Debt [Table Text Block] | 2016 2015 2014 Total amounts of debts to be settled $ - $ 1,000,000 $ 13,006,375 Less: Aggregate market fair value of 0 (2015: 100,000) (2014: 2,734,626) shares of common stock in exchange of the above debts for debts extinguishment - (868,000) (12,735,789) Gain on extinguishment of debts $ - $ 132,000 $ 270,586 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 SIAF $ - $ - $ - SAFS 1,130 - - TRW - - - MEIJI and APWAM - - - JHST, JFD, JHMC, SJAP, QZH and HSA - - - $ 1,130 $ - $ - |
NET INCOME FROM DISCONTINUED 45
NET INCOME FROM DISCONTINUED OPEARTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Disposal Groups Including Discontinued Operations Income Statement [Table Text Block] | (a) Net income from discontinued operations 2016 2015 2014 Revenue -Sale of goods $ 61,402,763 $ 85,404,016 $ 105,775,887 Cost of sales (45,742,523 ) (67,152,999 ) (76,925,056 ) Gross profit 15,660,240 18,251,017 28,850,831 General and administrative expenses (791,347 ) (896,395 ) (612,961 ) Net income from operations 14,868,893 17,354,622 28,237,870 Interest income/(expenses) 323 (619 ) (238 ) Income before tax from discontinued operations 14,869,216 17,354,003 28,237,632 Net gain from deemed disposal of subsidiaries, TRW and JFD 56,947,005 - - Net income before taxes 71,816,221 17,354,003 28,237,632 Provision for income taxes - - - Net income from discontinued operations 71,816,221 17,354,003 28,237,632 Less: Net income attributable to the non-controlling interest (820,973 ) (1,599,424 ) (2,456,648 ) Net income from discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries $ 70,995,248 $ 15,754,579 $ 25,780,984 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (b) Net gain from deemed disposal of subsidiaries due to loss of control over TRW and JFD Fair value of interest retained in subsidiaries, TRW and JFD $ 81,367,997 Less Amounts recognized prior to disposal Net assets of Tri-Way Industries Limited group $ 32,353,015 Less: Non-controlling interest at disposal (8,088,254 ) 24,264,761 57,103,236 Cumulative exchange loss in respect of net assets of subsidiaries reclassified from other comprehensive income (156,231 ) Net gain from deemed disposal of subsidiaries, TRW and JFD $ 56,947,005 (c) Consideration received from deemed disposal of subsidiaries due to loss of control over TRW and JFD $ - |
Schedule Of Disposal Groups Including Discontinued Operations Balance Sheets [Table Text Block] | (d) Consolidated assets and liabilities of subsidiaries, TRW and JFD as of October 5, 2016 ASSETS Current assets Amount due from SIAF 23,971,907 Total current assets 23,971,907 Non-current assets held for sale - Plant and equipment 8,381,108 Total non-current assets held for sale 8,381,108 Total assets $ 32,353,015 Net assets of subsidiaries, TRW and JFD as of October 5, 2016 disposed of $ 32,353,015 |
Schedule Of Disposal Groups Including Discontinued Operations Cash Flow Statement [Table Text Block] | (e) Net cash outflow on deemed disposal of subsidiaries, TRW and JFD 2016 Cash and cash equivalents disposed of $ - Net cash outflow on deemed disposal of subsidiaries TRW and JFD $ - (f) Detailed cash flow from discontinued operations 2016 2015 2014 Cash flows from operating activities Net income for the year $ 71,816,221 $ 17,354,003 $ 28,237,632 Adjustments to reconcile net loss to net cash from operations: Gain on deemed disposal of subsidiaries (56,947,005 ) - - Changes in operating assets and liabilities: (8,140,484 ) (11,219,136 ) (27,299,147 ) Net cash provided by operating activities 6,728,732 6,134,867 938,485 Cash flows from investing activities Payment for construction in progress (11,388,334 ) - - Acquisition of property, plant and equipment (324 ) (1,629,846 ) (848,573 ) Net cash used in investing activities (11,388,658 ) (1,629,846 ) (848,573 ) Increase in cash and cash equivalents (4,659,926 ) 4,505,021 89,912 Cash and cash equivalents, beginning of period/ year 4,659,926 154,905 64,993 Cash and cash equivalents, end of period/ year $ - $ 4,659,926 $ 154,905 Supplementary of disclosures of cash flow information Cash paid for interest $ - $ 619 $ 238 Cash paid for income taxes $ - $ - - Non-cash transactions -Disposal proceeds receivable of sale of subsidiaries, TRW and JFD - - - |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | 2016 2015 Cash and bank balances $ 2,576,058 $ 7,229,197 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, 2016, inventories are as follows: 2016 2015 Sleepy cods, prawns, eels and marble goby $ 481,509 $ 4,053,458 Beef and mutton 13,217,456 14,593,458 Bread grass 2,115,815 1,207,260 Beef cattle 6,814,132 7,336,228 Organic fertilizer 15,901,153 10,815,983 Forage for cattle and consumable 6,536,517 8,018,541 Raw materials for bread grass and organic fertilizer 15,829,424 15,440,348 Immature seeds 1,696,266 1,383,431 $ 62,592,272 $ 62,848,707 |
DEPOSITS AND PREPAYMENTS (Table
DEPOSITS AND PREPAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expense and Other Assets [Abstract] | |
Schedule Of Deposits and Prepaid Expenses [Table Text Block] | 2016 2015 Deposits for - purchases of equipment $ 5,555,471 $ 4,963,245 - acquisition of land use rights 3,373,110 3,373,110 - inventories purchases 13,729,305 19,948,867 - aquaculture contracts 2,261,538 4,340,741 - consulting service providers and others 8,150,000 9,197,796 - construction in progress 13,719,339 20,243,172 - issue of shares as collateral 26,493,841 11,281,100 Prepayments - debts discounts and others 5,007,015 9,919,126 Shares issued for employee compensation and overseas professional and bond interest 3,982,812 544,772 Others 2,573,535 - $ 84,845,966 $ 83,811,929 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Past Due Financing Receivables [Table Text Block] | 2016 2015 0 - 30 days $ 28,550,628 $ 49,190,282 31 - 90 days 29,905,888 29,280,990 91 - 120 days 39,219,847 19,838,792 over 120 days and less than 1 year 25,235,723 37,364,354 over 1 year - - $ 122,912,086 $ 135,674,418 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Receivable [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | 2016 2015 Advanced to employees $ 260,007 $ 169,369 Advanced to suppliers 9,428,841 8,052,235 Advanced to customers 19,469,256 20,696,433 Advanced to developers 13.400,128 28,000,000 Others 4,562,568 - Advanced to convertible bond holder - 2,862,550 $ 47,120,800 $ 59,780,587 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 (Restated) Plant and machinery $ 6,022,686 $ 5,889,915 Structure and leasehold improvements 163,414,025 80,772,440 Mature seeds and herbage cultivation 28,781,286 14,122,937 Furniture and equipment 827,356 128,639 Motor vehicles 926,511 790,434 199,971,864 101,704,365 Less: Accumulated depreciation (10,244,637) (6,465,955) Net carrying amount $ 189,727,227 $ 95,238,410 |
NON-CURRENT ASSETS HELD FOR S52
NON-CURRENT ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | As a result, property and equipment of TRW and JFD was reclassified as non-current assets held for sale 2016 2015 Structure and leasehold improvements $ - $ 8,763,294 Furniture and equipment - 257,375 Net carrying amount $ - $ 9,020,669 |
CONSTRUCTION IN PROGRESS (Table
CONSTRUCTION IN PROGRESS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Construction In Progress [Abstract] | |
Schedule Of Construction In progress [Table Text Block] | 2016 2015 Construction in progress - Office, warehouse and organic fertilizer plant in HSA $ 4,474,428 $ 26,158,968 - Oven room, road for production of dried flowers 3,603,863 3,079,766 - Organic fertilizer and bread grass production plant and office building 622,036 11,746,949 - Rangeland for beef cattle and office building 8,674,515 26,463,249 - Fish pond 17,782,371 5,339,837 $ 35,157,213 $ 72,788,769 |
LAND USE RIGHTS (Tables)
LAND USE RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Land Use Rights [Abstract] | |
Land Use Rights [Table Text Block] | 2016 2015 Cost $ 62,341,829 $ 65,961,071 Less: Accumulated amortization (8,668,139) (7,475,396) Net carrying amount $ 53,673,690 $ 58,485,675 |
Schedule Of Land Use Rights Including Foreign Currency Adjustments [Table Text Block] | Amount Balance 1.1.2014 $ 69,428,143 Exchange difference (3,467,072) Balance 12.31.2015 $ 65,961,071 Exchange difference (3,619,242) Balance 12.31.2016 $ 62,341,829 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | 2016 2015 Goodwill from acquisition $ 724,940 $ 724,940 Less: Accumulated impairment losses - - Net carrying amount $ 724,940 $ 724,940 |
PROPRIETARY TECHNOLOGIES (Table
PROPRIETARY TECHNOLOGIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Proprietary Technologies [Abstract] | |
Schedule Of Proprietary Technologies [Table Text Block] | 2016 2015 Cost $ 11,108,131 $ 13,771,527 Less: Accumulated amortization (1,017,434) (2,987,169) Net carrying amount $ 10,090,697 $ 10,784,358 |
INTERESTS IN UNCONSOLIDATED E57
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guangzhou Horan Taita Information Technology Co., Limited [Member] | |
Equity Method Investments [Table Text Block] | 2016 2015 Investments at cost - TRW $ 83,869,286 $ - - HITT 144,154 - Amount due from a consolidated equity investee - TRW 55,120,003 - Share of post-acquisition profits - - $ 139,133,443 $ - |
LONG TERM INVESTMENT (Tables)
LONG TERM INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Table Text Block] | 2016 2015 Investment in Huangyuan County Rural Credit Union $ 720,773 $ 769,941 Less: Accumulated impairment losses - - $ 720,773 $ 769,941 |
TEMPORARY DEPOSITS PAID TO EN59
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Sino Joint Venture companies [Member] | |
Equity Method Investments [Table Text Block] | Intended unincorporated Projects Investee Engaged 2016 2015 A Trade center * $ 4,086,941 $ 4,086,941 A Seafood center - 1,032,914 B Fish Farm 2 GaoQiqiang Aquaculture * 6,000,000 6,000,000 C Prawn farm 1 - 14,554,578 D Prawn farm 2 - 9,877,218 E Cattle farm 2 * 5,558,057 5,558,057 $ 15,644,998 $ 41,109,708 * 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. |
CONSTRUCTION CONTRACT (Tables)
CONSTRUCTION CONTRACT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 Costs $ 7,288,360 $ 6,487,032 Estimated earnings 5,846,890 10,995,534 Less: Billings (12,394,266) (16,175,681) Costs and estimated earnings in excess of billings on uncompleted contracts $ 740,984 $ 1,306,885 (ii) Billings in excess of costs and estimated earnings on uncompleted contracts 2016 2015 Billings $ 24,115,354 $ 146,830,043 Less: Costs (13,907,143) (85,092,860) Estimated earnings (7,577,459) (53,036,477) Billing in excess of costs and estimated earnings on uncompleted contracts $ 2,630,752 $ 8,700,706 (iii) Overall 2016 2015 Billings $ 36,509,620 $ 163,005,724 Less: Costs (21,195,503) (91,579,892) Estimated earnings (13,424,349) (64,032,011) Billing in excess of costs and estimated earnings on uncompleted contracts $ 1,889,768 $ 7,393,821 |
OTHER PAYABLES (Tables)
OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Payables [Table Text Block] | 2016 2015 Due to third parties $ 451,195 $ 312,782 Due to debts loan 4,797,332 4,797,332 Promissory notes issued to third parties 11,192,117 2,200,000 Due to local government 713,565 2,279,797 $ 17,154,209 $ 9,589,911 Less: Amount classified as non-current liabilities Promissory notes issued to third parties (11,192,117) - Due to debts loan - (4,797,332) Amount classified as current liabilities $ 5,962,092 $ 4,792,579 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Short term bank loans Name of lender Interest rate Term 2016 2015 Agricultural Development Bank of China Huangyuan County Branch, January 3, 2014 - Xining City, Qinghai Province, the P.R.C. 6.4 % December 17, 2018 $ - $ 616,333 ‸*# Da Tong National Development Rural Bank Limited Da Tong County, Xining City, Qinghai Province, the P.R.C. July 14 ,2016 - 10 % May 28, 2017 2,883,090 ‸+ - Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C. October 28, 2015 - 4.785 % October 27, 2016 - 3,849,707 ‸* $ 2,883,090 $ 4,466,040 Long term debts and bank loan Name of lender Interest rate Term 2016 2015 GanGuo Village Committee Bo Huang Town Huangyuan County, Xining City, Qinghai Province, the P.R.C. June 2012 - 12.22 % June 2017 $ - $ 169,387 China Development Bank December 9, 2016 - Beijing City, the P.R,C. 5.39 % December 15, 2026 5,766,182 ‸*# - Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C. January 3, 2014 - 6.4 % December 17, 2018 - 2,001,848 ‸*# Less: The current portion reclassified as short term debts - (616,333) $ 5,766,182 $ 1,554,902 ‸ personal and corporate guaranteed by third parties. * secured by land use rights with net carrying amount of $ 416,973 436,253 + secured by property and equipment with net carrying amount of $ 1,036,889 0 secured by land use rights with net carrying amounts of $ 363,092 0 # repayable $ 72,078 216,232 288,308 432,464 432,464 720,773 720,773 1,441,545 1,441,545 616,333 616,333 769,182 |
