Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 14, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Yew Bio-Pharm Group, Inc. | ' |
Entity Central Index Key | '0001548240 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 52,125,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $120,118 | $1,159,611 |
Accounts receivable | 1,604,472 | 418,875 |
Accounts receivable - related party | ' | 377,821 |
Inventories | 1,731,628 | 1,089,087 |
Prepaid expenses - related party | 12,788 | 34,031 |
Prepaid expenses and other assets | 37,180 | 2,697 |
Total Current Assets | 3,506,186 | 3,082,122 |
LONG-TERM ASSETS: | ' | ' |
Inventories, net of current portion | 10,558,479 | 10,245,146 |
Property and equipment, net | 894,108 | 1,033,078 |
Land use rights and yew forest assets, net | 19,598,367 | 20,953,562 |
Total Long-term Assets | 31,050,954 | 32,231,786 |
Total Assets | 34,557,140 | 35,313,908 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 15,959 | ' |
Accrued expenses and other payables | 126,067 | 136,713 |
Taxes payable | 4,315 | 10,232 |
Due to related parties | 293,928 | 4,850,637 |
Total Current Liabilities | 440,269 | 4,997,582 |
Total Liabilities | 440,269 | 4,997,582 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common Stock ($0.001 par value; 140,000,000 shares authorized; 52,125,000 and 50,000,000 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively) | 52,125 | 50,000 |
Additional paid-in capital | 8,383,084 | 8,058,165 |
Retained earnings | 19,929,747 | 16,664,138 |
Statutory reserves | 3,016,936 | 2,597,118 |
Accumulated other comprehensive income - foreign currency translation adjustment | 2,734,979 | 2,946,905 |
Total Shareholders' Equity | 34,116,871 | 30,316,326 |
Total Liabilities and Shareholders' Equity | $34,557,140 | $35,313,908 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 52,125,000 | 50,000,000 |
Common stock, shares outstanding | 52,125,000 | 50,000,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUES: | ' | ' | ' | ' |
Revenues | $1,135,825 | $1,455,621 | $4,530,078 | $4,040,492 |
Revenues - related party | 565,099 | 88,706 | 1,302,390 | 1,409,141 |
Total Revenues | 1,700,924 | 1,544,327 | 5,832,468 | 5,449,633 |
COST OF REVENUES: | ' | ' | ' | ' |
Cost of revenues | 236,793 | 618,059 | 1,005,865 | 1,320,028 |
Cost of revenues - related party | 57,004 | 20,169 | 240,601 | 402,391 |
Total Cost of Revenues | 293,797 | 638,228 | 1,246,466 | 1,722,419 |
GROSS PROFIT | 1,407,127 | 906,099 | 4,586,002 | 3,727,214 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Selling | 6,973 | 7,356 | 9,394 | 19,049 |
General and administrative | 506,566 | 308,611 | 892,563 | 852,480 |
Total Operating Expenses | 513,539 | 315,967 | 901,957 | 871,529 |
INCOME FROM OPERATIONS | 893,588 | 590,132 | 3,684,045 | 2,855,685 |
OTHER INCOME (EXPENSES): | ' | ' | ' | ' |
Interest income (expense) | -255 | 161 | 36 | 245 |
Other income (expense) | -617 | 1,919 | 1,347 | 1,302 |
Total Other Income (Expenses) | -872 | 2,080 | 1,383 | 1,547 |
NET INCOME | 892,716 | 592,212 | 3,685,428 | 2,857,232 |
COMPREHENSIVE INCOME: | ' | ' | ' | ' |
NET INCOME | 892,716 | 592,212 | 3,685,428 | 2,857,232 |
OTHER COMPREHENSIVE INCOME: | ' | ' | ' | ' |
Unrealized foreign currency translation gain (loss) | 10,560 | 180,344 | -211,926 | 777,867 |
COMPREHENSIVE INCOME | $903,276 | $772,556 | $3,473,502 | $3,635,099 |
NET INCOME PER COMMON SHARE: | ' | ' | ' | ' |
Basic | $0.02 | $0.01 | $0.07 | $0.06 |
Diluted | $0.02 | $0.01 | $0.06 | $0.06 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ' | ' | ' | ' |
Basic | 51,639,946 | 50,000,000 | 50,552,656 | 50,000,000 |
Diluted | 51,759,743 | 50,000,000 | 63,026,963 | 50,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $3,685,428 | $2,857,232 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 132,355 | 147,782 |
Stock-based compensation | 5,657 | ' |
Common stock issued in exchange for professional service | 321,387 | ' |
Amortization of land use rights and yew forest assets | 384,467 | 271,580 |
Loss (gain) on disposal of fixed assets | -1,509 | 421 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,189,571 | -282,524 |
Accounts receivable - related party | 375,596 | -869,562 |
Prepaid expenses and other current assets | -34,532 | -33,635 |
Prepaid expenses - related parties | 21,030 | 20,789 |
Inventories | -205,265 | -594,434 |
Accounts payable | 15,974 | 3,357 |
Accrued expenses and other payables | -9,992 | -88,148 |
Due to related parties | ' | 3,688 |
Taxes payable | -5,857 | -1,010 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,495,168 | 1,435,536 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from disposal of fixed assets | 5,000 | ' |
Purchase of property and equipment | -3,390 | -217,604 |
Payments for land use rights and yew forest assets | -4,503,084 | -513,685 |
NET CASH USED IN INVESTING ACTIVITIES | -4,501,474 | -731,289 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from related party advances | 610 | ' |
Repayments for related parties advances | -25,674 | ' |
NET CASH USED IN FINANCING ACTIVITIES | -25,064 | ' |
EFFECT OF EXCHANGE RATE ON CASH | -8,123 | 18,957 |
NET INCREASE (DECREASE) IN CASH | -1,039,493 | 723,204 |
CASH - beginning of period | 1,159,611 | 386,821 |
CASH - end of period | 120,118 | 1,110,025 |
Cash paid for: | ' | ' |
Interest | ' | ' |
Income taxes | ' | ' |
Non-cash investing and financing activities | ' | ' |
Reclassification of yew forest assets to inventory | $828,908 | ' |
Organization_And_Principal_Act
Organization And Principal Activities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Organization And Principal Activities [Abstract] | ' | ||||||||
ORGANIZATION AND PRINCIPAL ACTIVITIES | ' | ||||||||
NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES | |||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet as of December 31, 2013 was derived from the audited consolidated financial statements of Yew Bio-Pharm Group, Inc. (individually “YBP” and collectively with its subsidiaries and operating variable interest entity, the “Company”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the summary of significant accounting policies and notes to consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. | |||||||||
In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of September 30, 2014, and the results of operations and cash flows for the nine-month period ended September 30, 2014 and 2013, have been made. | |||||||||
The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company continually evaluates its estimates, including those related to bad debts, inventories, recovery of long-lived assets, income taxes, and the valuation of equity transactions. The Company bases its estimates on historical experience and on various other assumptions that it believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. | |||||||||
Details of the Company’s subsidiaries and variable interest entities (“VIE”) are as follows: | |||||||||
Name | Domicile and Date of Incorporation | Registered Capital | Effective Ownership | Principal Activities | |||||
Heilongjiang Jinshangjing Bio-Technology Development Co., Limited (“JSJ”) | PRC | US$100,000 | 100% | Holding company | |||||
29-Oct-09 | |||||||||
Yew Bio-Pharm Holdings Limited (“Yew Bio-Pharm (HK)”) | Hong Kong | HK$10,000 | 100% | Holding company of JSJ | |||||
29-Nov-10 | |||||||||
Harbin Yew Science and Technology Development Co., Ltd. (“HDS”) | PRC | RMB45,000,000 | Contractual arrangements | Sales of yew tree components for use in pharmaceutical industry; sales of yew tree seedlings and potted yew trees; and the manufacture of yew tree wood handicrafts | |||||
22-Aug-96 |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Principles of Consolidation [Abstract] | ' | ||||||||
PRINCIPLES OF CONSOLIDATION | ' | ||||||||
NOTE 2 – PRINCIPLES OF CONSOLIDATION | |||||||||
The consolidated financial statements include the financial statements of YBP, its subsidiaries and operating VIE, in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated on consolidation. | |||||||||
Pursuant to a restructuring plan intended to ensure compliance with applicable PRC laws and regulations (the “Second Restructure”), on November 5, 2010, JSJ entered into a series of contractual arrangements (the “Contractual Arrangements”) with HDS and/or Zhiguo Wang, his wife Guifang Qi and Xingming Han (collectively with Mr. Wang and Madame Qi, the “HDS Shareholders”), as described below: | |||||||||
● | Exclusive Business Cooperation Agreement. Pursuant to the Exclusive Business Cooperation Agreement between JSJ and HDS (the “Business Cooperation Agreement”), JSJ has the exclusive right to provide to HDS general business operation services, including advice and strategic planning, as well as consulting services related to technology, research and development, human resources, marketing and other services deemed necessary (collectively, the “Services”). Under the Business Cooperation Agreement, JSJ has exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of the Business Cooperation Agreement, including but not limited to copyrights, patents, patent applications, software and trade secrets. HDS shall pay to JSJ a monthly consulting service fee (the “Service Fee”) in RMB that is equal to 100% of the monthly net income of HDS. Upon the prior written consent by JSJ, the rate of Service Fee may be adjusted pursuant to the operational needs of HDS. Within 30 days after the end of each month, HDS shall (a) deliver to JSJ the management accounts and operating statistics of HDS for such month, including the net income of HDS during such month (the “Monthly Net Income”), and (b) pay 80% of such Monthly Net Income to JSJ (each such payment, a “Monthly Payment”). Within ninety (90) days after the end of each fiscal year, HDS shall (a) deliver to JSJ financial statements of HDS for such fiscal year, which shall be audited and certified by an independent certified public accountant approved by JSJ, and (b) pay an amount to JSJ equal to the shortfall, if any, of the aggregate net income of HDS for such fiscal year, as shown in such audited financial statements, as compared to the aggregate amount of the Monthly Payments paid by HDS to JSJ in such fiscal year. HDS also granted an irrevocable and exclusive option to JSJ to purchase any and all of the assets of HDS, to the extent permitted under PRC law, at the lowest price permitted by PRC law. Unless earlier terminated in accordance with the provisions of the Business Cooperation Agreement or other agreements separately executed between JSJ and HDS, the Business Cooperation Agreement is for a term of ten years and expires on November 5, 2020; however, the term of the Business Cooperation Agreement may be extended if confirmed in writing by JSJ prior to the expiration of the term thereof. The period of the extended term shall be determined exclusively by JSJ and HDS shall accept such extended term unconditionally. Unless JSJ commits gross negligence, or a fraudulent act, against HDS, HDS shall not terminate the Business Cooperation Agreement prior to the expiration of the term, including any extended term. Notwithstanding the foregoing, JSJ shall have the right to terminate the Business Cooperation Agreement at any time upon giving 30 days’ prior written notice to HDS. | ||||||||
