Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Trading Symbol | cnit |
Entity Registrant Name | China Information Technology, Inc. |
Entity Central Index Key | 1,552,670 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 39,331,364 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,786,846 | $ 6,689,848 |
Restricted cash | 868,317 | 11,153,170 |
Accounts receivable, net | 3,180,138 | 6,786,596 |
Bills receivable | 0 | 358,273 |
Advances to suppliers | 2,526,607 | 1,174,148 |
Inventories | 2,141,093 | 3,959,031 |
Other current assets | 8,113,861 | 10,773,310 |
Assets held for sale-current | 0 | 13,032,000 |
Current assets from discontinued operations | 13,272,186 | 30,349,676 |
TOTAL CURRENT ASSETS | 33,889,048 | 84,276,052 |
Assets held for sale-noncurrent | 0 | 20,270,434 |
Deposit for purchase of land use rights | 14,020,901 | 14,799,874 |
Property, plant and equipment, net | 8,372,961 | 8,921,397 |
Intangible assets, net | 2,530,103 | 3,494,014 |
Goodwill | 4,753,454 | 12,118,817 |
Deferred tax assets | 460,237 | 4,270,042 |
Other non-current assets | 2,065,000 | 0 |
Non-current assets from discontinued operations | 0 | 31,255,179 |
TOTAL ASSETS | 66,091,704 | 179,405,809 |
CURRENT LIABILITIES | ||
Short-term bank loans | 15,272,986 | 51,823,869 |
Accounts payable | 6,943,248 | 9,440,296 |
Bills payable | 1,322,912 | 23,732,737 |
Advances from customers | 2,651,156 | 1,183,733 |
Accrued payroll and benefits | 396,026 | 938,086 |
Deposit for assets held for sale | 0 | 13,032,000 |
Other payables and accrued expenses | 4,570,298 | 6,952,957 |
Amounts due to related parties | 141,972 | 851,262 |
Income tax payable | 3,083,792 | 3,374,658 |
Derivative Liability - Warrants | 1,156,386 | 0 |
Current liabilities from discontinued operations | 0 | 28,989,570 |
TOTAL CURRENT LIABILITIES | 35,538,776 | 140,319,168 |
Long-term bank loans | 0 | 214,630 |
Amounts due to related parties | 12,359 | 13,065 |
Deferred tax liabilities | 86,332 | 66,951 |
Non-current liabilities from discontinued operations | 0 | 213,186 |
TOTAL LIABILITIES | 35,637,467 | 140,827,000 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
Ordinary shares, par $0.01; shares issued and outstanding, 2015; 120,000 shares; 2014: 475,000 shares | 360,000 | 1,425,000 |
EQUITY | ||
Ordinary shares, par $0.01; authorized capital 100,000,000 shares; shares issued and outstanding, 2015: 39,211,364 shares; 2014: 31,768,875 shares | 416,546 | 335,271 |
Treasury stock, 2015: 1,402,448 shares; 2014: 717,448 shares | (7,117,500) | (4,290,000) |
Additional paid-in capital | 144,000,767 | 126,862,049 |
Reserve | 13,812,095 | 14,755,946 |
Deficit earnings | (154,979,095) | (142,910,476) |
Accumulated other comprehensive income | 24,551,707 | 24,755,457 |
Total equity of the Company | 20,684,520 | 19,508,247 |
Non-controlling interest | 9,409,717 | 17,645,562 |
Total equity | 30,094,237 | 37,153,809 |
TOTAL LIABILITIES AND EQUITY | $ 66,091,704 | $ 179,405,809 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 120,000 | 475,000 |
Common Stock, Shares, Outstanding | 120,000 | 475,000 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 39,211,364 | 31,768,875 |
Common Stock, Shares, Outstanding | 39,211,364 | 31,768,875 |
Treasury Stock, Shares | 1,402,448 | 717,448 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue - Hardware | $ 4,953,139 | $ 22,628,612 | $ 46,114,109 |
Revenue - Software | 3,200,905 | 10,366,560 | 2,923,397 |
Revenue - System integration | 1,012,088 | 4,822,003 | 5,422,151 |
Revenue - Others | 1,118,736 | 817,572 | 960,174 |
TOTAL REVENUE | 10,284,868 | 38,634,747 | 55,419,831 |
Cost - Hardware | 2,910,334 | 18,769,338 | 38,829,515 |
Cost - Software | 1,267,834 | 4,086,717 | 1,559,861 |
Cost - System integration | 1,745,647 | 4,480,388 | 4,733,815 |
Cost - Others | 457,390 | 809,947 | 743,972 |
TOTAL COST | 6,381,205 | 28,146,390 | 45,867,163 |
GROSS PROFIT | 3,903,663 | 10,488,357 | 9,552,668 |
Administrative expenses | 11,223,502 | 20,837,181 | 88,699,489 |
Research and development expenses | 3,446,867 | 1,477,246 | 2,190,074 |
Selling expenses | 2,661,545 | 4,240,097 | 4,893,234 |
Impairment of property, plant and equipment | 4,616,679 | 827,319 | 29,976,990 |
Impairment of intangible assets and goodwill | 8,918,427 | 7,015,727 | 2,008,249 |
LOSS FROM OPERATIONS | (26,963,357) | (23,909,213) | (118,215,368) |
Subsidy income | 501,404 | 676,159 | 1,491,280 |
Gain on sale of assets | 29,994,037 | 0 | 0 |
Other income (loss), net | 776,233 | (407,616) | 1,241,666 |
Interest income | 76,716 | 408,121 | 447,586 |
Interest expense | (3,116,777) | (5,858,770) | (4,934,479) |
Warrant expense | (5,657,988) | 0 | 0 |
Loss from continuing operations before income taxes | (4,389,732) | (29,091,319) | (119,969,315) |
Income tax (expense ) benefit | (4,305,028) | 4,599,559 | (1,731,145) |
Loss from continuing operations | (8,694,760) | (24,491,760) | (121,700,460) |
Less: Net (income) loss attributable to the non-controlling interest | (308,473) | 404,662 | 3,188,700 |
NET LOSS ATTRIBUTABLE TO THE COMPANY - continuing operations | (9,003,233) | (24,087,098) | (118,511,760) |
Discontinued operations | |||
Income (loss) from discontinued operations before income taxes (including pretax gain on sale of Geo: $7.0 million in 2015 and pretax loss on sale of Zhongtian: $3.3 million in 2015) | 1,667,853 | (5,049,880) | (340,167) |
Income tax expense | (168,882) | (210,658) | (165,400) |
Income (loss) from discontinued operations | 1,498,971 | (5,260,538) | (505,567) |
Less: Net (income) loss attributable to the non-controlling interest | 0 | 116,289 | (219,496) |
NET INCOME ( LOSS) ATTRIBUTABLE TO THE COMPANY-discontinued operations | 1,498,971 | (5,144,249) | (725,063) |
Net loss | (7,195,789) | (29,752,298) | (122,206,027) |
NET LOSS ATTRIBUTABLE TO THE COMPANY | $ (7,504,262) | $ (29,231,347) | $ (119,236,823) |
CONTINUING OPERATIONS | |||
Basic | $ (0.26) | $ (0.79) | $ (4.33) |
Diluted | (0.26) | (0.79) | (4.33) |
DISCONTINUED OPERATIONS | |||
Basic | 0.04 | (0.17) | (0.03) |
Diluted | 0.04 | (0.17) | (0.03) |
NET LOSS PER SHARE ATTRIBUTABLE TO THE COMPANY | |||
Basic | (0.22) | (0.96) | (4.36) |
Diluted | $ (0.22) | $ (0.96) | $ (4.36) |
CONSOLIDATED STATEMENTS OF LOS5
CONSOLIDATED STATEMENTS OF LOSS (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pretax Gain on Sale of Geo | $ 7,000,000 | $ 0 | $ 0 |
Loss on sale of Zhongtian | $ 3,300,000 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (7,195,789) | $ (29,752,298) | $ (122,206,027) |
Other comprehensive (loss) income: | |||
Foreign currency translation gain (loss) | 136,007 | (373,040) | 3,935,119 |
Comprehensive loss | (7,059,782) | (30,125,338) | (118,270,908) |
Comprehensive (income) loss attributable to the non-controlling interest | (327,941) | 579,222 | 2,293,247 |
Comprehensive loss attributable to the Company | $ (7,387,723) | $ (29,546,116) | $ (115,977,661) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Ordinary Shares Par value $0.01 [Member] | Treasury Shares Par value $0.01 [Member] | Additional Paid-In Capital [Member] | Reserve [Member] | Retained (Deficit) Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2012 | $ 286,326 | $ (1,011,091) | $ 101,261,307 | $ 14,532,587 | $ 5,804,023 | $ 21,811,064 | $ 21,329,717 | $ 164,013,933 |
Beginning Balance (Shares) at Dec. 31, 2012 | 27,591,839 | (584,231) | ||||||
Purchase of treasury shares | $ (3,803,684) | (3,803,684) | ||||||
Purchase of treasury shares (Shares) | (641,080) | |||||||
Issuance of ordinary shares to employees for cash | $ 30,000 | 8,970,000 | 9,000,000 | |||||
Issuance of ordinary shares to employees for cash (shares) | 3,000,000 | |||||||
Stock based compensation | 6,900,000 | 6,900,000 | ||||||
Foreign currency translation gain | 3,259,162 | 675,957 | 3,935,119 | |||||
Transfer to reserve | 96,782 | (96,782) | ||||||
Changes in a Parents Ownership Interest in Zhongtian | 211,410 | (211,410) | ||||||
Purchase of shares by iASPEC from minority shareholders in Zhongstian | (381,420) | (381,420) | ||||||
Changes in Parent's Ownership Interests in Geo | (195,594) | 195,594 | ||||||
Capital injections by minority shareholders to Geo | 705,087 | 2,016,442 | 2,721,529 | |||||
Reclassification of temporary equity to ordinary shares | $ (7,250) | (2,167,750) | (2,175,000) | |||||
Net loss for the year | (119,236,823) | (2,969,204) | (122,206,027) | |||||
Ending Balance at Dec. 31, 2013 | $ 309,076 | $ (4,814,775) | 115,668,644 | 14,629,369 | (113,513,766) | 25,070,226 | 20,655,676 | 58,004,450 |
Ending Balance (Shares) at Dec. 31, 2013 | 30,591,839 | (1,225,311) | ||||||
Purchase of treasury shares | $ (486,316) | (486,316) | ||||||
Purchase of treasury shares (Shares) | (76,368) | |||||||
Issuance of ordinary shares to employees for cash | $ 9,208 | 3,673,820 | 3,683,028 | |||||
Issuance of ordinary shares to employees for cash (shares) | 920,757 | |||||||
Stock based compensation | 81,615 | 81,615 | ||||||
Foreign currency translation gain | (314,769) | (58,271) | (373,040) | |||||
Transfer to reserve | 126,577 | (126,577) | ||||||
Changes in a Parents Ownership Interest in Zhongtian | (34,253) | 34,253 | ||||||
Purchase of shares by iASPEC from minority shareholders in Zhongstian | (649,967) | (649,967) | ||||||
Changes in Parent's Ownership Interests in Geo | (4,533) | 4,533 | ||||||
Issuance of ordinary shares to acquire additional ownership from minority shareholders in Geo and Zhongtian | $ 4,395 | 1,753,618 | (1,758,013) | |||||
Issuance of ordinary shares to acquire additional ownership from minority shareholders in Geo and Zhongtian (Shares) | 439,503 | |||||||
Issuance of ordinary shares for consulting services | $ 500 | 205,500 | 206,000 | |||||
Issuance of ordinary shares for consulting services (Shares) | 50,000 | |||||||
Cancellation of ordinary shares | $ (5,842) | $ 1,011,091 | (1,005,249) | |||||
Cancellation of ordinary shares (Shares) | (584,231) | 584,231 | ||||||
Reclassification of temporary equity to ordinary shares | $ 2,500 | 747,500 | 750,000 | |||||
Ordinary shares issued for acquisition of Biznest | $ 15,434 | 5,736,601 | 5,752,035 | |||||
Ordinary shares issued for acquisition of Biznest (Shares) | 1,543,455 | |||||||
Purchase of shares by iASPEC from minority shareholders in GEO | (61,698) | (61,698) | ||||||
Net loss for the year | (29,231,347) | (520,951) | (29,752,298) | |||||
Ending Balance at Dec. 31, 2014 | $ 335,271 | $ (4,290,000) | 126,862,049 | 14,755,946 | (142,910,476) | 24,755,457 | 17,645,562 | 37,153,809 |
Ending Balance (Shares) at Dec. 31, 2014 | 32,961,323 | (717,448) | ||||||
Purchase of treasury shares | $ (2,827,500) | (2,827,500) | ||||||
Purchase of treasury shares (Shares) | (685,000) | |||||||
Stock based compensation | $ 519 | 101,763 | 102,282 | |||||
Stock based compensation | 51,875 | |||||||
Foreign currency translation gain | 116,539 | 19,468 | 136,007 | |||||
Issuance of ordinary shares for consulting services | $ 50 | 12,600 | 12,650 | |||||
Issuance of ordinary shares for consulting services (Shares) | 5,000 | |||||||
Reclassification of temporary equity to ordinary shares | $ 3,550 | 1,061,450 | 1,065,000 | |||||
Issued common stock | $ 21,025 | 12,765,328 | 12,786,353 | |||||
Issued common stock (Shares) | 2,102,484 | |||||||
IssuedWarrantLiability | (4,982,694) | (4,982,694) | ||||||
Common stock issued for warrants exercised | $ 56,131 | 8,885,358 | 8,941,489 | |||||
Common stock issued for warrants exercised (Shares) | 5,613,130 | |||||||
Sale of Geo | (705,087) | (304,002) | (2,139,719) | (154,717) | (8,563,205) | (11,866,730) | ||
Sale of Zhongtian | (639,849) | (2,061,731) | (165,572) | (581) | (2,867,733) | |||
Dividend to minority shareholders in Geo | (362,907) | (362,907) | ||||||
Net loss for the year | (7,504,262) | 308,473 | (7,195,789) | |||||
Ending Balance at Dec. 31, 2015 | $ 416,546 | $ (7,117,500) | $ 144,000,767 | $ 13,812,095 | $ (154,979,095) | $ 24,551,707 | $ 9,409,717 | $ 30,094,237 |
Ending Balance (Shares) at Dec. 31, 2015 | 40,733,812 | (1,402,448) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net loss | $ (7,195,789) | $ (29,752,298) | $ (122,206,027) |
Adjustments to reconcile net loss to net cash used in operating activities from continuing operations: | |||
Income) loss from discontinued operations, net of income taxes | (1,498,971) | 5,260,538 | 505,567 |
Provision for losses on accounts receivable and other current assets | 2,659,499 | 6,398,463 | 67,038,645 |
Impairment of intangible assets and goodwill | 8,918,427 | 7,015,727 | 2,008,249 |
Provision for obsolete inventories | 274,663 | 3,808,307 | 881,916 |
Depreciation | 1,665,257 | 2,135,644 | 7,839,674 |
Amortization of intangible assets and land use rights | 876,237 | 917,780 | 1,227,743 |
(Gain) loss on sale of property and equipment and land use rights | (30,005,007) | (6,550) | 79,197 |
Loss on disposal of inventories | 0 | 476,597 | 0 |
Stock-based payment compensation for consulting services | 98,483 | 120,167 | 0 |
Stock-based compensation | 102,282 | 81,615 | 6,900,000 |
Impairment of property, plant and equipment | 4,616,679 | 827,319 | 29,976,990 |
Change in deferred income tax | 3,761,084 | (4,603,763) | 1,836,586 |
Warrant expense | 5,657,988 | 0 | 0 |
Changes in operating assets and liabilities, net of effects of business acquisitions and dispositions: | |||
(Increase) decrease in accounts receivable | 2,914,918 | (1,497,285) | 3,957,348 |
Decrease in inventories | 1,546,570 | 6,019,174 | 657,081 |
Decrease (increase) in other receivables and prepaid expenses | (1,089,481) | (3,435,388) | (3,759,271) |
Decrease (increase) in advances to suppliers | (1,708,552) | 5,781,743 | (2,209,123) |
(Increase) decrease in restricted cash | 9,566,303 | (1,515,573) | 1,013,285 |
Increase (decrease) in amounts due to/from related parties | (1,088,001) | 1,126,768 | 538,537 |
(Decrease) increase in other payables and accrued expenses | (2,736,926) | (3,808,563) | 3,150,366 |
(Decrease) increase in advances from customers | 1,598,944 | (2,017,504) | 315,628 |
(Decrease) increase in accounts payable and bills payable | (24,134,831) | (6,018,929) | (10,354,585) |
Increase (decrease) in income tax payable | (118,973) | 171,552 | (41,816) |
Net cash used in continuing operations | (25,319,197) | (12,514,459) | (10,644,010) |
Net cash used in operating activities from discontinued operations | (595,404) | (115,066) | (733,530) |
Net cash used in operating activities | (25,914,601) | (12,629,525) | (11,377,540) |
INVESTING ACTIVITIES | |||
Deposit (paid) received for assets held-for sale | (20,717) | 13,024,000 | 0 |
Deposit refunded for land use rights | 0 | 3,355,088 | 1,437,368 |
Cash acquired in Biznest acquisition | 0 | 67,506 | 0 |
Proceeds from sale of property and equipment | 55,101 | 6,561 | 226,109 |
Consideration paid for acquisition of Biznest | (1,488,969) | (5,951,968) | 0 |
Investment in Geo | 0 | (128,901) | 0 |
Capitalized and purchased software development costs | (66,870) | (1,353,028) | (95,162) |
Purchases of property and equipment | (3,004,209) | (529,053) | (1,721,113) |
Investment in Zhongtian | 0 | (638,723) | (378,144) |
Cash received for sale of assets held for sale | 45,052,000 | 0 | 0 |
Net cash provided by (used in) investing activities from continuing operations | 40,526,336 | 7,851,482 | (530,942) |
Net cash provided by (used in) investing activities from discontinued operations | 1,558,581 | (1,530,773) | (2,697,359) |
Net cash provided by (used in) investing activities | 42,084,917 | 6,320,709 | (3,228,301) |
FINANCING ACTIVITIES | |||
Borrowings under short-term loans | 44,584,103 | 58,862,064 | 92,580,008 |
Common stock issued for cash | 12,786,353 | 3,683,028 | 9,000,000 |
Decrease (increase) in restricted cash in relation to bank borrowings | 543,300 | 256,427 | (610,153) |
Borrowings under long-term loans | 0 | 0 | 350,534 |
Repayment of short-term loans | (79,952,564) | (56,153,075) | (87,876,246) |
Repurchase of ordinary shares | (1,310,184) | (1,290,000) | (3,000,000) |
Repayment of long-term loans | (97,751) | (94,279) | (147,923) |
Cash paid to warrant holders | (542,806) | 0 | 0 |
Net cash (used in) provided by financing activities from continuing operations | (23,989,549) | 5,264,165 | 10,296,220 |
Net cash (used in) provided by financing activities from discontinued operations | (147,237) | 1,131,223 | 4,422,085 |
Net cash (used in) provided by financing activities | (24,136,786) | 6,395,388 | 14,718,305 |
Effect of exchange rate changes on cash and cash equivalents | 564,125 | 19,027 | 223,130 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (7,402,345) | 105,599 | 335,594 |
CASH AND CASH EQUIVALENTS, BEGINNING | 11,189,191 | 11,083,592 | 10,747,998 |
CASH AND CASH EQUIVALENTS, ENDING | 3,786,846 | 11,189,191 | 11,083,592 |
Less cash and cash equivalents from discontinued operations | 0 | 4,499,343 | 5,038,900 |
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period | 3,786,846 | 6,689,848 | 6,044,692 |
Cash paid during the year | |||
Income taxes | 188,932 | 382,741 | 405,948 |
Interest | $ 3,769,498 | $ 6,593,549 | $ 5,537,477 |
ORGANIZATION, PRINCIPAL ACTIVIT
ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT'S PLANS | 12 Months Ended |
Dec. 31, 2015 | |
ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT'S PLANS [Text Block] | 1. ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT'S PLANS China Information Technology Inc., together with its subsidiaries (the "Company" or "CNIT"), is a provider of integrated Cloud-Application-Terminal (“CAT”) solutions including public information distribution platform, elevator safety management system, cloud-based new media terminal, as well as education-use apps and platform in the People’s Republic of China ("PRC"). The Company’s total solutions include software licensing, specialized software, hardware, systems integration, and related services. These services are provided through the Company’s wholly-owned PRC subsidiaries, Information Security Technology International Co., Ltd. ("IST"), and its subsidiary, Dongguan Information Security Technology (China) Co., Ltd. ("IST DG"), TopCloud Software Co., Ltd., ("TopCloud "), and Information Security IoT Tech. Co., Ltd. ("ISIOT ), and through the Company’s variable interest entity ("VIE"), iASPEC Geo Information Technology Co., Ltd. ("iASPEC"), and its subsidiaries, iASPEC Bocom IoT Technology Co. Ltd. ("Bocom"), Shenzhen Taoping Internet Tech. Co., Ltd. (“Taoping”), and Shenzhen Biznest Internet Tech. Co., Ltd. (“Biznest”), and the Company’s wholly-owned Hong Kong subsidiaries Information Security Software Investment Limited (“ISSI”), Information Security Tech. International Co. Ltd. (“IST HK”), and HPC Electronics (China) Co., Limited (“HPC”). On November 6, 2015, iASPEC entered into an equity transfer agreement with certain individual and entity purchasers (the “Transferees”), pursuant to which, iASPEC sold all of its equity ownership of Wuda Geoinformatics Co., Ltd. ( “Geo”), which constituted approximately 54.89% of the total capital stock of Geo, for an aggregate purchase price of RMB91.338 million (approximately $14.7 million) (the “Geo Purchase Price”). Control of Geo was legally transferred to the Transferees on December 4, 2015 (Note 15). Pursuant to the transfer agreement, the Transferees agreed to pay the Geo Purchase Price in four installments by March 30, 2016, which has been paid in full. On November 9, 2015, iASPEC entered into an equity transfer agreement with an entity purchaser (the “Transferee”), pursuant to which, iASPEC sold all of its equity ownership of Shenzhen iASPEC Zhongtian Software Co., Ltd. (“Zhongtian”), which constitutes 100% of total capital stock of Zhongtian for an aggregate of RMB30 million (approximately $4.8 million) (the “Zhongtian Purchase Price”). Control of Zhongtian was legally transferred to the Transferee on November 9, 2015, (Note 15). Pursuant to the transfer agreement, the Transferee agreed to pay the Zhongtian Purchase Price in three installments by May 31, 2016, of which $4.55 million has been paid. As disposals of Geo and Zhongtian represent a strategic shift in the Company’s strategy that will have a major effect on the Company’s operations and financial results, the operations of two companies’ have been presented as “discontinued operations” in the Company’s consolidated financial statements. See Note 15. On June 22, 2015, the Company announced that its Board of Directors received a preliminary, non-binding proposal letter (the “Proposal”), dated June 19, 2015, from Mr. Jiang Huai Lin ("Mr. Lin"), Chairman and Chief Executive Officer of the Company, Mr. Zhiqiang Zhao (“Mr. Zhao”), Director and Chief Operating Officer of the Company, Mr. Junping Sun (“Mr. Sun”), Senior Vice President of the Company and Mr. Jinzhu Cai (“Mr. Cai”), an individual investor (together with Mr. Lin, Mr. Zhao and Mr. Sun, the "Buyer Group"), proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding ordinary shares of the Company not already owned by the Buyer Group at a proposed price of $4.43 per ordinary share. On July 1, 2015, the Board of Directors announced that a special committee, consisting of three independent, disinterested directors of the Company, Mr. Yusen Huang, Mr. Remington Hu and Dr. Yong Jiang, (the “Special Committee”) was formed to consider the previously announced non-binding "going private" proposal that the Board received from the Buyer Group . On August 19, 2015, the Special Committee announced the engagements of Duff & Phelps Securities, LLC and Duff & Phelps, LLC as its financial advisor and Gibson, Dunn & Crutcher LLP as its legal counsel, to review and evaluate the Proposal. As of April 21, 2016, the Special Committee is still in the process of reviewing and evaluating the proposal and there can be no assurance that the proposal will be approved until such process is completed. Management Service Agreement iASPEC is a VIE of the Company. To comply with PRC laws and regulations that restrict foreign ownership of companies that provide public security information technology and Geographic Information Systems software operating services to certain government and other customers, the Company operates the restricted aspect of its business through iASPEC. Pursuant to the terms of a management service agreement by and among IST, iASPEC and its shareholders, dated July 1, 2007 ("MSA"), iASPEC granted IST a ten-year, exclusive, royalty-free, transferable worldwide license to use and install certain iASPEC software, along with copies of source and object codes relating to such software. In addition, IST licensed back to iASPEC a royalty-free, limited, non-exclusive license to the software, without right of sub-license, for the sole purpose of permitting iASPEC to carry out its business as presently conducted. IST has the right to designate two Chinese citizens to serve as senior managers of iASPEC, to serve as a majority on iASPEC’s Board of Directors, and to assist in managing the business and operations of iASPEC. In addition, both iASPEC and IST will require the affirmative vote of a majority of the Company’s Board of Directors, including at least one non-insider director, for certain material actions, as defined, with respect to iASPEC. Option Agreement In connection with the MSA, on July 1, 2007, IST also entered into an immediately exercisable purchase option agreement (the "Option Agreement") with iASPEC and its shareholders, pursuant to which the iASPEC shareholder granted IST or its designee(s) an exclusive, irrevocable option to purchase, from time to time, all or a part of iASPEC’s shares or iASPEC’s assets from the iASPEC shareholder for $1,800,000 in the aggregate. The option may not be exercised if the exercise would violate any applicable laws and regulations in the PRC or cause any license or permit held by, and necessary for the operation of iASPEC, to be