NEGOTIABLE PROMISSORY NOTES (Ta
NEGOTIABLE PROMISSORY NOTES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Promissory Notes Payable [Table Text Block] | 2016 2015 Negotiable promissory notes $ 1,113,140 $ 865,968 |
CONVERTIBLE NOTE PAYABLES (Tabl
CONVERTIBLE NOTE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Debt [Table Text Block] | 2016 2015 10.50% convertible note of maturity date February 28, 2020 $ 21,314,877 $ 34,904,739 |
OBLIGATION UNDER OPERATING LE65
OBLIGATION UNDER OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments as of December 31, 2016, are as follows: Year ending December 31, 2017 $ 47,250 Year ending December 31, 2018 257,449 $ 304,699 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 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 -continuing and discontinued operations $ 114,976,014 $ 66,355,530 $ 92,064,610 Net income used in computing basic earnings per share -continuing operations $ 43,980,766 $ 50,600,951 $ 66,283,626 Basic earnings per share - continuing and discontinued operations $ 5.46 $ 3.69 $ 5.81 Basic earnings per share - continuing operations $ 2.09 $ 2.81 $ 4.18 Basic weighted average shares outstanding 21,041,065 17,988,619 15,847,496 2016 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 - continuing and discontinued operations $ 114,976,014 $ 66,355,530 $ 92,064,610 Convertible note interest 893,537 571,667 - Net income used in computing diluted earnings per share $ 115,869,551 $ 66,927,197 $ 92,064,610 Diluted earnings per share - continuing and discontinued operations $ 5.00 $ 3.60 $ 5.56 2016 2015 2014 Numerator for basic earnings per share attributable to the Company’s common stockholders: Net income used in computing basic earnings per share - continuing operations $ 43,980,766 $ 50,600,951 $ 66,283,626 Convertible mote interest 893,537 571,667 - Net income used in computing diluted earnings per share $ 44,874,303 $ 51,172,618 $ 66,283,626 Diluted earnings per share continuing operations $ 1.93 $ 2.75 $ 4.00 Basic weighted average shares outstanding 21,041,065 17,988,619 15,847,496 Add: weight average of common stock converted from Series B Convertible preferred shares outstanding - - 707,070 weight average of common stock convertible from convertible note payables 2,153,018 587,622 - Diluted weighted average shares outstanding 23,194,083 18,576,241 16,554,566 |
RESTATEMENT OF CONSOLIDATED F67
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | he Company has restated its consolidated statement of balance sheet, consolidated statement of income and other comprehensive income and consolidated of cash flows to correct an error related to accounting for disposal of the fishery division sale of goods of the company operated by subsidiaries -TRW and JFD as discontinued operations. CONSOLIDATED BALANCE SHEET SINO AGRO FOOD, INC. CONSOLIDATED BALANCE SHEET (EXTRACT) AS AT DECEMBER 31, 2016 2015 2015 Note As reported Prior year adjustment As restated Plant and equipment Plant and equipment, net of accumulated depreciation 12 $ 104,258,769 $ (9,020,669) $ 95,238,100 Non-currents assets held for sale 13 9,020,669 9,020,669 Construction in progress 14 72,788,769 72,788,769 Total plant and equipment $ 177,047,538 $ 177,047,538 Note: $ 9,020,669 CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME SINO AGRO FOOD, INC. CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (EXTRACT) FOR THE YEAR ENDED DECEMBER 31, 2016 Note 2015 Prior year 2015 2014 Prior year 2014 As reported adjustment (Restated) As reported adjustment (Restated) Continuing operations Revenue - Sale of goods $ 336,786,554 * $ (85,404,016) $ 251,382,538 $ 322,654,081 * $ (105,775,887) $ 216,878,194 - Consulting and service income from development contracts 90,374,144 90,374,144 80,112,541 80,112,541 - Commission income 1,892,786 1,892,786 1,567,751 1,567,751 429,053,484 343,649,468 404,334,373 298,558,486 Cost of goods sold (260,843,884) * 67,152,999 (193,690,885) (230,753,652) * 76,925,056 (153,828,596) Cost of services (57,046,350) (57,046,350) (44,241,900) (44,241,900) Gross profit 111,163,250 92,192,233 129,338,821 100,487,990 General and administrative expenses (18,640,717) * 896,395 (17,744,322) (15,616,278) * 612,961 (15,003,317) Net income from operations 92,522,533 75,167,911 113,722,543 85,484,673 Other income (expenses) Government grant 2,891,482 2,891,482 537,787 537,787 Other income 483,299 483,299 443,575 443,575 Gain on extinguishment of debts 4 132,000 132,000 270,586 270,586 Interest expense (4,270,322) * 619 (4,269,703) (761,299) * 238 (761,061) Net income (expenses) (763,541) (762,922) 490,649 490,887 Net income before income taxes 91,758,992 74,404,989 114,213,192 85,975,560 Provision for income taxes 5 - - - - Net income from continuing operations 91,758,992 74,404,989 114,213,192 85,975,560 Less: Net (income) loss attributable to non - controlling interest (25,403,462) 1,599,424 (23,804,038) (22,148,582) 2,456,648 (19,691,934) Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries 66,355,530 50,600,951 92,064,610 66,283,626 Discontinued operations Net income from discontinued operations 6 - 17,354,003 17,354,003 - 28,237,632 28,237,632 Net gain from disposal of subsidiaries, TRW and JFD 6 - - - - Less: Net (income) loss attributable to the non - controlling interest 6 - (1,599,424) - (2,456,648) Net income of discontinued operations attributable to the Sino Agro Food, Inc. and subsidiaries - 15,754,579 - 25,780,984 Net income attributable to the Sino Agro Food, Inc. and subsidiaries $ 66,355,530 $ 66,355,530 $ 92,064,610 $ 92,064,610 Earnings per share attributable to Sino Agro Food, Inc. and subsidiaries common stockholders: - from continuing operations * Net income of discontinued operation -sale of fishery division of $ 17,354,006 28,237,632 CONSOLIDATED STATEMENT OF CASH FLOWS SINO AGRO FOOD, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (EXTRACT) FOR THE YEAR ENDED DECEMBER 31, 2016 2015 Prior year 2015 2014 Prior year 2014 As reported (Restated) As reported (Restated) Cash flows from operating activities Net income for the year $ 91,758,992 * $ (91,758,992) $ 114,213,192 * $ (114,213,192) - Continuing operations 74,404,989 $ 74,404,989 85,975,560 $ 85,975,560 - Discontinued operations 17,354,003 17,354,003 28,237,632 28,237,632 Adjustments to reconcile net income for the year to net cash from operations: Depreciation 2,866,527 2,866,527 2,457,131 2,457,131 Amortization 1,950,824 1,950,824 2,210,257 2,210,257 Gain on deemed disposal of subsidiaries - - - - Gain on extinguishment of debts (132,000) (132,000) (270,586) (270,586) Share based compensation costs 363,181 363,181 659,686 659,686 Other amortized cost arising from convertible notes and others 5,451,612 5,451,612 906,682 906,682 Changes in operating assets and liabilities: Decrease increase in inventories (16,880,714) (16,880,714) (37,819,790) (37,819,790) Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contacts (1,306,885) (1,306,885) 663,296 663,296 (Increase) decrease in deposits and prepaid expenses 4,651,244 4,651,244 (23,320,658) (23,320,658) (Decrease) increase in due to a director 3,005,115 3,005,115 3,488,291 3,488,291 (Decrease) increase in accounts payable and accrued expenses (12,793,276) (12,793,276) 11,083,641 11,083,641 Increase in other payables 3,691,261 3,691,261 13,933,571 13,933,571 Decrease (increase) in accounts receivable (31,171,347) (31,171,347) (22,445,129) (22,445,129) Increase in tax payable - - - - (Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts 640,126 640,126 4,913,624 4,913,624 Increase in amount due from unconsolidated equity investee - - - - Decrease (increase) in other receivables (7,475,327) (7,475,327) (48,522,489) (48,522,489) Net cash provided by operating activities $ 44,619,333 $ 44,619,333 $ 22,150,719 $ 22,150,719 * Net income for the year is split into: 2015 Continuing operations of 74,404,989 17,354,003 2014 Continuing operations of 85,975,560 28,237,632 |
CORPORATE INFORMATION (Details
CORPORATE INFORMATION (Details Textual) - USD ($) | Oct. 05, 2016 | Aug. 15, 2016 | Aug. 24, 2007 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Oct. 01, 2016 | Nov. 12, 2013 | Sep. 30, 2012 | Sep. 17, 2012 | Apr. 01, 2012 | Jan. 02, 2012 | Nov. 17, 2011 | Jul. 18, 2011 | Feb. 28, 2011 | May 07, 2010 | Sep. 30, 2009 | May 25, 2009 | Nov. 26, 2008 | Nov. 27, 2007 | Sep. 05, 2007 |
Entity Information [Line Items] | ||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,232,323 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | |||||||||||||||||||||
Equity Method Investments | $ 139,133,443 | $ 0 | ||||||||||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | 56,947,005 | $ 0 | $ 0 | ||||||||||||||||||
Chinese Partners [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.00% | |||||||||||||||||||||
Hyt [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 45,000,000 | |||||||||||||||||||||
Business Acquisition, Effective Date of Acquisition | Jan. 1, 2011 | |||||||||||||||||||||
Jiang Men City Hang Mei Cattle Farm Development Co Limited [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Additional Equity Method Investment Ownership Percentage | 50.00% | |||||||||||||||||||||
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 | |||||||||||||||||||||
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% | |||||||||||||||||||||
Garwor [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 55.00% | |||||||||||||||||||||
JFD [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 75.00% | 25.00% | 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% | |||||||||||||||||||||
Tri Way Industries Limited [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 99,990,000 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 25.00% | 100.00% | |||||||||||||||||||
Equity Method Investments | $ 124,660,000 | |||||||||||||||||||||
Fair Value of Assets Acquired | $ 215,940,000 | $ 215,940,000 | ||||||||||||||||||||
Business Acquisition, Share Price | $ 3.41 | $ 3.41 | ||||||||||||||||||||
Licensing Fees | $ 81,370,000 | |||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 43,290,000 | $ 43,290,000 | ||||||||||||||||||||
Ebapcd [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||||||||||||||||
JHMC [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | |||||||||||||||||||||
JHMC [Member] | MEIJI [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
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] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 4,645,489 | |||||||||||||||||||||
Sino Agro Food Sweden AB [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||
Equity Method Investments | $ 77,664 | |||||||||||||||||||||
Tri-way Industries [Member] | ||||||||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 99,990,000 | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | |||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 340,530,000 | |||||||||||||||||||||
Fair Value of Assets Acquired | 215,940,000 | |||||||||||||||||||||
Payments to Acquire Interest in Joint Venture | $ 43,290,000 |
SUMMARY OF SIGNIFICANT ACCOUN69
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 05, 2016 | Oct. 01, 2016 | Aug. 15, 2016 | Nov. 12, 2013 | Nov. 27, 2007 | Sep. 05, 2007 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 23.89% | |||||||
Capital Award Inc [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | 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] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||
Capital Stage Inc [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | Belize | |||||||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | ||||||
Capital Stage Inc [Member] | Indirect Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||
Capital Hero Inc [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | Belize | |||||||
Equity Method Investment, Description of Principal Activities | Dormant | Dormant | ||||||
Capital Hero Inc [Member] | Indirect Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||
Sino Agro Food Sweden [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | Sweden | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 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] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||
Macau Eiji Company Limited [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | Macau, P.R.C. | |||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||||||
Equity Method Investment, Description of Principal Activities | Investment holding, cattle farm development, beef cattle and beef trading | Investment holding, cattle farm development, beef cattle and beef trading | ||||||
Macau Eiji Company Limited [Member] | Direct Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 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. | |||||||