● | Exclusive Option Agreement. Under an Exclusive Option Agreement among JSJ, HDS and each HDS Shareholder (individually, an “Option Agreement”), the terms of which are substantively identical to each other, each HDS Shareholder has granted JSJ or its designee the irrevocable and exclusive right to purchase, to the extent permitted under PRC law, all or any part of the HDS Shareholder’s equity interests in HDS (the “Equity Interest Purchase Option”) for RMB10. If an appraisal is required by PRC laws at the time when and if JSJ exercises the Equity Interest Purchase Option, the parties shall negotiate in good faith and, based upon the appraisal, make a necessary adjustment to the purchase price so that it complies with any and all then applicable PRC laws. Without the consent of JSJ, the HDS Shareholders shall not sell, transfer, mortgage or dispose of their respective shares of HDS stock. Additionally, without the prior consent of JSJ, the HDS Shareholders shall not in any manner supplement, change or amend the articles of association and bylaws of HDS, increase or decrease its registered capital, change the structure of its registered capital in any other manner, or engage in any transactions that could materially affect HDS’ assets, liabilities, rights or operations, including, without limitation, the incurrence or assumption of any indebtedness except incurred in the ordinary course of business, execute any major contract over RMB500,000, sell or purchase any assets or rights, incur of any encumbrance on any of its assets or intellectual property rights in favor of a third party or transfer of any agreements relating to its business operation to any third party. The term of each Option Agreement is ten years commencing on November 5, 2020 and may be extended at the sole election of JSJ. | ||||||||
● | Equity Interest Pledge Agreement. In order to guarantee HDS’s performance of its obligations under the Business Cooperation Agreement, each HDS Shareholder, JSJ and HDS entered into an Equity Interest Pledge Agreement (individually, a “Pledge Agreement”), the terms of which are substantially similar to each other. Pursuant to the Pledge Agreement, each HDS Shareholder pledged all of his or her equity interest in HDS to JSJ. If HDS or the HDS Shareholders breach their respective contractual obligations and such breach is not remedied to the satisfaction of JSJ within 20 days after the giving of notice of breach, JSJ, as pledgee, will be entitled to exercise certain rights, including the right to foreclose upon and sell the pledged equity interests. During the term of the Pledge Agreement, the HDS Shareholder shall not transfer his or her equity interest in HDS or place or otherwise permit any other security interest of other encumbrance to be placed on such equity interest. Upon the full payment of the Service Fee under the Business Cooperation Agreement and upon the termination of HDS’s obligations thereunder, the Pledge Agreement shall be terminated. | ||||||||
● | Power of Attorney. Under the Power of Attorney executed by each HDS Shareholder (each, a “Power of Attorney”), the terms of which are substantially similar to each other, JSJ has been granted an exclusive, irrevocable power of attorney to take actions in the place and stead of the HDS Shareholders, to act on behalf of the HDS Shareholder as his or her exclusive agent and attorney with respect to all matters concerning the HDS Shareholder’s equity interests in HDS, including without limitation, the right to: 1) attend shareholders’ meetings of HDS; 2) exercise all the HDS Shareholders’ rights, including voting rights under PRC laws and HDS’s Articles of Association, including but not limited to the sale or transfer or pledge or disposition of the HDS Shareholder’s equity interests in HDS in whole or in part; and 3) designate and appoint on behalf of the HDS Shareholders the legal representative, executive director, supervisor, manager and other senior management of HDS. | ||||||||
To the extent that the Contractual Arrangements are enforceable under PRC law, as from time to time interpreted by relevant state agencies, they constitute the valid and binding obligations of each of the parties to each such agreement. | |||||||||
The Company believes that HDS is considered a VIE under ASC 810 “Consolidation”, because the equity investors in HDS no longer have the characteristics of a controlling financial interest, and the Company, through JSJ, is the primary beneficiary of HDS and controls HDS’s operations. Accordingly, HDS has been consolidated as a deemed subsidiary into YBP as a reporting company under ASC 810. | |||||||||
As required by ASC 810-10, the Company performs a qualitative assessment to determine whether the Company is the primary beneficiary of HDS which is identified as a VIE of the Company. A quality assessment begins with an understanding of the nature of the risks in the entity as well as the nature of the entity’s activities including terms of the contracts entered into by the entity, ownership interests issued by the entity and the parties involved in the design of the entity. The Company’s assessment on the involvement with HDS reveals that the Company has the absolute power to direct the most significant activities that impact the economic performance of HDS. JSJ is obligated to absorb a majority of the risk of loss from HDS activities and entitles JSJ to receive a majority of HDS’s expected residual returns. In addition, HDS’s shareholders have pledged their equity interest in HDS to JSJ, irrevocably granted JSJ an exclusive option to purchase, to the extent permitted under PRC Law, all or part of the equity interests in HDS and agreed to entrust all the rights to exercise their voting power to the person(s) appointed by JSJ. Under the accounting guidance, the Company is deemed to be the primary beneficiary of HDS and the results of HDS are consolidated in the Company’s consolidated financial statements for financial reporting purposes. Accordingly, as a VIE, HDS’s sales are included in the Company’s total sales, its income from operations is consolidated with the Company’s and the Company’s net income includes all of HDS’s net income. The Company does not have any non-controlling interest and, accordingly, did not subtract any net income in calculating the net income attributable to the Company. Because of the Contractual Arrangements, YBP has a pecuniary interest in HDS that requires consolidation of HDS’s financial statements with those of the Company. | |||||||||
Additionally, pursuant to ASC 805, as YBP and HDS are under the common control of the HDS Shareholders, the Second Restructure was accounted for in a manner similar to a pooling of interests. As a result, the Company’s historical amounts in the accompanying consolidated financial statements give retrospective effect to the Second Restructure, whereby the assets and liabilities of the Company are reflected at the historical carrying values and their operations are presented as if they were consolidated for all periods presented, with the results of the Company being consolidated from the date of the Second Transfer Agreement. The accounts of HDS are consolidated in the accompanying financial statements. | |||||||||
As of September 30, 2014, the Company agreed to waive all management fees to be payable by HDS and the Company expects to waive such management fees in the near future due to a need of working capital in HDS to expand HDS’s operations. | |||||||||
The Company is principally engaged in (1) processing and selling yew raw materials used in the manufacture of traditional Chinese medicine (“TCM”); (2) growing and selling yew tree seedlings and mature trees, including potted miniature yew trees; and (3) manufacturing and selling furniture and handicrafts made of yew tree timber. The Company is located in Harbin, Heilongjiang Province, China. | |||||||||
YBP has no direct or indirect legal or equity ownership interest in HDS. However, through the Contractual Arrangements, the stockholders of HDS have assigned all their rights as stockholders, including voting rights and disposition rights of their equity interests in HDS to JSJ, our indirect, wholly-owned subsidiary. YBP is deemed to be the primary beneficiary of HDS and the financial statements of HDS are consolidated in the Company’s consolidated financial statements. At September 30, 2014 and December 31, 2013, the carrying amount and classification of the assets and liabilities in the Company’s balance sheets that relate to the Company’s variable interest in the VIE was as follows: | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Assets | |||||||||
Cash | $ | 103,663 | $ | 1,146,546 | |||||
Accounts receivable | 1,604,472 | 418,875 | |||||||
Accounts receivable – related party | - | 377,821 | |||||||
Inventories (current and long-term) | 12,290,107 | 11,334,233 | |||||||
Prepaid expenses and other assets | 37,030 | 2,388 | |||||||
Prepaid expenses - related parties | 13,194 | 33,213 | |||||||
Property and equipment, net | 848,133 | 966,148 | |||||||
Land use rights and yew forest assets, net | 19,598,366 | 20,953,562 | |||||||
Total assets of VIE | $ | 34,494,965 | $ | 35,232,786 | |||||
Liabilities | |||||||||
Accounts payables | $ | 15,959 | $ | - | |||||
Accrued expenses and other payables | 70,906 | 16,294 | |||||||
Taxes payable | 2,040 | 9,924 | |||||||
Due to VIE holding companies | 1,516,723 | 1,703,324 | |||||||
Due to related parties | 273,627 | 4,804,661 | |||||||
Total liabilities of VIE | $ | 1,879,255 | $ | 6,534,203 | |||||
The assets and liabilities in the table above are held in HDS, the VIE. The creditors of HDS have legal recourse only to the assets of HDS and do not have such recourse to the Company. In addition, HDS’ assets are generally restricted only to pay such liabilities. Thus, the Company’s maximum legal exposure to loss related to the VIE is significantly less than the carrying value of the HDS assets due to outstanding intercompany liabilities. Restricted net assets of the VIE shall mean that amount of our proportionate share of net assets of HDS (after intercompany eliminations) which as of the end of the most recent fiscal year and most recent reporting balance sheet date may not be transferred to the parent company by the VIE in the form of loans, advances or cash dividends without the consent of a third party (e.g. lender, regulatory agency, foreign government). |
Inventories
Inventories | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Inventories [Abstract] | ' | ||||||||||||||||||||||||
INVENTORIES | ' | ||||||||||||||||||||||||
NOTE 3 – INVENTORIES | |||||||||||||||||||||||||
Inventories consisted of raw materials, work-in-progress, finished goods-handicrafts, yew seedlings and other trees (consisting of larix, spruce and poplar trees). The Company classifies its inventories based on its historical and anticipated levels of sales; any inventory in excess of its normal operating cycle of one year is classified as long-term on its consolidated balance sheets. As of September 30, 2014 and December 31, 2013, inventories consisted of the following: | |||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Current portion | Long-term | Total | Current portion | Long-term | Total | ||||||||||||||||||||
portion | portion | ||||||||||||||||||||||||
Raw materials | $ | 155,515 | $ | 2,877,724 | $ | 3,033,239 | $ | 416,519 | $ | 2,608,829 | $ | 3,025,348 | |||||||||||||
Work-in-process | - | - | - | 17,446 | - | 17,446 | |||||||||||||||||||
Finished goods - handicrafts | 89,741 | 689,406 | 779,147 | 197,842 | 653,785 | 851,627 | |||||||||||||||||||
Yew seedlings | 1,486,372 | 6,991,349 | 8,477,721 | 457,280 | 6,982,532 | 7,439,812 | |||||||||||||||||||
$ | 1,731,628 | $ | 10,558,479 | $ | 12,290,107 | $ | 1,089,087 | $ | 10,245,146 | $ | 11,334,233 |
Taxes
Taxes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Taxes [Abstract] | ' | ||||||||||||||||
TAXES | ' | ||||||||||||||||
NOTE 4 – TAXES | |||||||||||||||||
(a) Federal Income Tax and Enterprise Income Taxes | |||||||||||||||||
The Company is registered in the State of Nevada and is subject to the United States federal income tax at a tax rate of 34%. No provision for income taxes in the U.S. has been made as the Company had no U.S. taxable income as of September 30, 2014 and December 31, 2013. | |||||||||||||||||
The Company’s subsidiary and VIE, JSJ and HDS, respectively, being incorporated in the PRC, are subject to PRC’s Enterprise Income Tax. Pursuant to the PRC Income Tax Laws, Enterprise Income Taxes (“EIT”) is generally imposed at 25%. | |||||||||||||||||