cancelled or invalidated. The Option Agreement will terminate on the date IST exercises its purchase option and acquires all the shares or assets of iASPEC pursuant to the terms of the Option Agreement. The Option Agreement may be rescinded by IST upon 30 days’ notice without costs to terminate. The Option Agreement does not have renewal provisions. Equity Transfer Agreement On July 1, 2008, Mr. Jiang Huai Lin, the Chief Executive Officer (“CEO”) of the Company, (“Mr. Lin”), entered into an equity transfer agreement (the "Equity Transfer Agreement") with Mr. Jin Zhu Cai ("Mr. Cai"), the then owner of a 24% minority interest (the “Minority Interest”) in iASPEC, pursuant to which Mr. Lin purchased the Minority Interest from Mr. Cai for a total consideration of RMB60 million (approximately $8.72 million). The transaction was closed in September 2008 and as a result, Mr. Lin became the sole owner of iASPEC. Amended and Restated MSA The Amended and Restated MSA was entered into as of December 13, 2009, by and among IST, iASPEC and iASPEC’s sole shareholder, Mr. Lin. Pursuant to the Amended and Restated MSA, IST will provide management and consulting services to iASPEC, under the following terms: • iASPEC agreed that IST will be entitled to receive ninety five percent ( 95%) of the Net Received Profit, as defined, of iASPEC during the term of the Agreement. iASPEC is obligated to calculate and pay the Net Received Profit due to IST no later than the last day of the first month following the end of each fiscal quarter; Mr. Lin, agreed to enter into a pledge agreement with IST to pledge all of his equity interests in iASPEC as security for his and iASPEC’s fulfillment of their respective obligations under the MSA, and to register the pledge agreement with the local AIC (Administration for Industry and Commerce). After the Amended and Restated MSA was executed on December 13, 2009, based on the advice of the Company’s PRC legal counsel, in January 2010 all the parties to the agreement decided not to enter into a pledge agreement. • Mr. Lin confirmed his status as the sole iASPEC shareholder and his assumption of all of the obligations of the iASPEC shareholder under the agreement, including a confirmation of his continuing obligation under a written guaranty, executed by the then iASPEC shareholders; and • Based on iASPEC’s needs for its development and operation, IST has the right, from time to time, at its sole discretion, to provide iASPEC with capital support. • IST agreed that it will not interfere in any business of iASPEC covered by iASPEC’s PRC State Secret related Computer Information System Integration Certificate, including but not limited to, seeking access to relevant documents regarding such business, provided, however, that iASPEC agreed that it will cooperate with the requests of the Company as necessary to comply with the Company’s reporting obligations to the Securities and Exchange Commission. (“SEC”). The Amended and Restated MSA amended certain terms of the original Management Service Agreement which became effective on July 1, 2007 and has a term of 30 years unless otherwise earlier terminated by the parties by one of the following means: • Either iASPEC or IST may terminate the Amended and Restated MSA immediately (a) upon the material breach by the other of its obligations and the failure of such party to cure such breach within 30 working days after written notice from the non-breaching party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the other in receivership, or of any assignment by the other for the benefit of creditors; or • The Amended and Restated MSA may be terminated at any time by IST upon 90 calendar days’ written notice delivered to all other parties. Upon any effective date of any termination of the Amended and Restated MSA: (a) IST will cease providing management services to iASPEC; (ii) IST will deliver to iASPEC all chops and seals of iASPEC; (iii) IST will deliver to iASPEC all of the financial and other books and records of iASPEC, including any and all permits, licenses, certificates and other proprietary and operational documents and instruments; (iv) the senior managers who are recommended by IST and elected as directors of iASPEC will resign from the Board of Directors of iASPEC in a lawful way; and (v) the software license that iASPEC granted to IST according to the Amended and Restated MSA will terminate unless otherwise agreed by the parties. In addition, any amounts owing from any party to any other party on the effective date of any termination under the terms of the Amended and Restated MSA will continue to be due and owing despite such termination. The Amended and Restated MSA does not have renewal provisions. We expect that the parties to the Amended and Restated MSA will negotiate to extend the term of the agreement before its expiration. The substance of the Amended and Restated MSA and the Option Agreement is to: • Allow the Company to utilize the business licenses, contacts, permits and other resources of iASPEC in order for the Company to be able to expand its operations and business model; • Provide the Company with effective control over all of iASPEC’s operations; and allow the shareholders of iASPEC an opportunity to monetize a portion of their investment through the $1.8 million purchase option. Non-controlling interest transactions On September 10, 2013, iASPEC purchased additional equity interests in Zhongtian for a total of RMB2.34 million (approximately $0.38 million). As a result, the equity interest owned by iASPEC in Zhongtian was increased from 78.21% to 83.72% and resulted in approximately $0.21 million of Zhongtian’s equity being reclassified from non-controlling interest. On August 30, 2013, a minority shareholder disposed of its interest in Geo totaling RMB7 million (approximately $1.13 million). In addition, during 2013 various individuals shareholders injected capital in Geo totaling of RMB21.50 million (approximately $3.53 million) and four individual shareholders contributed patent rights valued at RMB2 million (approximately $0.32 million) which reinforced Geo’s operating business. As a result of the capital increase, Geo’s minority interest increased from 47.46% to 49.63% while the equity interest owned by iASPEC in Geo was decreased from 52.54% to 50.37%, and resulted in approximately $0.20 million of Geo’s equity being reclassified to non-controlling interest with iASPEC still remaining as the controlling shareholder in Geo thereafter. On September 18, 2013, Information Security Technology (PRC) Co., Ltd ("IST"), our wholly-owned subsidiary, and iASPEC entered into an equity transfer agreement, pursuant to which iASPEC agreed to transfer 100% of equity interests in Topcloud, to IST, for a purchase price of RMB53.98 million (approximately $8.84 million). On October 22, 2013, Information Security International Investment and Development Limited ("ISIID"), our wholly-owned subsidiary, and iASPEC entered into an equity transfer agreement, pursuant to which ISIID agreed to transfer 100% of equity interests in Bocom, to iASPEC, for a purchase price of RMB50.0 million (approximately $8.19 million). On April 30, 2014, the Company issued various minority shareholders of Geo 318,794 shares of restricted CNIT ordinary shares valued at $4.00 per share under the Company’s 2013 Equity Incentive Plan. Instead of using cash, those Geo shareholders opted for using their ownership in Geo shares to pay for the CNIT restricted shares through Geo’s parent company, iASPEC. They transferred the Geo shares they owned to iASPEC, and iASPEC in turn recorded the corresponding amount as an interest-free payable to the Company, which was eliminated in consolidation against additional paid-in capital of the Company. Consequently, iASPEC’s ownership in Geo increased from 50.37% to 54.89%, resulting in approximately $4,500 of Geo’s equity being reclassified to controlling interest and iASPEC still remaining as the controlling shareholder in Geo thereafter. In addition, iASPEC paid those Geo shareholders $61,698 of cash for the difference between the value of the CNIT restricted shares issued and that of the Geo shares that iASPEC received. On April 30, 2014, the Company issued various minority shareholders of Zhongtian 120,709 shares of restricted CNIT ordinary shares valued at $4.00 per share under the Company’s 2013 Equity Incentive Plan. Instead of using cash, those Zhongtian shareholders opted for using their ownership in Zhongtian to pay for the CNIT restricted shares through Zhongtian’s parent company, iASPEC. They transferred the Zhongtian shares they owned to iASPEC, and iASPEC in turn recorded the corresponding amount as an interest-free payable to the Company, which was eliminated in consolidation against additional paid-in capital of the Company. Consequently, iASPEC’s ownership in Zhongtian increased from 83.72% to 99.99%, resulting in approximately $34,000 of Zhongtian’s equity being reclassified to controlling interest. In addition, iASPEC paid those Zhongtian shareholders $649,967 of cash for the difference between the value of the CNIT restricted shares issued and that of the Zhongtian shares that iASPEC received. On March 19, 2015, a profit plan distribution was approved by Geo’s board of directors. As a result, a total cash dividend of approximately $0.8 million (RMB5 million) was distributed to the shareholders of Geo, and on March 27, 2015, iAPSEC received a $0.44 million cash dividend, and the minority shareholders of Geo received a $0.36 million cash dividend. In November 2015, as noted above, iASPEC sold its equity ownership holdings in Geo and Zhongtian. Management’s Plans For the years ended December 31, 2015 and 2014, the Company reported negative cash flows from operations of $25.91 million and $12.63 million, respectively. Net cash used in operating activities in 2015 significantly increased as $22.41 million of cash was used for payment of outstanding bills payable, which resulted in the bills payable at December 31, 2015 being significantly reduced to $1.32 million as of December 31, 2015. In addition, the Company had a working capital deficiency of $1.65 million as of December 31, 2015, compared to a working capital deficiency of $56 million at December 31, 2014. Continuing the Company’s business transformation, management has developed its 2015 business plan which will continue to be executed in 2016, encompassing six strategies: 1) redirect the Company’s resources to selling high-margin software solutions; 2) reinforce stringent cash collection policies to shorten the Company’s days of sales outstanding; 3) streamline the Company’s purchase order management process to reduce inventory; 4) control the Company’s cost structure; 5) obtain additional government subsidies for developing new and innovative cloud-based software solutions; and 6) reduce the Company’s short-term debt burden. As of December 31, 2015, by using the proceeds from sale of certain real estate and plant assets, the Company has significantly reduced its short-term debt burden to $15.27 million, down from $51.82 million at the end of 2014. In addition, in the fourth quarter of 2015, the Company completed its sales of iASPEC’s 100% equity holding of Zhongtian and 54.89% equity holding of Geo, which provided cash inflows to the Company of approximately $4.8 million and $14.74 million, respectively. A total of $6.27 million related to these sales was received in 2015 and $13.02 million was received in 2016. In addition, starting from April 2016, the Company began receiving an annual rental fee of $380,000 from certain third parties for leasing of its office facility located in Nanshan Industrial Park, Shenzhen. As of April 21, 2016, the Company had $0.76 million additional availability under its credit facilities. In addition, the Company beleives it has the ability, if needed, to obtain additional credit lines from local banks to provide capital needs by using the title of its office facility as collateral. Management believes that the Company’s current cash and cash equivalents, cash flows from the sales of Zhongtian and Geo, anticipated cash flows from operations in 2016, and additional availability under its borrowing facilities will be sufficient to meet the Company’s operating and financial obligations for the remainder of 2016. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Consolidation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles. The consolidated financial statements include the accounts of the Company, its subsidiaries and its VIE for which the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. (c) Economic and Political Risks The majority of the Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. (d) Cash and Cash Equivalents The Company considers all highly liquid investments purchased and cash deposits with financial institutions with original maturities of three months or less to be cash equivalents (Level 1). The Company had no cash equivalents as of December 31, 2015 or 2014. The Company maintains its cash accounts at credit worthy financial institutions and closely monitors the movements of its cash positions. As of December 31, 2015 and 2014, approximately $3.79 million and $6.69 million of cash, respectively was held in bank accounts in the PRC. (e) Restricted Cash Restricted cash as of December 31, 2015 and 2014 consists of security deposits in bank accounts in the PRC that serve as collateral for the Company’s revolving working capital facility, which are included in short-term loans, bills payable, as well as letter of credit facilities. (f) Accounts Receivable, Bills Receivable and Concentration of Risk The Company evaluates the creditworthiness of all of its customers individually before accepting them and continuously monitors the recoverability of accounts receivable. If there are any indicators that a customer may not make payment, the Company may consider making provision for non-collectability for that particular customer. At the same time, the Company may cease further sales or services to such customer. The following are some of the factors that the Company considers in determining whether to discontinue sales or record an allowance: • the customer fails to comply with its payment schedule; • the customer is in serious financial difficulty; • a significant dispute with the customer has occurred regarding job progress or other matters; • the customer breaches any of the contractual obligations; • the customer appears to be financially distressed due to economic or legal factors; • the business between the customer and the Company is not active; and • other objective evidence indicates non-collectability of the accounts receivable. The Company considers the following factors when determining whether to permit a longer payment period or provide other concessions to customers: • the customer’s past payment history; • the customer’s general risk profile, including factors such as the customer’s size, age, and public or private status; • macroeconomic conditions that may affect a customer’s ability to pay; and • the relative importance of the customer relationship to the Company’s business. Bills receivable represent bank undertakings that essentially guarantee payment of amounts thereunder. The undertakings are provided by banks upon receipt of collateral deposits from the Company’s customers or debtors. Bills receivable can be sold at a discount before maturity, which is typically within three months. The Company’s top five customers accounted for 50% of accounts receivable as of December 31, 2015, of which two customers accounted for greater than 10% or more of accounts receivable. The Company’s top five customers accounted for 54% of accounts receivable as of December 31, 2014, of which one customer accounted for greater than 10% or more of accounts receivable. For the years ended December 31, 2015, 2014 and 2013, the Company’s top five customers accounted for 21%, 17% and 21% of revenue respectively, and no single customer accounted for 10% or more of total revenue. The allowance for doubtful accounts at December 31, 2015 and 2014, totaled $5.03 million and $4.48 million respectively, representing management’s best estimate. Accounts receivable as at December 31, 2015 and 2014 are as follows: December 31, December 31, 2015 2014 Accounts Receivable $ 8,209,245 $ 11,270,917 Bad Debt Provision (5,029,107 ) (4,484,321 ) Accounts Receivable – Net $ 3,180,138 $ 6,786,596 The following table describes the movements in the allowance for doubtful accounts during the years ended December 31, 2015 and 2014: Balance at January 1, 2014 $ 58,587,659 Increase in allowance for doubtful accounts 7,385,502 Amounts written off as uncollectible (59,208,806 ) Amounts recovered during the year (1,828,813 ) Foreign exchange difference (451,221 ) Balance at December 31, 2014 $ 4,484,321 Increase in allowance for doubtful accounts 1,166,764 Amounts recovered during the year (379,731 ) Foreign exchange difference (242,247 ) Balance at December 31, 2015 $ 5,029,107 (g) Advances to Suppliers Advances to suppliers represent cash deposits for the purchase of inventory items from suppliers. (h) Advances from Customers Advances from customers represent cash received from customers as advance payments for the purchase of the Company’s products. i) Fair Value and Fair Value Measurement of Financial Instruments Management has estimated that the carrying amounts of non-related party financial instruments approximate fair values for all periods presented due to their short-term maturities. The carrying amount of long-term debt approximates fair value because of its variable interest rate. The fair value of the amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions. Fair Value Accounting Financial Accounting Standards Board (FASB) Accounting Standards Codifications (ASC) 820-10 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As required by FASB ASC 820-10, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy under FASB ASC 820-10 are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As of December 31, 2015, the Company measured the fair value of its derivative liability related to warrants using level 3 inputs. Refer to Note 17. As of December 31, 2015 and 2014, goodwill, property, plant and equipment, and purchased software were measured at fair value on a non-recurring basis using level 3 inputs, which resulted in impairment charges being recorded on certain assets. Refer to Notes 6, 10 and 11(b) for impairment detail. (j) Inventories Inventories are valued at the lower of cost or market price. Market price is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. The Company performs an analysis of slow-moving or obsolete inventory periodically and any necessary valuation reserves, which could potentially be significant, are included in the period in which the evaluations are completed. Any inventory impairment results in a new cost basis for accounting purposes. For the years ended December 31, 2015, 2014 and 2013, approximately 63%, 32% and 31%, respectively of total inventory purchases were from five unrelated suppliers and four suppliers accounted for greater than 10% of total inventory purchases in 2015, and no single supplier accounted for greater than 10% of total inventory purchases in 2014 and 2013. (k) Derivative liability - Warrants The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is determined and re-assessed at the end of each reporting period, in accordance with FASB ASC Topic 815, “Derivatives and Hedging”. This guidance affects the accounting for warrants issued acquire the Company’s ordinary shares that contain provisions to protect holders from a decline in the stock price, referred to as down-round protection. Down-round provisions reduce the exercise price of a warrant if a company either issues equity shares for a price that is lower than the exercise price of the warrants, issues convertible instruments with a conversion price per equity share that is less than the exercise price of the warrants, or issues new warrants or options that have a lower exercise price. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. The Company generally uses a binomial or lattice model to value the warrants at inception and subsequent valuation dates. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. (l) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated amortization and depreciation. Amortization and depreciation is provided over the assets’ an estimated useful lives, using the straight-line method. Estimated useful lives of property, plant and equipment are as follows: Office buildings 20 - 50 years Plant and machinery 3 - 20 years Electronics equipment, furniture and fixtures 3 - 5 years Motor vehicles 5 years Purchased software 3 - 10 years Maintenance and repairs costs are expensed as incurred, whereas significant renewals and betterments are capitalized. (m) Land use rights All land in the PRC is owned by the PRC government. The government in the PRC, according to the PRC law, may sell the right to use the land for a specified period of time. Thus, all of the Company’s land purchases in the PRC are considered to be leasehold land under operating lease arrangements and are stated at cost less accumulated amortization and any recognized impairment loss. The cost of the land use right is amortized on a straight-line basis over the beneficial period of 46 years. (n) Intangible assets Intangible assets represent technology and customer base intangible assets acquired in connection with business acquisitions, and software development costs capitalized by the Company’s subsidiaries. Intangible assets are amortized using the straight-line method over the following estimated useful lives: Software development costs 2 - 5 years Technology 5 years Trademarks 20 years Customer base 2 years (o) Goodwill ASC 350-30-50, “Goodwill and Other Intangible Assets”, requires the testing of goodwill and indefinite-lived intangible assets for impairment at least annually. The Company tests goodwill for impairment in the fourth quarter each year or earlier if an indicator of impairment exists. Under applicable accounting guidance, the goodwill impairment analysis is a two-step test. The first step of the goodwill impairment test involves comparing the fair value of each reporting unit with its carrying amount including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, the second step must be performed to measure potential impairment. The second step involves calculating an implied fair value of goodwill for each reporting unit for which the first step indicated possible impairment. If the implied fair value of goodwill exceeds the goodwill assigned to the reporting unit, there is no impairment. If the goodwill assigned to a reporting unit exceeds the implied fair value of goodwill, an impairment charge is recorded for the excess. (p) Long-Lived Assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Recoverability of assets to be held and used is determined by comparing their carrying amount with their net undiscounted future cash flows. If such assets are considered to be impaired, the impairment to be recognized is measured by how much the carrying amount exceeds the fair value of the assets. Assets held for disposal, if any, are reported at the lower of the carrying amount or fair value less costs to sell. (q) Revenue Recognition The Company generates its revenues primarily from three sources, (1) hardware sales, (2) software license and software sales, and (3) system integration services. The Company’s revenue recognition policies are in accordance with SEC Staff Accounting Bulletin No. 104, "Revenue Recognition", FASB ASC No. 605-35 "Construction-Type and Production-Type Contracts" ("FASB ASC 605-35"), and FASB ASC No. 605-25 “Multiple-Element Arrangements” (“FASB ASC 605-25”). Hardware Hardware revenues are generated primarily from the sale of display technology products and are recognized only when persuasive evidence of an arrangement exists, delivery has occurred and upon receipt of customers’ acceptance, the price to the customer is fixed or determinable in accordance with the contract, and collectability is reasonably assured. In November 2014, the Company began outsourcing production of hardware to its OEM partners. The Company also shifted to its OEM partners after-sale support of hardware products sold to its private-sector customers. For hardware products sold to the Company’s public sector customers, the Company remains responsible for providing after-sale support due to contractual requirements specific to the public sector. Hardware sales are classified on the “Revenue-hardware” line on the Company’s consolidated statement of loss. Software license Starting in the fourth quarter of 2014, the Company began to generate software license revenues from upfront software license sales in the private sector and from fixed-price software contracts in the public sector. The basis for the Company’s software license revenue recognition is substantially governed by the accounting guidance contained in ASC 985-605, Software-Revenue Recognition. In the private sector, the Company’s customers pay an upfront software license fee for the right of using the Company’s proprietary Cloud-Application-Terminal platform. For software license arrangements that do not require significant modification or customization of the underlying software, the Company recognizes software license revenues when: (1)the Company enters into a legally binding arrangement with a customer for the license of software; (2)the Company delivers the products; (3) the sale price is fixed or determinable and free of contingencies or significant uncertainties; and (4) collection is probable. Revenues from software license contracts are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. When the Company’s private sector customers purchase software licenses, they also pay a monthly maintenance service fee to access the Company’s continued software updates and support. Such software maintenance fees are recognized ratably during contract terms and are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. An increasing number of the Company’s customers in the private sector are choosing to subscribe to the Company’s Cloud-Application-Terminal platform as a service instead of paying upfront license fees. Consequently the Company generates software-as-a-service (SaaS) revenues selling its Cloud-based Technology platform as a monthly subscription service. The Company’s SaaS revenues are generally recognized ratably over the contract term commencing with the date its service is made available to customers and all other revenue recognition criteria have been satisfied. Customers typically subscribe to SaaS offerings on a three-to-five-year basis and in return obtain access to the Company’s display terminals deployed on their premises and to the Company’s cloud-based software hosted on their server via the Internet. Although the duration of some of the Company’s SaaS contracts are longer than 75% of the economic life of the hardware equipment, because in the PRC payment collection beyond any three-year term is highly uncertain, the Company has chosen to recognize its SaaS revenues ratably over the contract term. Revenues from SaaS contracts are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. Software sales In the public sector, customers pay the Company a fixed price to design and develop software products specifically customized for their needs. Software development projects usually include developing software, integrating various isolated software systems into one, and testing the system. The design and build services, together with the integration of the various elements, are generally determined to be essential to the functionality of the delivered software, and accordingly revenue is recognized using the percentage of completion method of accounting in accordance with FASB ASC 605-35. The percentage of completion for each contract is estimated based on the ratio of direct labor hours incurred to total estimated direct labor hours. Revenues from software development contracts do not include either hardware or system integration, and are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. System integration services System integration revenues are generated from fixed-price contracts which combine both customized software development and integration, and non-customized hardware. System integration projects usually include the purchase of hardware, developing software, and integrating various systems into one, and testing the system. Accordingly, system integration revenues contain multiple deliverables consisting of two separate units of account (1) software development and integration, and (2) hardware, both of which are clearly outlined in contracts executed with customers. Revenue from the software element is recognized using the percentage of completion method of accounting outlined above under software development contracts. Revenue from the hardware element is recognized when all four revenue recognition criteria are met, as outlined above under hardware revenues, which generally occurs upon customer acceptance. The hardware component of system integration projects consists of standard products and requires only minor modification and an insignificant amount of labor to meet customers’ needs. Collectively, revenues from system integration projects are recognized using percentage of completion based on the ratio of costs incurred to total estimated costs, and are classified on the “Revenue-System Integration” line on the Company’s consolidated statement of loss. The Company accounts for system integration projects in accordance with FASB ASC 605-25. To determine the selling price of each unit of account included within the system integration contracts, the Company uses vendor-specific objective evidence (VSOE) for the software component, and third-party evidence for the hardware component. In addition, the Company provides post contract support (PCS), which includes telephone technical support that is not essential to the functionality of the software or hardware elements. Although VSOE does not exist for PCS, because (1) the PCS fees are included in the total contract amount, (2) the PCS service period is for less than one year, (3) the estimated cost of providing PCS is not significant, and (4) unspecified upgrades enhancements offered are minimal and infrequent; the Company recognizes PCS revenue after delivery and customer acceptance. Contract periods are usually less than six months, and typical contract periods for PCS are 12 months. Customers are billed in accordance with contract terms, which typically require partial payment at the signing of the contract, partial payment at delivery and customer acceptance dates, with the remainder due within a stated period of time not exceeding 12 months. Occasionally, the Company enters into contracts which allow a percentage (generally 5%) of the total contract price to be paid one to three years after completion of a system integration project. Revenues on these extended payments are recognized upon completion of the terms specified in the contract and when collectability is reasonably assured. No rights of return are allowed except for non-conforming products, which have been insignificant based on historical experiences. If non-conforming products are returned due to software issues, the Company will provide upgrades or additional customization to suit customers’ needs. In cases where non-conformity is a result of integrated hardware, the Company returns the hardware to the original vendor for replacement. Changes in estimates for revenues, costs and profits are recognized in the period in which they are determinable. When the Company’s estimates indicate that the entire contract will be performed at a loss, a provision for the entire loss is recorded in the current accounting period. (r) Treasury Stock The Company repurchases its ordinary shares from time to time in the open market and holds such shares as treasury stock. The Company applies the “cost method” and presents the cost to repurchase such shares as a reduction in equity. During the years ended December 31, 2015, 2014 and 2013, the Company repurchased total of 685,000, 76,368 and 641,080 ordinary shares, respectively. (s) Stock-based compensation The Company applies ASC No. 718, “Compensation-Stock Compensation”, which requires that share-based payment transactions with employees, such as share options, be measured based on the grant date fair value of the equity instrument and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. During the years ended December 31, 2015, 2014 and 2014, the Company recognized approximately $102,000, $82,000 and $6.9 million, respectively of compensation expense. (t) Foreign Currency Translation The functional currency of the US and BVI companies is the United States dollar. The functional currency of the Company’s Hong Kong subsidiaries is the Hong Kong dollar. The functional currency of the Company’s wholly-owned PRC subsidiaries and its VIE is the Chinese Renminbi Yuan, (“RMB”). RMB is not freely convertible into foreign currencies. The Company’s PRC subsidiaries’ and their VIE’s financial statements are maintained in the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet date. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Exchange gains or losses arising from foreign currency transactions are included in the determination of net loss for the respective periods. For financial reporting purposes, the financial statements of the Company have been translated into United States dollars. Assets and liabilities are translated at exchange rates at the balance sheet dates, revenue and expenses are translated at average exchange rates, and equity is translated at historical exchange rates. Any resulting translation adjustments are not included in determining net income but are included in other comprehensive loss, a component of equity. The exchange rates adopted are as follows: December 31, December 31, 2015 2014 Year-end exchange rate 6.4893 6.1387 Average yearly exchange rate 6.2150 6.1425 The average yearly exchange rate adopted for the year ended December 31, 2013 was 6.1881. No representation is made that the RMB amounts could have been, or could be, converted into United States dollars at the rates used in translation. (u) Subsidy Income Subsidy income mainly represents income received from various local governmental agencies in China for developing high technology products in fields designated by the government as new and highly innovative. We have no continuing obligation under the subsidy provision. (v) Income Taxes Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes are recognized for all significant temporary differences at enacted rates and classified as current or non-current based upon the classification of the related asset or liability in the financial statements. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion, or all of, the deferred tax asset will not be realized. The Company classifies interest and/or penalties related to unrecognized tax benefits, if any, as a component of income tax expense. The Company applies the provisions of ASC No. 740 “Income Taxes” (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides accounting guidance on de-recognition, classification, interest and penalties, and disclosure. (w) Discontinued Operations “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” was effective for the Company during the year ended December 31, 2015. The amendments contained in this update change the criteria for reporting discontinued operations and enhance the reporting requirements for discontinued operations. Under the revised standard, a discontinued operation must represent a strategic shift that has or will have a major effect on an entity’s operations and financial results. Examples could include a disposal of a major line of business, a major geographical area, a major equity method investment, or other major parts of an entity. The revised standard also allows an entity to have certain continuing cash flows or involvement with the component after the disposal. Additionally, the standard 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 Company accounted for the sale of Geo and Zhongtian during 2015 as a discontinued operation pursuant to this standard. Refer to Note 15 for additional details. (x) Segment reporting Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Transfers and sales between reportable segments, if any, are recorded at cost. The Company reports financial and operating information in the following two segments: (a) Cloud-based Technology (CBT) segment — The CBT segment is the Company’s current and future focus for corporate development. It includes the Company’s cloud-based products and services sold to private sectors including new media, healthcare, education, and residential community management. In this segment, the Company generates revenues from the sales of hardware and total solutions of hardware integrated hardware with proprietary software and content. Starting in the fourth quarter of 2014, the Company also began to generate additional revenue from monthly software licensing and Software-as-a Service (SaaS) fees. (b) Traditional Information Technology (TIT) segment —The TIT segment includes the Company’s project-based technology products and services sold to the public sector. The solutions the Company has sold primarily include Geographic Information Systems (GIS), Digital Public Security Technology (DPST), and Digital Hospital Information Systems (DHIS).In this segment, the Company generates revenues from sales of software and system integration services. (y) Sales, use and other value-added taxes Revenue is recorded net of applicable sales, use and value-added taxes. (z) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) "Revenue from Contracts with Customers." ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)", and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is to be applied retrospectively. Early adoption is permitted to the effective date of December 31, 2016. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements. In August 2014, the FASB issued new guidance which requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable), and to provide related footnote disclosures in certain circumstances. The new standard is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company has not yet adopted this guidance and is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. This guidance requires that all deferred tax assets and liabilities, along wi |
VARIABLE INTEREST ENTITY
VARIABLE INTEREST ENTITY | 12 Months Ended |
Dec. 31, 2015 | |
VARIABLE INTEREST ENTITY [Text Block] | 3. VARIABLE INTEREST ENTITY The Company is the primary beneficiary of iASPEC, pursuant to the Amended and Restated MSA, and iASPEC qualifies as a variable interest entity of the Company subject to consolidation. Accordingly, the assets and liabilities and revenues and expenses of iASPEC have been included in the accompanying consolidated financial statements. In the opinion of management, (i) the ownership structure of the Company, and the VIEs are in compliance with existing PRC laws and regulations; (ii) the contractual arrangements with the VIEs and its shareholder are valid and binding, and do not result in any violation of PRC laws or regulations currently in effect; and (iii) the Company’s business operations are in compliance with existing PRC laws and regulations in all material respects. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. China’s legal system is a civil law system based on written statutes and unlike common law systems, it is a system in which decided legal cases have little value as precedent. As a result, China’s administrative and judicial authorities have significant discretion in interpreting and implementing statutory and contractual terms, and it may be more difficult to evaluate the outcome of administrative and judicial proceedings and the level of legal protection available than in more developed legal systems. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion with respect to the contractual arrangements with its VIEs. Because all of these contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. If the VIEs or their respective shareholders fail to perform their respective obligations under the contractual arrangements of which they are a party, the Company may have to incur substantial costs and resources to enforce its rights under the contracts and rely on legal remedies under PRC law, which may not be sufficient or effective. Under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would cause the Company to incur additional expenses and delays. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. In the event the Company is unable to enforce these contractual arrangements, it may not be able to exert effective control over the VIEs, and its ability to conduct its business may be negatively affected. In addition, if the PRC government determines that the Company is not in compliance with applicable laws, it may revoke the Company’s business and operating licenses, require the Company to discontinue or restrict its operations, deconsolidate the Company’s interests in the VIEs, restrict its right to collect revenues, require it to restructure its operations, impose additional conditions with which it may not be able to comply, impose restrictions on its business operations or on its customers, or take other regulatory or enforcement actions against the Company that could be harmful to its business. The Company believes that the contractual arrangements with its VIEs are in compliance with current PRC laws and are legally enforceable. In the opinion of management, the likelihood of loss in respect to the Company’s current ownership structure or the contractual arrangements with VIEs is remote based on current facts and circumstances. In order to facilitate iASPEC’s expansion and also to provide financing for iASPEC to complete the acquisition of Geo, the Company advanced RMB38 million (approximately $5.4 million) to iASPEC in two installments in 2007 and 2008, to increase iASPEC’s registered capital. In order to comply with PRC laws and regulations, the advance was made to Mr. Lin, iASPEC’s then majority shareholder, who, upon the authority and direction of the Board of Directors, forwarded the funds to iASPEC. The Company has recorded the advance of these funds as an interest-free loan to iASPEC, which was eliminated against additional capital of iASPEC in consolidation. The increase in iASPEC’s registered capital does not affect IST’s exclusive option to purchase iASPEC’s assets and shares under the MSA. For the years ended December 31, 2015, 2014 and 2013, net income of $308,473, net loss of $404,662, and net loss of $3,188,700 respectively, have been attributed to non-controlling interest from continuing operations in the consolidated statements of loss of the Company. Government licenses, permits and certificates represent substantially all of the unrecognized revenue-producing assets held by the VIEs. Recognized revenue-producing assets held by the VIEs consist of property, plant and equipment, and intangible assets. The VIE’s assets and liabilities were as follows for the years ended December 31, 2015 and 2014: December 31, December 31, 2015 2014 Current assets from discontinued operations $ 13,272,186 $ 30,349,676 Total current assets 27,860,566 50,304,042 Property, plant and equipment 2,930,365 2,573,014 Intangible assets 2,431,599 3,418,735 Non-current assets from discontined operations - 31,255,179 Total assets 41,439,773 83,714,511 Intercompany payable to the WFOE 28,347,903 26,278,635 Current liabilities from discontinued operations - 28,989,570 Total current liabilities 42,249,136 75,772,143 Non-current liabilities from discontinued operations - 213,186 Total liabilities 42,249,136 75,985,329 Total equity (809,363 ) 7,729,182 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
LOSS PER SHARE [Text Block] | 4. LOSS PER SHARE Basic loss per share is computed by dividing loss available to common shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares, or resulted in the issuance of ordinary shares that shared in the earnings of the entity. Components of basic and diluted loss per share were as follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Net loss attributable to the Company $ (7,504,262 ) $ (29,231,347 ) $ (119,236,823 ) Weighted average outstanding ordinary shares-Basic 34,483,100 30,601,209 27,356,504 Weighted average outstanding ordinary shares-Diluted 34,483,100 30,601,209 27,356,504 Loss per share: Basic $ (0.22 ) $ (0.96 ) $ (4.36 ) Diluted $ (0.22 ) $ (0.96 ) $ (4.36 ) CONTINUING OPERATIONS 2015 2014 2013 Net loss attributable to the Company $ (9,003,233 ) $ (24,087,098 ) $ (118,511,760 ) Weighted average outstanding ordinary shares-Basic 34,483,100 30,601,209 27,356,504 Weighted average outstanding ordinary shares-Diluted 34,483,100 30,601,209 27,356,504 Loss per share: Basic $ (0.26 ) $ (0.79 ) $ (4.33 ) Diluted $ (0.26 ) $ (0.79 ) $ (4.33 ) DISCONTINUED OPERATIONS 2015 2014 2013 Net income (loss) attributable to the Company $ 1,498,971 $ (5,144,249 ) $ (725,063 ) Weighted average outstanding ordinary shares-Basic 34,483,100 30,601,209 27,356,504 Weighted average outstanding ordinary shares-Diluted 35,382,895 30,601,209 27,356,504 Loss per share: Basic $ 0.04 $ (0.17 ) $ (0.03 ) Diluted $ 0.04 $ (0.17 ) $ (0.03 ) Warrants for the purchase of 1,425,416, 200,000, and 200,000 shares were not included in the 2015, 2014 and 2013 calculations as their effect would have been anti-dilutive. As the Company reported income from discontinued operations in 2015, 899,795 shares underlying 98,741 series B warrants (Note 17) were included in diluted calculation. |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 12 Months Ended |
Dec. 31, 2015 | |