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] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 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. | |||||||
Equity Method Investment, Description of Principal Activities | HylocereusUndatus Plantation (“HU Plantation”). | HylocereusUndatus Plantation (“HU Plantation”). | ||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co. Ltd [Member] | Indirect Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | ||||||
Jiang Men City Power Fishery Development Co Limited [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | 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] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | |||||||
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. | |||||||
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] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | ||||||
Hunan Shenghua A Power Agriculture Co Limited [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | 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 A Power Agriculture Co Limited [Member] | Indirect Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 76.00% | 76.00% | ||||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | P.R.C. | |||||||
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] | ||||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | ||||||
Qinghai Zhong He Meat Products Co., Limited [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | 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] | ||||||||
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. | |||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 25.00% | |||||
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% | |||||||
Jiang Men City Power Fishery Development Co Limited One [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | P.R.C | |||||||
Equity Method Investment, Description of Principal Activities | Fish cultivation | Fish cultivation | ||||||
Jiang Men City Power Fishery Development Co Limited One [Member] | Indirect Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | |||||||
Tri-way Industries Limited One [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Entity Incorporation, State Country Name | 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 One [Member] | Direct Ownership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 23.89% | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN70
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Dec. 31, 2016 | |
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 ACCOUN71
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Information [Line Items] | |||
Sales Revenue, Goods, Net | $ 270,788,759 | $ 251,382,538 | $ 216,878,194 |
Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 54.24% | 57.22% | 69.14% |
Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 64.03% | 52.90% | |
Customer A [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 17.63% | 0.00% | 0.00% |
Customer A [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 19.61% | 10.12% | |
Customer A [Member] | Sales Revenue, Net [Member] | Organic Fertilizer and Bread Grass Division [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 17.63% | ||
Sales Revenue, Goods, Net | $ 76,578,139 | ||
Customer B [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10.45% | 15.25% | 14.24% |
Customer B [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 18.11% | 0.00% | |
Customer B [Member] | Sales Revenue, Net [Member] | Fishery Development Division [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10.45% | ||
Sales Revenue, Goods, Net | $ 45,394,220 | ||
Customer C [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10.18% | 0.00% | 0.00% |
Customer C [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 12.83% | 0.00% | |
Customer C [Member] | Sales Revenue, Net [Member] | Fishery division [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10.18% | ||
Sales Revenue, Goods, Net | $ 44,208,890 | ||
Customer D [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 8.91% | 11.09% | 6.65% |
Customer D [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 7.52% | 0.00% | |
Customer E [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 7.07% | 12.41% | 25.73% |
Customer E [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 13.71% | |
Customer F [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 9.60% | 15.94% |
Customer F [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 9.31% | |
Customer F one [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 8.45% | |
Customer G [Member] | Sales Revenue, Product Line [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 0.00% | 8.87% | 6.58% |
Customer D One [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 5.96% | 11.31% |
SUMMARY OF SIGNIFICANT ACCOUN72
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | Nov. 10, 2014 | Dec. 17, 2014 | Dec. 16, 2014 | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares¥ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares¥ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2014¥ / shares | Dec. 31, 2016¥ / shares | Oct. 01, 2016 | Dec. 31, 2015¥ / shares | Oct. 29, 2014 | Jul. 18, 2011 | Sep. 30, 2009 |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accumulated other comprehensive income | $ (4,335,355) | $ (4,335,355) | $ 1,427,638 | $ 1,427,638 | |||||||||||
Allowance for Doubtful Accounts Receivable | 0 | 0 | 0 | 0 | |||||||||||
Goodwill, Acquired During Period | 724,940 | ||||||||||||||
Cash, Uninsured Amount | 2,395,355 | 2,395,355 | 7,022,695 | 7,022,695 | |||||||||||
Accounts Receivable, Net, Current, Total | $ 122,912,086 | $ 122,912,086 | $ 135,674,418 | $ 135,674,418 | |||||||||||
Stockholders' Equity, Reverse Stock Split | 9.9 for 1 | 9.9 for 1 | 9.9-for-1 | ||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | ||||||||||||||
Earnings Per Share, Basic, Total | $ / shares | $ 5.46 | $ 3.69 | $ 5.81 | ||||||||||||
Earnings Per Share, Diluted, Total | $ / shares | 5 | 3.60 | 5.56 | ||||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ / shares | 2.09 | 2.81 | 4.18 | ||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | $ 1.93 | $ 2.75 | $ 4 | ||||||||||||
Qinghai Quanwang Investment Management Co., Ltd [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Variable Interest Entity, Noncontrolling Interest Distribution Percentage | 6.00% | ||||||||||||||
Variable Interest Entity, Noncontrolling Interest investment Period | 3 years | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||||
Noncontrolling Interest, Ownership Percentage By Parent | 45.00% | ||||||||||||||
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Variable Interest Entity, Profit or loss Percentage Attributable to Parent | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Noncontrolling Interest, Ownership Percentage By Parent | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Huangyuan County Rural Credit Union [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 5.00% | ||||||||||||||
Balance Sheet [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Foreign Currency Exchange Rate | (per share) | $ 1 | $ 1 | $ 1 | $ 1 | ¥ 6.94 | ¥ 6.49 | |||||||||
Customer A [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accounts Receivable, Net, Current, Total | $ 24,106,909 | $ 24,106,909 | |||||||||||||
Customer B [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accounts Receivable, Net, Current, Total | 22,262,073 | 22,262,073 | |||||||||||||
Customer C [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accounts Receivable, Net, Current, Total | $ 15,771,795 | $ 15,771,795 | |||||||||||||
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 | $ 2,621,537 | $ 2,795,633 | $ 2,379,831 | ||||||||||||
Shipping, Handling and Transportation Costs | 20,160 | 31,311 | 23,010 | ||||||||||||
Research and Development Expense | $ 0 | $ 549,020 | $ 786,261 | ||||||||||||
Statements of Income And Other Comprehensive Income And of Cash Flows [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Average Foreign Currency Exchange Rate Remeasurement | (per share) | $ 1 | $ 6.64 | $ 1 | $ 6.23 | $ 1 | ¥ 6.14 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 342,945,752 | $ 343,649,468 | $ 298,558,486 | ||||
Net income (loss) | 114,976,014 | 66,355,530 | 92,064,610 | ||||
Total assets | 765,661,147 | 639,574,193 | |||||
Fishery Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 72,156,993 | [1] | 88,480,956 | 76,750,308 | [1] | ||
HU Plantation Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [2] | 13,318,582 | 13,674,894 | 11,086,275 | |||
Organic Fertilizer and Bread Grass Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [3] | 155,203,534 | 164,565,027 | 122,041,511 | |||
Cattle Farm Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [4] | 29,837,560 | 35,272,834 | 32,891,161 | |||
Corporate and Others Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [5] | 72,429,083 | 41,655,757 | 55,789,231 | |||
Fishery Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 61,402,763 | [1] | 85,404,016 | [1] | 105,775,887 | ||
Continuing Operation [Member] | Fishery Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 72,156,993 | [1] | 88,480,956 | [1] | 76,750,308 | ||
Net income (loss) | [1] | 22,429,776 | 31,066,248 | 27,360,538 | |||
Total assets | [1] | 87,688,839 | 143,408,415 | 131,155,150 | |||
Continuing Operation [Member] | HU Plantation Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [2] | 13,318,582 | 13,674,894 | 11,086,275 | |||
Net income (loss) | [2] | 3,507,783 | 5,198,917 | 3,852,659 | |||
Total assets | [2] | 47,051,841 | 54,867,488 | 53,220,509 | |||
Continuing Operation [Member] | Organic Fertilizer and Bread Grass Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [3] | 155,203,534 | 164,565,027 | 122,041,511 | |||
Net income (loss) | [3] | 18,416,950 | 16,669,323 | 27,929,319 | |||
Total assets | [3] | 325,639,821 | 297,805,297 | 244,014,073 | |||
Continuing Operation [Member] | Cattle Farm Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [4] | 29,837,560 | 35,272,834 | 32,891,161 | |||
Net income (loss) | [4] | 2,905,449 | 2,752,147 | 2,916,940 | |||
Total assets | [4] | 52,267,765 | 48,258,274 | 47,753,495 | |||
Continuing Operation [Member] | Corporate and Others Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [5] | 72,429,083 | 41,655,757 | 55,789,231 | |||
Net income (loss) | [5] | (3,279,192) | (5,085,684) | 4,224,170 | |||
Total assets | [5] | 253,012,881 | 86,214,050 | 49,149,387 | |||
Discontinued Operations [Member] | Fishery Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | [1] | 61,402,763 | 85,404,016 | 105,775,887 | |||
Net income (loss) | [1] | 70,995,248 | 15,754,579 | 25,780,984 | |||
Total assets | [1] | 0 | 9,020,669 | 7,394,275 | |||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 404,348,515 | 429,053,484 | 404,334,373 | ||||
Net income (loss) | 114,976,014 | 66,355,530 | 92,064,610 | ||||
Total assets | $ 765,661,147 | $ 639,574,193 | $ 532,686,889 | ||||
[1] | Operated by Capital Award, Inc. (“CA”) and Jiang Men City A Power Fishery Development Co., Limited (“JFD”). On September 30, 2016, part of JFD was disposed from the Company. | ||||||
[2] | Operated by Jiang Men 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 Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). | ||||||
[5] | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). |
SEGMENT INFORMATION (Details 1)
SEGMENT INFORMATION (Details 1) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | $ 270,788,759 | $ 251,382,538 | $ 216,878,194 | ||||
Sales Revenue, Services, Net, Total | 71,107,794 | 90,374,144 | 80,112,541 | ||||
Fees and Commissions | 1,049,199 | 1,892,786 | 1,567,751 | ||||
Revenues | 342,945,752 | 343,649,468 | 298,558,486 | ||||
Cost of goods sold | 211,593,774 | 193,690,885 | 153,828,596 | ||||
Cost of services, total | 47,415,205 | 57,046,350 | 44,241,900 | ||||
Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 85,404,016 | 105,775,887 | |||||
Cost of goods sold | 45,742,523 | 67,152,999 | 76,925,056 | ||||
Cost of services, total | 47,415,205 | ||||||
Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 13,318,582 | 13,674,894 | 11,086,275 | ||||
Cost of goods sold | 6,274,906 | 4,382,965 | 3,334,857 | ||||
Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 20,618,734 | 19,967,383 | 20,005,179 | ||||
Cost of goods sold | 12,459,371 | 11,510,644 | 11,261,482 | ||||
Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 45,462,110 | 86,973,719 | 88,827,545 | ||||
Cost of goods sold | 30,553,572 | 68,719,888 | 61,871,146 | ||||
Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 89,122,690 | 57,623,925 | 13,208,787 | ||||
Cost of goods sold | 70,283,492 | 42,548,711 | 9,353,132 | ||||
Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 29,837,560 | 35,272,834 | 32,891,161 | ||||
Cost of goods sold | 28,299,710 | 33,403,353 | 31,151,084 | ||||
Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 72,429,083 | 37,869,783 | 50,859,247 | ||||
Sales Revenue, Services, Net, Total | 0 | 3,785,974 | 4,929,984 | ||||
Cost of goods sold | 63,722,723 | 33,125,324 | 36,856,895 | ||||
Cost of services, total | 0 | 1,404,813 | 4,854,541 | ||||
Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | 71,107,794 | 86,588,170 | 75,182,557 | ||||
Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | 1,049,199 | 1,892,786 | 1,567,751 | ||||
Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | 55,641,537 | 39,387,359 | |||||
Continuing operation Fishery Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 72,156,993 | [1] | 88,480,956 | 76,750,308 | [1] | ||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Cost of services, total | [1] | 47,415,205 | 55,641,537 | 39,387,359 | |||
Continuing operation Fishery Development Division [Member] | Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Cost of services, total | [1] | 47,415,205 | |||||
Continuing operation 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 | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Continuing operation Fishery Development Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Continuing operation Fishery Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Continuing operation Fishery Development Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Continuing operation Fishery Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Continuing operation Fishery Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [1] | 0 | 0 | 0 | |||
Sales Revenue, Services, Net, Total | [1] | 0 | 0 | 0 | |||
Cost of goods sold | [1] | 0 | 0 | 0 | |||
Cost of services, total | [1] | 0 | 0 | 0 | |||
Continuing operation Fishery Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | [1] | 71,107,794 | 86,588,170 | 75,182,557 | |||
Continuing operation Fishery Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | [1] | 1,049,199 | 1,892,786 | 1,567,751 | |||
Continuing operation Fishery Development Division [Member] | Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | [1] | 55,641,537 | 39,387,359 | ||||
Hu Plantation [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | [2] | 13,318,582 | 13,674,894 | 11,086,275 | |||
Cost of goods sold | [2] | 6,274,906 | 4,382,965 | 3,334,857 | |||
Cost of services, total | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 | 0 | |||
Cost of goods sold | [2] | 0 | 0 | 0 | |||
Cost of services, total | [2] | 0 | |||||
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 | [2] | 13,318,582 | 13,674,894 | 11,086,275 | |||
Cost of goods sold | [2] | 6,274,906 | 4,382,965 | 3,334,857 | |||
Hu Plantation [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 | 0 | |||
Cost of goods sold | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 | 0 | |||
Cost of goods sold | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 | 0 | |||
Cost of goods sold | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 | 0 | |||
Cost of goods sold | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [2] | 0 | 0 | 0 | |||
Sales Revenue, Services, Net, Total | [2] | 0 | 0 | 0 | |||
Cost of goods sold | [2] | 0 | 0 | 0 | |||
Cost of services, total | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | [2] | 0 | 0 | 0 | |||
Hu Plantation [Member] | Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | [2] | 0 | 0 | ||||
Organic Fertilizer and Bread Grass Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | [3] | 155,203,534 | 164,565,027 | 122,041,511 | |||
Cost of goods sold | [3] | 113,296,435 | 122,779,243 | 82,485,760 | |||
Cost of services, total | [3] | 0 | 0 | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [3] | 0 | 0 | 0 | |||
Cost of goods sold | [3] | 0 | 0 | 0 | |||
Cost of services, total | [3] | 0 | |||||
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 | [3] | 0 | 0 | 0 | |||
Cost of goods sold | [3] | 0 | 0 | 0 | |||
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 | [3] | 20,618,734 | 19,967,383 | 20,005,179 | |||
Cost of goods sold | [3] | 12,459,371 | 11,510,644 | 11,261,482 | |||
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 | [3] | 45,462,110 | 86,973,719 | 88,827,545 | |||
Cost of goods sold | [3] | 30,553,572 | 68,719,888 | 61,871,146 | |||
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 | [3] | 89,122,690 | 57,623,925 | 13,208,787 | |||
Cost of goods sold | [3] | 70,283,492 | 42,548,711 | 9,353,132 | |||
Organic Fertilizer and Bread Grass Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [3] | 0 | 0 | 0 | |||
Cost of goods sold | [3] | 0 | 0 | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [3] | 0 | 0 | 0 | |||
Sales Revenue, Services, Net, Total | [3] | 0 | 0 | 0 | |||
Cost of goods sold | [3] | 0 | 0 | 0 | |||
Cost of services, total | [3] | 0 | 0 | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | [3] | 0 | 0 | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | [3] | 0 | 0 | 0 | |||
Organic Fertilizer and Bread Grass Division [Member] | Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | [3] | 0 | 0 | ||||
Cattle Farm Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | [4] | 29,837,560 | 35,272,834 | 32,891,161 | |||
Cost of goods sold | [4] | 28,299,710 | 33,403,353 | 31,151,084 | |||
Cost of services, total | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 | 0 | |||
Cost of goods sold | [4] | 0 | 0 | 0 | |||
Cost of services, total | [4] | 0 | |||||
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 | [4] | 0 | 0 | 0 | |||
Cost of goods sold | 0 | 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 | [4] | 0 | 0 | 0 | |||
Cost of goods sold | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 | 0 | |||
Cost of goods sold | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 | 0 | |||
Cost of goods sold | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [4] | 29,837,560 | 35,272,834 | 32,891,161 | |||
Cost of goods sold | [4] | 28,299,710 | 33,403,353 | 31,151,084 | |||
Cattle Farm Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [4] | 0 | 0 | 0 | |||
Sales Revenue, Services, Net, Total | [4] | 0 | 0 | 0 | |||
Cost of goods sold | [4] | 0 | 0 | 0 | |||
Cost of services, total | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | [4] | 0 | 0 | 0 | |||
Cattle Farm Development Division [Member] | Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | [4] | 0 | 0 | ||||
Corporate and Others Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | [5] | 72,429,083 | 41,655,757 | 55,789,231 | |||
Cost of goods sold | [5] | 63,722,723 | 33,125,324 | 36,856,895 | |||
Cost of services, total | [5] | 0 | 1,404,813 | 4,854,541 | |||
Corporate and Others Division [Member] | Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 | 0 | |||
Cost of goods sold | [5] | 0 | 0 | 0 | |||
Cost of services, total | [5] | 0 | |||||
Corporate and Others Division [Member] | Jiang Men City Heng Sheng Tai Agriculture Development Co., Limited JHST [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 | 0 | |||
Cost of goods sold | 0 | 0 | [5] | 0 | [5] | ||
Corporate and Others Division [Member] | Hunan Shenghua A Power Agriculture Co., Limited HSA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 | 0 | |||
Cost of goods sold | [5] | 0 | 0 | 0 | |||
Corporate and Others Division [Member] | Qinghai Sanjiang A Power Agriculture Co., Limited SJAP [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 | 0 | |||
Cost of goods sold | [5] | 0 | 0 | 0 | |||
Corporate and Others Division [Member] | Qinghai Zhong He Meat Products Co., Limited QZH [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 | 0 | |||
Cost of goods sold | [5] | 0 | 0 | 0 | |||
Corporate and Others Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 0 | 0 | 0 | |||
Cost of goods sold | [5] | 0 | 0 | 0 | |||
Corporate and Others Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | [5] | 72,429,083 | 37,869,783 | 50,859,247 | |||
Sales Revenue, Services, Net, Total | [5] | 0 | 3,785,974 | 4,929,984 | |||
Cost of goods sold | [5] | 63,722,723 | 33,125,324 | 36,856,895 | |||
Cost of services, total | [5] | 0 | 1,404,813 | 4,854,541 | |||
Corporate and Others Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | [5] | 0 | 0 | 0 | |||
Corporate and Others Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | [5] | 0 | 0 | 0 | |||
Corporate and Others Division [Member] | Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | [5] | 0 | 0 | ||||
Discontinued operation Fishery Development Division [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 61,402,763 | [1] | 85,404,016 | [1] | 105,775,887 | ||
Cost of goods sold | [1] | 45,742,523 | 67,152,999 | 76,925,056 | |||
Cost of services, total | 0 | 0 | [1] | 0 | [1] | ||
Discontinued operation Fishery Development Division [Member] | Name of entity Sale of goods Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 61,402,763 | [1] | 85,404,016 | [1] | 105,775,887 | ||
Cost of goods sold | [1] | 45,742,523 | 67,152,999 | 76,925,056 | |||
Cost of services, total | 0 | ||||||
Discontinued operation 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] | 0 | ||
Cost of goods sold | [1] | 0 | 0 | ||||
Discontinued operation 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] | 0 | ||
Cost of goods sold | [1] | 0 | |||||
Discontinued operation 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] | 0 | ||
Cost of goods sold | [1] | 0 | 0 | ||||
Discontinued operation 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] | 0 | ||
Cost of goods sold | [1] | 0 | 0 | ||||
Discontinued operation Fishery Development Division [Member] | Macau Eiji Company Limited MEIJI [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | 0 | ||
Cost of goods sold | [1] | 0 | 0 | ||||
Discontinued operation Fishery Development Division [Member] | Sino Agro Food, Inc. SIAF [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Goods, Net, Total | 0 | [1] | 0 | [1] | 0 | ||
Sales Revenue, Services, Net, Total | 0 | [1] | 0 | [1] | 0 | ||
Cost of goods sold | [1] | 0 | 0 | ||||
Cost of services, total | 0 | 0 | [1] | 0 | [1] | ||
Discontinued operation Fishery Development Division [Member] | Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Sales Revenue, Services, Net, Total | 0 | [1] | 0 | [1] | 0 | ||
Discontinued operation Fishery Development Division [Member] | Commission and management fee Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Fees and Commissions | 0 | [1] | 0 | [1] | 0 | ||
Discontinued operation Fishery Development Division [Member] | Name of entity Consulting and service income for development contracts Capital Award, Inc. CA [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Cost of services, total | [1] | 0 | 0 | ||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 404,348,515 | 429,053,484 | 404,334,373 | ||||
Cost of goods sold | $ 257,336,297 | $ 260,843,884 | $ 230,753,652 | ||||
[1] | Operated by Capital Award, Inc. (“CA”) and Jiang Men City A Power Fishery Development Co., Limited (“JFD”). On September 30, 2016, part of JFD was disposed from the Company. | ||||||
[2] | Operated by Jiang Men 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 Jiang Men City Hang Mei Cattle Farm Development Co. Limited (“JHMC”) and Macau Eiji Company Limited (“MEIJI”). | ||||||
[5] | Operated by Sino Agro Food, Inc. (“SIAF”) and Sino Agro Food Sweden AB (publ) (“SAFS”). |
GAIN ON EXTINGUISHMENT OF DEB75
GAIN ON EXTINGUISHMENT OF DEBTS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Extinguishment of Debt [Line Items] | |||
Total amounts of debts to be settled | $ 0 | $ 1,000,000 | $ 13,006,375 |
Less: Aggregate market fair value of 0 (2015: 100,000) (2014: 2,734,626) shares of common stock in exchange of the above debts for debts extinguishment | 0 | (868,000) | (12,735,789) |
Gain on extinguishment of debts | $ 0 | $ 132,000 | $ 270,586 |
GAIN ON EXTINGUISHMENT OF DEB76
GAIN ON EXTINGUISHMENT OF DEBTS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Gain of extinguishment of debts | $ 0 | $ 132,000 | $ 270,586 |
Debt Conversion, Converted Instrument, Shares Issued | 0 | 100,000 | 2,734,626 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | $ 1,130 | $ 0 | $ 0 |
SIAF [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | 0 | 0 | 0 |
SAFS [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | 1,130 | 0 | 0 |
TRW [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | 0 | 0 | 0 |
MEIJI and APWAM [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | 0 | 0 | 0 |
JHST, JFD, JHMC, SJAP, QZH and HSA [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2008 | |
Income Taxes Disclosure [Line Items] | ||
Corporate Income Tax Rate | 25.00% | |
SWEDEN | ||
Income Taxes Disclosure [Line Items] | ||
Corporate Income Tax Rate | 22.00% | |