The table below summarizes the difference between the U.S. statutory federal tax rate and the Company’s effective tax rate for the three months and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. federal income tax rate | 34% | 34% | 34% | 34% | |||||||||||||
Foreign income not recognized in the U.S. | -34% | -34% | -34% | -34% | |||||||||||||
PRC EIT rate | 25% | 25% | 25% | 25% | |||||||||||||
PRC tax exemption and reduction | -25% | -25% | -25% | -25% | |||||||||||||
Total provision for income taxes | - | - | - | - | |||||||||||||
Income before income tax expenses of $892,716 and $592,212 for the three months ended September 30, 2014 and 2013, respectively, and $3,685,428 and $2,857,232 for the nine months ended September 30, 2014 and 2013, respectively, was attributed to subsidiaries with operations in China. HDS and JSJ recorded no income tax expense for the three and nine months ended September 30, 2014 and 2013 due to the fact that HDS has been granted a tax exemption and has loss carry-forwards from previous years to offset income tax liability generated for handicraft sales and JSJ has been incurring net losses. | |||||||||||||||||
The combined effects of the income tax expense exemptions and tax reductions available to the Company for the three months and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Tax exemption effect | $ | 319,070 | $ | 156,812 | $ | 1,044,203 | $ | 778,923 | |||||||||
Tax reduction due to loss carry-forward | 2,761 | - | 5,344 | - | |||||||||||||
Gain (loss) not subject to income tax | (595 | ) | 1,786 | (2,254 | ) | (3,883 | ) | ||||||||||
Basic net income per share effect | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Diluted net income per share effect | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
The deferred income tax assets or liabilities calculated pursuant to the EIT is not material due to the fact that the Company has been granted EIT exemption with respect to its yew raw materials and yew tree segments and is only subject to tax under the EIT for its handicrafts segment, which only represents a small portion of net revenues. | |||||||||||||||||
The Company has incurred net operating loss for income tax purposes for the three and nine months ended September 30, 2014 and 2013. The net operating loss carry-forwards for U.S. income tax purposes amounted to $3,472,742 and $3,258,426 at September 30, 2014 and December 31, 2013, respectively, which may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, through 2033. Management believes that the realization of the benefits arising from this loss appear to be uncertain due to the Company’s limited operating history and continuing losses for United States income tax purposes. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset to reduce the asset to zero at September 30, 2014 and December 31, 2013. The valuation allowance at September 30, 2014 and December 31, 2013 was $1,180,732 and $1,107,865, respectively. The net change in the valuation allowance was an increase of $34,953 and $14,340 during the three months ended September 30, 2014 and 2013, respectively. The net change in the valuation allowance was an increase of $72,867 and $82,595 during the nine months ended September 30, 2014 and 2013, respectively. Management reviews this valuation allowance periodically and makes adjustments as necessary. | |||||||||||||||||
Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for income tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset for the Company as of September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
U.S. tax benefit of net operating loss carry forward | $ | 1,180,732 | $ | 1,107,865 | |||||||||||||
Valuation allowance | (1,180,732 | ) | (1,107,865 | ) | |||||||||||||
Net deferred tax assets | $ | - | $ | - | |||||||||||||
For U.S. income tax purposes, the Company has cumulative undistributed earnings of foreign subsidiary and VIE of approximately $23.9 million and $20.1 million as of September 30, 2014 and December 31, 2013, respectively, which are included in consolidated retained earnings and will continue to be indefinitely reinvested in overseas operations. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if we concluded that such earnings will be remitted to the U.S. in the future. | |||||||||||||||||
(b) Value Added Taxes (“VAT”) | |||||||||||||||||
The applicable VAT tax rate is 13% for agricultural products and 17% for handicrafts sold in the PRC. In accordance with VAT regulations in the PRC, the Company is exempt from paying VAT on its yew raw materials and yew trees sales as an agricultural corps cultivating company up to December 31, 2016. VAT payable in the PRC is charged on an aggregated basis at the applicable rate on the full price collected for the goods sold or taxable services provided and less any deductible VAT already paid by the taxpayer on purchases of goods in the same fiscal year. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||||
NOTE 5 – STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
On December 13, 2012, the Company’s shareholders approved the issuance of stock purchase options (“Founders’ Options”) to the Company’s directors/officers (collectively, the “Founders”) and the Company issued the Founders’ Options to the Founders following such approval. The terms of each Founder’s Option are identical to each other except for the name of the optionee and the number of shares of the Company’s common stock subject to each Founder’s Option. The principal terms of the Founders’ Options include the following: | |||||||||||||||||||||||
● | Each Founder’s Option is fully vested upon issuance; | ||||||||||||||||||||||
● | Each Founder’s Option is exercisable for a period of five years from the date of issuance; | ||||||||||||||||||||||
● | Each Founder’s Option is exercisable at $0.22 per share; and | ||||||||||||||||||||||
● | Each Founder’s Option has a cashless exercise feature, pursuant to which, at the optionee’s election, he or she may choose to deliver previously-owned shares of YBP common stock in payment of the exercise price or not pay the exercise price of the Founder’s Option and receive instead a reduced number of shares of YBP common stock reflecting the value of the number of shares of YBP common stock equal to the difference, if any, between the aggregate fair market value of the shares issuable upon exercise of the Founder’s Option and the exercise price of the Founder’s Option. | ||||||||||||||||||||||
On July 18, 2014, the Company’s Board of Directors in lieu of an established Compensation Committee granted options pursuant to the Corporation’s 2012 Equity Incentive Plan to two directors and one of its employees (the “Optionees”). Within the stock option agreement, each of the Optionees was issued 200,000 shares of common stock of the Company at an exercise price of $0.20 per share. The option has a term of four years and expires on August 1, 2018 from August 1, 2014, vesting commencement date. The options vest over a three-year time period from 8/1/2014, and 30%, 35%, and 35% of the total shares granted shall vest and become exercisable 12, 24, and 36 months after the initial vesting commencement date. | |||||||||||||||||||||||
The number of shares of the Company’s common stock subject to above option plan is as follows: | |||||||||||||||||||||||
Name of Optionee | Number of Shares | ||||||||||||||||||||||
Subject to Founder's | |||||||||||||||||||||||
Option | |||||||||||||||||||||||
Zhiguo Wang | 20,103,475 | ||||||||||||||||||||||
Guifang Qi | 2,488,737 | ||||||||||||||||||||||
Xingming Han | 213,300 | ||||||||||||||||||||||
HengJiang Pang | 200,000 | ||||||||||||||||||||||
Tong Liu | 200,000 | ||||||||||||||||||||||
Xuehai Wu | 200,000 | ||||||||||||||||||||||
Total | 23,405,512 | ||||||||||||||||||||||
On July 22, 2014, the Company entered into a Service Provider Agreement (the “SPA”) with a service provider to commence service on July 22, 2014 for a period of three years. Pursuant to the SPA, the Company agreed to issue to the service provider 1,250,000 shares of its Rule 144 restricted common stock for the service period. The shares are payable in 875,000 shares of its restricted common stock for the first year of service under the SPA and 375,000 shares of its restricted common stock to be issued on or before July 22, 2015, for the second and third year of service under the SPA. The service provider will be providing promotional opportunities related to the Company business and disseminating research material to increase general awareness of the Company and its business to the public. | |||||||||||||||||||||||
On July 22, 2014, the Company entered into a Consulting Agreement (the “Agreement”) with a consultant for a period of three years. Pursuant to the Agreement, the Company agreed to issue to the consultant 1,250,000 shares of its Rule 144 restricted common stock for the service period. The consultant will provide financing and certain consultation services to the Company. | |||||||||||||||||||||||
A total of $321,387 was recognized for the share-based compensation expense for the nine months ended September 30, 2014. | |||||||||||||||||||||||
There were no stock warrants issued, terminated/forfeited and exercised during the nine months ended September 30, 2014. | |||||||||||||||||||||||
The following table summarizes the shares of the Company's common stock issuable upon exercise of options outstanding at September 30, 2014: | |||||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||||
Range of | Number | Weighted Average | Weighted | Number | Weighted | ||||||||||||||||||
Exercise Price | Outstanding at | Remaining | Average | Exercisable at | Average | ||||||||||||||||||
September 30, | Contractual Life | Exercise Price | September 30, | Exercise Price | |||||||||||||||||||
2014 | (Years) | 2014 | |||||||||||||||||||||
$ | 0.22 | 23,405,512 | 3.22 | $ | 0.22 | 22,805,512 | $ | 0.22 | |||||||||||||||
The aggregate intrinsic value amounted to $0 which is based upon the Company’s closing stock price of $0.11 as of September 30, 2014, which would have been received by the option holders had all option holders exercised their option awards as of that date. Stock option expense recognized during the three and nine months ended September 30, 2014 amounted to $5,657. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
NOTE 6 – EARNINGS PER SHARE | |||||||||||||||||
ASC 260 “Earnings per Share,” requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. | |||||||||||||||||
Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted income per share is computed by dividing net income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. Potentially dilutive common shares consist of common shares issuable upon the confirmation of subscriptions for shares and common stock options (using the treasury stock method). | |||||||||||||||||
The following table presents a reconciliation of basic and diluted net income per share for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available to common stockholders for basic and diluted net income per share of common stock | $ | 892,716 | $ | 592,212 | $ | 3,685,428 | $ | 2,857,232 | |||||||||
Weighted average common stock outstanding – basic | 51,639,946 | 50,000,000 | 50,552,656 | 50,000,000 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Issuance of restricted common stock | 119,797 | - | 75,824 | - | |||||||||||||
Stock options issued to directors/officers | - | - | 12,398,483 | - | |||||||||||||
Weighted average common stock outstanding – diluted | 51,759,743 | 50,000,000 | 63,026,963 | 50,000,000 | |||||||||||||
Net income per common share – basic | $ | 0.02 | $ | 0.01 | $ | 0.07 | $ | 0.06 | |||||||||