BUSINESS ACQUISITION [Text Block] | 5. BUSINESS ACQUISITION On October 14, 2014, the Company acquired 100% of the equity interests of Shenzhen Biznest Internet Technology Co., Ltd, or Biznest, for a total purchase price with a fair value of approximately $12.7 million. Approximately $7.5 million of the purchase price was paid in cash and approximately $0.7 million of the Company’s previously recorded accounts payable to the previous owner of Biznest were forgiven. Approximately $1.5 million of the cash payment was included in payables as of December 31, 2014, which was subsequently paid in February 2015. The balance of the purchase price was paid through the issuance of 1,543,455 ordinary shares of the Company valued at approximately $5.8 million. The following table summarizes the purchase price allocation for Biznest and the amounts of the assets acquired and liabilities assumed which were based on their estimated fair values at the acquisition date: Cash and cash equivalents $ 67,506 Advances to suppliers 406,273 Other receivables 308,158 Property, plant, and equipment 2,478,165 Identifiable intangible assets 3,600,746 Goodwill 6,152,243 Accounts payable (223,030 ) Salary payable (108,535 ) Other payables (9,493 ) $ 12,672,033 The operating results of Biznest have been included in the Company’s consolidated financial statements since October 14, 2014, the acquisition date. Intangible assets represent software development costs with an estimated useful life of 5 years. Goodwill, which has been allocated to the Company’s CBT segment, is not expected to be deductible for tax purposes. Goodwill arising from the transaction is attributable primarily to expected operating synergies and assembled workforce of Biznest. See Note 6. The following unaudited pro forma information shows the results of continuing operations for the years ended December 31, 2014 and 2013, as if the acquisition of Biznest had been completed at the beginning of the respective periods. The unaudited pro forma information is based on estimates and assumptions which management believes are reasonable. It is not necessarily indicative of the consolidated results in future periods or the results that would have been realized for 2014 and 2013. For the year ended December 31, 2014 Historical Pro Forma CNIT Biznest Adjustments Pro Forma Revenue $ 38,634,747 $ 2,457,139 $ (2,457,139 ) $ 38,634,747 (Loss) income from operations-continuing operations (29,091,319 ) 210,619 (780,619 ) (29,661,319 ) Net (loss)income-continuing operations (24,087,098 ) 211,526 (780,619 ) (24,656,191 ) Weighted Average Number of Shares: Basic and Diluted-continuing operations 30,601,209 1,234,764 31,835,973 Loss per share Basic and Diluted-continuing operations (0.79 ) (0.78 ) For the year ended December 31, 2013 Historical Pro Forma CNIT Biznest Adjustments Pro Forma Revenue $ 55,419,831 $ 168,670 $ (168,670 ) $ 55,419,831 (Loss) income from operations-continuing operations (119,969,315 ) (746,529 ) 26,529 (120,689,315 ) Net (loss) income –continuing operations (118,511,760 ) (746,519 ) 26,529 (119,231,750 ) Weighted Average Number of Shares: Basic and Diluted-continuing operations 27,356,504 1,543,455 28,899,959 Loss per share Basic and Diluted-continuing operations (4.33 ) (4.13 ) The pro forma adjustments represent the amortization of the intangible assets and the depreciation of property, plant and equipment arising upon the acquisition of Biznest, as well as the elimination of Biznest’s revenue and loss (income) from operations, as the Company was Biznest’s only customer. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL [Text Block] | 6. GOODWILL Goodwill by segment at December 31, 2015 and 2014 is as follows: December 31, Exchange rate December 31, 2014 Transfer adjustment Impairment 2015 CBT Segment $ 9,210,122 $ (3,057,879 ) $ (332,350 ) $ (1,066,439 ) $ 4,753,454 TIT Segment 2,908,695 3,057,879 1,885,414 (7,851,988 ) - Total $ 12,118,817 $ - $ 1,553,064 $ (8,918,427 ) $ 4,753,454 In accordance with FASB ASC Topic 350, management reviews goodwill impairment annually or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Management used the discounted cash flow method to estimate the fair value of its reporting units. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions, such as revenue growth rate, gross profit rate, and discount rate. Based on the impairment test performed in 2015, step one of the test results indicated that the carrying amount of the TIT and CBT segments exceeded their fair value, and therefore an impairment of goodwill was probable. Management then determined the implied fair value of goodwill for the TIT and CBT segments. As a result, the Company recognized a goodwill impairment loss of $7.85 million and $1.07 million in the TIT and CBT segment in 2015, respectively. Based on the impairment test performed in 2014, step one of the test results indicated that the carrying amount of the TIT segment exceeded its fair value, and therefore an impairment of goodwill was probable. Management then determined the implied fair value of goodwill for the TIT segment. As a result, the Company recognized a goodwill impairment loss of $4.68 million in the TIT segment in 2014. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY BALANCES AND TRANSACTIONS [Text Block] | 7. RELATED PARTY BALANCES AND TRANSACTIONS (a) Related party balances As of December 31, 2015 and 2014, amounts due from/to related parties consist of: December 31, December 31, 2015 2014 Due to related party - Shareholder $ 154,331 $ 864,327 Due to related party The balance due to shareholder represents the balance of $141,972 and $851,262 personal loans from Mr. Lin, and $12,359 and $13,065 of payables due to Mr. Zhixiong Huang, Chief Operating Officer of the Company as of December 31, 2015 and 2014, respectively. The advance from Mr. Lin is due on December 26, 2016 with interest free and the advance from Mr.Zhixiong Huang is interest free and is not expected to be paid in 2016. (b) Rental expenses - related party iASPEC and Bocom lease office spaces in a building personally owned by Mr. Lin. Consequently, the Company paid Mr. Lin approximately $170,000, $263,915 and $153,101 of rental expenses during the years ended December 31, 2015, 2014 and 2013, respectively. Zhongtian leases office space in a building personally owned by Mr. Lin. Consequently, the Company paid Mr. Lin approximately $160,166, $67,114 and $90,314 of rental expenses during the years ended December 31, 2015, 2014 and 2013, respectively. These amounts are included within discontinued operations. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES [Text Block] | 8. INVENTORIES As of December 31, 2015 and 2014, inventories consist of: December 31, December 31, 2015 2014 Raw materials $ 100,880 $ 561,371 Work in Process 43,746 125,483 Finished goods 302,729 890,138 Installations in process 1,693,738 2,382,039 Balance at December 31, 2015 $ 2,141,093 $ 3,959,031 As of December, 31, 2015, 2014 and 2013, impairment for obsolete inventories was approximately $275,000, $3,808,000 and $882,000, respectively. Impairment charges on inventories are included with general and administrative expenses. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2015 | |
ASSETS HELD FOR SALE [Text Block] | 9. ASSETS HELD FOR SALE Assets held for sale are reported at the lower of the carrying amount or fair value less costs to sell. Depreciation expense is not recognized on assets held for sale. In November 2014, the Company signed an agreement to sell the following assets to an unrelated third party for RMB375.0 million (approximately US$61.2 million): December 31, 2014 Property, plant and equipment $ 20,430,446 Land use rights, net 12,871,988 Total 33,302,434 Less: current portion (13,032,000 ) Noncurrent portion $ 20,270,434 As of December 31, 2014, the Company had received a $13.03 million deposit under the agreement which is classified on the balance sheet as a deposit for assets held for sale as of December 31, 2014. In September 2015, the Company completed the sale and title transferred to the buyer upon payment in full of all amounts due under the contract. The Company recorded a pre-tax gain on the sale of $30 million. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT [Text Block] | 10. PROPERTY, PLANT AND EQUIPMENT As of December 31, 2015 and 2014, property, plant and equipment consist of: December 31, 2015 2014 Office buildings $ 580,863 $ 5,259,585 Plant and machinery 724,948 - Electronic equipment, furniture and fixtures 16,318,202 12,027,525 Motor vehicles 817,725 1,221,681 Purchased software 3,179,938 2,940,349 21,621,676 21,449,140 Less: accumulated depreciation (13,248,715 ) (12,527,743 ) $ 8,372,961 $ 8,921,397 Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was approximately $1.67 million, $2.14 million and $7.84 million, respectively. Management regularly evaluates property, plant and equipment for impairment if an event occurs or circumstances change that would potentially indicate that the carrying value of the property, plant and equipment and exceeded its fair value. Management utilizes the discounted cash flow method to estimate the fair value of the property, plant and equipment. Based on the discounted cash flow method, management determined that approximately $4.62 million, $0.83 million and $29.98 million of property, plant and equipement were impaired during the years ended December 31, 2015, 2014 and 2013. |
LAND USE RIGHTS AND INTANGIBLE
LAND USE RIGHTS AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
LAND USE RIGHTS AND INTANGIBLE ASSETS [Text Block] | 11. LAND USE RIGHTS AND INTANGIBLE ASSETS (a) Deposits for purchase of land use rights As of December 31, 2015 and 2014, deposits for the purchase of land use rights represent deposits for purchase of land use rights in Dongguan City of approximately $14.02 million (RMB90.76 million) and $14.80 million (RMB90.76 million) by IST, respectively. (b) Intangible assets As of December 31, 2015 and 2014, intangible assets consist of: December 31, December 31 2015 2014 Software development costs $ 4,328,566 $ 4,575,753 Trademarks 946,421 932,765 Sub-Total 5,274,987 5,508,518 Less: accumulated amortization (2,744,884 ) (2,014,504 ) Intangible assets, net $ 2,530,103 $ 3,494,014 Amortization expense for the years ended December 31, 2015, 2014 and 2013 was approximately $0.88 million, $0.92 million and $1.23 million, respectively. Based on the discounted cash flow method, management determined approximately $0 million, $2.33 and $2.01 million of intangible assets was impaired during the years ended December 31, 2015, 2014 and 2013. Estimated amortization for the next five years is as follows: 2016 $ 864,813 2017 854,204 2018 747,570 2019 61,910 2020 1,606 Total $ 2,530,103 |
BANK LOANS
BANK LOANS | 12 Months Ended |
Dec. 31, 2015 | |
BANK LOANS [Text Block] | 12. BANK LOANS (a) Short-term bank loans December 31, December 31, 2015 2014 Secured short-term loans $ 15,058,189 $ 51,726,194 Add: amounts due within one year under long-term loan contracts 214,797 97,675 Total short-term bank loans $ 15,272,986 $ 51,823,869 (1) Detailed information of secured short-term loan balances as of December 31, 2015 and 2014 were as follows: December 31, December 31, 2015 2014 Secured by IST, iASPEC, Mr. Lin and collateralized by plants $ - $ 32,580,000 Guaranteed by ISIOT 2,311,500 5,701,500 Guaranteed by iASPEC and Mr. Lin - 4,048,912 Collateralized by land and office buildings and guaranteed by IST - 3,258,000 Secured by iASPEC’s trade receivables - 1,629,000 Collateralized by land and office buildings and guaranteed by iASPEC and ISIOT - 2,443,500 Guaranteed by High-tech Investment Company (i) - 814,500 Guaranteed by High-tech Investment Company and Mr. Lin (i) - 741,195 Guaranteed by CNIT and IST - 372,422 Guaranteed by ISIOT and Mr. Lin 3,082,000 - Guaranteed by IST and Mr. Lin 3,837,089 - Guaranteed by IASEPC, ISIOT and Mr. Lin 5,827,600 - Secured by Bocom’s trade receivables and guaranteed by the Company - 137,165 Total $ 15,058,189 $ 51,726,194 (i) High-tech Investment Company is a third party. (b) Long-term bank loans December 31, December 31, 2015 2014 Secured long-term loans $ 214,797 $ 312,305 Less: amounts due within one year under long-term loan contracts (214,797 ) (97,675 ) Total long-term bank loans $ - $ 214,630 As of December 31, 2015, the Company had short-term bank loans of $15.06 million, among which $3.08 million was repaid by the Company in March 2016, and the remaining $11.98 million matures on various dates from July 14, 2016 to December 2, 2016. The short-term bank loans can be extended for another year by the bank without additional charges to the Company upon maturity. In addition, the long-term loan of $0.2 million was fully paid in February 2016, and as a result, the Company reclassified it under short-term loans in the December 31, 2015 consolidated balance sheet. The bank borrowings are in the form of credit facilities. Amounts available to the Company from the banks are based on the amount of collateral pledged or the amount guaranteed by the Company’s subsidiaries. These borrowings bear interest rates ranging from 1.8% to 7.8% per annum. The weighted average interest rate on short term debt is approximately 6.74%, 7.74% and 7.05% for the years ended December 31, 2015, 2014 and 2013, respectively. |
BILLS PAYABLE
BILLS PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
BILLS PAYABLE [Text Block] | 13. BILLS PAYABLE The Company has $10.71 million and $29.87 million of total available borrowing facilities for bills payable with various banks as of December 31, 2015 and 2014, of which $9.39 million and $6.14 million were unutilized as of December 31, 2015 and 2014, respectively. The funds borrowed under these facilities are generally repayable within 1 year. Bills payable are non-interest bearing and generally repaid within 1 year. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Text Block] | 14. INCOME TAXES Pre-tax income (loss) from continuing operations for the years ended December 31, 2015, 2014 and 2013 was taxable in the following jurisdictions: 2015 2014 2013 PRC $ 3,397,483 $ (27,612,320 ) $ (112,313,262 ) Others (7,787,215 ) (1,478,999 ) (7,656,053 ) Total income (loss) before income taxes $ (4,389,732 ) $ (29,091,319 ) $ (119,969,315 ) United States Because of the domestication transaction in 2012 by which CNIT BVI became the parent of our group, under Section 7874 of the Internal Revenue Code of 1986, as amended, the Company is treated for U.S. federal tax purposes as a U.S. corporation and, among other consequences, is subject to U.S. federal income tax on its worldwide income. It is management’s intention to reinvest all the income attributable to the Company earned by its operations outside the U.S. Accordingly, no U.S. corporate income taxes are provided in these consolidated financial statements. BVI Under the current laws of the BVI, dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes. Hong Kong Under the current laws of Hong Kong, ISSI, ISSID and HPC are subject to a profit tax of 16.5% . PRC Income tax (benefit) expense from continuing operations consists of the following: 2015 2014 2013 Current taxes $ 543,944 $ 4,204 $ (105,440 ) Deferred taxes 3,761,084 (4,603,763 ) 1,836,585 Income tax expense (benefit) $ 4,305,028 $ (4,599,559 ) $ 1,731,145 Income tax expense recorded in 2015 primarily relates to the utilization of deferred tax assets relating to net operating loss carry forwards offset with taxable income recorded relating to the sale of assets held for sale discussed in Note 9. 2015 2014 2013 PRC statutory tax rate 25% 25% 25% Computed expected income tax (benefit) expense $ (1,097,433 ) $ (7,272,830 ) $ (29,992,329 ) Tax rate differential benefit from tax holiday (1,771,273 ) 1,753,640 11,616,499 Permanent differences 6,039,892 1,471,243 6,557,923 Increase (decrease) in valuation allowance 601,779 (914,667 ) 11,622,164 Non-deductible tax loss 532,063 363,055 1,914,013 Other differences - - 12,875 Income tax (benefit) expense $ 4,305,028 $ (4,599,559 ) $ 1,731,145 The significant components of deferred tax assets and deferred tax liabilities were as follows as of December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Allowance for doubtful accounts $ 1,810,234 $ - $ 908,528 $ - Loss carry-forwards 631,424 - 3,852,864 - Fixed assets 111,803 (221,530 ) 132,164 (129,317 ) Inventory valuation 1,323,187 - 1,163,733 - Salary payable 16,618 - 31,959 - Intangible assets 128,183 135,198 20,133 62,366 Gross deferred tax assets and liabilities 4,021,449 (86,332 ) 6,109,381 (66,951 ) Valuation allowance (3,561,212 ) - (1,839,339 ) - Total deferred tax assets and liabilities $ 460,237 $ (86,332 ) $ 4,270,042 $ (66,951 ) The Company has net operating loss carry forwards totaling RMB30 million ($4.68 million) as of December 31, 2015, substantially all of which were from PRC subsidiaries and will expire on various dates through December 31, 2020. iASPEC, ISIOT, IST,IST DG and Topcloud are all governed by the Income Tax Laws of the PRC, and are approved as high-technology enterprises subject to PRC enterprise income tax (“EIT”) at 15%, while Biznest are subject at 12.5% EIT. As a wholly-owned foreign investment enterprise, IST is entitled to enjoy a two-year tax exemption, followed by a 50% exemption for three years thereafter as approved by PRC tax authorities. Under the EIT Law, companies that were previously exempt from taxes or that had concessional rates are to retain their preferences until the original expiration date. IST was subject to PRC EIT at 12% in 2011. EIT exemptions claimed by IST may become payable if IST were to dissolve within the next 10 years. However, management believes that the PRC tax authorities will not request payment of any such amounts. IST had a 15% tax rate in 2013, 2014 and 2015. The Company recognizes that virtually all tax positions in the PRC are not free of some degree of uncertainty due to tax law and policy changes by the State. However, the Company cannot reasonably quantify political risk factors and thus must depend on guidance issued by current State officials. Based on all known facts and circumstances and current tax law, the Company has recorded $433,000 and $0 of unrecognized tax benefits as of December 31, 2015 and 2014, respectively. The Company believes that the total amount of unrecognized tax benefits as of December 31, 2015, if recognized, would not have a material effect on its effective tax rate. The Company further believes that there are no tax positions for which it is reasonably possible, based on current Chinese tax law and policy, that the unrecognized tax benefits will significantly increase or decrease over the next 12 months producing, individually or in the aggregate, a material effect on the Company’s results of operations, financial condition or cash flows. The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Any accrued interest or penalties associated with any unrecognized tax benefits was not significant for the years ended 2015, 2014 and 2013. Since the Company intends to reinvest its earnings to further expand its businesses in the PRC, the PRC subsidiaries do not intend to declare dividends to their parent companies in the foreseeable future. The Company’s foreign subsidiaries are in a cumulative deficit position. Accordingly, the Company has not recorded any deferred taxes on the cumulative amount of any undistributed deficit earnings. It is impractical to calculate the tax effect of the deficit at this time. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
DISCONTINUED OPERATIONS [Text Block] | 15. DISCONTINUED OPERATIONS In 2015, the Company disposed of two of iASPEC’s subsidiaries (Zhongtian and Geo) by sale of equity ownership to third parties. As a result, the operations of Zhongtian and Geo are reflected within “discontinued operations” in the Company’s consolidated statements of operations for all periods presented. The significant items included within discontinued operations are as follows: Year Ended December 31, 2015 2014 2013 Revenue $ 24,904,321 $ 29,522,952 $ 20,725,553 Cost of revenue 15,040,537 17,541,786 13,003,077 Total operating expenses 9,856,344 18,031,318 8,883,686 Operating income (loss) from discontinued operations 7,440 (6,050,152 ) (1,161,210 ) Net gain on sale of Geo and Zhongtian 3,699,088 - - Other (loss) income (2,038,675 ) 1,000,272 821,043 Income (loss) from discontinued operations before income taxes 1,667,853 (5,049,880 ) (340,167 ) Provision for income taxes (168,882 ) (210,658 ) (165,400 ) Income (loss) from discontinued operations, net of income taxes $ 1,498,971 $ (5,260,538 ) $ (505,567 ) Assets and liabilities of discontinued operations included within the Consolidated Balance Sheets are comprised of the following: December 31, 2015 2014 Cash and cash equivalents $ - $ 4,499,343 Restricted cash - 780,328 Accounts receivable, net of allowance for doubtful accounts - 17,027,082 Advances to suppliers - 2,426,697 Amounts due from related parties - 109,406 Inventories - 1,459,415 Other receivables and prepaid expenses 13,272,186 4,047,405 Current assets of discontinued operations $ 13,272,186 $ 30,349,676 Long-term investments - 2,648,378 Property, plant and equipment, net - 3,881,787 Intangibles and other assets, net - 11,965,326 Goodwill - 12,014,413 Deferred tax assets - 745,275 Non-current assets of discontinued operations $ - $ 31,255,179 Short-term bank loans - 10,860,974 Accounts payable - 11,370,469 Bills payable - 495,444 Advances from customers - 1,570,911 Accrued payroll and benefits - 2,078,685 Other payables and accrued expenses - 2,237,657 Income tax payable - 375,430 Current liabilities of discontinued operations $ - $ 28,989,570 Deferred tax liabilities - 213,186 Non-current liabilities of discontinued operations $ - $ 213,186 Included within other receivables at December 31, 2015 is $13.27 million due from the sale of Zhongtian and Geo. Of this amount, the Company has received $13.02 million through April 21, 2016. |
OTHER CURRENT (NON-CURRENT) ASS
OTHER CURRENT (NON-CURRENT) ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
OTHER CURRENT (NON-CURRENT) ASSETS [Text Block] | 16. OTHER CURRENT NON-CURRENT ASSETS (a) As of December 31, 2015 and 2014, other currents assets consist of: December 31, December 31 2015 2014 Advances to unrelated third-parties $ 7,412,911 $ 7,963,454 Advances to employees 375,253 2,089,332 Installation contract deposits 67,722 315,400 Other current assets 257,975 405,124 $ 8,113,861 $ 10,773,310 (b) As of December 31, 2015 and 2014, other non-currents assets consist of: December 31, December 31 2015 2014 Advances to unrelated third-parties $ 2,065,000 - The advances to unrelated parties are non-interest bearing. As of April 25, 2016, approximately $1.11 million of these advances were collected. Installation contract deposits are made from time-to-time by the Company to demonstrate capital and resources in connection with bidding on certain projects. Such amounts are refundable upon the grant of the contract. |
WARRANTS LIABILITY
WARRANTS LIABILITY | 12 Months Ended |
Dec. 31, 2015 | |