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% |
NET INCOME FROM DISCONTINUED 79
NET INCOME FROM DISCONTINUED OPEARTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||
-Sale of goods | $ 61,402,763 | $ 85,404,016 | $ 105,775,887 |
Cost of sales | (45,742,523) | (67,152,999) | (76,925,056) |
Gross profit | 15,660,240 | 18,251,017 | 28,850,831 |
General and administrative expenses | (791,347) | (896,395) | (612,961) |
Net income from operations | 14,868,893 | 17,354,622 | 28,237,870 |
Other income | |||
Interest income/(expenses) | 323 | (619) | (238) |
Income before tax from discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 |
Net gain from deemed disposal of subsidiaries, TRW and JFD | 56,947,005 | 0 | 0 |
Net income before taxes | 71,816,221 | 17,354,003 | 28,237,632 |
Provision for income taxes | 0 | 0 | 0 |
Net income from discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 |
Less: Net (income) loss attributable to the non - controlling interest | (820,973) | (1,599,424) | (2,456,648) |
Net income from discontinued operations attributable to Sino Agro Food, Inc. and subsidiaries | $ 70,995,248 | $ 15,754,579 | $ 25,780,984 |
NET INCOME FROM DISCONTINUED 80
NET INCOME FROM DISCONTINUED OPEARTIONS (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net gain on disposal of subsidiaries, TRW and JFD | |||
Fair value of interest retained in subsidiaries, TRW and JFD | $ 14,869,216 | $ 17,354,003 | $ 28,237,632 |
Less: Non-controlling interest at disposal | (820,973) | (1,599,424) | (2,456,648) |
Net gain from disposal of subsidiaries, TRW and JFD | 56,947,005 | 0 | 0 |
Net gain on sale of subsidiaries, TRW and JFD | 70,995,248 | $ 15,754,579 | $ 25,780,984 |
TRW and JFD [Member] | |||
Net gain on disposal of subsidiaries, TRW and JFD | |||
Fair value of interest retained in subsidiaries, TRW and JFD | 81,367,997 | ||
Net assets of Tri-Way Industries Limited group | 32,353,015 | ||
Less: Non-controlling interest at disposal | (8,088,254) | ||
Income Loss from Discontinued Operation, Prior to Disposal | 24,264,761 | ||
Disposal Group, Including Discontinued Operation, Other Income | 57,103,236 | ||
Net gain from disposal of subsidiaries, TRW and JFD | (156,231) | ||
Net gain on sale of subsidiaries, TRW and JFD | 56,947,005 | ||
Consideration received from deemed disposal of subsidiaries due to loss of control over TRW and JFD | $ 0 |
NET INCOME FROM DISCONTINUED 81
NET INCOME FROM DISCONTINUED OPEARTIONS (Details 2) - USD ($) | Dec. 31, 2016 | Oct. 05, 2016 | Dec. 31, 2015 |
Current assets | |||
Accounts receivable, net of allowance for doubtful accounts | $ 23,971,907 | ||
Total current assets | 23,971,907 | ||
Plant and equipment | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 0 | 8,381,108 | $ 9,020,669 |
Current liabilities | |||
Total non-current assets held for sale | 8,381,108 | ||
Total assets | $ 9,020,669 | 32,353,015 | $ 0 |
Net assets of subsidiaries, TRW and JFD as of October 5, 2016 disposed of | $ 32,353,015 |
NET INCOME FROM DISCONTINUED 82
NET INCOME FROM DISCONTINUED OPEARTIONS (Details 3) - USD ($) | Aug. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents disposed of | $ 0 | |||
Net cash outflow from deemed disposal of subsidiaries | 0 | $ 0 | $ 0 | |
Cash flows from operating activities | ||||
Net income from discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 | |
Adjustments to reconcile net loss to net cash from operations: | ||||
Gain on deemed disposal of subsidiaries | $ (56,947,005) | (56,947,005) | 0 | 0 |
Changes in operating assets and liabilities: | (8,140,484) | (11,219,136) | (27,299,147) | |
Changes in operating assets and liabilities: | ||||
Net cash provided by operating activities | 6,728,732 | 6,134,867 | 938,485 | |
Cash flows from investing activities | ||||
Payment for construction in progress | (11,388,334) | 0 | 0 | |
Acquisition of property, plant and equipment | (324) | (1,629,846) | (848,573) | |
Net cash used in investing activities | (11,388,658) | (1,629,846) | (848,573) | |
Increase in cash and cash equivalents | (4,659,926) | 4,505,021 | 89,912 | |
Cash and cash equivalents, beginning of period/ year | 4,659,926 | 154,905 | 64,993 | |
Cash and cash equivalents, end of period/ year | 0 | 4,659,926 | 154,905 | |
Supplementary of disclosures of cash flow information | ||||
Cash paid for interest | 0 | 619 | 238 | |
Cash paid for income taxes | 0 | 0 | 0 | |
Non-cash transactions | ||||
-Disposal proceeds receivable of sale of subsidiaries, TRW and JFD | $ 0 | $ 0 | $ 0 |
NET INCOME FROM DISCONTINUED 83
NET INCOME FROM DISCONTINUED OPERATIONS (Details Textual) - USD ($) | Oct. 05, 2016 | Aug. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2016 |
Equity Method Investment, Ownership Percentage | 23.89% | |||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | $ 56,947,005 | $ 0 | $ 0 | ||
Equity Method Investments | $ 139,133,443 | $ 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 23,971,907 | |||||
Tri Way Industries Limited [Member] | ||||||
Equity Method Investment, Ownership Percentage | 100.00% | 25.00% | 100.00% | |||
Fair Value of Assets Acquired | $ 215,940,000 | $ 215,940,000 | ||||
Business Acquisition, Share Price | $ 3.41 | $ 3.41 | ||||
Payments to Acquire Interest in Joint Venture | $ 43,290,000 | $ 43,290,000 | ||||
Equity Method Investments | 124,660,000 | |||||
Licensing Fees | $ 81,370,000 | |||||
Sino Agro Food, Inc [Member] | ||||||
Licensing Fees | $ 81,370,000 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and bank balances | $ 2,576,058 | $ 7,229,197 | $ 3,031,447 | $ 1,327,274 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Inventories | $ 62,592,272 | $ 62,848,707 |
Sleepy Cods Prawns Eels and Marble Goby [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 481,509 | 4,053,458 |
Beef and Mutton [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 13,217,456 | 14,593,458 |
Bread Grass [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 2,115,815 | 1,207,260 |
Beef Cattle [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 6,814,132 | 7,336,228 |
Organic Fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 15,901,153 | 10,815,983 |
Forage For Cattle and Consumable [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | 6,536,517 | 8,018,541 |
Raw materials for bread grass and organic fertilizer [Member] | ||
Inventory [Line Items] | ||
Inventory, Raw Materials, Gross | 15,829,424 | 15,440,348 |
Immature Seeds [Member] | ||
Inventory [Line Items] | ||
Inventory, Finished Goods, Gross | $ 1,696,266 | $ 1,383,431 |
DEPOSITS AND PREPAYMENTS (Detai
DEPOSITS AND PREPAYMENTS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits And Prepaid Expenses [Line Items] | ||
Deposits for - purchases of equipment | $ 5,555,471 | $ 4,963,245 |
Deposits for - acquisition of land use rights | 3,373,110 | 3,373,110 |
Deposits for - inventories purchases | 13,729,305 | 19,948,867 |
Deposits for - aquaculture contracts | 2,261,538 | 4,340,741 |
Deposits for - consulting service providers and others | 8,150,000 | 9,197,796 |
Deposits for - construction in progress | 13,719,339 | 20,243,172 |
Deposits for - issue of shares as collateral | 26,493,841 | 11,281,100 |
Prepayments - debts discounts and others | 5,007,015 | 9,919,126 |
Shares issued for employee compensation and overseas professional and bond interest | 3,982,812 | 544,772 |
Others | 2,573,535 | 0 |
Prepaid Expense and Other Assets, Current | $ 84,845,966 | $ 83,811,929 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
0 - 30 days | $ 28,550,628 | $ 49,190,282 |
31 - 90 days | 29,905,888 | 29,280,990 |
91 - 120 days | 39,219,847 | 19,838,792 |
over 120 days and less than 1 year | 25,235,723 | 37,364,354 |
over 1 year | 0 | 0 |
Accounts Receivable, Net, Current | $ 122,912,086 | $ 135,674,418 |
ACCOUNTS RECEIVABLE (Details Te
ACCOUNTS RECEIVABLE (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Write-offs | $ 0 | $ 0 | $ 0 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other Receivables [Line Items] | ||
Other Receivables, Net | $ 47,120,800 | $ 59,780,587 |
Advanced to employees [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 260,007 | 169,369 |
Advanced to suppliers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 9,428,841 | 8,052,235 |
Advanced to customers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 19,469,256 | 20,696,433 |
Advanced to developers [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 13.400128 | 28,000,000 |
Others [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | 4,562,568 | 0 |
Advanced to convertible bond holder [Member] | ||
Other Receivables [Line Items] | ||
Other Receivables, Net | $ 0 | $ 2,862,550 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 199,971,864 | $ 101,704,365 |
Less: Accumulated depreciation | (10,244,637) | (6,465,955) |
Net carrying amount | 189,727,227 | 95,238,410 |
Plant and Machinery [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 6,022,686 | 5,889,915 |
Structure and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 163,414,025 | 80,772,440 |
Mature Seeds and Herbage Cultivation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 28,781,286 | 14,122,937 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | 827,356 | 128,639 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross book value | $ 926,511 | $ 790,434 |
PLANT AND EQUIPMENT (Details Te
PLANT AND EQUIPMENT (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 4,141,629 | $ 2,866,527 | $ 2,457,131 |
NON-CURRENT ASSETS HELD FOR S92
NON-CURRENT ASSETS HELD FOR SALE (Details) - USD ($) | Dec. 31, 2016 | Oct. 05, 2016 | Dec. 31, 2015 |
Net carrying amount | $ 9,020,669 | $ 32,353,015 | $ 0 |
Structure and leasehold improvements [Member] | |||
Net carrying amount | 8,763,294 | 0 | |
Furniture and equipment [Member] | |||
Net carrying amount | $ 257,375 | $ 0 |
NON-CURRENT ASSETS HELD FOR S93
NON-CURRENT ASSETS HELD FOR SALE (Details Textual) - USD ($) | Aug. 15, 2016 | Sep. 30, 2016 | Aug. 24, 2007 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 05, 2016 | Oct. 01, 2016 |
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | 3,232,323 | |||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | $ 56,947,005 | $ 0 | $ 0 | ||||
Equity Method Investments | 139,133,443 | 0 | ||||||
Tri Way Industries Limited [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage By Parent | 100.00% | |||||||
Payments to Acquire Interest in Joint Venture | 43,290,000 | |||||||
Equity Method Investments | $ 83,869,286 | $ 0 | $ 124,660,000 | |||||
Sino Agro Food, Inc [Member] | ||||||||
Licensing Fees | $ 81,370,000 | |||||||
Jiang Men City Power Fishery Development Co Limited [Member] | ||||||||
Business Acquisition, Percentage Of Voting Interests Acquired | 25.00% | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 215,940,000 | |||||||
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | 99,990,000 | |||||||
Business Acquisition, Share Price | $ 3.41 | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 23.89% | |||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 |
CONSTRUCTION IN PROGRESS (Detai
CONSTRUCTION IN PROGRESS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Construction In Progress [Line Items] | ||
Construction in progress | $ 35,157,213 | $ 72,788,769 |
Office, warehouse and organic fertilizer plant in HSA [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 4,474,428 | 26,158,968 |
Oven room and road for production of dried flowers [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 3,603,863 | 3,079,766 |
Organic fertilizer and bread grass production plant and office building [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 622,036 | 11,746,949 |
Rangeland for beef cattle and office building [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | 8,674,515 | 26,463,249 |
Fish pond [Member] | ||
Construction In Progress [Line Items] | ||
Construction in progress | $ 17,782,371 | $ 5,339,837 |
LAND USE RIGHTS (Details)
LAND USE RIGHTS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Land Use Rights [Line Items] | |||
Cost | $ 62,341,829 | $ 65,961,071 | $ 69,428,143 |
Less: Accumulated amortization | (8,668,139) | (7,475,396) | |
Net carrying amount | $ 53,673,690 | $ 58,485,675 |
LAND USE RIGHTS (Details 1)
LAND USE RIGHTS (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Land Use Rights [Line Items] | ||
Begining Balance | $ 65,961,071 | $ 69,428,143 |
Exchange difference | (3,619,242) | (3,467,072) |
Ending Balance | $ 62,341,829 | $ 65,961,071 |
LAND USE RIGHTS (Details Textua
LAND USE RIGHTS (Details Textual) | 12 Months Ended | |||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)a | Dec. 31, 2013USD ($)a | Dec. 31, 2012USD ($)a | Dec. 31, 2011USD ($)a | Dec. 31, 2008USD ($)a | Dec. 31, 2007USD ($)a | |
Land Use Rights [Line Items] | ||||||||