Net income per common share – diluted | $ | 0.02 | $ | 0.01 | $ | 0.06 | $ | 0.06 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk and Major Customers | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Concentrations of Credit Risk and Major Customers [Abstract] | ' | ||||||||||||||||
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS | ' | ||||||||||||||||
NOTE 7 – CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS | |||||||||||||||||
Customers | |||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, customers accounting for 10% or more of the Company’s revenue were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Customer | 2014 | 2013 | 2014 | 2013 | |||||||||||||
A | *% | *% | 19% | *% | |||||||||||||
B (Yew Pharmaceutical, a related party) | 33% | *% | 22% | 26% | |||||||||||||
* | Less than 10% | ||||||||||||||||
The two largest customers accounted for 11% and 53% of the Company’s total outstanding accounts receivable at September 30, 2014 and 2013, respectively, of which Yew Pharmaceutical Co., Ltd., (“Yew Pharmaceutical”), a related party, accounted for 0% and 53% of total outstanding accounts receivable, respectively. | |||||||||||||||||
Suppliers | |||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, suppliers accounting for 10% or more of the Company’s purchase were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Supplier | 2014 | 2013 | 2014 | 2013 | |||||||||||||
A | *% | *% | 41.20% | 62% | |||||||||||||
B | *% | *% | 28.20% | 38% | |||||||||||||
C | 100% | *% | 16.80% | *% | |||||||||||||
The three largest suppliers accounted for 86.2% of the Company’s total purchase for the nine months ended September 30, 2014 and the Company had $0 payable with these suppliers at September 30, 2014. | |||||||||||||||||
For the three months ended September 30, 2013, the Company did not make any significant purchases. For the nine months ended September 30, 2013, two suppliers accounted for 100% of the Company’s purchases and the Company did not have any payable with these suppliers at September 30, 2013. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
RELATED PARTY TRANSACTIONS | ' | ||||||||
NOTE 8 – RELATED PARTY TRANSACTIONS | |||||||||
In addition to several of the Company’s officers and directors, the Company conducted transactions with the following related parties: | |||||||||
Company | Ownership | ||||||||
Heilongjiang Zishan Technology Stock Co., Ltd. (“ZTC”) | 18% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., 39% owned by Zhiguo Wang, Chairman and Chief Executive Officer, 31% owned by Guifang Qi, the wife of Mr. Wang and Director of the Company, and 12% owned by third parties. | ||||||||
Heilongjiang Yew Pharmaceuticals, Co., Ltd. (“Yew Pharmaceutical”) | 95% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 5% owned by Madame Qi. | ||||||||
Shanghai Kairun Bio-Pharmaceutical Co., Ltd. (“Kairun”) | 60% owned by Heilongjiang Zishan Technology Co., Ltd., 20% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 20% owned by Mr. Wang. | ||||||||
Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd. (“HEFS”) | 63% owned by Mr. Wang, 34% owned by Madame Qi, and 3% owned by third parties. | ||||||||
Cooperation and Development Agreement and Revenues from Related Party | |||||||||
On January 9, 2010, the Company entered into a Cooperation and Development Agreement (the “Development Agreement”) with Yew Pharmaceutical. Pursuant to the Development Agreement, for a period of ten years expiring on January 9, 2020, the Company shall supply cultivated yew raw materials to Yew Pharmaceutical that will be used by Yew Pharmaceutical to make traditional Chinese medicines and other pharmaceutical products, at price of RMB 1,000,000 (approximately $158,000) per metric ton. | |||||||||
For the three months ended September 30, 2014 and 2013, sales to Yew Pharmaceutical under the Development Agreement amounted to $565,832 and $88,706, respectively. For the nine months ended September 30, 2014 and 2013, sales to Yew Pharmaceutical under the Development Agreement amounted to $1,302,390 and $1,409,141, respectively. | |||||||||
At September 30, 2014 and December 31, 2013, the Company had $0 and $377,821 accounts receivable from Yew Pharmaceutical, respectively. | |||||||||
Operating Leases | |||||||||
On March 25, 2005, the Company entered into an Agreement for the Lease of Seedling Land with ZTC (the “ZTC Lease”). Pursuant to the ZTC Lease, the Company leased 361 mu of land from ZTC for a period of 30 years, expiring on March 24, 2035. Annual payments under the ZTC Lease are RMB 162,450 (approximately $26,000). The payment for the first five years of the ZTC Lease was due prior to December 31, 2010 and beginning in 2011, the Company is required to make full payment for the land use rights in advance for each subsequent five-year period. For the three months ended September 30, 2014 and 2013, rent expense related to the ZTC Lease amounted to $6,590 and $6,583, respectively. For the nine months ended September 30, 2014 and 2013, rent expense related to the ZTC Lease amounted to $19,810 and $19,583, respectively. At September 30, 2014 and December 31, 2013, prepaid rent to ZTC amounted to $13,194 and $33,212 which was included in prepaid expenses – related parties on the accompanying consolidated balance sheets. | |||||||||
On December 3, 2008, the Company entered into a lease for retail space in Harbin with Madame Qi (the “Store Lease”). Pursuant to the Store Lease, no payment was due for the first year and an annual payment of RMB12,000 (approximately $2,000) is due for each of the second and third years thereof. The term of the Store Lease is three years and expired on December 3, 2011. On November 15, 2011, the Company renewed the Store Lease. Pursuant to the renewed Store Lease, the annual rent is RMB15,600 (approximately $2,500) and the annual payment is due by May 30 of each year. The term of the renewed Store Lease is 3 years and expires on December 1, 2014. On December 31, 2013, the Company terminated the Store Lease. For the three months ended September 30, 2014 and 2013, rent expense related to the Store Lease amounted to $nil and $633, respectively. For the nine months ended September 30, 2014 and 2013, rent expense related to the Store Lease amounted to $nil and $1,881, respectively. Since December 2012, the premises subject to the Store Lease have been used as warehouse space rather than retail space. | |||||||||
On January 1, 2010, the Company entered into a lease for office space with Mr. Wang (the “Office Lease”). Pursuant to the Office Lease, annual payments of RMB15,000 (approximately $2,000) are due for each of the term. The term of the Office Lease is 15 years and expires on December 31, 2025. For the three months ended September 30, 2014 and 2013, rent expense related to the Office Lease amounted to $609 and $608, respectively. For the nine months ended September 30, 2014 and 2013, rent expense related to the Office Lease amounted to $1,829 and $1,808, respectively. | |||||||||
On July 1, 2012, the Company entered into a lease for office space with Mr. Wang (the “JSJ Lease”). Pursuant to the JSJ Lease, JSJ leases approximately 30 square meter of office space from Mr. Wang in Harbin. Rent under the JSJ Lease is RMB10,000 (approximately $1,600) annually. The term of the JSJ Lease is three years and expires on June 30, 2015. For the three months ended September 30, 2014 and 2013, rent expense related to the JSJ Lease amounted to $406 and $405, respectively. For the nine months ended September 30, 2014 and 2013, rent expense related to the JSJ Lease amounted to $1,219 and $1,205, respectively. At September 30, 2014 and December 31, 2013, prepaid rent to Mr. Wang amounted to $nil and $819, respectively, which was included in prepaid expenses - related parties on the accompanying consolidated balance sheets. | |||||||||
The principal executive offices of YBP are located at 294 Powerbilt Avenue, Las Vegas, Nevada, a property owned by the Company’s President, Zhiguo Wang, which he provides rent-free to the Company. However, the Company pays utilities, property insurance, real estate tax, association dues and certain other expenses on the property to third parties, which, in the three months ended September 30, 2014 and 2013, aggregated approximately $1,686 and $3, 762, respectively, and in the nine months ended September 30, 2014 and 2013, aggregated approximately $8,513 and $11,112, respectively. The space provided by Mr. Wang to use as principal executive offices is less than 500 square feet and a significant portion of the property is used by Mr. Wang for his personal use. The Company estimates that the market value of a gross and full service lease for an equivalent executive office rent in the same geographic area is approximately $800 to $1,000 per month. The landlord of a gross and full service lease typically would be responsible for paying utilities, property tax and insurance and other expenses associated with maintaining the property. However, the Company pays these expenses, as well as association dues, on behalf of Mr. Wang to third parties in lieu of making rent payments. The Company believes that the difference between the annual market rent for the space used by the Company and the amount the Company paid to third parties for expenses related to the property is not material. | |||||||||
At September 30, 2014 and December 31, 2013, the total prepaid rent for the above operating leases with related parties amounted to $12,788 and $34,031, respectively, which amount was included in prepaid expenses-related party on the accompanying consolidated balance sheets. | |||||||||
Loan Made to a Related Party | |||||||||
On January 15, 2014, the Company entered into a loan agreement with Yew Pharmaceutical pursuant to which, the Company agreed to lend Yew Pharmaceutical in the amount of RMB360,000 ($58,400). The proceeds of the loan would be utilized to purchase an inspection machinery and equipment. The acquired fixed asset would improve quality assurance of yew products and ensure the consistency of sales. Under the agreement, Yew Pharmaceutical, upon its final inspection of machinery and equipment, has four months to pay off the entire loan to the Company. The duration of the loan agreement starts from January 15, 2014 through May 15, 2014. As of September 30, 2014, the outstanding balance is $nil. | |||||||||
Due to Related Parties | |||||||||
The Company’s officers, directors and related parties, from time to time, provided advances to the Company for working capital purpose. These advances are short-term in nature, non-interest bearing, unsecured and payable on demand. The due to related parties amount at September 30, 2014 and December 31, 2013 was as follows: | |||||||||
Name of related parties | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Zhiguo Wang | $ | 22,648 | $ | 47,726 | |||||
ZTC | 271,280 | 4,802,911 | |||||||
Total | $ | 293,928 | $ | 4,850,637 | |||||
Amount due to ZTC incurred in connection with acquisition of yew tree forests and land use right of underlying land. | |||||||||
Research and Development Agreement | |||||||||
The Company entered into a Technology Development Service Agreement dated January 1, 2010 (the “Technology Agreement”) with Kairun. The term of the Technology Agreement was two years. Under the Technology Agreement, Kairun provides the Company with testing and technologies regarding utilization of yew trees to extract taxol and develop higher concentration of taxol in the yew trees the Company grow and cultivate. For these services, the Company agreed to pay Kairun RMB200,000 (approximately $32,000) after the technologies developed by Kairun are tested and approved by the Company. The Company will retain all intellectual property rights in connection with the technologies developed by Kairun. Kairun may not provide similar services to any other party without the Company’s prior written consent. In February 2012, we entered into a supplemental agreement with Kairun, extending the term of the Technology Agreement indefinitely until project results specified in the original Technology Agreement have been achieved. Kairun is owned directly and indirectly primarily by Mr. Wang and Madame Qi. As of September 30, 2014, Kairun has not yet completed the services provided for in the Technology Agreement and, therefore, no payment was made to Kairun. | |||||||||