WARRANTS LIABILITY [Text Block] | 17. WARRANTS LIABILITY In May 2015, in connection with the closing of an equity offering in which the Company issued 2,102,484 ordinary shares at a price of $6.44 per share, the Company also issued Series A and Series B warrants to purchase an aggregate of 1,576,863 ordinary shares of the Company. Series A warrants Series A warrants were issued in connection with the equity offering to purchase an aggregate of 525,621 ordinary shares at an exercise price of $7.73 per share. The Series A warrants have a term of three years and are exercisable by the holders at any time after the date of issuance before the expiration date. A holder of the Series A warrants has the right to exercise its warrants on a cashless basis if a registration statement or prospectus is not available for the issuance of the ordinary shares issuable upon exercise of the warrants. None of the Series A warrants have been exercised. Series B warrants Series B warrants were issued in connection with the offering to purchase an aggregate of 1,051,242 ordinary shares at an exercise price of $7.09 per share. The Series B warrants are exercisable by the holders at any time after the date of issuance, and expire six months after the date on which they are first exercisable. A holder of the Series B warrants also has the right to exercise its warrants on a cashless basis if a registration statement or prospectus is not available for the issuance of the ordinary shares issuable upon exercise of the warrants. In addition, commencing on the 40th day after the issuance date of the Series B warrants, holders may exercise the Series B warrants in whole or in part and, in lieu of making cash payment upon such exercise and in lieu of making a cashless exercise, elect to receive upon such exercise the net number of ordinary shares determined according the formula specified in the Series B warrant agreement; provided, that if the applicable market price of the ordinary shares is less than $4.00 (as adjusted for share splits, share distributions, recapitalizations or similar events) and the Company has previously delivered a Net Cash Settlement Notice (as defined in the Series B warrant agreement) to the holder that has not been withdrawn, then the Company will pay the holder a certain amount in cash in addition to such number of ordinary shares, in each case according to a formula specified in the Series B warrant agreement. Subsequent to the issuance of the Series B warrants, the Company extended the expiration date of the Series B warrants through March 15, 2016. A total of 952,501 Series B warrants were exercised in exchange for 5,613,130 ordinary shares in 2015 and 98,741 Series B warrants were exercised in exchange for 899,795 ordinary shares subsequent to December 31, 2015 and no Series B warrants remain outstanding as of the current date. Both the Series A and Series B warrants contain down-round protection upon the issuance of any ordinary shares, securities convertible into ordinary shares or certain other issuances at a price below the then-existing exercise price of the warrants, with certain exceptions. In addition, the Series B warrants contain provisions that could require cash payments to the holders of the warrants or payment in additional ordinary shares. Therefore, the Company's Series A and Series B warrants are classified as liabilities. The Company recognizes the warrants liability at their respective fair values at inception and on each reporting date. The Company utilized a binomial option pricing model (“BOPM”) and a Monte-Carlo simulation to develop its assumptions for determining the fair value of the warrants. Changes in the fair value of the derivative warrant liabilities and key assumptions at the issue date and each reporting date are as follows: Series A Series B Warrants Warrants Total Balance at December 31, 2014 $ - $ - $ - Fair value at warrants liability at issuance date 1,075,500 3,907,194 4,982,694 Exercise of warrants and resulting reclassification to equity at fair value - (8,941,489 ) (8,941,489 ) Cash paid to warrant holders - (542,806 ) (542,806 ) Adjustment resulting from the change in the fair value for the reporting period (918,969 ) 6,576,956 5,657,987 Balance at December 31, 2015 $ 156,531 $ 999,855 $ 1,156,386 Series A Series B Warrants Warrants December 31, 2015: Annual volatility 89.55% 150.85 Risk-free rate 1.268% 0.56% Dividend rate 0.00% 0.00% Contractual term 2.4 years 0.2 years Closing price of ordinary shares $ 1.68 $ 1.68 Conversion/exercise price $ 7.73 $ 7.09 Origination: Annual volatility 88% 92% Risk-free rate 1% 0.09% Dividend rate 0.00% 0.00% Contractual term 3 years 0.5years Closing price of ordinary shares $ 3.85 $ 3.85 Conversion/exercise price $ 7.73 $ 7.09 The warrants liability is considered a Level 3 liability on the fair value hierarchy as the determination of fair values includes various assumptions about future activities, stock price, and historical volatility inputs. Significant unobservable inputs for the Level 3 warrants liability include (1) the estimated probability of the occurrence of a down round financing during the term over which the related warrants are exercisable, (2) the estimated magnitude of the down round and (3) the estimated magnitude of any net cash fractional share settlement. |
OTHER PAYABLES AND ACCRUED EXPE
OTHER PAYABLES AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
OTHER PAYABLES AND ACCRUED EXPENSES [Text Block] | 18. OTHER PAYABLES AND ACCRUED EXPENSES As of December 31, 2015 and 2014, other payables and accrued expenses consist of: December 31, December 31 2015 2014 Advances from unrelated third-parties $ 1,889,818 $ 3,174,701 Biznest acquisition payable - 1,548,202 Tax (Other than income tax) payable 1,202,185 854,801 Unrecognized tax benefits 433,000 - Repurchase common stock payable 392,771 - Amount due to employees 249,895 681,352 Other current liabilities 402,629 693,901 $ 4,570,298 $ 6,952,957 |
RESERVE AND DISTRIBUTION OF PRO
RESERVE AND DISTRIBUTION OF PROFIT | 12 Months Ended |
Dec. 31, 2015 | |
RESERVE AND DISTRIBUTION OF PROFIT [Text Block] | 19. RESERVE AND DISTRIBUTION OF PROFIT In accordance with relevant PRC regulations and the Articles of Association of our PRC subsidiaries, our PRC subsidiaries are required to allocate at least 10% of their annual after-tax profits determined in accordance with PRC statutory financial statements to a statutory general reserve fund until the amounts in said fund reaches 50% of their registered capital. As of December 31, 2015, the balance of general reserve is $13.81 million. Under applicable PRC regulations, the Company may pay dividends only out of the accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. As the statutory reserve funds can only be used for specific purposes under PRC laws and regulations, the general reserves are not distributable as cash dividends. Our after-tax profits or losses with respect to the payment of dividends out of accumulated profits and the annual appropriation of after-tax profits as calculated pursuant to PRC accounting standards and regulations do not result in significant differences as compared to after-tax earnings as presented in our consolidated financial statements. However, there are certain differences between PRC accounting standards and regulations and U.S. generally accepted accounting principles, arising from different treatment of items such as amortization of intangible assets and change in fair value of contingent consideration arising from business combinations. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
EQUITY [Text Block] | 20. EQUITY (a) Issuance of new shares In 2015, the Company issued a total of 2,102,484 ordinary shares to certain institutional investors at the price of $6.44 per share. Gross proceeds from the offering were approximately $13.54 million. The Company paid a total of $0.75 million in placement agency fees, legal fees and other related expenses, resulting in $12.79 million net proceeds received by the Company. In addition to the ordinary shares issued, the Company issued warrants to purchase and aggregate of 1,576,863 ordinary shares of the Company. Refer to Note 17 above. (b) Repurchase of common shares On October 4, 2013, the Company announced a $9 million share repurchase program. Repurchases may be in open-market transactions or through privately negotiated transactions. The timing and extent of any purchases will depend upon market conditions, the trading price of the Company’s ordinary shares and other factors, and are subject to the restrictions relating to volume, price and timing under applicable laws, including but not limited to, Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The Company’s Board of Directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. During the years ended December 31, 2015, 2014 and 2013, a total of 685,000, 76,368 and 641,080 ordinary shares of the Company were repurchased in accordance with the program at a cost of $2,827,500, $486,316 and $3,803,684, respectively. (c) Stock-based compensation On September 11, 2013, the Board of Directors of the Company adopted the 2013 Equity Incentive Plan, or the 2013 Plan, pursuant to which the Company may offer up to five million ordinary shares as equity incentives to its directors, employees and consultants. Such number of shares is subject to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends, or other change in the corporate structure of the Company affecting the shares issuable under the 2013 Plan. As of December 31, 2015, the Company had issued 4.41 million shares of restricted stock to our officers and employees under the 2013 Plan. On November 15, 2013, the Company granted eligible employees a total of 3,000,000 ordinary shares of the Company as compensation under the 2013 Equity Incentive Plan. The fair value of these shares was approximately $15.90 million at the date of the grant, based on the quoted market price of the Company’s ordinary shares. The employees paid the Company $9 million in cash resulting in approximately $6.90 million being recorded as the compensation for services provided in 2013. For the purpose of acquiring the shares from the Company, certain employees have entered into loan contracts with local banks. The Company has agreed to guarantee the employee’s repayment of these bank loans in the event of a default. Of the 3,000,000 shares issued to employees, a total of 725,000 shares were purchased from the Company using proceeds from these guaranteed bank loans. In December 2014, the Company loaned a total of $1.47 million to these employees in order to for them to repay their respective bank loans. Since the Company has guaranteed these loans, the Company classified $2.175 million, of the total proceeds received as “temporary equity” in the accompanying balance sheet. In May 2015, the liability of these employees to the Company was repaid through either selling a certain numbers of their shares back to the Company or through repayment of cash to the Company. As a result, during 2015 and 2014, $1.065 million and $0.75 million, respectively, was reclassified to “permanent equity”. On April 30, 2014, the Company granted eligible employees a total of 920,757 restricted shares as compensation under the 2013 Equity Incentive Plan. The fair value of these shares was approximately $3.76 million at the date of the grant, based on the quoted market price. The employees paid the Company approximately $3.68 million in cash, resulting in approximately $0.08 million being recorded as the compensation for services provided in 2014. On April 30, 2014, the Company issued various minority shareholders of Geo 318,794 shares of restricted CNIT stock valued at $4.00 per share under the Company’s 2013 Equity Incentive Plan. Instead of using cash, those Geo shareholders opted for using their ownership in Geo shares to pay for the CNIT restricted shares through Geo’s parent company, iASPEC. They transferred the Geo shares they owned to iASPEC, and iASPEC in turn recorded the corresponding amount as an interest-free payable to the Company, which was eliminated in consolidation against additional paid-in capital of the Company. Consequently, iASPEC’s ownership in Geo increased from 50.37% to 54.89%, resulting in approximately $4,500 of Geo’s equity being reclassified to controlling interest and iASPEC still remaining as the controlling shareholder in Geo thereafter. In addition, iASPEC paid those Geo shareholders $61,698 of cash for the difference between the value of the CNIT restricted shares issued and that of the Geo shares that iASPEC received. On April 30, 2014, the Company issued various minority shareholders of Zhongtian 120,709 shares of restricted CNIT stock valued at $4.00 per share under the Company’s 2013 Equity Incentive Plan. Instead of using cash, those Zhongtian shareholders opted for using their ownership in Zhongtian to pay for the CNIT restricted shares through Zhongtian’s parent company, iASPEC. They transferred the Zhongtian shares they owned to iASPEC, and iASPEC in turn recorded the corresponding amount as an interest-free payable to the Company, which was eliminated in consolidation against additional paid-in capital of the Company. Consequently, iASPEC’s ownership in Zhongtian increased from 83.72% to 99.99%, resulting in approximately $34,000 of Zhongtian’s equity being reclassified to controlling interest. In addition, iASPEC paid those Zhongtian shareholders $649,967 of cash for the difference between the value of the CNIT restricted shares issued and that of the Zhongtian shares that iASPEC received. On June 25, 2014, the Company issued 50,000 restricted shares as payable in a lump sum for one year consulting fee from June 2014 to June 2015. The fair value of these shares was approximately $206,000 at the date of the grant, based on the quoted market price of the Company’s ordinary shares, resulting in approximately $120,000 being recorded as consulting expense in 2014, and approximately $86,000 being recorded as prepaid expenses as of December 31, 2014 which was fully amortized in 2015. In 2015, the Company granted eligible employees a total of 51,875 shares of the Company’s common stock under the Company’s Equity Incentive Plan as compensation. The fair value of these shares was approximately $102,000, based on the quoted market price, as the compensation was for services provided in 2015. In 2015, the Company issued 5,000 restricted shares of ordinary shares in exchange for a consulting fee. The fair value of these shares was approximately $13,000 at the date of the grant, based on the quoted market price of the Company’s ordinary shares, resulting in approximately $13,000 being recorded as consulting fee in 2015. |
CONSOLIDATED SEGMENT DATA
CONSOLIDATED SEGMENT DATA | 12 Months Ended |
Dec. 31, 2015 | |
CONSOLIDATED SEGMENT DATA [Text Block] | 21. CONSOLIDATED SEGMENT DATA Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Transfers and sales between reportable segments, if any, are recorded at cost. Selected information by segment is presented in the following tables for the years ended December 31, 2015, 2014 and 2013. 2015 2014 2013 Revenues (1) TIT Segment $ 2,970,952 $ 13,024,506 $ 7,699,309 CBT Segment 7,313,916 25,610,241 47,720,522 $ 10,284,868 $ 38,634,747 $ 55,419,831 (1) 2015 2014 2013 Loss from operations: TIT Segment $ (2,593,743 ) $ (7,675,174 ) $ (72,465,226 ) CBT Segment (22,238,917 ) (14,876,016 ) (45,416,341 ) Corporate and others (2) (2,130,697 ) (1,358,023 ) (333,801 ) Loss from operations (26,963,357 ) (23,909,213 ) (118,215,368 ) Corporate other (expenses) income, net 31,271,674 268,543 2,732,946 Corporate interest income 76,716 408,121 447,586 Corporate interest expense (3,116,777 ) (5,858,770 ) (4,934,479 ) Corporate warrant expense (5,657,988 ) - - Loss from continuing operations before income taxes (4,389,732 ) (29,091,319 ) (119,969,315 ) Income tax benefit (expense) (4,305,028 ) 4,599,559 (1,731,145 ) Loss from continuing operations (8,694,760 ) (24,491,760 ) (121,700,460 ) Income (loss) from discontinued operations, net of taxes 1,498,971 (5,260,538 ) (505,567 ) Net loss (7,195,789 ) (29,752,298 ) (122,206,027 ) Net lo ss (308,473 ) 520,951 2,969,204 Net loss attributable to the Company $ (7,504,262 ) $ (29,231,347 ) $ (119,236,823 ) (2) Non-cash employee compensation by segment as of December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Non-cash employee compensation: TIT Segment $ - $ 81,615 $ 575,000 CBT Segment - - 6,325,000 Corporate and others 102,282 - - $ 102,282 $ 81,615 $ 6,900,000 Depreciation and amortization by segment for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 Depreciation and amortization: TIT Segment $ 90,379 $ 420,556 $ 3,492,732 CBT Segment 2,332,037 2,513,790 5,470,520 Corporate and others 119,078 119,078 104,165 $ 2,541,494 $ 3,053,424 $ 9,067,417 2015 2014 2013 Provisions for losses on accounts receivable: TIT Segment $ 910,824 $ 3,102,627 $ 36,383,487 CBT Segment 1,748,675 3,287,604 30,655,158 Corporate and others - 8,232 - $ 2,659,499 $ 6,398,463 $ 67,038,645 2015 2014 2013 Inventory (recovery) provision: TIT Segment $ 226,943 $ 308,683 $ (51,509 ) CBT Segment 47,720 3,499,624 933,425 $ 274,663 $ 3,808,307 $ 881,916 2015 2014 2013 Impairment of intangible assets and goodwill TIT Segment $ 7,851,987 $ 4,685,843 $ - CBT Segment 1,066,440 2,329,884 2,008,249 $ 8,918,427 $ 7,015,727 $ 2,008,249 2015 2014 2013 Impairment of property, plant and equipment TIT Segment $ - $ - $ 14,024,289 CBT Segment 4,616,679 827,319 15,952,701 $ 4,616,679 $ 827,319 $ 29,976,990 Total assets by segment as at December 31, 2015, 2014 and 2013 are as follows: 2015 2014 Total assets TIT Segment $ 19,803,442 $ 30,120,023 CBT Segment 32,651,184 86,444,794 Corporate and others 364,892 1,236,137 Assets from discontinued operations 13,272,186 60,152,454 $ 66,091,704 $ 179,405,809 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | 22. COMMITMENTS AND CONTINGENCIES iASPEC and Bocom lease offices, employee dormitories and factory space in Shenzhen in the PRC, under lease agreements that will expire on various dates through December 2017. For the years ended December 31, 2015, 2014 and 2013, the rental expense was approximately $219,000, $282,000 and $202,000, respectively. Future minimum lease payments under these lease agreements are as follows: 2016 $ 108,720 2017 71,150 Total $ 179,870 On July 9, 2010, the Company entered into an agreement with the municipal government of Dongguan City, to purchase a land use right for a piece of land of 101,764 square meters at a consideration of approximately $23.68 million (RMB153.6 million) to be paid in cash in installments. As of December 31, 2015, the Company has paid deposits of approximately $14.00 million (RMB90.20 million), net of refunds received to date. |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2015 | |
CONCENTRATIONS [Text Block] | 22. CONCENTRATIONS For the years ended December 31, 2015, 2014 and 2013, no customer accounted for greater than 10% revenue. However, for the year ended December 31, 2015, 2014 and 2013, 21%, 17% and 21%, respectively, of the Company’s revenues from continuing operations were derived from its five largest customers. At December 31, 2015, accounts receivables were due from 480 customers. Of these, two customers accounted for over 10% of the total accounts receivable. At December 31, 2014, accounts receivable were due from 370 customers and one customer accounted for over 10% of the total accounts receivable. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Consolidation [Policy Text Block] | (a) Basis of Consolidation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles. The consolidated financial statements include the accounts of the Company, its subsidiaries and its VIE for which the Company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates [Policy Text Block] | (b) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. |
Economic and Political Risks [Policy Text Block] | (c) Economic and Political Risks The majority of the Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
Cash and Cash Equivalents [Policy Text Block] | (d) Cash and Cash Equivalents The Company considers all highly liquid investments purchased and cash deposits with financial institutions with original maturities of three months or less to be cash equivalents (Level 1). The Company had no cash equivalents as of December 31, 2015 or 2014. The Company maintains its cash accounts at credit worthy financial institutions and closely monitors the movements of its cash positions. As of December 31, 2015 and 2014, approximately $3.79 million and $6.69 million of cash, respectively was held in bank accounts in the PRC. |
Restricted Cash [Policy Text Block] | (e) Restricted Cash Restricted cash as of December 31, 2015 and 2014 consists of security deposits in bank accounts in the PRC that serve as collateral for the Company’s revolving working capital facility, which are included in short-term loans, bills payable, as well as letter of credit facilities. |
Accounts Receivable, Bills Receivable and Concentration of Risk [Policy Text Block] | (f) Accounts Receivable, Bills Receivable and Concentration of Risk The Company evaluates the creditworthiness of all of its customers individually before accepting them and continuously monitors the recoverability of accounts receivable. If there are any indicators that a customer may not make payment, the Company may consider making provision for non-collectability for that particular customer. At the same time, the Company may cease further sales or services to such customer. The following are some of the factors that the Company considers in determining whether to discontinue sales or record an allowance: |
Advances to Suppliers [Policy Text Block] | (g) Advances to Suppliers Advances to suppliers represent cash deposits for the purchase of inventory items from suppliers. |
Advances from Customers [Policy Text Block] | (h) Advances from Customers Advances from customers represent cash received from customers as advance payments for the purchase of the Company’s products. |
Fair Value and Fair Value Measurement of Financial Instruments [Policy Text Block] | i) Fair Value and Fair Value Measurement of Financial Instruments Management has estimated that the carrying amounts of non-related party financial instruments approximate fair values for all periods presented due to their short-term maturities. The carrying amount of long-term debt approximates fair value because of its variable interest rate. The fair value of the amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions. Fair Value Accounting Financial Accounting Standards Board (FASB) Accounting Standards Codifications (ASC) 820-10 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As required by FASB ASC 820-10, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy under FASB ASC 820-10 are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As of December 31, 2015, the Company measured the fair value of its derivative liability related to warrants using level 3 inputs. Refer to Note 17. As of December 31, 2015 and 2014, goodwill, property, plant and equipment, and purchased software were measured at fair value on a non-recurring basis using level 3 inputs, which resulted in impairment charges being recorded on certain assets. Refer to Notes 6, 10 and 11(b) for impairment detail. |
Inventories [Policy Text Block] | (j) Inventories Inventories are valued at the lower of cost or market price. Market price is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale. The Company performs an analysis of slow-moving or obsolete inventory periodically and any necessary valuation reserves, which could potentially be significant, are included in the period in which the evaluations are completed. Any inventory impairment results in a new cost basis for accounting purposes. For the years ended December 31, 2015, 2014 and 2013, approximately 63%, 32% and 31%, respectively of total inventory purchases were from five unrelated suppliers and four suppliers accounted for greater than 10% of total inventory purchases in 2015, and no single supplier accounted for greater than 10% of total inventory purchases in 2014 and 2013. |
Derivative liability - Warrants [Policy Text Block] | (k) Derivative liability - Warrants The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is determined and re-assessed at the end of each reporting period, in accordance with FASB ASC Topic 815, “Derivatives and Hedging”. This guidance affects the accounting for warrants issued acquire the Company’s ordinary shares that contain provisions to protect holders from a decline in the stock price, referred to as down-round protection. Down-round provisions reduce the exercise price of a warrant if a company either issues equity shares for a price that is lower than the exercise price of the warrants, issues convertible instruments with a conversion price per equity share that is less than the exercise price of the warrants, or issues new warrants or options that have a lower exercise price. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. The Company generally uses a binomial or lattice model to value the warrants at inception and subsequent valuation dates. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. |
Property, plant and equipment [Policy Text Block] | (l) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated amortization and depreciation. Amortization and depreciation is provided over the assets’ an estimated useful lives, using the straight-line method. Estimated useful lives of property, plant and equipment are as follows: Office buildings 20 - 50 years Plant and machinery 3 - 20 years Electronics equipment, furniture and fixtures 3 - 5 years Motor vehicles 5 years Purchased software 3 - 10 years Maintenance and repairs costs are expensed as incurred, whereas significant renewals and betterments are capitalized. |