Amortization of Leased Asset | $ 1,151,323 | $ 1,369,455 | $ 1,619,155 | |||||
First Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 180.26 | |||||||
Leasehold Expiration Period | 2,067 | |||||||
Second Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 31.84 | |||||||
Leasehold Expiration Period | 2,068 | |||||||
Third Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 84.5 | |||||||
Leasehold Expiration Period | 2,037 | |||||||
Fourth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 287.27 | |||||||
Leasehold Expiration Period | 2,071 | |||||||
Fifth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 21.09 | |||||||
Leasehold Expiration Period | 2,051 | |||||||
Sixth Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 6.26 | |||||||
Leasehold Expiration Period | 2,023 | |||||||
Seventh Lot [Member] | ||||||||
Land Use Rights [Line Items] | ||||||||
Area of Land | a | 33.28 | |||||||
Leasehold Expiration Period | 2,044 | |||||||
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 ($) | Dec. 31, 2016 | Dec. 31, 2015 |
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 ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 11,108,131 | $ 13,771,527 |
Less: Accumulated amortization | (1,017,434) | (2,987,169) |
Net carrying amount | $ 10,090,697 | $ 10,784,358 |
PROPRIETARY TECHNOLOGIES (De100
PROPRIETARY TECHNOLOGIES (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Oct. 01, 2015 | Nov. 12, 2008 | Mar. 06, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||||||
Payments To Acquire Intangible Assets | $ 5,473,720 | $ 1,500,000 | |||||
Finite-Lived Intangible Assets, Net, Total | $ 53,673,690 | $ 58,485,675 | |||||
Developed Technology Rights [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Amortization Of Intangible Assets | $ 564,905 | $ 581,369 | $ 591,102 | ||||
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 | $ 2,270,000 | ||||||
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, Total | $ 2,119,075 |
INTERESTS IN UNCONSOLIDATED 101
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Details) - USD ($) | Dec. 31, 2016 | Oct. 05, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 139,133,443 | $ 0 | |
Guangzhou Horan Taita Information Technology Co. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 144,154 | 0 | |
Share of post-acquisition profits | 0 | 0 | |
Total investment at cost | 139,133,443 | 0 | |
Tri Way Industries Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 83,869,286 | $ 124,660,000 | 0 |
Amount due from a consolidated equity investee - TRW | $ 55,120,003 | $ 0 |
INTERESTS IN UNCONSOLIDATED 102
INTERESTS IN UNCONSOLIDATED EQUITY INVESTEES (Details Textual) - USD ($) | Oct. 05, 2016 | Aug. 15, 2016 | Aug. 24, 2007 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2016 | May 06, 2016 | Apr. 01, 2012 | Jan. 02, 2012 | Dec. 31, 2011 | Nov. 17, 2011 | Feb. 28, 2011 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 23.89% | ||||||||||||
Equity Method Investments | $ 139,133,443 | $ 0 | |||||||||||
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | 3,232,323 | ||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 56,947,005 | $ 56,947,005 | $ 0 | $ 0 | |||||||||
Ebapfd [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||
Jfd [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 75.00% | 25.00% | 25.00% | |||||||||
Equity Method Investments | $ 1,702,580 | $ 1,662,365 | $ 1,258,607 | ||||||||||
Percentage Of Addition Minority Interest In Joint Ventures | 25.00% | 25.00% | |||||||||||
Tri Way Industries Limited [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 25.00% | 100.00% | ||||||||||
Equity Method Investments | $ 124,660,000 | ||||||||||||
Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares | 99,990,000 | ||||||||||||
Business Acquisition, Share Price | $ 3.41 | $ 3.41 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 340,530,000 | ||||||||||||
Fair Value of Assets Acquired | 215,940,000 | $ 215,940,000 | |||||||||||
Licensing Fees | 81,370,000 | ||||||||||||
Payments to Acquire Interest in Joint Venture | $ 43,290,000 | $ 43,290,000 | |||||||||||
Guangzhou Horan Taita Information Technology Co. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||||
Equity Method Investments | $ 150,806 |
LONG TERM INVESTMENT (Details)
LONG TERM INVESTMENT (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Investment in Huangyuan County Rural Credit Union | $ 720,773 | $ 769,941 |
Less: Accumulated impairment losses | 0 | 0 |
Long-term Investments | $ 720,773 | $ 769,941 |
TEMPORARY DEPOSITS PAID TO E104
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | $ 15,644,998 | $ 41,109,708 | |
Trade Center [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | [1] | 4,086,941 | 4,086,941 |
Seafood Center [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | 0 | 1,032,914 | |
Fish farm 2 Gao Qiqiang Aquaculture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | [1] | 6,000,000 | 6,000,000 |
Prawn farm 1 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | 0 | 14,554,578 | |
Prawn farm 2 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | 0 | 9,877,218 | |
Cattle farm 2 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Deposits Assets, Noncurrent | [1] | $ 5,558,057 | $ 5,558,057 |
[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 E105
TEMPORARY DEPOSITS PAID TO ENTITIES FOR EQUITY INVESTMENTS IN FUTURE SINO JOINT VENTURE COMPANIES (Details Textual) | Dec. 31, 2016 | Oct. 01, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 23.89% | |
Sino Joint Venture companies [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 | 0.00% | |
Sino Joint Venture companies D [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 0.00% | |
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) - USD ($) | Sep. 28, 2009 | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Equity Method Investments | $ 139,133,443 | $ 0 | |
Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% | ||
Equity Method Investments | 629,344 | ||
A Power Agro Agriculture Development Macau Limited [Member] | Qinghai Sanjiang A Power Agriculture Co. Ltd [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investments | $ 2,251,359 |
CONSTRUCTION CONTRACT (Details)
CONSTRUCTION CONTRACT (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Construction Contracts [Line Items] | ||
Costs | $ (21,195,503) | $ (91,579,892) |
Estimated earnings | (13,424,349) | (64,032,011) |
Less: Billings | 36,509,620 | 163,005,724 |
Billing in excess of costs and estimated earnings on uncompleted contracts | 1,889,768 | 7,393,821 |
Costs and estimated earnings in excess of billings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Costs | 7,288,360 | 6,487,032 |
Estimated earnings | 5,846,890 | 10,995,534 |
Less: Billings | (12,394,266) | (16,175,681) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 740,984 | 1,306,885 |
Billings in excess of costs and estimated earnings on uncompleted contracts [Member] | ||
Construction Contracts [Line Items] | ||
Costs | (13,907,143) | (85,092,860) |
Estimated earnings | (7,577,459) | (53,036,477) |
Less: Billings | 24,115,354 | 146,830,043 |
Billing in excess of costs and estimated earnings on uncompleted contracts | $ 2,630,752 | $ 8,700,706 |
OTHER PAYABLES (Details)
OTHER PAYABLES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other Payables [Line Items] | ||
Due to third parties | $ 451,195 | $ 312,782 |
Due to debts loan | 4,797,332 | 4,797,332 |
Promissory notes issued to third parties | 11,192,117 | 2,200,000 |
Due to local government | 713,565 | 2,279,797 |
Other Liabilities | 17,154,209 | 9,589,911 |
Less: Amount classified as non-current liabilities Promissory notes issued to third parties | (11,192,117) | 0 |
Less: Amount classified as non-current liabilities Due to debts loan | 0 | (4,797,332) |
Amount classified as current liabilities | $ 5,962,092 | $ 4,792,579 |
OTHER PAYABLES (Details Textual
OTHER PAYABLES (Details Textual) - Secured Debt [Member] | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Other Payables [Line Items] | |
Stock Issued During Period, Shares, Other | shares | 753,304 |
Proceeds from Issuance of Common Stock | $ | $ 4,797,332 |
Minimum [Member] | |
Other Payables [Line Items] | |
Shares Issued, Price Per Share | $ 6.96 |
Maximum [Member] | |
Other Payables [Line Items] | |
Shares Issued, Price Per Share | $ 8.91 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Debt Instrument [Line Items] | ||||
Short term bank loan | $ 2,883,090 | $ 4,466,040 | ||
Less: The current portion reclassified as short term debts | 0 | (616,333) | ||
Long term debts | $ 5,766,182 | 1,554,902 | ||
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 | Jan. 3, 2014 | |||
Debt Instrument, Maturity Date | Dec. 17, 2018 | |||
Short term bank loan | $ 0 | 616,333 | [1],[2],[3] | |
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 | Jan. 3, 2014 | |||
Debt Instrument, Maturity Date | Dec. 17, 2018 | |||
Long-term Debt, Total | $ 0 | 2,001,848 | [1],[2],[3] | |
Da Tong National Development Rural Bank Limited Da Tong County, Xining City, Qinghai Province, the P.R.C Interest Rate 10% [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.00% | |||
Debt Instrument, Issuance Date | Jul. 14, 2016 | |||
Debt Instrument, Maturity Date | May 28, 2017 | |||
Short term bank loan | $ 2,883,090 | [1],[4],[5] | 0 | |
Agricultural Development Bank of China Huangyuan County Branch, Xining City, Qinghai Province, the P.R.C Interest Rate 4.785% [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.785% | |||
Debt Instrument, Issuance Date | Oct. 28, 2015 | |||
Debt Instrument, Maturity Date | Oct. 27, 2016 | |||
Short term bank loan | $ 0 | 3,849,707 | [1],[3] | |
China Development Bank Beijing City, the P.R,C [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.39% | |||
Debt Instrument, Issuance Date | Dec. 9, 2016 | |||
Debt Instrument, Maturity Date | Dec. 15, 2026 | |||
Long-term Debt, Total | $ 5,766,182 | [1],[2],[3] | 0 | |
GanGuo Village Committee Bo Huang Town Huangyuan County, Xining City, Qinghai Province, the P.R.C. Interest Rate 12.22 [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 12.22% | |||
Debt Instrument, Issuance Date | Jun. 30, 2012 | |||
Debt Instrument, Maturity Date | Jun. 30, 2017 | |||
Long-term Debt, Total | $ 0 | $ 169,387 | ||
[1] | personal and corporate guaranteed by third parties. | |||
[2] | repayable $72,078, $216,232, $288,308, $432,464, $432,464, $720,773, $720,773, $1,441,545 and $ 1,441,545 in 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025 and 2026, respectively (2015: repayable $616,333, $616,333 and $769,182 in 2015, 2016, 2017 and 2018, respectively). | |||
[3] | secured by land use rights with net carrying amount of $416,973 (2015: $436,253). | |||
[4] | secured by land use rights with net carrying amounts of $363,092 (2015: $0). | |||
[5] | secured by property and equipment with net carrying amount of $1,036,889 (2015: $ 0) |
BORROWINGS (Details Textual)
BORROWINGS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term and Long-term Debt [Line Items] | ||
2,015 | $ 616,333 | |
2,016 | 616,333 | |
2,017 | 769,182 | |
2,018 | 72,078 | |
2,019 | 216,232 | |
2,020 | 288,308 | |
2,021 | 432,464 | |
2,022 | 432,464 | |
2,023 | 720,773 | |
2,024 | 720,773 | |
2,025 | 1,441,545 | |
2,026 | 1,441,545 | |
Property, Plant and Equipment, Other Types [Member] | ||
Short-term and Long-term Debt [Line Items] | ||
Debt Instrument, Collateral Amount | 1,036,889 | $ 0 |
Agricultural Development Bank of China One [Member] | ||
Short-term and Long-term Debt [Line Items] | ||
Book Value Of Land Held For Use | 416,973 | 436,253 |
Agricultural Development Bank of China Two [Member] | ||
Short-term and Long-term Debt [Line Items] | ||
Book Value Of Land Held For Use | $ 363,092 | $ 0 |
NEGOTIABLE PROMISSORY NOTES (De
NEGOTIABLE PROMISSORY NOTES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Negotiable promissory notes | $ 1,113,140 | $ 865,968 |
Tri-way Industries [Member] | ||
Negotiable promissory notes | $ 1,113,140 | $ 865,968 |
NEGOTIABLE PROMISSORY NOTES 113
NEGOTIABLE PROMISSORY NOTES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Notes Payable, Current, Total | $ 1,113,140 | $ 865,968 | |
Tri way Industries Ltd [Member] | |||
Notes Payable, Current, Total | $ 3,450,000 | ||
Negotiable Notes Payable [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||
Debt Instrument, Maturity Date, Description | Repaid in full within283 calendar days from the issue of notes | ||
Debt Instrument, Annual Principal Payment | $ 1,035,479 | 814,500 | |
Debt Instrument, Increase, Accrued Interest | $ 77,661 | $ 51,468 | |
Debt Instrument, Interest Rate Terms | 15% per month on principal amount. Interest shall be calculated on the basis of a 30/360 day count convention | ||