Land Use Right Agreement | |||||||||
On November 15, 2013, Harbin Yew Science and Technology Development Co., Ltd. (“HDS”), the operating entity and wholly-owned subsidiary of Yew Bio-Pharm Group, Inc. (the “Company”), entered into a Forest and Land Use Right Acquisition Contract of Wuchang Erhexiang Pingfangdian Forestry Centre 15th Compartments (the “Contract”) with Heilongjiang Zishan Keji Gufen Limited Company (“ZKG”). Pursuant to the Contract, HDS acquired 2,565 mu of yew tree forests and land use right of the underlying land located at Wuchang Pingfangdian Forestry Centre in Helongjiang Province, PRC. The term of the contract is 38 years, through November 7, 2051. During the term of the Contract, HDS plans to harvest cut and replant the trees, sell the harvest cutting logs, promote the growth of the young trees accordingly, as well as plant yew trees of five years old or above based on the condition of the harvest cutting. Payments under the Contract total $7.8 million and $2.9 million was paid as of December 31, 2013. During the three months and nine months ended September 30, 2014, the Company paid $0.7 million and $4.5 million, leaving approximately $0.4 million unpaid. |
Statutory_Reserves
Statutory Reserves | 9 Months Ended |
Sep. 30, 2014 | |
Statutory Reserves [Abstract] | ' |
STATUTORY RESERVES | ' |
NOTE 9 – STATUTORY RESERVES | |
The Company is required to make appropriations to reserve funds, comprising the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriation to the statutory surplus reserve is required to be at least 10% of the after tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entities’ registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. | |
The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. For the three months ended September 30, 2014 and 2013, the Company appropriated to the statutory surplus reserve in the amount of $128,732 and $63,772, respectively. For the nine months ended September 30, 2014 and 2013, the Company appropriated to the statutory surplus reserve in the amount of $419,818 and $311,256, respectively. The accumulated balance of the statutory reserve of the Company as of September 30, 2014 and December 31, 2013 was $3,016,936 and $2,597,118, respectively. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||||||
NOTE 10 – SEGMENT INFORMATION | |||||||||||||||||||||
ASC 280 requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. | |||||||||||||||||||||
During the three and nine months ended September 30, 2014 and 2013, the Company operated in three reportable business segments: (1) the TCM raw materials segment, consisting of the production and sale of yew raw materials used in the manufacture of TCM; (2) the yew tree segment, consisting of the growth and sale of yew tree seedlings and mature trees, including potted miniature yew trees; and (3) the handicrafts segment, consisting of the manufacture and sale of handicrafts and furniture made of yew timber. The Company’s reportable segments are strategic business units that offer different products. They are managed separately based on the fundamental differences in their operations. All of the Company’s operations are conducted in the PRC. | |||||||||||||||||||||
Information with respect to these reportable business segments for the three and nine months ended September 30, 2014 and 2013 was as follows: | |||||||||||||||||||||
Three Months Ended, | Nine Months Ended, | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
TCM raw materials | $ | 1,161,838 | $ | 1,005,323 | $ | 3,356,622 | $ | 3,171,814 | |||||||||||||
Yew trees | 514,130 | 448,810 | 2,350,874 | 2,102,417 | |||||||||||||||||
Handicrafts | 24,956 | 90,194 | 124,972 | 175,402 | |||||||||||||||||
$ | 1,700,924 | $ | 1,544,327 | $ | 5,832,468 | $ | 5,449,633 | ||||||||||||||
Cost of revenues: | |||||||||||||||||||||
TCM raw materials | $ | 170,950 | $ | 226,616 | $ | 612,843 | $ | 841,667 | |||||||||||||
Yew trees | 117,515 | 348,040 | 547,636 | 753,718 | |||||||||||||||||
Handicrafts | 5,332 | 63,572 | 85,987 | 127,034 | |||||||||||||||||
$ | 293,797 | $ | 638,228 | $ | 1,246,466 | $ | 1,722,419 | ||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||
TCM raw materials | $ | 124,839 | $ | 92,764 | $ | 366,726 | $ | 271,581 | |||||||||||||
Yew trees | 11,964 | 8,723 | 45,212 | 25,949 | |||||||||||||||||
Handicrafts | 6,266 | 7,795 | 21,189 | 23,358 | |||||||||||||||||
Other | 26,213 | 28,309 | 83,695 | 98,474 | |||||||||||||||||
$ | 169,282 | $ | 137,591 | $ | 516,822 | $ | 419,362 | ||||||||||||||
Net income (loss): | |||||||||||||||||||||
TCM raw materials | $ | 990,888 | $ | 778,707 | $ | 2,743,780 | $ | 2,330,147 | |||||||||||||
Yew trees | 396,615 | 100,770 | 1,803,237 | 1,348,699 | |||||||||||||||||
Handicrafts | 19,641 | 26,622 | 39,002 | 48,368 | |||||||||||||||||
Other | (514,428 | ) | (313,887 | ) | (900,591 | ) | (869,982 | ) | |||||||||||||
$ | 892,716 | $ | 592,212 | $ | 3,685,428 | $ | 2,857,232 | ||||||||||||||
30-Sep-14 | |||||||||||||||||||||
TCM raw materials | Yew trees | Handicrafts | Other | Total | |||||||||||||||||
Identifiable long-lived assets, net | $ | 19,263,663 | $ | 930,587 | $ | 70,522 | $ | 227,703 | $ | 20,492,475 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
TCM raw materials | Yew trees | Handicrafts | Other | Total | |||||||||||||||||
Identifiable long-lived assets, net | $ | 20,953,562 | $ | 632,583 | $ | 94,124 | $ | 306,371 | $ | 21,986,640 | |||||||||||
The Company does not allocate any selling, general and administrative expenses, other income/expenses to its reportable segments because these activities are managed at a corporate level. In addition, the specified amounts for interest expense and income tax expense are not included in the measure of segment profit or loss reviewed by the chief operating decision maker and these specified amounts are not regularly provided to the chief operating decision maker. Therefore, the Company has not disclosed interest expense and income tax expense for each reportable segment. | |||||||||||||||||||||
Asset information by reportable segment is not reported to or reviewed by the chief operating decision maker and, therefore, the Company has not disclosed asset information for each reportable segment. The Company’s operations are located in the PRC. All revenues are derived from customers in the PRC. All of the Company’s operating assets are located in the PRC. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 11 – RECENT ACCOUNTING PRONOUNCEMENTS | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from contracts with Customers (Topic 606)”. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets”. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period”. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The amendment in the ASU provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 12 – SUBSEQUENT EVENTS | |
On October 29, 2014, the Company organized under the laws of China a new subsidiary, Harbin Yew Food Co. LTD. (“HYF”), to develop and cultivate black fungus. HYF plans to operate three production lines to include black fungus polysaccharide, powder, tea and other packaged black fungus products. The move marks the Company's entrance into the organic food and functional beverage market. HYF will utilize an area of 10,000 square meters for black fungus production workshops, which includes 1,500 square meters of warehouses, a 500 square meter factory building and 600 square meters of laboratories and offices. |
Principles_of_Consolidation_Po
Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Principles of Consolidation [Abstract] | ' |
Consolidation | ' |
The Company believes that HDS is considered a VIE under ASC 810 “Consolidation”, because the equity investors in HDS no longer have the characteristics of a controlling financial interest, and the Company, through JSJ, is the primary beneficiary of HDS and controls HDS’s operations. Accordingly, HDS has been consolidated as a deemed subsidiary into YBP as a reporting company under ASC 810. | |
As required by ASC 810-10, the Company performs a qualitative assessment to determine whether the Company is the primary beneficiary of HDS which is identified as a VIE of the Company. A quality assessment begins with an understanding of the nature of the risks in the entity as well as the nature of the entity’s activities including terms of the contracts entered into by the entity, ownership interests issued by the entity and the parties involved in the design of the entity. The Company’s assessment on the involvement with HDS reveals that the Company has the absolute power to direct the most significant activities that impact the economic performance of HDS. JSJ is obligated to absorb a majority of the risk of loss from HDS activities and entitles JSJ to receive a majority of HDS’s expected residual returns. In addition, HDS’s shareholders have pledged their equity interest in HDS to JSJ, irrevocably granted JSJ an exclusive option to purchase, to the extent permitted under PRC Law, all or part of the equity interests in HDS and agreed to entrust all the rights to exercise their voting power to the person(s) appointed by JSJ. Under the accounting guidance, the Company is deemed to be the primary beneficiary of HDS and the results of HDS are consolidated in the Company’s consolidated financial statements for financial reporting purposes. Accordingly, as a VIE, HDS’s sales are included in the Company’s total sales, its income from operations is consolidated with the Company’s and the Company’s net income includes all of HDS’s net income. The Company does not have any non-controlling interest and, accordingly, did not subtract any net income in calculating the net income attributable to the Company. Because of the Contractual Arrangements, YBP has a pecuniary interest in HDS that requires consolidation of HDS’s financial statements with those of the Company. | |
Business combinations | ' |
Additionally, pursuant to ASC 805, as YBP and HDS are under the common control of the HDS Shareholders, the Second Restructure was accounted for in a manner similar to a pooling of interests. As a result, the Company’s historical amounts in the accompanying consolidated financial statements give retrospective effect to the Second Restructure, whereby the assets and liabilities of the Company are reflected at the historical carrying values and their operations are presented as if they were consolidated for all periods presented, with the results of the Company being consolidated from the date of the Second Transfer Agreement. The accounts of HDS are consolidated in the accompanying financial statements. | |
Earnings per share | ' |
ASC 260 “Earnings per Share,” requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. | |
Segment reporting | ' |
ASC 280 requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. | |
Recent accounting pronoucements | ' |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. |
Organization_And_Principal_Act1
Organization And Principal Activities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Organization And Principal Activities [Abstract] | ' | ||||||||
Schedule of Company's subsidiaries and variable interest entities | ' | ||||||||
Name | Domicile and Date of Incorporation | Registered Capital | Effective Ownership | Principal Activities | |||||
Heilongjiang Jinshangjing Bio-Technology Development Co., Limited (“JSJ”) | PRC | US$100,000 | 100% | Holding company | |||||
29-Oct-09 | |||||||||