Land use rights [Policy Text Block] | (m) Land use rights All land in the PRC is owned by the PRC government. The government in the PRC, according to the PRC law, may sell the right to use the land for a specified period of time. Thus, all of the Company’s land purchases in the PRC are considered to be leasehold land under operating lease arrangements and are stated at cost less accumulated amortization and any recognized impairment loss. The cost of the land use right is amortized on a straight-line basis over the beneficial period of 46 years. |
Intangible assets [Policy Text Block] | (n) Intangible assets Intangible assets represent technology and customer base intangible assets acquired in connection with business acquisitions, and software development costs capitalized by the Company’s subsidiaries. Intangible assets are amortized using the straight-line method over the following estimated useful lives: Software development costs 2 - 5 years Technology 5 years Trademarks 20 years Customer base 2 years |
Goodwill [Policy Text Block] | (o) Goodwill ASC 350-30-50, “Goodwill and Other Intangible Assets”, requires the testing of goodwill and indefinite-lived intangible assets for impairment at least annually. The Company tests goodwill for impairment in the fourth quarter each year or earlier if an indicator of impairment exists. Under applicable accounting guidance, the goodwill impairment analysis is a two-step test. The first step of the goodwill impairment test involves comparing the fair value of each reporting unit with its carrying amount including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, the second step must be performed to measure potential impairment. |
Long-Lived Assets [Policy Text Block] | (p) Long-Lived Assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Recoverability of assets to be held and used is determined by comparing their carrying amount with their net undiscounted future cash flows. If such assets are considered to be impaired, the impairment to be recognized is measured by how much the carrying amount exceeds the fair value of the assets. Assets held for disposal, if any, are reported at the lower of the carrying amount or fair value less costs to sell. |
Revenue Recognition [Policy Text Block] | (q) Revenue Recognition The Company generates its revenues primarily from three sources, (1) hardware sales, (2) software license and software sales, and (3) system integration services. The Company’s revenue recognition policies are in accordance with SEC Staff Accounting Bulletin No. 104, "Revenue Recognition", FASB ASC No. 605-35 "Construction-Type and Production-Type Contracts" ("FASB ASC 605-35"), and FASB ASC No. 605-25 “Multiple-Element Arrangements” (“FASB ASC 605-25”). Hardware Hardware revenues are generated primarily from the sale of display technology products and are recognized only when persuasive evidence of an arrangement exists, delivery has occurred and upon receipt of customers’ acceptance, the price to the customer is fixed or determinable in accordance with the contract, and collectability is reasonably assured. In November 2014, the Company began outsourcing production of hardware to its OEM partners. The Company also shifted to its OEM partners after-sale support of hardware products sold to its private-sector customers. For hardware products sold to the Company’s public sector customers, the Company remains responsible for providing after-sale support due to contractual requirements specific to the public sector. Hardware sales are classified on the “Revenue-hardware” line on the Company’s consolidated statement of loss. Software license Starting in the fourth quarter of 2014, the Company began to generate software license revenues from upfront software license sales in the private sector and from fixed-price software contracts in the public sector. The basis for the Company’s software license revenue recognition is substantially governed by the accounting guidance contained in ASC 985-605, Software-Revenue Recognition. In the private sector, the Company’s customers pay an upfront software license fee for the right of using the Company’s proprietary Cloud-Application-Terminal platform. For software license arrangements that do not require significant modification or customization of the underlying software, the Company recognizes software license revenues when: (1)the Company enters into a legally binding arrangement with a customer for the license of software; (2)the Company delivers the products; (3) the sale price is fixed or determinable and free of contingencies or significant uncertainties; and (4) collection is probable. Revenues from software license contracts are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. When the Company’s private sector customers purchase software licenses, they also pay a monthly maintenance service fee to access the Company’s continued software updates and support. Such software maintenance fees are recognized ratably during contract terms and are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. An increasing number of the Company’s customers in the private sector are choosing to subscribe to the Company’s Cloud-Application-Terminal platform as a service instead of paying upfront license fees. Consequently the Company generates software-as-a-service (SaaS) revenues selling its Cloud-based Technology platform as a monthly subscription service. The Company’s SaaS revenues are generally recognized ratably over the contract term commencing with the date its service is made available to customers and all other revenue recognition criteria have been satisfied. Customers typically subscribe to SaaS offerings on a three-to-five-year basis and in return obtain access to the Company’s display terminals deployed on their premises and to the Company’s cloud-based software hosted on their server via the Internet. Although the duration of some of the Company’s SaaS contracts are longer than 75% of the economic life of the hardware equipment, because in the PRC payment collection beyond any three-year term is highly uncertain, the Company has chosen to recognize its SaaS revenues ratably over the contract term. Revenues from SaaS contracts are classified on the “Revenue-Software” line on the Company’s consolidated statement of loss. |
Treasury Stock [Policy Text Block] | (r) Treasury Stock The Company repurchases its ordinary shares from time to time in the open market and holds such shares as treasury stock. The Company applies the “cost method” and presents the cost to repurchase such shares as a reduction in equity. During the years ended December 31, 2015, 2014 and 2013, the Company repurchased total of 685,000, 76,368 and 641,080 ordinary shares, respectively. |
Stock-based compensation [Policy Text Block] | (s) Stock-based compensation The Company applies ASC No. 718, “Compensation-Stock Compensation”, which requires that share-based payment transactions with employees, such as share options, be measured based on the grant date fair value of the equity instrument and recognized as compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost related to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and is recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the vesting period. During the years ended December 31, 2015, 2014 and 2014, the Company recognized approximately $102,000, $82,000 and $6.9 million, respectively of compensation expense. |
Foreign Currency Translation [Policy Text Block] | (t) Foreign Currency Translation The functional currency of the US and BVI companies is the United States dollar. The functional currency of the Company’s Hong Kong subsidiaries is the Hong Kong dollar. The functional currency of the Company’s wholly-owned PRC subsidiaries and its VIE is the Chinese Renminbi Yuan, (“RMB”). RMB is not freely convertible into foreign currencies. The Company’s PRC subsidiaries’ and their VIE’s financial statements are maintained in the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet date. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Exchange gains or losses arising from foreign currency transactions are included in the determination of net loss for the respective periods. For financial reporting purposes, the financial statements of the Company have been translated into United States dollars. Assets and liabilities are translated at exchange rates at the balance sheet dates, revenue and expenses are translated at average exchange rates, and equity is translated at historical exchange rates. Any resulting translation adjustments are not included in determining net income but are included in other comprehensive loss, a component of equity. The exchange rates adopted are as follows: December 31, December 31, 2015 2014 Year-end exchange rate 6.4893 6.1387 Average yearly exchange rate 6.2150 6.1425 The average yearly exchange rate adopted for the year ended December 31, 2013 was 6.1881. No representation is made that the RMB amounts could have been, or could be, converted into United States dollars at the rates used in translation. |
Subsidy Income [Policy Text Block] | (u) Subsidy Income Subsidy income mainly represents income received from various local governmental agencies in China for developing high technology products in fields designated by the government as new and highly innovative. We have no continuing obligation under the subsidy provision. |
Income Taxes [Policy Text Block] | (v) Income Taxes Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes are recognized for all significant temporary differences at enacted rates and classified as current or non-current based upon the classification of the related asset or liability in the financial statements. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion, or all of, the deferred tax asset will not be realized. The Company classifies interest and/or penalties related to unrecognized tax benefits, if any, as a component of income tax expense. The Company applies the provisions of ASC No. 740 “Income Taxes” (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides accounting guidance on de-recognition, classification, interest and penalties, and disclosure. |
Discontinued Operations [Policy Text Block] | (w) Discontinued Operations “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” was effective for the Company during the year ended December 31, 2015. The amendments contained in this update change the criteria for reporting discontinued operations and enhance the reporting requirements for discontinued operations. Under the revised standard, a discontinued operation must represent a strategic shift that has or will have a major effect on an entity’s operations and financial results. Examples could include a disposal of a major line of business, a major geographical area, a major equity method investment, or other major parts of an entity. The revised standard also allows an entity to have certain continuing cash flows or involvement with the component after the disposal. Additionally, the standard 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 Company accounted for the sale of Geo and Zhongtian during 2015 as a discontinued operation pursuant to this standard. Refer to Note 15 for additional details. |
Segment reporting [Policy Text Block] | (x) Segment reporting Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Transfers and sales between reportable segments, if any, are recorded at cost. The Company reports financial and operating information in the following two segments: (a) Cloud-based Technology (CBT) segment — The CBT segment is the Company’s current and future focus for corporate development. It includes the Company’s cloud-based products and services sold to private sectors including new media, healthcare, education, and residential community management. In this segment, the Company generates revenues from the sales of hardware and total solutions of hardware integrated hardware with proprietary software and content. Starting in the fourth quarter of 2014, the Company also began to generate additional revenue from monthly software licensing and Software-as-a Service (SaaS) fees. (b) Traditional Information Technology (TIT) segment —The TIT segment includes the Company’s project-based technology products and services sold to the public sector. The solutions the Company has sold primarily include Geographic Information Systems (GIS), Digital Public Security Technology (DPST), and Digital Hospital Information Systems (DHIS).In this segment, the Company generates revenues from sales of software and system integration services. |
Sales, use and other value added tax [Policy Text Block] | (y) Sales, use and other value-added taxes Revenue is recorded net of applicable sales, use and value-added taxes. |
Recent Accounting Pronouncements [Policy Text Block] | (z) Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) "Revenue from Contracts with Customers." ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)", and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is to be applied retrospectively. Early adoption is permitted to the effective date of December 31, 2016. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on the consolidated financial statements. In August 2014, the FASB issued new guidance which requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable), and to provide related footnote disclosures in certain circumstances. The new standard is effective for annual periods ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company has not yet adopted this guidance and is currently evaluating the impact of the adoption of the new guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. This guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company applied this guidance to its current year ended December 31, 2015 consolidated financial statements and retroactively reclassified its balance sheet as of December 31, 2014. Adoption of this guidance had no material impact on the results of operations or financial position. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330) Simplifying the Measurement of Inventory", which changes the measurement from lower of cost or market to lower of cost and net realizable value. The guidance requires prospective application for reporting periods beginning after December 15, 2016 and permits adoption in an earlier period. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe that the adoption of such pronouncements will have a material impact on the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accounts Receivable [Table Text Block] | December 31, December 31, 2015 2014 Accounts Receivable $ 8,209,245 $ 11,270,917 Bad Debt Provision (5,029,107 ) (4,484,321 ) Accounts Receivable – Net $ 3,180,138 $ 6,786,596 |
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Balance at January 1, 2014 $ 58,587,659 Increase in allowance for doubtful accounts 7,385,502 Amounts written off as uncollectible (59,208,806 ) Amounts recovered during the year (1,828,813 ) Foreign exchange difference (451,221 ) Balance at December 31, 2014 $ 4,484,321 Increase in allowance for doubtful accounts 1,166,764 Amounts recovered during the year (379,731 ) Foreign exchange difference (242,247 ) Balance at December 31, 2015 $ 5,029,107 |
Schedule of Estimated Useful Lives Property, Plant and Equipment [Table Text Block] | Office buildings 20 - 50 years Plant and machinery 3 - 20 years Electronics equipment, furniture and fixtures 3 - 5 years Motor vehicles 5 years Purchased software 3 - 10 years |
Schedule of Intangible Assets Estimated Useful Lives [Table Text Block] | Software development costs 2 - 5 years Technology 5 years Trademarks 20 years Customer base 2 years |
Schedule of Exchange Rates [Table Text Block] | December 31, December 31, 2015 2014 Year-end exchange rate 6.4893 6.1387 Average yearly exchange rate 6.2150 6.1425 |
VARIABLE INTEREST ENTITY (Table
VARIABLE INTEREST ENTITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of VIE's Assets and Liabilities [Table Text Block] | December 31, December 31, 2015 2014 Current assets from discontinued operations $ 13,272,186 $ 30,349,676 Total current assets 27,860,566 50,304,042 Property, plant and equipment 2,930,365 2,573,014 Intangible assets 2,431,599 3,418,735 Non-current assets from discontined operations - 31,255,179 Total assets 41,439,773 83,714,511 Intercompany payable to the WFOE 28,347,903 26,278,635 Current liabilities from discontinued operations - 28,989,570 Total current liabilities 42,249,136 75,772,143 Non-current liabilities from discontinued operations - 213,186 Total liabilities 42,249,136 75,985,329 Total equity (809,363 ) 7,729,182 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Net loss attributable to the Company $ (7,504,262 ) $ (29,231,347 ) $ (119,236,823 ) Weighted average outstanding ordinary shares-Basic 34,483,100 30,601,209 27,356,504 Weighted average outstanding ordinary shares-Diluted 34,483,100 30,601,209 27,356,504 Loss per share: Basic $ (0.22 ) $ (0.96 ) $ (4.36 ) Diluted $ (0.22 ) $ (0.96 ) $ (4.36 ) |
Schedule Of Earnings Per Share Basic And Diluted Continuing Operation [Table Text Block] | CONTINUING OPERATIONS 2015 2014 2013 Net loss attributable to the Company $ (9,003,233 ) $ (24,087,098 ) $ (118,511,760 ) Weighted average outstanding ordinary shares-Basic 34,483,100 30,601,209 27,356,504 Weighted average outstanding ordinary shares-Diluted 34,483,100 30,601,209 27,356,504 Loss per share: Basic $ (0.26 ) $ (0.79 ) $ (4.33 ) Diluted $ (0.26 ) $ (0.79 ) $ (4.33 ) |
Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation [Table Text Block] | DISCONTINUED OPERATIONS 2015 2014 2013 Net income (loss) attributable to the Company $ 1,498,971 $ (5,144,249 ) $ (725,063 ) Weighted average outstanding ordinary shares-Basic 34,483,100 30,601,209 27,356,504 Weighted average outstanding ordinary shares-Diluted 35,382,895 30,601,209 27,356,504 Loss per share: Basic $ 0.04 $ (0.17 ) $ (0.03 ) Diluted $ 0.04 $ (0.17 ) $ (0.03 ) |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 67,506 Advances to suppliers 406,273 Other receivables 308,158 Property, plant, and equipment 2,478,165 Identifiable intangible assets 3,600,746 Goodwill 6,152,243 Accounts payable (223,030 ) Salary payable (108,535 ) Other payables (9,493 ) $ 12,672,033 | ||
Schedule of Business Acquisition, Pro Forma Information [Table Text Block] | Historical Pro Forma CNIT Biznest Adjustments Pro Forma Revenue $ 38,634,747 $ 2,457,139 $ (2,457,139 ) $ 38,634,747 (Loss) income from operations-continuing operations (29,091,319 ) 210,619 (780,619 ) (29,661,319 ) Net (loss)income-continuing operations (24,087,098 ) 211,526 (780,619 ) (24,656,191 ) Weighted Average Number of Shares: Basic and Diluted-continuing operations 30,601,209 1,234,764 31,835,973 Loss per share Basic and Diluted-continuing operations (0.79 ) (0.78 ) | Historical Pro Forma CNIT Biznest Adjustments Pro Forma Revenue $ 55,419,831 $ 168,670 $ (168,670 ) $ 55,419,831 (Loss) income from operations-continuing operations (119,969,315 ) (746,529 ) 26,529 (120,689,315 ) Net (loss) income –continuing operations (118,511,760 ) (746,519 ) 26,529 (119,231,750 ) Weighted Average Number of Shares: Basic and Diluted-continuing operations 27,356,504 1,543,455 28,899,959 Loss per share Basic and Diluted-continuing operations (4.33 ) (4.13 ) |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Goodwill [Table Text Block] | December 31, Exchange rate December 31, 2014 Transfer adjustment Impairment 2015 CBT Segment $ 9,210,122 $ (3,057,879 ) $ (332,350 ) $ (1,066,439 ) $ 4,753,454 TIT Segment 2,908,695 3,057,879 1,885,414 (7,851,988 ) - Total $ 12,118,817 $ - $ 1,553,064 $ (8,918,427 ) $ 4,753,454 |
RELATED PARTY BALANCES AND TR38
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Related Party Transactions [Table Text Block] | December 31, December 31, 2015 2014 Due to related party - Shareholder $ 154,331 $ 864,327 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Inventories [Table Text Block] | December 31, December 31, 2015 2014 Raw materials $ 100,880 $ 561,371 Work in Process 43,746 125,483 Finished goods 302,729 890,138 Installations in process 1,693,738 2,382,039 Balance at December 31, 2015 $ 2,141,093 $ 3,959,031 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Asset Held for Sale [Table Text Block] | December 31, 2014 Property, plant and equipment $ 20,430,446 Land use rights, net 12,871,988 Total 33,302,434 Less: current portion (13,032,000 ) Noncurrent portion $ 20,270,434 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 Office buildings $ 580,863 $ 5,259,585 Plant and machinery 724,948 - Electronic equipment, furniture and fixtures 16,318,202 12,027,525 Motor vehicles 817,725 1,221,681 Purchased software 3,179,938 2,940,349 21,621,676 21,449,140 Less: accumulated depreciation (13,248,715 ) (12,527,743 ) $ 8,372,961 $ 8,921,397 |
LAND USE RIGHTS AND INTANGIBL42
LAND USE RIGHTS AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Intangible Assets [Table Text Block] | December 31, December 31 2015 2014 Software development costs $ 4,328,566 $ 4,575,753 Trademarks 946,421 932,765 Sub-Total 5,274,987 5,508,518 Less: accumulated amortization (2,744,884 ) (2,014,504 ) Intangible assets, net $ 2,530,103 $ 3,494,014 |
Schedule of Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 $ 864,813 2017 854,204 2018 747,570 2019 61,910 2020 1,606 Total $ 2,530,103 |
BANK LOANS (Tables)
BANK LOANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Short-term Bank Debt [Table Text Block] | December 31, December 31, 2015 2014 Secured short-term loans $ 15,058,189 $ 51,726,194 Add: amounts due within one year under long-term loan contracts 214,797 97,675 Total short-term bank loans $ 15,272,986 $ 51,823,869 |
Schedule of Detailed Short-term Bank Debt [Table Text Block] | December 31, December 31, 2015 2014 Secured by IST, iASPEC, Mr. Lin and collateralized by plants $ - $ 32,580,000 Guaranteed by ISIOT 2,311,500 5,701,500 Guaranteed by iASPEC and Mr. Lin - 4,048,912 Collateralized by land and office buildings and guaranteed by IST - 3,258,000 Secured by iASPEC’s trade receivables - 1,629,000 Collateralized by land and office buildings and guaranteed by iASPEC and ISIOT - 2,443,500 Guaranteed by High-tech Investment Company (i) - 814,500 Guaranteed by High-tech Investment Company and Mr. Lin (i) - 741,195 Guaranteed by CNIT and IST - 372,422 Guaranteed by ISIOT and Mr. Lin 3,082,000 - Guaranteed by IST and Mr. Lin 3,837,089 - Guaranteed by IASEPC, ISIOT and Mr. Lin 5,827,600 - Secured by Bocom’s trade receivables and guaranteed by the Company - 137,165 Total $ 15,058,189 $ 51,726,194 |
Schedule of Long-term Bank Debt [Table Text Block] | December 31, December 31, 2015 2014 Secured long-term loans $ 214,797 $ 312,305 Less: amounts due within one year under long-term loan contracts (214,797 ) (97,675 ) Total long-term bank loans $ - $ 214,630 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2015 2014 2013 PRC $ 3,397,483 $ (27,612,320 ) $ (112,313,262 ) Others (7,787,215 ) (1,478,999 ) (7,656,053 ) Total income (loss) before income taxes $ (4,389,732 ) $ (29,091,319 ) $ (119,969,315 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current taxes $ 543,944 $ 4,204 $ (105,440 ) Deferred taxes 3,761,084 (4,603,763 ) 1,836,585 Income tax expense (benefit) $ 4,305,028 $ (4,599,559 ) $ 1,731,145 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 PRC statutory tax rate 25% 25% 25% Computed expected income tax (benefit) expense $ (1,097,433 ) $ (7,272,830 ) $ (29,992,329 ) Tax rate differential benefit from tax holiday (1,771,273 ) 1,753,640 11,616,499 Permanent differences 6,039,892 1,471,243 6,557,923 Increase (decrease) in valuation allowance 601,779 (914,667 ) 11,622,164 Non-deductible tax loss 532,063 363,055 1,914,013 Other differences - - 12,875 Income tax (benefit) expense $ 4,305,028 $ (4,599,559 ) $ 1,731,145 |