Debt Instrument, Payment Terms | August 29, 2015 | ||
Negotiable Notes Payable [Member] | Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | ||
Debt Instrument, Payment Terms | October 12, 2015 | ||
Negotiable Notes Payable [Member] | Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% |
CONVERTIBLE NOTE PAYABLES (Deta
CONVERTIBLE NOTE PAYABLES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
10.50% convertible note of maturity date February 28, 2020 | $ 21,314,877 | $ 34,904,739 |
CONVERTIBLE NOTE PAYABLES (D115
CONVERTIBLE NOTE PAYABLES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 29, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Convertible Notes Payable, Noncurrent | $ 21,314,877 | $ 34,904,739 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 0 | |||
Convertible Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | |||
Debt Instrument, Face Amount | $ 33,300,000 | |||
Debt Instrument, Discount Percentage | 25.00% | |||
Debt Instrument, Convertible, Conversion Price | $ 1 | |||
Amortization of Debt Discount (Premium) | $ 0 | 24,475 | $ 5,188 | |
Convertible Notes Payable, Noncurrent | $ 11,632,450 | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 1,500,000 | $ 0 | |
Deferred Compensation Liability, Current and Noncurrent | 1,500,000 | |||
Debt Instrument, Maturity Date | Feb. 28, 2020 | |||
Debt Instrument Principal Amount | 18,183,267 | 32,666,666 | ||
Debt Instrument, Increase, Accrued Interest | $ 3,131,610 | $ 2,238,073 |
SHAREHOLDERS' EQUITY (Details T
SHAREHOLDERS' EQUITY (Details Textual) - USD ($) | Dec. 15, 2014 | Nov. 10, 2014 | Jun. 14, 2014 | May 10, 2016 | Jun. 15, 2015 | Dec. 17, 2014 | Dec. 16, 2014 | Mar. 27, 2013 | Dec. 23, 2012 | Dec. 22, 2012 | Aug. 22, 2012 | Jun. 26, 2010 | Mar. 22, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2016 | May 30, 2014 |
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 100 | 100 | ||||||||||||||||||
Preferred stock, share outstanding | 100 | 100 | ||||||||||||||||||
Common Stock, Shares, Issued | 22,726,859 | 20,133,757 | ||||||||||||||||||
Common Stock, Shares, Outstanding | 22,726,859 | 20,133,757 | ||||||||||||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 0 | $ 132,000 | $ 270,586 | |||||||||||||||||
Common Stock, Shares Authorized | 27,000,000 | 27,000,000 | ||||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Payment for Cancellation of Piecemeal Shares | $ 0 | $ 0 | 15,951 | |||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 9.9 for 1 | 9.9 for 1 | 9.9-for-1 | |||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 7,965,625 | 726,363 | 3,319,444 | |||||||||||||||||
Employees And Directors [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share Price | $ 4.85 | |||||||||||||||||||
Stock Repurchased During Period, Shares | 1,200,000 | |||||||||||||||||||
Stock Repurchased During Period, Value | $ 5,820,000 | |||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Issue of common stock for settlement of debts, Value | $ 4,797,332 | |||||||||||||||||||
Issue of common stock for settlement of debts, shares | 753,304 | |||||||||||||||||||
Trade Finance Facility [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Issue of common stock for settlement of debts, Value | $ 7,600,000 | |||||||||||||||||||
Issue of common stock for settlement of debts, shares | 1,135,000 | |||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,199,068 | 47,787 | ||||||||||||||||||
Shares Issued, Price Per Share | $ 5.98 | $ 15.20 | ||||||||||||||||||
Employee Benefits and Share-based Compensation, Total | $ 7,169,823 | |||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 726,315 | |||||||||||||||||||
Professionals [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Employee Benefits and Share-based Compensation, Total | 3,419,752 | |||||||||||||||||||
Professionals [Member] | Employee Stock Option [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 132,787 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 5.98 | |||||||||||||||||||
Employee Benefits and Share-based Compensation, Total | $ 794,066 | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 27,000,000 | |||||||||||||||||||
Maximum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 8.91 | |||||||||||||||||||
Maximum [Member] | Trade Finance Facility [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | 12.50 | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 22,727,273 | |||||||||||||||||||
Minimum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | 6.96 | |||||||||||||||||||
Minimum [Member] | Trade Finance Facility [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 8.75 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Issue of common stock for settlement of debts, Value | $ 868,000 | $ 13,006,373 | ||||||||||||||||||
Issue of common stock for settlement of debts, shares | 100,000 | 2,734,625 | ||||||||||||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 132,000 | $ 270,586 | $ 1,318,947 | |||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 8.68 | |||||||||||||||||||
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 | |||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 707,070 | |||||||||||||||||||
Share Price | $ 11.13 | $ 4.26 | ||||||||||||||||||
Decimal Stockholder Round Up Share Holding | 75,002 | |||||||||||||||||||
Decimal Stockholder Round Up Share Holding Per Share | $ 14.20 | |||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 1,332 | $ 48 | $ 531 | |||||||||||||||||
Common Stock [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Issue of common stock for settlement of debts, Value | $ 4,797,332 | $ 4,797,332 | ||||||||||||||||||
Issue of common stock for settlement of debts, shares | 2,461,247 | 753,304 | ||||||||||||||||||
Debt Instrument, Collateral Amount | $ 5,765,476 | |||||||||||||||||||
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 | 80,739 | 132,787 | 400,008 | |||||||||||||||||
Share based Compensation Arrangement By Share based Payment Award Shares Issued In Period Value | $ 2,763,618 | |||||||||||||||||||
Common Stock [Member] | Pre Amendment [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 17,171,716 | |||||||||||||||||||
Common Stock [Member] | Post Amendment [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Shares Authorized | 22,727,272 | |||||||||||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 9.90 | |||||||||||||||||||
Shares Issued, Price Per Share | 10.40 | |||||||||||||||||||
Common Stock [Member] | Maximum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 8.91 | $ 8.91 | ||||||||||||||||||
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] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | 3.96 | |||||||||||||||||||
Shares Issued, Price Per Share | 3.96 | |||||||||||||||||||
Common Stock [Member] | Minimum [Member] | Secured Debt [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 6.96 | $ 6.96 | ||||||||||||||||||
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 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 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 | |||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Business Acquisition, Percentage Of Voting Interests Acquired | 80.00% | |||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 0 | 0 | ||||||||||||||||||
Preferred stock, share outstanding | 0 | 0 | ||||||||||||||||||
Conversion Of Stock, Shares Converted | 7,000,000 | |||||||||||||||||||
Share Exchange Agreement Shares Exchangeable | 3,000,000 | 3,000,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,000,000 | 7,000,000 | 3,000,000 | |||||||||||||||||
Shares Issued, Price Per Share | $ 9.9 | $ 9.90 | ||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Capital Adventure Inc [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, share issued | 3,000,000 | |||||||||||||||||||
Share Exchange Agreement Shares Exchangeable | 3,000,000 | |||||||||||||||||||
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) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 0 | 0 | ||||||||||||||||||
Preferred stock, share outstanding | 0 | 0 | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 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 | |||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Conversion Of Stock, Shares Converted | 707,070 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 514 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 10.97 | |||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 7,000,000 | |||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Series B Convertible Redeemable Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 7,000,000 | |||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Preferred stock, share issued | 7,000,000 | |||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Preferred stock, shares authorized | 100 | |||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||||||||||
Preferred stock, share issued | 100 |
OBLIGATION UNDER OPERATING L117
OBLIGATION UNDER OPERATING LEASES (Details) | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
Year ending December 31, 2017 | $ 47,250 |
Year ending December 31, 2018 | 257,449 |
Operating Leases, Future Minimum Payments Due | $ 304,699 |
OBLIGATION UNDER OPERATING L118
OBLIGATION UNDER OPERATING LEASES (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | $ 174,429 | $ 179,201 | $ 159,300 |
Agriculture Land [Member] | |||
Operating Leased Assets [Line Items] | |||
Area of Land | ft² | 2,178 | ||
Operating Leases Rent Periodic Payment | $ 634 | ||
Lease Expiration Date | Mar. 31, 2019 | ||
Office Space [Member] | |||
Operating Leased Assets [Line Items] | |||
Area of Land | ft² | 5,081 | ||
Operating Leases Rent Periodic Payment | $ 12,733 | ||
Lease Expiration Date | Jul. 8, 2018 | ||
Staff Quarter [Member] | |||
Operating Leased Assets [Line Items] | |||
Area of Land | ft² | 1,555 | ||
Operating Leases Rent Periodic Payment | $ 226 | ||
Lease Expiration Date | May 1, 2018 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Textual) - USD ($) | Dec. 15, 2014 | May 10, 2016 | May 06, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Amortization of Deferred Charges, Total | $ 363,181 | $ 510,066 | $ 750,000 | $ 1,500,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 7,965,625 | 726,315 | $ 3,319,444 | |||||||
Scenario, Forecast [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Amortization of Deferred Charges, Total | $ 3,982,813 | |||||||||
Professionals [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee Benefits and Share-based Compensation | 3,419,752 | |||||||||
Allocated Share-based Compensation Expense | 659,686 | |||||||||
Staff [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Share-based Arrangements, Liability, Current | 3,982,813 | 363,181 | $ 2,760,066 | |||||||
Common Stock [Member] | 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 | 1,199,068 | 47,787 | ||||||||
Employee Benefits and Share-based Compensation | 7,965,624 | 3,486,428 | ||||||||
Allocated Share-based Compensation Expense | $ 4,345,993 | $ 3,123,247 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 7,169,823 | $ 726,360 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Issued In Period | 1,199,068 | 47,787 | ||||||||
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 | 80,739 | 132,787 | 400,008 | |||||||
Stock Issued During Period, Value, Issued for Services | $ 799,312 | $ 794,066 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Issued In Period | 80,739 | 132,787 | 400,008 | |||||||
Common Stock [Member] | Solomon Lee [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 | 337,688 | |||||||||
Stock Issued During Period, Value, Issued for Services | $ 2,019,374 | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Issued In Period | 337,688 | |||||||||
Common Stock [Member] | Tan Paoy Tan [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 | 174,874 | |||||||||
Stock Issued During Period, Value, Issued for Services | $ 1,045,746 | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Issued In Period | 174,874 | |||||||||
Common Stock [Member] | Chen Bor Hann [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 | 60,301 | |||||||||
Stock Issued During Period, Value, Issued for Services | $ 360,599 | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Issued In Period | 60,301 |
CONTINGENCIES (Details Textual)
CONTINGENCIES (Details Textual) - Shanghai, P.R.C [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Gain Contingencies [Line Items] | ||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 20,000,000 | $ 20,000,000 |
Proceeds from Lines of Credit | $ 13,982,640 | $ 7,478,375 |
Line of Credit Facility, Expiration Period | 3 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due To Directors Current | $ 2,070,390 | $ 211,247 |
Solomon Yip Kun Lee [Member] | ||
Related Party Transaction [Line Items] | ||