Yew Bio-Pharm Holdings Limited (“Yew Bio-Pharm (HK)”) | Hong Kong | HK$10,000 | 100% | Holding company of JSJ | |||||
29-Nov-10 | |||||||||
Harbin Yew Science and Technology Development Co., Ltd. (“HDS”) | PRC | RMB45,000,000 | Contractual arrangements | Sales of yew tree components for use in pharmaceutical industry; sales of yew tree seedlings and potted yew trees; and the manufacture of yew tree wood handicrafts | |||||
22-Aug-96 |
Principles_of_Consolidation_Ta
Principles of Consolidation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Principles of Consolidation [Abstract] | ' | ||||||||
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Assets | |||||||||
Cash | $ | 103,663 | $ | 1,146,546 | |||||
Accounts receivable | 1,604,472 | 418,875 | |||||||
Accounts receivable – related party | - | 377,821 | |||||||
Inventories (current and long-term) | 12,290,107 | 11,334,233 | |||||||
Prepaid expenses and other assets | 37,030 | 2,388 | |||||||
Prepaid expenses - related parties | 13,194 | 33,213 | |||||||
Property and equipment, net | 848,133 | 966,148 | |||||||
Land use rights and yew forest assets, net | 19,598,366 | 20,953,562 | |||||||
Total assets of VIE | $ | 34,494,965 | $ | 35,232,786 | |||||
Liabilities | |||||||||
Accounts payables | $ | 15,959 | $ | - | |||||
Accrued expenses and other payables | 70,906 | 16,294 | |||||||
Taxes payable | 2,040 | 9,924 | |||||||
Due to VIE holding companies | 1,516,723 | 1,703,324 | |||||||
Due to related parties | 273,627 | 4,804,661 | |||||||
Total liabilities of VIE | $ | 1,879,255 | $ | 6,534,203 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Inventories [Abstract] | ' | ||||||||||||||||||||||||
Schedule of inventories | ' | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||
Current portion | Long-term | Total | Current portion | Long-term | Total | ||||||||||||||||||||
portion | portion | ||||||||||||||||||||||||
Raw materials | $ | 155,515 | $ | 2,877,724 | $ | 3,033,239 | $ | 416,519 | $ | 2,608,829 | $ | 3,025,348 | |||||||||||||
Work-in-process | - | - | - | 17,446 | - | 17,446 | |||||||||||||||||||
Finished goods - handicrafts | 89,741 | 689,406 | 779,147 | 197,842 | 653,785 | 851,627 | |||||||||||||||||||
Yew seedlings | 1,486,372 | 6,991,349 | 8,477,721 | 457,280 | 6,982,532 | 7,439,812 | |||||||||||||||||||
$ | 1,731,628 | $ | 10,558,479 | $ | 12,290,107 | $ | 1,089,087 | $ | 10,245,146 | $ | 11,334,233 |
Taxes_Tables
Taxes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Taxes [Abstract] | ' | ||||||||||||||||
Summary of difference between U.S. statutory federal tax rate and Company's effective tax rate | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
U.S. federal income tax rate | 34% | 34% | 34% | 34% | |||||||||||||
Foreign income not recognized in the U.S. | -34% | -34% | -34% | -34% | |||||||||||||
PRC EIT rate | 25% | 25% | 25% | 25% | |||||||||||||
PRC tax exemption and reduction | -25% | -25% | -25% | -25% | |||||||||||||
Total provision for income taxes | - | - | - | - | |||||||||||||
Effects of income tax expense exemptions and tax reductions | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Tax exemption effect | $ | 319,070 | $ | 156,812 | $ | 1,044,203 | $ | 778,923 | |||||||||
Tax reduction due to loss carry-forward | 2,761 | - | 5,344 | - | |||||||||||||
Gain (loss) not subject to income tax | (595 | ) | 1,786 | (2,254 | ) | (3,883 | ) | ||||||||||
Basic net income per share effect | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Diluted net income per share effect | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Summary of net deferred tax assets | ' | ||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
U.S. tax benefit of net operating loss carry forward | $ | 1,180,732 | $ | 1,107,865 | |||||||||||||
Valuation allowance | (1,180,732 | ) | (1,107,865 | ) | |||||||||||||
Net deferred tax assets | $ | - | $ | - |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Stockholders' Equity [Abstract] | ' | ||||||||||||||||||||||
Summary of number of shares of the company's common stock subject to each Founder's Option | ' | ||||||||||||||||||||||
Name of Optionee | Number of Shares | ||||||||||||||||||||||
Subject to Founder's | |||||||||||||||||||||||
Option | |||||||||||||||||||||||
Zhiguo Wang | 20,103,475 | ||||||||||||||||||||||
Guifang Qi | 2,488,737 | ||||||||||||||||||||||
Xingming Han | 213,300 | ||||||||||||||||||||||
HengJiang Pang | 200,000 | ||||||||||||||||||||||
Tong Liu | 200,000 | ||||||||||||||||||||||
Xuehai Wu | 200,000 | ||||||||||||||||||||||
Total | 23,405,512 | ||||||||||||||||||||||
Summary of common stock issuable upon exercise of options outstanding | ' | ||||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||||
Range of | Number | Weighted Average | Weighted | Number | Weighted | ||||||||||||||||||
Exercise Price | Outstanding at | Remaining | Average | Exercisable at | Average | ||||||||||||||||||
September 30, | Contractual Life | Exercise Price | September 30, | Exercise Price | |||||||||||||||||||
2014 | (Years) | 2014 | |||||||||||||||||||||
$ | 0.22 | 23,405,512 | 3.22 | $ | 0.22 | 22,805,512 | $ | 0.22 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of basic and diluted net income per share | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available to common stockholders for basic and diluted net income per share of common stock | $ | 892,716 | $ | 592,212 | $ | 3,685,428 | $ | 2,857,232 | |||||||||
Weighted average common stock outstanding – basic | 51,639,946 | 50,000,000 | 50,552,656 | 50,000,000 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Issuance of restricted common stock | 119,797 | - | 75,824 | - | |||||||||||||
Stock options issued to directors/officers | - | - | 12,398,483 | - | |||||||||||||
Weighted average common stock outstanding – diluted | 51,759,743 | 50,000,000 | 63,026,963 | 50,000,000 | |||||||||||||
Net income per common share – basic | $ | 0.02 | $ | 0.01 | $ | 0.07 | $ | 0.06 | |||||||||
Net income per common share – diluted | $ | 0.02 | $ | 0.01 | $ | 0.06 | $ | 0.06 |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk and Major Customers (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Customer [Member] | ' | ||||||||||||||||
Concentration Risk [Line Items] | ' | ||||||||||||||||
Summary of major customers and suppliers | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Customer | 2014 | 2013 | 2014 | 2013 | |||||||||||||
A | *% | *% | 19% | *% | |||||||||||||
B (Yew Pharmaceutical, a related party) | 33% | *% | 22% | 26% | |||||||||||||
* | Less than 10% | ||||||||||||||||
Supplier [Member] | ' | ||||||||||||||||
Concentration Risk [Line Items] | ' | ||||||||||||||||
Summary of major customers and suppliers | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Supplier | 2014 | 2013 | 2014 | 2013 | |||||||||||||
A | *% | *% | 41.20% | 62% | |||||||||||||
B | *% | *% | 28.20% | 38% | |||||||||||||
C | 100% | *% | 16.80% | *% |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Company's transactions with the related parties | ' | ||||||||
Company | Ownership | ||||||||
Heilongjiang Zishan Technology Stock Co., Ltd. (“ZTC”) | 18% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., 39% owned by Zhiguo Wang, Chairman and Chief Executive Officer, 31% owned by Guifang Qi, the wife of Mr. Wang and Director of the Company, and 12% owned by third parties. | ||||||||
Heilongjiang Yew Pharmaceuticals, Co., Ltd. (“Yew Pharmaceutical”) | 95% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 5% owned by Madame Qi. | ||||||||
Shanghai Kairun Bio-Pharmaceutical Co., Ltd. (“Kairun”) | 60% owned by Heilongjiang Zishan Technology Co., Ltd., 20% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 20% owned by Mr. Wang. | ||||||||
Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd. (“HEFS”) | 63% owned by Mr. Wang, 34% owned by Madame Qi, and 3% owned by third parties. | ||||||||
Schedule of due to (from) related party | ' | ||||||||
Name of related parties | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Zhiguo Wang | $ | 22,648 | $ | 47,726 | |||||
ZTC | 271,280 | 4,802,911 | |||||||
Total | $ | 293,928 | $ | 4,850,637 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
Summary of reportable business segments | ' | ||||||||||||||||||||
Three Months Ended, | Nine Months Ended, | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
TCM raw materials | $ | 1,161,838 | $ | 1,005,323 | $ | 3,356,622 | $ | 3,171,814 | |||||||||||||
Yew trees | 514,130 | 448,810 | 2,350,874 | 2,102,417 | |||||||||||||||||
Handicrafts | 24,956 | 90,194 | 124,972 | 175,402 | |||||||||||||||||
$ | 1,700,924 | $ | 1,544,327 | $ | 5,832,468 | $ | 5,449,633 | ||||||||||||||
Cost of revenues: | |||||||||||||||||||||
TCM raw materials | $ | 170,950 | $ | 226,616 | $ | 612,843 | $ | 841,667 | |||||||||||||
Yew trees | 117,515 | 348,040 | 547,636 | 753,718 | |||||||||||||||||
Handicrafts | 5,332 | 63,572 | 85,987 | 127,034 | |||||||||||||||||
$ | 293,797 | $ | 638,228 | $ | 1,246,466 | $ | 1,722,419 | ||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||
TCM raw materials | $ | 124,839 | $ | 92,764 | $ | 366,726 | $ | 271,581 | |||||||||||||
Yew trees | 11,964 | 8,723 | 45,212 | 25,949 | |||||||||||||||||
Handicrafts | 6,266 | 7,795 | 21,189 | 23,358 | |||||||||||||||||
Other | 26,213 | 28,309 | 83,695 | 98,474 | |||||||||||||||||
$ | 169,282 | $ | 137,591 | $ | 516,822 | $ | 419,362 | ||||||||||||||
Net income (loss): | |||||||||||||||||||||
TCM raw materials | $ | 990,888 | $ | 778,707 | $ | 2,743,780 | $ | 2,330,147 | |||||||||||||
Yew trees | 396,615 | 100,770 | 1,803,237 | 1,348,699 | |||||||||||||||||
Handicrafts | 19,641 | 26,622 | 39,002 | 48,368 | |||||||||||||||||
Other | (514,428 | ) | (313,887 | ) | (900,591 | ) | (869,982 | ) | |||||||||||||
$ | 892,716 | $ | 592,212 | $ | 3,685,428 | $ | 2,857,232 | ||||||||||||||
Summary of identifiable long-lived assets, net | ' | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
TCM raw materials | Yew trees | Handicrafts | Other | Total | |||||||||||||||||
Identifiable long-lived assets, net | $ | 19,263,663 | $ | 930,587 | $ | 70,522 | $ | 227,703 | $ | 20,492,475 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
TCM raw materials | Yew trees | Handicrafts | Other | Total | |||||||||||||||||
Identifiable long-lived assets, net | $ | 20,953,562 | $ | 632,583 | $ | 94,124 | $ | 306,371 | $ | 21,986,640 |
Organization_And_Principal_Act2
Organization And Principal Activities (Details) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Heilongjiang Jinshangjing Bio-Technology Development Co., Limited ("JSJ") [Member] | Yew Bio-Pharm Holdings Limited ("Yew Bio-Pharm (HK)") [Member] | Harbin Yew Science and Technology Development Co., Ltd. ("HDS") [Member] | |
USD ($) | HKD | CNY | |
Schedule of Company's subsidiaries and variable interest entities | ' | ' | ' |
Domicile and Date of Incorporation | 'PRC October 29, 2009 | 'Hong Kong November 29, 2010 | 'PRC August 22, 1996 |
Registered Capital | $100,000 | 10,000 | 45,000,000 |
Effective ownership, percentage | 100.00% | 100.00% | ' |
Effective Ownership | ' | ' | 'Contractual arrangements |
Principal Activities | 'Holding company | 'Holding company of JSJ | 'Sales of yew tree components for use in pharmaceutical industry; sales of yew tree seedlings and potted yew trees; and the manufacture of yew tree wood handicrafts |
Principles_of_Consolidation_De
Principles of Consolidation (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | $34,494,965 | $35,232,786 |
Total liabilities of VIE | 1,879,255 | 6,534,203 |
Cash [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 103,663 | 1,146,546 |
Accounts receivable [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 1,604,472 | 418,875 |
Accounts receivable - related party [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | ' | 377,821 |
Inventories (current and long-term) [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 12,290,107 | 11,334,233 |