Schedule of Deferred Tax Assets and Liabilities, Detailed [Table Text Block] | December 31, 2015 December 31, 2014 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Allowance for doubtful accounts $ 1,810,234 $ - $ 908,528 $ - Loss carry-forwards 631,424 - 3,852,864 - Fixed assets 111,803 (221,530 ) 132,164 (129,317 ) Inventory valuation 1,323,187 - 1,163,733 - Salary payable 16,618 - 31,959 - Intangible assets 128,183 135,198 20,133 62,366 Gross deferred tax assets and liabilities 4,021,449 (86,332 ) 6,109,381 (66,951 ) Valuation allowance (3,561,212 ) - (1,839,339 ) - Total deferred tax assets and liabilities $ 460,237 $ (86,332 ) $ 4,270,042 $ (66,951 ) |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Year Ended December 31, 2015 2014 2013 Revenue $ 24,904,321 $ 29,522,952 $ 20,725,553 Cost of revenue 15,040,537 17,541,786 13,003,077 Total operating expenses 9,856,344 18,031,318 8,883,686 Operating income (loss) from discontinued operations 7,440 (6,050,152 ) (1,161,210 ) Net gain on sale of Geo and Zhongtian 3,699,088 - - Other (loss) income (2,038,675 ) 1,000,272 821,043 Income (loss) from discontinued operations before income taxes 1,667,853 (5,049,880 ) (340,167 ) Provision for income taxes (168,882 ) (210,658 ) (165,400 ) Income (loss) from discontinued operations, net of income taxes $ 1,498,971 $ (5,260,538 ) $ (505,567 ) |
Schedule of Assets and Liabilities of Discontinued Operations [Table Text Block] | December 31, 2015 2014 Cash and cash equivalents $ - $ 4,499,343 Restricted cash - 780,328 Accounts receivable, net of allowance for doubtful accounts - 17,027,082 Advances to suppliers - 2,426,697 Amounts due from related parties - 109,406 Inventories - 1,459,415 Other receivables and prepaid expenses 13,272,186 4,047,405 Current assets of discontinued operations $ 13,272,186 $ 30,349,676 Long-term investments - 2,648,378 Property, plant and equipment, net - 3,881,787 Intangibles and other assets, net - 11,965,326 Goodwill - 12,014,413 Deferred tax assets - 745,275 Non-current assets of discontinued operations $ - $ 31,255,179 Short-term bank loans - 10,860,974 Accounts payable - 11,370,469 Bills payable - 495,444 Advances from customers - 1,570,911 Accrued payroll and benefits - 2,078,685 Other payables and accrued expenses - 2,237,657 Income tax payable - 375,430 Current liabilities of discontinued operations $ - $ 28,989,570 Deferred tax liabilities - 213,186 Non-current liabilities of discontinued operations $ - $ 213,186 |
OTHER CURRENT (NON-CURRENT) A46
OTHER CURRENT (NON-CURRENT) ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Other Current Assets [Table Text Block] | December 31, December 31 2015 2014 Advances to unrelated third-parties $ 7,412,911 $ 7,963,454 Advances to employees 375,253 2,089,332 Installation contract deposits 67,722 315,400 Other current assets 257,975 405,124 $ 8,113,861 $ 10,773,310 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, December 31 2015 2014 Advances to unrelated third-parties $ 2,065,000 - |
WARRANTS LIABILITY (Tables)
WARRANTS LIABILITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Series A Series B Warrants Warrants Total Balance at December 31, 2014 $ - $ - $ - Fair value at warrants liability at issuance date 1,075,500 3,907,194 4,982,694 Exercise of warrants and resulting reclassification to equity at fair value - (8,941,489 ) (8,941,489 ) Cash paid to warrant holders - (542,806 ) (542,806 ) Adjustment resulting from the change in the fair value for the reporting period (918,969 ) 6,576,956 5,657,987 Balance at December 31, 2015 $ 156,531 $ 999,855 $ 1,156,386 |
Schedule of Derivative Instruments [Table Text Block] | Series A Series B Warrants Warrants December 31, 2015: Annual volatility 89.55% 150.85 Risk-free rate 1.268% 0.56% Dividend rate 0.00% 0.00% Contractual term 2.4 years 0.2 years Closing price of ordinary shares $ 1.68 $ 1.68 Conversion/exercise price $ 7.73 $ 7.09 Origination: Annual volatility 88% 92% Risk-free rate 1% 0.09% Dividend rate 0.00% 0.00% Contractual term 3 years 0.5years Closing price of ordinary shares $ 3.85 $ 3.85 Conversion/exercise price $ 7.73 $ 7.09 |
OTHER PAYABLES AND ACCRUED EX48
OTHER PAYABLES AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Other Payable and Accrued Expenses [Table Text Block] | December 31, December 31 2015 2014 Advances from unrelated third-parties $ 1,889,818 $ 3,174,701 Biznest acquisition payable - 1,548,202 Tax (Other than income tax) payable 1,202,185 854,801 Unrecognized tax benefits 433,000 - Repurchase common stock payable 392,771 - Amount due to employees 249,895 681,352 Other current liabilities 402,629 693,901 $ 4,570,298 $ 6,952,957 |
CONSOLIDATED SEGMENT DATA (Tabl
CONSOLIDATED SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Total Revenues from Segments [Table Text Block] | 2015 2014 2013 Revenues (1) TIT Segment $ 2,970,952 $ 13,024,506 $ 7,699,309 CBT Segment 7,313,916 25,610,241 47,720,522 $ 10,284,868 $ 38,634,747 $ 55,419,831 |
Schedule of Segment Reporting Information, Revenues by Segment [Table Text Block] | 2015 2014 2013 Loss from operations: TIT Segment $ (2,593,743 ) $ (7,675,174 ) $ (72,465,226 ) CBT Segment (22,238,917 ) (14,876,016 ) (45,416,341 ) Corporate and others (2) (2,130,697 ) (1,358,023 ) (333,801 ) Loss from operations (26,963,357 ) (23,909,213 ) (118,215,368 ) Corporate other (expenses) income, net 31,271,674 268,543 2,732,946 Corporate interest income 76,716 408,121 447,586 Corporate interest expense (3,116,777 ) (5,858,770 ) (4,934,479 ) Corporate warrant expense (5,657,988 ) - - Loss from continuing operations before income taxes (4,389,732 ) (29,091,319 ) (119,969,315 ) Income tax benefit (expense) (4,305,028 ) 4,599,559 (1,731,145 ) Loss from continuing operations (8,694,760 ) (24,491,760 ) (121,700,460 ) Income (loss) from discontinued operations, net of taxes 1,498,971 (5,260,538 ) (505,567 ) Net loss (7,195,789 ) (29,752,298 ) (122,206,027 ) Net lo ss (308,473 ) 520,951 2,969,204 Net loss attributable to the Company $ (7,504,262 ) $ (29,231,347 ) $ (119,236,823 ) |
Schedule of Non-Cash Employee Compensation [Table Text Block] | 2015 2014 2013 Non-cash employee compensation: TIT Segment $ - $ 81,615 $ 575,000 CBT Segment - - 6,325,000 Corporate and others 102,282 - - $ 102,282 $ 81,615 $ 6,900,000 |
Schedule of Segment Reporting Information, (Loss) Income From Operations by Segment [Table Text Block] | 2015 2014 2013 Depreciation and amortization: TIT Segment $ 90,379 $ 420,556 $ 3,492,732 CBT Segment 2,332,037 2,513,790 5,470,520 Corporate and others 119,078 119,078 104,165 $ 2,541,494 $ 3,053,424 $ 9,067,417 2015 2014 2013 Provisions for losses on accounts receivable: TIT Segment $ 910,824 $ 3,102,627 $ 36,383,487 CBT Segment 1,748,675 3,287,604 30,655,158 Corporate and others - 8,232 - $ 2,659,499 $ 6,398,463 $ 67,038,645 2015 2014 2013 Inventory (recovery) provision: TIT Segment $ 226,943 $ 308,683 $ (51,509 ) CBT Segment 47,720 3,499,624 933,425 $ 274,663 $ 3,808,307 $ 881,916 2015 2014 2013 Impairment of intangible assets and goodwill TIT Segment $ 7,851,987 $ 4,685,843 $ - CBT Segment 1,066,440 2,329,884 2,008,249 $ 8,918,427 $ 7,015,727 $ 2,008,249 2015 2014 2013 Impairment of property, plant and equipment TIT Segment $ - $ - $ 14,024,289 CBT Segment 4,616,679 827,319 15,952,701 $ 4,616,679 $ 827,319 $ 29,976,990 |
Schedule of Segment Reporting Information, Total Assets by Segment [Table Text Block] | 2015 2014 Total assets TIT Segment $ 19,803,442 $ 30,120,023 CBT Segment 32,651,184 86,444,794 Corporate and others 364,892 1,236,137 Assets from discontinued operations 13,272,186 60,152,454 $ 66,091,704 $ 179,405,809 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2016 $ 108,720 2017 71,150 Total $ 179,870 |
ORGANIZATION, PRINCIPAL ACTIV51
ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT'S PLANS (Narrative) (Details) - 12 months ended Dec. 31, 2015 $ / shares in Units, ¥ in Thousands | USD ($)dyr$ / sharesshares | CNY (¥)dyrshares |
Organization, Principal Activities And Management's Plans 1 | 54.89% | 54.89% |
Organization, Principal Activities And Management's Plans 2 | ¥ | ¥ 91,338 | |
Organization, Principal Activities And Management's Plans 3 | $ 14,700,000 | |
Organization, Principal Activities And Management's Plans 4 | 100.00% | 100.00% |
Organization, Principal Activities And Management's Plans 5 | ¥ | ¥ 30,000 | |
Organization, Principal Activities And Management's Plans 6 | $ 4,800,000 | |
Organization, Principal Activities And Management's Plans 7 | 4,550,000 | |
Organization, Principal Activities And Management's Plans 8 | 4.43 | |
Organization, Principal Activities And Management's Plans 9 | $ 1,800,000 | |
Organization, Principal Activities And Management's Plans 10 | d | 30 | 30 |
Organization, Principal Activities And Management's Plans 11 | 24.00% | 24.00% |
Organization, Principal Activities And Management's Plans 12 | ¥ | ¥ 60,000 | |
Organization, Principal Activities And Management's Plans 13 | $ 8,720,000 | |
Organization, Principal Activities And Management's Plans 14 | 95.00% | 95.00% |
Organization, Principal Activities And Management's Plans 15 | yr | 30 | 30 |
Organization, Principal Activities And Management's Plans 16 | d | 30 | 30 |
Organization, Principal Activities And Management's Plans 17 | d | 90 | 90 |
Organization, Principal Activities And Management's Plans 18 | $ 1,800,000 | |
Organization, Principal Activities And Management's Plans 19 | ¥ | ¥ 2,340 | |
Organization, Principal Activities And Management's Plans 20 | $ 380,000 | |
Organization, Principal Activities And Management's Plans 21 | 78.21% | 78.21% |
Organization, Principal Activities And Management's Plans 22 | 83.72% | 83.72% |
Organization, Principal Activities And Management's Plans 23 | $ 210,000 | |
Organization, Principal Activities And Management's Plans 24 | ¥ | ¥ 7,000 | |
Organization, Principal Activities And Management's Plans 25 | 1,130,000 | |
Organization, Principal Activities And Management's Plans 26 | ¥ | 21,500 | |
Organization, Principal Activities And Management's Plans 27 | 3,530,000 | |
Organization, Principal Activities And Management's Plans 28 | ¥ | ¥ 2,000 | |
Organization, Principal Activities And Management's Plans 29 | $ 320,000 | |
Organization, Principal Activities And Management's Plans 30 | 47.46% | 47.46% |
Organization, Principal Activities And Management's Plans 31 | 49.63% | 49.63% |
Organization, Principal Activities And Management's Plans 32 | 52.54% | 52.54% |
Organization, Principal Activities And Management's Plans 33 | 50.37% | 50.37% |
Organization, Principal Activities And Management's Plans 34 | $ 200,000 | |
Organization, Principal Activities And Management's Plans 35 | 100.00% | 100.00% |
Organization, Principal Activities And Management's Plans 36 | ¥ | ¥ 53,980 | |
Organization, Principal Activities And Management's Plans 37 | $ 8,840,000 | |
Organization, Principal Activities And Management's Plans 38 | 100.00% | 100.00% |
Organization, Principal Activities And Management's Plans 39 | ¥ | ¥ 50,000 | |
Organization, Principal Activities And Management's Plans 40 | $ 8,190,000 | |
Organization, Principal Activities And Management's Plans 41 | shares | 318,794 | 318,794 |
Organization, Principal Activities And Management's Plans 42 | $ / shares | $ 4 | |
Organization, Principal Activities And Management's Plans 43 | 50.37% | 50.37% |
Organization, Principal Activities And Management's Plans 44 | 54.89% | 54.89% |
Organization, Principal Activities And Management's Plans 45 | $ 4,500 | |
Organization, Principal Activities And Management's Plans 46 | $ 61,698 | |
Organization, Principal Activities And Management's Plans 47 | shares | 120,709 | 120,709 |
Organization, Principal Activities And Management's Plans 48 | $ / shares | $ 4 | |
Organization, Principal Activities And Management's Plans 49 | 83.72% | 83.72% |
Organization, Principal Activities And Management's Plans 50 | 99.99% | 99.99% |
Organization, Principal Activities And Management's Plans 51 | $ 34,000 | |
Organization, Principal Activities And Management's Plans 52 | 649,967 | |
Organization, Principal Activities And Management's Plans 53 | 800,000 | |
Organization, Principal Activities And Management's Plans 54 | ¥ | ¥ 5,000 | |
Organization, Principal Activities And Management's Plans 55 | 440,000 | |
Organization, Principal Activities And Management's Plans 56 | 360,000 | |
Organization, Principal Activities And Management's Plans 57 | 25,910,000 | |
Organization, Principal Activities And Management's Plans 58 | 12,630,000 | |
Organization, Principal Activities And Management's Plans 59 | 22,410,000 | |
Organization, Principal Activities And Management's Plans 60 | 1,320,000 | |
Organization, Principal Activities And Management's Plans 61 | 1,650,000 | |
Organization, Principal Activities And Management's Plans 62 | 56,000,000 | |
Organization, Principal Activities And Management's Plans 63 | 15,270,000 | |
Organization, Principal Activities And Management's Plans 64 | $ 51,820,000 | |
Organization, Principal Activities And Management's Plans 65 | 100.00% | 100.00% |
Organization, Principal Activities And Management's Plans 66 | 54.89% | 54.89% |
Organization, Principal Activities And Management's Plans 67 | $ 4,800,000 | |
Organization, Principal Activities And Management's Plans 68 | 14,740,000 | |
Organization, Principal Activities And Management's Plans 69 | 6,270,000 | |
Organization, Principal Activities And Management's Plans 70 | 13,020,000 | |
Organization, Principal Activities And Management's Plans 71 | 380,000 | |
Organization, Principal Activities And Management's Plans 72 | $ 760,000 |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yrmoshares | |
Summary Of Significant Accounting Policies 1 | $ 3,790,000 |
Summary Of Significant Accounting Policies 2 | $ 6,690,000 |
Summary Of Significant Accounting Policies 3 | 50.00% |
Summary Of Significant Accounting Policies 4 | 10.00% |
Summary Of Significant Accounting Policies 5 | 54.00% |
Summary Of Significant Accounting Policies 6 | 10.00% |
Summary Of Significant Accounting Policies 7 | 21.00% |
Summary Of Significant Accounting Policies 8 | 17.00% |
Summary Of Significant Accounting Policies 9 | 21.00% |
Summary Of Significant Accounting Policies 10 | 10.00% |
Summary Of Significant Accounting Policies 11 | $ 5,030,000 |
Summary Of Significant Accounting Policies 12 | $ 4,480,000 |
Summary Of Significant Accounting Policies 13 | 63.00% |
Summary Of Significant Accounting Policies 14 | 32.00% |
Summary Of Significant Accounting Policies 15 | 31.00% |
Summary Of Significant Accounting Policies 16 | 10.00% |
Summary Of Significant Accounting Policies 17 | 10.00% |
Summary Of Significant Accounting Policies 18 | mo | 12 |
Summary Of Significant Accounting Policies 19 | yr | 46 |
Summary Of Significant Accounting Policies 20 | 75.00% |
Summary Of Significant Accounting Policies 21 | mo | 12 |
Summary Of Significant Accounting Policies 22 | mo | 12 |
Summary Of Significant Accounting Policies 23 | 5.00% |
Summary Of Significant Accounting Policies 24 | 685,000 |
Summary Of Significant Accounting Policies 25 | 76,368 |
Summary Of Significant Accounting Policies 26 | shares | 641,080 |
Summary Of Significant Accounting Policies 27 | $ 102,000 |
Summary Of Significant Accounting Policies 28 | 82,000 |
Summary Of Significant Accounting Policies 29 | $ 6,900,000 |
Summary Of Significant Accounting Policies 30 | 6.1881 |
VARIABLE INTEREST ENTITY (Narra
VARIABLE INTEREST ENTITY (Narrative) (Details) - 12 months ended Dec. 31, 2015 ¥ in Millions | USD ($) | CNY (¥) |
Variable Interest Entity 1 | ¥ | ¥ 38 | |
Variable Interest Entity 2 | $ 5,400,000 | |
Variable Interest Entity 3 | 308,473 | |
Variable Interest Entity 4 | 404,662 | |
Variable Interest Entity 5 | $ 3,188,700 |
LOSS PER SHARE (Narrative) (Det
LOSS PER SHARE (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Loss Per Share 1 | 1,425,416 |
Loss Per Share 2 | 200,000 |
Loss Per Share 3 | 200,000 |
Loss Per Share 4 | 899,795 |
Loss Per Share 5 | 98,741 |
BUSINESS ACQUISITION (Narrative
BUSINESS ACQUISITION (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)yrshares | |
Business Acquisition 1 | 100.00% |
Business Acquisition 2 | $ 12.7 |
Business Acquisition 3 | 7.5 |
Business Acquisition 4 | 0.7 |
Business Acquisition 5 | $ 1.5 |
Business Acquisition 6 | shares | 1,543,455 |
Business Acquisition 7 | $ 5.8 |
Business Acquisition 8 | yr | 5 |
GOODWILL (Narrative) (Details)
GOODWILL (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill 1 | $ 7,850 |
Goodwill 2 | 1,070 |
Goodwill 3 | $ 4,680 |
RELATED PARTY BALANCES AND TR57
RELATED PARTY BALANCES AND TRANSACTIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Balances And Transactions 1 | $ 141,972 |
Related Party Balances And Transactions 2 | 851,262 |
Related Party Balances And Transactions 3 | 12,359 |
Related Party Balances And Transactions 4 | 13,065 |
Related Party Balances And Transactions 5 | 170,000 |
Related Party Balances And Transactions 6 | 263,915 |
Related Party Balances And Transactions 7 | 153,101 |
Related Party Balances And Transactions 8 | 160,166 |
Related Party Balances And Transactions 9 | 67,114 |
Related Party Balances And Transactions 10 | $ 90,314 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Inventories 1 | $ 275,000 |
Inventories 2 | 3,808,000 |
Inventories 3 | $ 882,000 |
ASSETS HELD FOR SALE (Narrative
ASSETS HELD FOR SALE (Narrative) (Details) - 12 months ended Dec. 31, 2015 $ in Thousands, ¥ in Millions | USD ($) | CNY (¥) |
Assets Held For Sale 1 | ¥ | ¥ 375 | |
Assets Held For Sale 2 | $ 61,200 | |
Assets Held For Sale 3 | 13,030 | |
Assets Held For Sale 4 | $ 30,000 |
PROPERTY, PLANT AND EQUIPMENT60
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Property, Plant And Equipment 1 | $ 1,670 |
Property, Plant And Equipment 2 | 2,140 |
Property, Plant And Equipment 3 | 7,840 |
Property, Plant And Equipment 4 | 4,620 |
Property, Plant And Equipment 5 | 830 |
Property, Plant And Equipment 6 | $ 29,980 |
LAND USE RIGHTS AND INTANGIBL61
LAND USE RIGHTS AND INTANGIBLE ASSETS (Narrative) (Details) - 12 months ended Dec. 31, 2015 ¥ in Thousands | USD ($) | CNY (¥) |
Land Use Rights And Intangible Assets 1 | $ 14,020,000 | |
Land Use Rights And Intangible Assets 2 | ¥ | ¥ 90,760 | |
Land Use Rights And Intangible Assets 3 | 14,800,000 | |
Land Use Rights And Intangible Assets 4 | ¥ | ¥ 90,760 | |
Land Use Rights And Intangible Assets 5 | 880,000 | |
Land Use Rights And Intangible Assets 6 | 920,000 | |
Land Use Rights And Intangible Assets 7 | 1,230,000 | |
Land Use Rights And Intangible Assets 8 | 0 | |
Land Use Rights And Intangible Assets 9 | 2.33 | |
Land Use Rights And Intangible Assets 10 | $ 2,010,000 |
BANK LOANS (Narrative) (Details
BANK LOANS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Bank Loans 1 | $ 15,060 |
Bank Loans 2 | 3,080 |
Bank Loans 3 | 11,980 |
Bank Loans 4 | $ 200 |
Bank Loans 5 | 1.80% |
Bank Loans 6 | 7.80% |
Bank Loans 7 | 6.74% |
Bank Loans 8 | 7.74% |
Bank Loans 9 | 7.05% |
BILLS PAYABLE (Narrative) (Deta
BILLS PAYABLE (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)yr | |
Bills Payable 1 | $ 10,710 |
Bills Payable 2 | 29,870 |
Bills Payable 3 | 9,390 |
Bills Payable 4 | $ 6,140 |
Bills Payable 5 | yr | 1 |
Bills Payable 6 | yr | 1 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - 12 months ended Dec. 31, 2015 ¥ in Millions | USD ($)yrmo | CNY (¥)yrmo |
Income Taxes 1 | 16.50% | 16.50% |
Income Taxes 2 | ¥ | ¥ 30 | |
Income Taxes 3 | $ 4,680,000 | |
Income Taxes 4 | 15.00% | 15.00% |
Income Taxes 5 | 12.50% | 12.50% |
Income Taxes 6 | 50.00% | 50.00% |
Income Taxes 7 | 12.00% | 12.00% |
Income Taxes 8 | yr | 10 | 10 |
Income Taxes 9 | 15.00% | 15.00% |
Income Taxes 10 | $ 433,000 | |
Income Taxes 11 | $ 0 | |
Income Taxes 12 | mo | 12 | 12 |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Discontinued Operations 1 | $ 13,270 |
Discontinued Operations 2 | $ 13,020 |
OTHER CURRENT (NON-CURRENT) A66
OTHER CURRENT (NON-CURRENT) ASSETS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other Current (non-current) Assets 1 | $ 1,110 |
WARRANTS LIABILITY (Narrative)
WARRANTS LIABILITY (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Warrants Liability 1 | 2,102,484 |
Warrants Liability 2 | $ / shares | $ 6.44 |
Warrants Liability 3 | 1,576,863 |
Warrants Liability 4 | 525,621 |
Warrants Liability 5 | $ / shares | $ 7.73 |
Warrants Liability 6 | 1,051,242 |
Warrants Liability 7 | $ / shares | $ 7.09 |
Warrants Liability 8 | $ | $ 4 |
Warrants Liability 9 | 952,501 |
Warrants Liability 10 | 5,613,130 |
Warrants Liability 10 | 98,741 |
Warrants Liability 12 | 899,795 |
RESERVE AND DISTRIBUTION OF P68
RESERVE AND DISTRIBUTION OF PROFIT (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reserve And Distribution Of Profit 1 | 10.00% |
Reserve And Distribution Of Profit 2 | 50.00% |
Reserve And Distribution Of Profit 3 | $ 13,810 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Equity 1 | shares | 2,102,484 |
Equity 2 | $ / shares | $ 6.44 |
Equity 3 | $ 13,540,000 |
Equity 4 | 750,000 |
Equity 5 | $ 12,790,000 |
Equity 6 | shares | 1,576,863 |
Equity 7 | $ 9,000,000 |
Equity 8 | 685,000 |
Equity 9 | 76,368 |
Equity 10 | shares | 641,080 |
Equity 11 | $ 2,827,500 |
Equity 12 | 486,316 |
Equity 13 | $ 3,803,684 |
Equity 14 | shares | 4,410,000 |
Equity 15 | shares | 3,000,000 |
Equity 16 | $ 15,900,000 |
Equity 17 | 9,000,000 |
Equity 18 | $ 6,900,000 |
Equity 19 | shares | 3,000,000 |
Equity 20 | shares | 725,000 |
Equity 21 | $ 1,470,000 |
Equity 22 | 2,175,000 |
Equity 23 | 1,065,000 |
Equity 24 | $ 750,000 |
Equity 25 | shares | 920,757 |
Equity 26 | $ 3,760,000 |
Equity 27 | 3,680,000 |
Equity 28 | $ 80,000 |
Equity 29 | shares | 318,794 |
Equity 30 | $ / shares | $ 4 |
Equity 31 | 50.37% |
Equity 32 | 54.89% |
Equity 33 | $ 4,500 |
Equity 34 | $ 61,698 |
Equity 35 | shares | 120,709 |
Equity 36 | $ / shares | $ 4 |
Equity 37 | 83.72% |
Equity 38 | 99.99% |
Equity 39 | $ 34,000 |
Equity 40 | $ 649,967 |
Equity 41 | shares | 50,000 |
Equity 42 | $ 206,000 |
Equity 43 | 120,000 |
Equity 44 | $ 86,000 |
Equity 45 | shares | 51,875 |
Equity 46 | $ 102,000 |
Equity 47 | shares | 5,000 |
Equity 48 | $ 13,000 |
Equity 49 | $ 13,000 |
COMMITMENTS AND CONTINGENCIES70
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Commitments And Contingencies 1 | $ 219,000 | |
Commitments And Contingencies 2 | 282,000 | |
Commitments And Contingencies 3 | $ 202,000 | |
Commitments And Contingencies 4 | 101,764 | 101,764 |
Commitments And Contingencies 5 | $ 23,680,000 | |
Commitments And Contingencies 6 | ¥ | ¥ 153.6 | |
Commitments And Contingencies 7 | $ 14,000,000 | |
Commitments And Contingencies 8 | ¥ | ¥ 90.2 |
CONCENTRATIONS (Narrative) (Det
CONCENTRATIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations 1 | 10.00% |
Concentrations 2 | 21.00% |
Concentrations 3 | 17.00% |
Concentrations 4 | 21.00% |
Concentrations 5 | 480 |
Concentrations 6 | 10.00% |
Concentrations 7 | 370 |
Concentrations 8 | 10.00% |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 1 | $ 8,209,245 |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 2 | 11,270,917 |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 3 | (5,029,107) |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 4 | (4,484,321) |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 5 | 3,180,138 |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 6 | $ 6,786,596 |
Schedule of Allowance for Doubt
Schedule of Allowance for Doubtful Accounts (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 1 | $ 58,587,659 |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 2 | 7,385,502 |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 3 | (59,208,806) |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 4 | (1,828,813) |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 5 | (451,221) |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 6 | 4,484,321 |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 7 | 1,166,764 |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 8 | (379,731) |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 9 | (242,247) |