Due To Directors Current | $ 2,070,390 | $ 211,247 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
BASIC | |||
Net income used in computing basic earnings per share -continuing and discontinued operations | $ 114,976,014 | $ 66,355,530 | $ 92,064,610 |
Net income used in computing basic earnings per share -continuing operations | $ 43,980,766 | $ 50,600,951 | $ 66,283,626 |
Basic earnings per share - continuing and discontinued operations | $ 5.46 | $ 3.69 | $ 5.81 |
Basic earnings per share - continuing operations | $ 2.09 | $ 2.81 | $ 4.18 |
DILUTED | |||
Net income used in computing basic earnings per share - continuing and discontinued operations | $ 114,976,014 | $ 66,355,530 | $ 92,064,610 |
Net income used in computing basic earnings per share - continuing operations | 43,980,766 | 50,600,951 | 66,283,626 |
Convertible note interest | 893,537 | 571,667 | 0 |
Net income used in computing diluted earnings per share | $ 115,869,551 | $ 66,927,197 | $ 92,064,610 |
Diluted earnings per share (in dollars per share) | $ 5 | $ 3.60 | $ 5.56 |
Basic weighted average shares outstanding | 21,041,065 | 17,988,619 | 15,847,496 |
Diluted weighted average shares outstanding | 23,194,083 | 18,576,241 | 16,554,566 |
Continuing Operations [Member] | |||
BASIC | |||
Net income used in computing basic earnings per share -continuing operations | $ 43,980,766 | $ 50,600,951 | $ 66,283,626 |
DILUTED | |||
Net income used in computing basic earnings per share - continuing operations | 43,980,766 | 50,600,951 | 66,283,626 |
Convertible note interest | 893,537 | 571,667 | 0 |
Net income used in computing diluted earnings per share | $ 44,874,303 | $ 51,172,618 | $ 66,283,626 |
Diluted earnings per share (in dollars per share) | $ 1.93 | $ 2.75 | $ 4 |
Basic weighted average shares outstanding | 21,041,065 | 17,988,619 | 15,847,496 |
Add: weight average of common stock converted from Series B Convertible preferred shares outstanding | 0 | 0 | 707,070 |
weight average of common stock convertible from convertible note payables | 2,153,018 | 587,622 | 0 |
Diluted weighted average shares outstanding | 23,194,083 | 18,576,241 | 16,554,566 |
EARNINGS PER SHARE (Details Tex
EARNINGS PER SHARE (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Diluted Earnings Per Share | $ 21,314,877 | $ 35,413,573 | $ 15,803,928 | $ 0 |
Notes Payable, Current, Total | $ 1,113,140 | $ 865,968 |
RESTATEMENT OF CONSOLIDATED 124
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT (Details) - USD ($) | Dec. 31, 2016 | Oct. 05, 2016 | Dec. 31, 2015 |
Plant and equipment, net of accumulated depreciation | $ 189,727,227 | $ 95,238,410 | |
Non-currents assets held for sale | 0 | $ 8,381,108 | 9,020,669 |
Construction in progress | 35,157,213 | 72,788,769 | |
Total plant and equipment | $ 278,558,130 | 235,533,523 | |
Scenario, Previously Reported [Member] | |||
Plant and equipment, net of accumulated depreciation | 104,258,769 | ||
Construction in progress | 72,788,769 | ||
Total plant and equipment | 177,047,538 | ||
Restatement Adjustment [Member] | |||
Plant and equipment, net of accumulated depreciation | (9,020,669) | ||
Non-currents assets held for sale | $ 9,020,669 |
RESTATEMENT OF CONSOLIDATED 125
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT (Details 1) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Revenue | ||||||
Sales Revenue, Goods, Net | $ 270,788,759 | $ 251,382,538 | $ 216,878,194 | |||
Consulting and service income from development contracts | 71,107,794 | 90,374,144 | 80,112,541 | |||
Commission income | 1,049,199 | 1,892,786 | 1,567,751 | |||
Revenues | 342,945,752 | 343,649,468 | 298,558,486 | |||
Cost of goods sold | (211,593,774) | (193,690,885) | (153,828,596) | |||
Cost of services | 47,415,205 | 57,046,350 | 44,241,900 | |||
Gross profit | 83,936,773 | 92,192,233 | 100,487,990 | |||
General and administrative expenses | (17,196,962) | (17,744,322) | (15,003,317) | |||
Net income from operations | 66,739,811 | 75,167,911 | 85,484,673 | |||
Other income (expenses) | ||||||
Government grant | 2,891,482 | 537,787 | ||||
Other income | 318,023 | 483,299 | 443,575 | |||
Gain on extinguishment of debts | 0 | 132,000 | 270,586 | |||
Interest expense | (4,010,699) | (4,269,703) | (761,061) | |||
Net income (expenses) | (1,905,040) | (762,922) | 490,887 | |||
Net income before income taxes | 64,834,771 | 74,404,989 | 85,975,560 | |||
Provision for income taxes | 1,130 | 0 | 0 | |||
Net income from continuing operations | 64,833,641 | 74,404,989 | 85,975,560 | |||
Less: Net (income) loss attributable to non - controlling interest | 20,852,875 | 23,804,038 | 19,691,934 | |||
Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries | 43,980,766 | 50,600,951 | 66,283,626 | |||
Discontinued operations | ||||||
Net income from discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 | |||
Net gain from disposal of subsidiaries, TRW and JFD | 56,947,005 | 0 | 0 | |||
Less: Net (income) loss attributable to the non - controlling interest | 820,973 | 1,599,424 | 2,456,648 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 70,995,248 | 15,754,579 | 25,780,984 | |||
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | $ 114,976,014 | 66,355,530 | 92,064,610 | |||
Scenario, Previously Reported [Member] | ||||||
Revenue | ||||||
Sales Revenue, Goods, Net | [1] | 336,786,554 | 322,654,081 | |||
Consulting and service income from development contracts | 90,374,144 | 80,112,541 | ||||
Commission income | 1,892,786 | 1,567,751 | ||||
Revenues | 429,053,484 | 404,334,373 | ||||
Cost of goods sold | [1] | (260,843,884) | (230,753,652) | |||
Cost of services | (57,046,350) | (44,241,900) | ||||
Gross profit | 111,163,250 | 129,338,821 | ||||
General and administrative expenses | [1] | (18,640,717) | (15,616,278) | |||
Net income from operations | 92,522,533 | 113,722,543 | ||||
Other income (expenses) | ||||||
Government grant | 2,891,482 | 537,787 | ||||
Other income | 483,299 | 443,575 | ||||
Gain on extinguishment of debts | 132,000 | 270,586 | ||||
Interest expense | [1] | (4,270,322) | (761,299) | |||
Net income (expenses) | (763,541) | 490,649 | ||||
Net income before income taxes | 91,758,992 | 114,213,192 | ||||
Provision for income taxes | 0 | 0 | ||||
Net income from continuing operations | 91,758,992 | 114,213,192 | ||||
Less: Net (income) loss attributable to non - controlling interest | (25,403,462) | (22,148,582) | ||||
Net income from continuing operations attributable to Sino Agro Food, Inc. and subsidiaries | 66,355,530 | 92,064,610 | ||||
Discontinued operations | ||||||
Net income from discontinued operations | 0 | 0 | ||||
Net gain from disposal of subsidiaries, TRW and JFD | 0 | 0 | ||||
Less: Net (income) loss attributable to the non - controlling interest | 0 | 0 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||||
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | 66,355,530 | [2] | 92,064,610 | [3] | ||
Restatement Adjustment [Member] | ||||||
Revenue | ||||||
Sales Revenue, Goods, Net | (85,404,016) | (105,775,887) | ||||
Cost of goods sold | 67,152,999 | 76,925,056 | ||||
General and administrative expenses | 896,395 | 612,961 | ||||
Other income (expenses) | ||||||
Interest expense | 619 | 238 | ||||
Net income from continuing operations | 74,404,989 | 85,975,560 | ||||
Less: Net (income) loss attributable to non - controlling interest | 1,599,424 | 2,456,648 | ||||
Discontinued operations | ||||||
Net income from discontinued operations | 17,354,003 | 28,237,632 | ||||
Net income attributable to the Sino Agro Food, Inc. and subsidiaries | $ (91,758,992) | $ (114,213,192) | ||||
[1] | Net income of discontinued operation -sale of fishery division of $17,354,006 (2015) and $28,237,632 (2014 are reclassified from net income from continuing operations | |||||
[2] | 2015 Continuing operations of 74,404,989 and Discontinued operations of $17,354,003 | |||||
[3] | 2014 Continuing operations of 85,975,560 and Discontinued operations of $28,237,632. |
RESTATEMENT OF CONSOLIDATED 126
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENT (Details 2) - USD ($) | Aug. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash flows from operating activities | ||||||
Net income for the year | $ 114,976,014 | $ 66,355,530 | $ 92,064,610 | |||
Continuing operations | 64,833,641 | 74,404,989 | 85,975,560 | |||
Discontinued operations | 14,869,216 | 17,354,003 | 28,237,632 | |||
Adjustments to reconcile net income for the year to net cash from operations: | ||||||
Depreciation | 4,141,629 | 2,866,527 | 2,457,131 | |||
Amortization | 1,716,228 | 1,950,824 | 2,210,257 | |||
Gain on deemed disposal of subsidiaries | $ 56,947,005 | 56,947,005 | 0 | 0 | ||
Gain on extinguishment of debts | 0 | 132,000 | 270,586 | |||
Share based compensation costs | 4,345,993 | 363,181 | 659,686 | |||
Other amortized cost arising from convertible notes and others | 2,589,503 | 5,451,612 | 906,682 | |||
Changes in operating assets and liabilities: | ||||||
Decrease increase in inventories | (256,435) | 16,880,714 | 37,819,790 | |||
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contacts | (1,306,885) | 663,296 | ||||
(Increase) decrease in deposits and prepaid expenses | 1,055,087 | (4,651,244) | 23,320,658 | |||
(Decrease) increase in due to a director | (7,485,399) | 3,005,115 | 3,488,291 | |||
(Decrease) increase in accounts payable and accrued expenses | 7,564,298 | 3,691,261 | 13,933,571 | |||
Increase in other payables | (556,235) | (12,793,276) | 11,083,641 | |||
Decrease (increase) in accounts receivable | (12,762,332) | 31,171,347 | 22,445,129 | |||
Increase in tax payable | 1,130 | 0 | 0 | |||
(Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts | (6,069,954) | 640,126 | 4,913,624 | |||
Increase in amount due from unconsolidated equity investee | (55,120,003) | 0 | 0 | |||
Decrease (increase) in other receivables | (12,659,787) | 7,475,327 | 48,522,489 | |||
Net cash provided by operating activities | $ 56,019,415 | 44,619,333 | 22,150,719 | |||
Scenario, Previously Reported [Member] | ||||||
Cash flows from operating activities | ||||||
Net income for the year | 66,355,530 | [1] | 92,064,610 | [2] | ||
Continuing operations | 91,758,992 | 114,213,192 | ||||
Discontinued operations | 0 | 0 | ||||
Adjustments to reconcile net income for the year to net cash from operations: | ||||||
Depreciation | 2,866,527 | 2,457,131 | ||||
Amortization | 1,950,824 | 2,210,257 | ||||
Gain on deemed disposal of subsidiaries | 0 | 0 | ||||
Gain on extinguishment of debts | 132,000 | 270,586 | ||||
Share based compensation costs | 363,181 | 659,686 | ||||
Other amortized cost arising from convertible notes and others | 5,451,612 | 906,682 | ||||
Changes in operating assets and liabilities: | ||||||
Decrease increase in inventories | (16,880,714) | (37,819,790) | ||||
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contacts | (1,306,885) | 663,296 | ||||
(Increase) decrease in deposits and prepaid expenses | 4,651,244 | (23,320,658) | ||||
(Decrease) increase in due to a director | 3,005,115 | 3,488,291 | ||||
(Decrease) increase in accounts payable and accrued expenses | (12,793,276) | 11,083,641 | ||||
Increase in other payables | 3,691,261 | 13,933,571 | ||||
Decrease (increase) in accounts receivable | (31,171,347) | (22,445,129) | ||||
Increase in tax payable | 0 | 0 | ||||
(Decrease) increase in billings in excess of costs and estimated earnings on uncompleted contracts | 640,126 | 4,913,624 | ||||
Increase in amount due from unconsolidated equity investee | 0 | 0 | ||||
Decrease (increase) in other receivables | (7,475,327) | (48,522,489) | ||||
Net cash provided by operating activities | 44,619,333 | 22,150,719 | ||||
Restatement Adjustment [Member] | ||||||
Cash flows from operating activities | ||||||
Net income for the year | (91,758,992) | (114,213,192) | ||||
Continuing operations | 74,404,989 | 85,975,560 | ||||
Discontinued operations | $ 17,354,003 | $ 28,237,632 | ||||
[1] | 2015 Continuing operations of 74,404,989 and Discontinued operations of $17,354,003 | |||||
[2] | 2014 Continuing operations of 85,975,560 and Discontinued operations of $28,237,632. |
RESTATEMENT OF CONSOLIDATED 127
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 05, 2016 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | $ 0 | $ 9,020,669 | $ 8,381,108 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 64,833,641 | 74,404,989 | $ 85,975,560 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 14,869,216 | 17,354,003 | 28,237,632 | |
Prior Period Reclassification Adjustment | 17,354,006 | 28,237,632 | ||
Restatement Adjustment [Member] | ||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 9,020,669 | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 74,404,989 | 85,975,560 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 17,354,003 | $ 28,237,632 |