Prepaid expenses and other assets [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 37,030 | 2,388 |
Prepaid expenses - related parties [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 13,194 | 33,213 |
Property and equipment, net [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 848,133 | 966,148 |
Land use rights and yew forest assets, net [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total assets of VIE | 19,598,366 | 20,953,562 |
Accounts Payables [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total liabilities of VIE | 15,959 | ' |
Accrued expenses and other payables [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total liabilities of VIE | 70,906 | 16,294 |
Taxes payable [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total liabilities of VIE | 2,040 | 9,924 |
Due To Vie Holding Companies [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total liabilities of VIE | 1,516,723 | 1,703,324 |
Due to related parties [Member] | ' | ' |
Schedule of carrying amount of assets and liabilities related to variable interest entity | ' | ' |
Total liabilities of VIE | $273,627 | $4,804,661 |
Principles_of_Consolidation_De1
Principles of Consolidation (Details Textual) (CNY) | 9 Months Ended |
Sep. 30, 2014 | |
Principles of Consolidation (Textual) | ' |
Monthly consulting service fee as percentage of net income of HDS paid to JSJ | 100.00% |
HDS obligation within 30 days after the end of each month | 'Within 30 days after the end of each month, HDS shall (a) deliver to JSJ the management accounts and operating statistics of HDS for such month, including the net income of HDS during such month (the "Monthly Net Income"), and (b) pay 80% of such Monthly Net Income to JSJ (each such payment, a "Monthly Payment"). |
HDS obligation within 90 days after the end of each month | 'Within ninety (90) days after the end of each fiscal year, HDS shall (a) deliver to JSJ financial statements of HDS for such fiscal year, which shall be audited and certified by an independent certified public accountant approved by JSJ, and (b) pay an amount to JSJ equal to the shortfall, if any, of the aggregate net income of HDS for such fiscal year, as shown in such audited financial statements, as compared to the aggregate amount of the Monthly Payments paid by HDS to JSJ in such fiscal year. HDS also granted an irrevocable and exclusive option to JSJ to purchase any and all of the assets of HDS, to the extent permitted under PRC law, at the lowest price permitted by PRC law. |
Additional monthly payment to JSJ as percentage of net income of HDS | 80.00% |
Business Cooperation Agreement term | '10 years |
Business Cooperation Agreement expiration date | 5-Nov-20 |
Notice period for JSJ to termination of contract | '30 days |
HDS Shareholder's equity interests | 10 |
Execution of any major contract is limited under Option Agreement | 'Over RMB 500,000 |
Exclusive Option Agreement term | '10 years |
Exclusive Option Agreement commencing date | 5-Nov-20 |
Description of notice period for remedies for any breach in terms agreement | 'Within 20 days after the giving of notice of breach |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of inventories | ' | ' |
Current portion | $1,731,628 | $1,089,087 |
Long-term portion | 10,558,479 | 10,245,146 |
Total | 12,290,107 | 11,334,233 |
Raw materials [Member] | ' | ' |
Schedule of inventories | ' | ' |
Current portion | 155,515 | 416,519 |
Long-term portion | 2,877,724 | 2,608,829 |
Total | 3,033,239 | 3,025,348 |
Work-in-process [Member] | ' | ' |
Schedule of inventories | ' | ' |
Current portion | ' | 17,446 |
Long-term portion | ' | ' |
Total | ' | 17,446 |
Finished goods - handicrafts [Member] | ' | ' |
Schedule of inventories | ' | ' |
Current portion | 89,741 | 197,842 |
Long-term portion | 689,406 | 653,785 |
Total | 779,147 | 851,627 |
Yew seedlings [Member] | ' | ' |
Schedule of inventories | ' | ' |
Current portion | 1,486,372 | 457,280 |
Long-term portion | 6,991,349 | 6,982,532 |
Total | $8,477,721 | $7,439,812 |
Taxes_Details
Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Summary of difference between U.S. statutory federal tax rate and Company's effective tax rate | ' | ' | ' | ' |
U.S. federal income tax rate | 34.00% | 34.00% | 34.00% | 34.00% |
Foreign income not recognized in the U.S. | -34.00% | -34.00% | -34.00% | -34.00% |
PRC EIT rate | 25.00% | 25.00% | 25.00% | 25.00% |
PRC tax exemption and reduction | -25.00% | -25.00% | -25.00% | -25.00% |
Total provision for income taxes | ' | ' | ' | ' |
Taxes_Details_1
Taxes (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Effects of income tax expense exemptions and tax reductions | ' | ' | ' | ' |
Tax exemption effect | $319,070 | $156,812 | $1,044,203 | $778,923 |
Tax reduction due to loss carry-forward | 2,761 | ' | 5,344 | ' |
Gain (loss) not subject to income tax | ($595) | $1,786 | ($2,254) | ($3,883) |
Basic net income per share effect | ($0.01) | $0 | ($0.02) | ($0.02) |
Diluted net income per share effect | ($0.01) | $0 | ($0.02) | ($0.02) |
Taxes_Details_2
Taxes (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Summary of deferred tax assets and liabilities | ' | ' |
U.S. tax benefit of net operating loss carry forward | $1,180,732 | $1,107,865 |
Valuation allowance | -1,180,732 | -1,107,865 |
Net deferred tax assets | ' | ' |
Taxes_Details_Textual
Taxes (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Taxes (Textual) | ' | ' | ' | ' | ' |
Income before income tax expense | $892,716 | $592,212 | $3,685,428 | $2,857,232 | ' |
Net operating loss carry forwards | 3,472,742 | ' | 3,472,742 | ' | 3,258,426 |
Operating loss carry forwards expires | ' | ' | 'Through 2033 | ' | ' |
Valuation allowance, percentage | 100.00% | ' | 100.00% | ' | 100.00% |
Valuation allowance | 1,180,732 | ' | 1,180,732 | ' | 1,107,865 |
Net change in valuation allowance | 34,953 | 14,340 | 72,867 | 82,595 | ' |
Cumulative undistributed earnings of foreign subsidiary and VIE | $23,900,000 | ' | $23,900,000 | ' | $20,100,000 |
Value added tax for agricultural products | ' | ' | 13.00% | ' | ' |
Value added tax for handicrafts | ' | ' | 17.00% | ' | ' |
Description of Value added tax exemption date | ' | ' | 'Up to December 31, 2016 | ' | ' |
U.S. federal income tax rate | 34.00% | 34.00% | 34.00% | 34.00% | ' |
PRC EIT rate | 25.00% | 25.00% | 25.00% | 25.00% | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 23,405,512 |
Zhiguo Wang [Member] | ' |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 20,103,475 |
Guifang Qi [Member] | ' |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 2,488,737 |
Xingming Han [Member] | ' |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 213,300 |
Hengjiang Pang [Member] | ' |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 200,000 |
Tong Liu [Member] | ' |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 200,000 |
Xuehai Wu [Member] | ' |
Summary of number of shares of the company's common stock subject to each Founder's Option | ' |
Number of shares subject to Founders Option | 200,000 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Summary of number of shares of the company's common stock subjedt to each Founder's Option | ' |
Range of exercise price | $0.22 |
Stock Options Outstanding | 23,405,512 |
Weighted Average Remaining Contractual Life (Years) | '3 years 2 months 19 days |
Stock Options Outstanding, Weighted Average Exercise Price | $0.22 |
Stock Options Exercisable | 22,805,512 |
Stock Options Exercisable, Weighted Average Exercise Price | $0.22 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 22, 2014 | Jul. 22, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | |
Service Provider Agreement [Member] | Consulting Agreement [Member] | Time Period One [Member] | Time Period Two [Member] | Option [Member] | Option [Member] | Option [Member] | Option [Member] | ||||
Service Provider Agreement [Member] | Service Provider Agreement [Member] | Time Period One [Member] | Time Period Two [Member] | Time Period Three [Member] | |||||||
Stockholders Equity (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Each founder's option exercisable period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Each founder's option exercisable per share | $0.22 | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing stock price | $0.11 | $0.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options was issued shares of common stock of the Company | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Exercise price of per share | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ' | ' |
Option, Expiration period | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' |
Option, Expiration date | ' | ' | ' | ' | ' | ' | ' | 1-Aug-18 | ' | ' | ' |
Option vested, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 35.00% | 35.00% |
Option vested, date | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '24 months | '36 months |
Restricted common stock for the service period | ' | ' | ' | 1,250,000 | 1,250,000 | 875,000 | 375,000 | ' | ' | ' | ' |
Share-based Compensation | 5,657 | 5,657 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized share-based compensation expense | ' | $321,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reconciliation of basic and diluted net income per share | ' | ' | ' | ' |
Net income available to common stockholders for basic and diluted net income per share of common stock | $892,716 | $592,212 | $3,685,428 | $2,857,232 |
Weighted average common stock outstanding - basic | 51,639,946 | 50,000,000 | 50,552,656 | 50,000,000 |
Effect of dilutive securities: | ' | ' | ' | ' |
Issuance of restricted common stock | 119,797 | ' | 75,824 | ' |
Stock options issued to directors/officers | ' | ' | 12,398,483 | ' |
Weighted average common stock outstanding - diluted | 51,759,743 | 50,000,000 | 63,026,963 | 50,000,000 |
Net income per common share - basic | $0.02 | $0.01 | $0.07 | $0.06 |
Net income per common share - diluted | $0.02 | $0.01 | $0.06 | $0.06 |
Concentrations_of_Credit_Risk_2
Concentrations of Credit Risk and Major Customers (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
A [Member] | ' | ' | ' | ' | |||
Summary of major customer | ' | ' | ' | ' | |||
Percentage of revenue from major customers | ' | [1] | ' | [1] | 19.00% | ' | [1] |
B (Yew Pharmaceutical, a related party) [Member] | ' | ' | ' | ' | |||
Summary of major customer | ' | ' | ' | ' | |||
Percentage of revenue from major customers | 33.00% | ' | [1] | 22.00% | 26.00% | ||
[1] | Less than 10% |
Concentrations_of_Credit_Risk_3
Concentrations of Credit Risk and Major Customers (Details 1) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
A [Member] | ' | ' | ' | ' | |||
Summary of major suppliers | ' | ' | ' | ' | |||
Percentage of revenue from major suppliers | ' | [1] | ' | [1] | 41.20% | 62.00% | |
B [Member] | ' | ' | ' | ' | |||
Summary of major suppliers | ' | ' | ' | ' | |||
Percentage of revenue from major suppliers | ' | [1] | ' | [1] | 28.20% | 38.00% | |
C [Member] | ' | ' | ' | ' | |||
Summary of major suppliers | ' | ' | ' | ' | |||
Percentage of revenue from major suppliers | 100.00% | ' | [1] | 16.80% | ' | [1] | |
[1] | Less than 10% |
Concentrations_of_Credit_Risk_4
Concentrations of Credit Risk and Major Customers (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue [Member] | ' | ' | ' | ' |
Concentrations of Credit Risk and Major Customers (Textual) | ' | ' | ' | ' |
Concentration risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Purchase [Member] | ' | ' | ' | ' |
Concentrations of Credit Risk and Major Customers (Textual) | ' | ' | ' | ' |
Concentration risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Accounts payable to supplier | ' | ' | 0 | ' |
Number Of Largest Suppliers Accounted In Accounts Receivable | ' | ' | 3 | 2 |
Percentage Of Accounts Receivable Accounted By Third Largest Customers | ' | ' | 86.20% | 100.00% |
Accounts Receivable [Member] | ' | ' | ' | ' |
Concentrations of Credit Risk and Major Customers (Textual) | ' | ' | ' | ' |
Concentration risk, Percentage | ' | ' | 11.00% | 53.00% |
Number Of Largest Customers Accounted In Accounts Receivable | ' | ' | 2 | 2 |
Accounts Receivable [Member] | Related Party [Member] | ' | ' | ' | ' |
Concentrations of Credit Risk and Major Customers (Textual) | ' | ' | ' | ' |
Concentration risk, Percentage | ' | ' | 0.00% | 53.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Heilongjiang Zishan Technology Stock Co., Ltd. ("ZTC") [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership, description | '18% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., 39% owned by Zhiguo Wang, Chairman and Chief Executive Officer, 31% owned by Guifang Qi, the wife of Mr. Wang and Director of the Company, and 12% owned by third parties. |
Heilongjiang Yew Pharmaceuticals, Co., Ltd. ("Yew Pharmaceutical") [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership, description | '95% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 5% owned by Madame Qi. |
Shanghai Kairun Bio-Pharmaceutical Co., Ltd. ("Kairun") [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership, description | '60% owned by Heilongjiang Zishan Technology Co., Ltd., 20% owned by Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd., and 20% owned by Mr. Wang. |
Heilongjiang Hongdoushan Ecology Forest Stock Co., Ltd. ("HEFS") [Member] | ' |
Related Party Transaction [Line Items] | ' |
Ownership, description | '63% owned by Mr. Wang, 34% owned by Madame Qi, and 3% owned by third parties. |
Related_Party_Transactions_Det1
Related Party Transactions (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
Due to (from) related party total | $293,328 | $4,850,637 |
Zhiguo Wang [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to (from) related party total | 22,648 | 47,726 |
ZTC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due to (from) related party total | $271,280 | $4,802,911 |
Related_Party_Transactions_Det2
Related Party Transactions (Details Textual) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 25, 2005 | Mar. 25, 2005 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 03, 2008 | Dec. 03, 2008 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 01, 2010 | Jan. 01, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 01, 2012 | Jul. 01, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 15, 2014 | Jan. 15, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 09, 2010 | Jan. 09, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2010 | Jan. 31, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Nov. 15, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 15, 2013 | |
USD ($) | USD ($) | USD ($) | Agreement of Seedling Land with ZTC [Member] | Agreement of Seedling Land with ZTC [Member] | Agreement of Seedling Land with ZTC [Member] | Agreement of Seedling Land with ZTC [Member] | Agreement of Seedling Land with ZTC [Member] | Agreement of Seedling Land with ZTC [Member] | Agreement of Seedling Land with ZTC [Member] | Store Lease [Member] | Store Lease [Member] | Store Lease [Member] | Store Lease [Member] | Store Lease [Member] | Store Lease [Member] | Store Lease [Member] | Office Lease [Member] | Office Lease [Member] | Office Lease [Member] | Office Lease [Member] | Office Lease [Member] | Office Lease [Member] | JSJ Lease [Member] | JSJ Lease [Member] | JSJ Lease [Member] | JSJ Lease [Member] | JSJ Lease [Member] | JSJ Lease [Member] | JSJ Lease [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Yew Pharmaceutical [Member] | Kairun [Member] | Kairun [Member] | Zhiguo Wang [Member] | Zhiguo Wang [Member] | Zhiguo Wang [Member] | Zhiguo Wang [Member] | Zhiguo Wang [Member] | Harbin Yew Science And Technology Development [Member] | Harbin Yew Science And Technology Development [Member] | Harbin Yew Science And Technology Development [Member] | Harbin Yew Science And Technology Development [Member] | Harbin Yew Science And Technology Development [Member] | |
USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | USD ($) | Cooperation and Development Agreement [Member] | Cooperation and Development Agreement [Member] | Cooperation and Development Agreement [Member] | Cooperation and Development Agreement [Member] | Cooperation and Development Agreement [Member] | Cooperation and Development Agreement [Member] | Technology Agreement [Member] | Technology Agreement [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Use Rights [Member] | ||||||
USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CNY | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement expiration date | ' | ' | ' | 24-Mar-35 | 24-Mar-35 | ' | ' | ' | ' | ' | 3-Dec-11 | 3-Dec-11 | ' | ' | ' | ' | ' | 31-Dec-25 | 31-Dec-25 | ' | ' | ' | ' | 30-Jun-15 | 30-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Jan-20 | 9-Jan-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement expiration period | ' | ' | ' | '30 years | '30 years | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | '15 years | '15 years | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | '38 years | ' |
Cultivation price per metric ton | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $158,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 565,832 | 88,706 | 1,302,390 | 409,141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, related parties, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 377,821 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent period for which company required to make full payment for land use rights in advance | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual payments under operating lease | ' | ' | ' | 26,000 | 162,450 | ' | ' | ' | ' | ' | 2,000 | 12,000 | ' | ' | ' | ' | ' | 2,000 | 15,000 | ' | ' | ' | ' | 1,600 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, rent expense | ' | ' | ' | ' | ' | 6,590 | 6,583 | 19,810 | 19,583 | ' | 2,500 | 15,600 | ' | ' | 633 | ' | 1,881 | ' | ' | 609 | 608 | 1,829 | 1,808 | ' | ' | 406 | 405 | 1,219 | 1,205 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid rent - related party | 13,194 | ' | 33,212 | ' | ' | 26,353 | ' | 26,353 | ' | 33,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 819 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,788 | ' | 12,788 | ' | 34,031 | ' | ' | ' | ' | ' |
Utilities, property insurance, real estate tax, association dues and certain other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,686 | 3,762 | 8,513 | 11,112 | ' | ' | ' | ' | ' | ' |
Description of lease area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The space provided by Mr. Wang to use as principal executive offices is less than 500 square feet | ' | ' | ' | ' | ' | ' | ' |
Description of estimated rent for an equivalent executive office | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company estimates that the market value of a gross and full service lease for an equivalent executive office rent in the same geographic area is approximately $800 to $1,000 per month. | ' | ' | ' | ' | ' | ' | ' |
Payment made under agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-14 | 1-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Nov-51 | ' | ' | ' | ' |
Leases renewal term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from related party advances | 610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,400 | 360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement duration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The duration of the loan agreement starts from January 15, 2014 through May 15, 2014. | 'The duration of the loan agreement starts from January 15, 2014 through May 15, 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract payment paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 700,000 | 4,500,000 | ' |
Contract payment unpaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' |
Outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On December 31, 2013, the Company terminated the Store Lease. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payments for land use rights and yew forest assets | $19,598,367 | ' | $20,953,562 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,800,000 |
Statutory_Reserves_Details
Statutory Reserves (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Statutory Reserves (Textual) | ' | ' | ' | ' | ' |
Statutory surplus reserve fund, Description | ' | ' | 'The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years' losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. | ' | ' |
Statutory surplus reserve | ' | ' | $291,086 | $247,484 | ' |
Appropriation of statutory surplus reserve, Description | ' | ' | 'Appropriation to the statutory surplus reserve is required to be at least 10% of the after tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entities' registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. | ' | ' |
Maximum percentage balance required of registered capital in reserve for business expansion | ' | ' | 50.00% | ' | ' |
Appropriated to statutory surplus reserve | 128,732 | 63,772 | 419,818 | 311,256 | ' |
Accumulated balance of the statutory reserve | $3,016,936 | ' | $3,016,936 | ' | $2,597,118 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Summary of reportable business segments | ' | ' | ' | ' | ' |
Total Revenues | $1,700,924 | $1,544,327 | $5,832,468 | $5,449,633 | ' |
Total Cost of Revenues | 293,797 | 638,228 | 1,246,466 | 1,722,419 | ' |
Depreciation and amortization | 169,282 | 137,591 | 516,822 | 419,362 | ' |
Net income (loss) | 892,716 | 592,212 | 3,685,428 | 2,857,232 | ' |
Segment reporting information, Additional information | ' | ' | ' | ' | ' |
Identifiable long-lived assets, net | 20,492,475 | ' | 20,492,475 | ' | 21,986,640 |
TCM raw materials [Member] | ' | ' | ' | ' | ' |
Summary of reportable business segments | ' | ' | ' | ' | ' |
Total Revenues | 161,838 | 1,005,323 | 3,356,622 | 3,171,814 | ' |
Total Cost of Revenues | 170,950 | 226,616 | 612,843 | 841,667 | ' |
Depreciation and amortization | 124,839 | 92,764 | 366,726 | 271,581 | ' |
Net income (loss) | 990,888 | 778,707 | 2,743,780 | 2,330,147 | ' |
Segment reporting information, Additional information | ' | ' | ' | ' | ' |
Identifiable long-lived assets, net | 19,263,663 | ' | 19,263,663 | ' | 20,953,562 |
Yew trees [Member] | ' | ' | ' | ' | ' |
Summary of reportable business segments | ' | ' | ' | ' | ' |
Total Revenues | 514,130 | 448,810 | 2,350,874 | 2,102,417 | ' |
Total Cost of Revenues | 117,515 | 348,040 | 547,636 | 753,718 | ' |
Depreciation and amortization | 11,964 | 8,723 | 45,212 | 25,949 | ' |
Net income (loss) | 396,615 | 100,770 | 1,803,237 | 1,348,699 | ' |
Segment reporting information, Additional information | ' | ' | ' | ' | ' |
Identifiable long-lived assets, net | 930,587 | ' | 930,587 | ' | 632,583 |
Handicrafts [Member] | ' | ' | ' | ' | ' |
Summary of reportable business segments | ' | ' | ' | ' | ' |
Total Revenues | 24,956 | 90,194 | 124,972 | 175,402 | ' |
Total Cost of Revenues | 5,332 | 63,572 | 85,987 | 127,034 | ' |
Depreciation and amortization | 6,266 | 7,795 | 21,189 | 23,358 | ' |
Net income (loss) | 19,641 | 26,622 | 39,002 | 48,368 | ' |
Segment reporting information, Additional information | ' | ' | ' | ' | ' |
Identifiable long-lived assets, net | 70,522 | ' | 70,522 | ' | 94,124 |
Other [Member] | ' | ' | ' | ' | ' |
Summary of reportable business segments | ' | ' | ' | ' | ' |
Depreciation and amortization | 26,213 | 28,309 | 83,695 | 98,474 | ' |
Net income (loss) | -514,428 | -313,887 | -900,591 | -869,982 | ' |
Segment reporting information, Additional information | ' | ' | ' | ' | ' |
Identifiable long-lived assets, net | $227,703 | ' | $227,703 | ' | $306,371 |
Segment_Information_Details_Te
Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Information (Textual) | ' |
Number of business segments | 3 |