Summary Of Significant Accounting Policies Schedule Of Allowance For Doubtful Accounts 10 | $ 5,029,107 |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yr | |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 1 | $ | $ 20 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 2 | 50 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 3 | $ | $ 3 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 4 | 20 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 5 | $ | $ 3 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 6 | 5 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 7 | 5 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 8 | $ | $ 3 |
Summary Of Significant Accounting Policies Schedule Of Estimated Useful Lives Property, Plant And Equipment 9 | 10 |
Schedule of Intangible Assets E
Schedule of Intangible Assets Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)yr | |
Summary Of Significant Accounting Policies Schedule Of Intangible Assets Estimated Useful Lives 1 | $ | $ 2 |
Summary Of Significant Accounting Policies Schedule Of Intangible Assets Estimated Useful Lives 2 | 5 |
Summary Of Significant Accounting Policies Schedule Of Intangible Assets Estimated Useful Lives 3 | 5 |
Summary Of Significant Accounting Policies Schedule Of Intangible Assets Estimated Useful Lives 4 | 20 |
Summary Of Significant Accounting Policies Schedule Of Intangible Assets Estimated Useful Lives 5 | 2 |
Schedule of Exchange Rates (Det
Schedule of Exchange Rates (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies Schedule Of Exchange Rates 1 | 6.4893 |
Summary Of Significant Accounting Policies Schedule Of Exchange Rates 2 | 6.1387 |
Summary Of Significant Accounting Policies Schedule Of Exchange Rates 3 | 6.2150 |
Summary Of Significant Accounting Policies Schedule Of Exchange Rates 4 | 6.1425 |
Schedule of VIE's Assets and Li
Schedule of VIE's Assets and Liabilities (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 1 | $ 13,272,186 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 2 | 30,349,676 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 3 | 27,860,566 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 4 | 50,304,042 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 5 | 2,930,365 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 6 | 2,573,014 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 7 | 2,431,599 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 8 | 3,418,735 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 9 | 0 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 10 | 31,255,179 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 11 | 41,439,773 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 12 | 83,714,511 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 13 | 28,347,903 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 14 | 26,278,635 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 15 | 0 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 16 | 28,989,570 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 17 | 42,249,136 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 18 | 75,772,143 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 19 | 0 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 20 | 213,186 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 21 | 42,249,136 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 22 | 75,985,329 |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 23 | (809,363) |
Variable Interest Entity Schedule Of Vie's Assets And Liabilities 24 | $ 7,729,182 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 1 | $ (7,504,262) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 2 | (29,231,347) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 3 | (119,236,823) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 4 | 34,483,100 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 5 | 30,601,209 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 6 | 27,356,504 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 7 | 34,483,100 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 8 | 30,601,209 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 9 | $ 27,356,504 |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 10 | (0.22) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 11 | (0.96) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 12 | (4.36) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 13 | (0.22) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 14 | (0.96) |
Loss Per Share Schedule Of Earnings Per Share, Basic And Diluted 15 | (4.36) |
Schedule Of Earnings Per Share
Schedule Of Earnings Per Share Basic And Diluted Continuing Operation (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 1 | $ (9,003,233) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 2 | (24,087,098) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 3 | (118,511,760) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 4 | 34,483,100 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 5 | 30,601,209 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 6 | 27,356,504 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 7 | 34,483,100 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 8 | 30,601,209 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 9 | $ 27,356,504 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 10 | (0.26) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 11 | (0.79) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 12 | (4.33) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 13 | (0.26) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 14 | (0.79) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Continuing Operation 15 | (4.33) |
Schedule Of Earnings Per Shar80
Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 1 | $ 1,498,971 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 2 | (5,144,249) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 3 | (725,063) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 4 | 34,483,100 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 5 | 30,601,209 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 6 | 27,356,504 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 7 | 35,382,895 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 8 | 30,601,209 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 9 | $ 27,356,504 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 10 | 0.04 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 11 | (0.17) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 12 | (0.03) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 13 | 0.04 |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 14 | (0.17) |
Loss Per Share Schedule Of Earnings Per Share Basic And Diluted Discontinued Operation 15 | (0.03) |
Schedule of Recognized Identifi
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 1 | $ 67,506 |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 2 | 406,273 |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 3 | 308,158 |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 4 | 2,478,165 |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 5 | 3,600,746 |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 6 | 6,152,243 |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 7 | (223,030) |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 8 | (108,535) |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 9 | (9,493) |
Business Acquisition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed 10 | $ 12,672,033 |
Schedule of Business Acquisitio
Schedule of Business Acquisition, Pro Forma Information (Details) | 12 Months Ended | |
Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 1 | $ 38,634,747 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 2 | 2,457,139 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 3 | (2,457,139) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 4 | 38,634,747 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 5 | (29,091,319) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 6 | 210,619 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 7 | (780,619) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 8 | (29,661,319) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 9 | (24,087,098) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 10 | 211,526 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 11 | (780,619) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 12 | (24,656,191) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 13 | 30,601,209 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 14 | 1,234,764 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 15 | $ 31,835,973 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 16 | (0.79) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 17 | (0.78) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 1 | $ 55,419,831 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 2 | 168,670 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 3 | (168,670) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 4 | 55,419,831 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 5 | (119,969,315) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 6 | (746,529) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 7 | 26,529 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 8 | (120,689,315) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 9 | (118,511,760) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 10 | (746,519) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 11 | 26,529 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 12 | (119,231,750) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 13 | 27,356,504 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 14 | 1,543,455 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 15 | $ 28,899,959 | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 16 | (4.33) | |
Business Acquisition Schedule Of Business Acquisition, Pro Forma Information 17 | (4.13) |
Schedule of Goodwill (Details)
Schedule of Goodwill (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill Schedule Of Goodwill 1 | $ 9,210,122 |
Goodwill Schedule Of Goodwill 2 | (3,057,879) |
Goodwill Schedule Of Goodwill 3 | (332,350) |
Goodwill Schedule Of Goodwill 4 | (1,066,439) |
Goodwill Schedule Of Goodwill 5 | 4,753,454 |
Goodwill Schedule Of Goodwill 6 | 2,908,695 |
Goodwill Schedule Of Goodwill 7 | 3,057,879 |
Goodwill Schedule Of Goodwill 8 | 1,885,414 |
Goodwill Schedule Of Goodwill 9 | (7,851,988) |
Goodwill Schedule Of Goodwill 10 | 0 |
Goodwill Schedule Of Goodwill 11 | 12,118,817 |
Goodwill Schedule Of Goodwill 12 | 0 |
Goodwill Schedule Of Goodwill 13 | 1,553,064 |
Goodwill Schedule Of Goodwill 14 | (8,918,427) |
Goodwill Schedule Of Goodwill 15 | $ 4,753,454 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Balances And Transactions Schedule Of Related Party Transactions 1 | $ 154,331 |
Related Party Balances And Transactions Schedule Of Related Party Transactions 2 | $ 864,327 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Inventories Schedule Of Inventories 1 | $ 100,880 |
Inventories Schedule Of Inventories 2 | 561,371 |
Inventories Schedule Of Inventories 3 | 43,746 |
Inventories Schedule Of Inventories 4 | 125,483 |
Inventories Schedule Of Inventories 5 | 302,729 |
Inventories Schedule Of Inventories 6 | 890,138 |
Inventories Schedule Of Inventories 7 | 1,693,738 |
Inventories Schedule Of Inventories 8 | 2,382,039 |
Inventories Schedule Of Inventories 9 | 2,141,093 |
Inventories Schedule Of Inventories 10 | $ 3,959,031 |
Schedule of Asset Held for Sale
Schedule of Asset Held for Sale (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Assets Held For Sale Schedule Of Asset Held For Sale 1 | $ 20,430,446 |
Assets Held For Sale Schedule Of Asset Held For Sale 2 | 12,871,988 |
Assets Held For Sale Schedule Of Asset Held For Sale 3 | 33,302,434 |
Assets Held For Sale Schedule Of Asset Held For Sale 4 | (13,032,000) |
Assets Held For Sale Schedule Of Asset Held For Sale 5 | $ 20,270,434 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 1 | $ 580,863 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 2 | 5,259,585 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 3 | 724,948 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 4 | 0 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 5 | 16,318,202 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 6 | 12,027,525 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 7 | 817,725 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 8 | 1,221,681 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 9 | 3,179,938 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 10 | 2,940,349 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 11 | 21,621,676 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 12 | 21,449,140 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 13 | (13,248,715) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 14 | (12,527,743) |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 15 | 8,372,961 |
Property, Plant And Equipment Schedule Of Property, Plant And Equipment 16 | $ 8,921,397 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 1 | $ 4,328,566 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 2 | 4,575,753 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 3 | 946,421 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 4 | 932,765 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 5 | 5,274,987 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 6 | 5,508,518 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 7 | (2,744,884) |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 8 | (2,014,504) |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 9 | 2,530,103 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets 10 | $ 3,494,014 |
Schedule of Intangible Assets,
Schedule of Intangible Assets, Future Amortization Expense (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets, Future Amortization Expense 1 | $ 864,813 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets, Future Amortization Expense 2 | 854,204 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets, Future Amortization Expense 3 | 747,570 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets, Future Amortization Expense 4 | 61,910 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets, Future Amortization Expense 5 | 1,606 |
Land Use Rights And Intangible Assets Schedule Of Intangible Assets, Future Amortization Expense 6 | $ 2,530,103 |
Schedule of Short-term Bank Deb
Schedule of Short-term Bank Debt (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Bank Loans Schedule Of Short-term Bank Debt 1 | $ 15,058,189 |
Bank Loans Schedule Of Short-term Bank Debt 2 | 51,726,194 |
Bank Loans Schedule Of Short-term Bank Debt 3 | 214,797 |
Bank Loans Schedule Of Short-term Bank Debt 4 | 97,675 |
Bank Loans Schedule Of Short-term Bank Debt 5 | 15,272,986 |
Bank Loans Schedule Of Short-term Bank Debt 6 | $ 51,823,869 |
Schedule of Detailed Short-term
Schedule of Detailed Short-term Bank Debt (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Bank Loans Schedule Of Detailed Short-term Bank Debt 1 | $ 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 2 | 32,580,000 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 3 | 2,311,500 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 4 | 5,701,500 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 5 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 6 | 4,048,912 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 7 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 8 | 3,258,000 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 9 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 10 | 1,629,000 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 11 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 12 | 2,443,500 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 13 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 14 | 814,500 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 15 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 16 | 741,195 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 17 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 18 | 372,422 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 19 | 3,082,000 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 20 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 21 | 3,837,089 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 22 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 23 | 5,827,600 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 24 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 25 | 0 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 26 | 137,165 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 27 | 15,058,189 |
Bank Loans Schedule Of Detailed Short-term Bank Debt 28 | $ 51,726,194 |
Schedule of Long-term Bank Debt
Schedule of Long-term Bank Debt (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Bank Loans Schedule Of Long-term Bank Debt 1 | $ 214,797 |
Bank Loans Schedule Of Long-term Bank Debt 2 | 312,305 |
Bank Loans Schedule Of Long-term Bank Debt 3 | (214,797) |
Bank Loans Schedule Of Long-term Bank Debt 4 | (97,675) |
Bank Loans Schedule Of Long-term Bank Debt 5 | 0 |
Bank Loans Schedule Of Long-term Bank Debt 6 | $ 214,630 |
Schedule of Income before Incom
Schedule of Income before Income Tax, Domestic and Foreign (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 1 | $ 3,397,483 |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 2 | (27,612,320) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 3 | (112,313,262) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 4 | (7,787,215) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 5 | (1,478,999) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 6 | (7,656,053) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 7 | (4,389,732) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 8 | (29,091,319) |
Income Taxes Schedule Of Income Before Income Tax, Domestic And Foreign 9 | $ (119,969,315) |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 1 | $ 543,944 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 2 | 4,204 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 3 | (105,440) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 4 | 3,761,084 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 5 | (4,603,763) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 6 | 1,836,585 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 7 | 4,305,028 |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 8 | (4,599,559) |
Income Taxes Schedule Of Components Of Income Tax Expense (benefit) 9 | $ 1,731,145 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 1 | 25.00% |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 2 | 25.00% |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 3 | 25.00% |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 4 | $ (1,097,433) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 5 | (7,272,830) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 6 | (29,992,329) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 7 | (1,771,273) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 8 | 1,753,640 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 9 | 11,616,499 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 10 | 6,039,892 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 11 | 1,471,243 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 12 | 6,557,923 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 13 | 601,779 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 14 | (914,667) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 15 | 11,622,164 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 16 | 532,063 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 17 | 363,055 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 18 | 1,914,013 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 19 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 20 | 0 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 21 | 12,875 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 22 | 4,305,028 |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 23 | (4,599,559) |
Income Taxes Schedule Of Effective Income Tax Rate Reconciliation 24 | $ 1,731,145 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities, Detailed (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 1 | $ 1,810,234 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 2 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 3 | 908,528 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 4 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 5 | 631,424 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 6 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 7 | 3,852,864 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 8 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 9 | 111,803 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 10 | (221,530) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 11 | 132,164 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 12 | (129,317) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 13 | 1,323,187 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 14 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 15 | 1,163,733 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 16 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 17 | 16,618 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 18 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 19 | 31,959 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 20 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 21 | 128,183 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 22 | 135,198 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 23 | 20,133 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 24 | 62,366 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 25 | 4,021,449 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 26 | (86,332) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 27 | 6,109,381 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 28 | (66,951) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 29 | (3,561,212) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 30 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 31 | (1,839,339) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 32 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 33 | 460,237 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 34 | (86,332) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 35 | 4,270,042 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities, Detailed 36 | $ (66,951) |
Schedule of Disposal Groups, In
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 1 | $ 24,904,321 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 2 | 29,522,952 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 3 | 20,725,553 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 4 | 15,040,537 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 5 | 17,541,786 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 6 | 13,003,077 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 7 | 9,856,344 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 8 | 18,031,318 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 9 | 8,883,686 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 10 | 7,440 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 11 | (6,050,152) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 12 | (1,161,210) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 13 | 3,699,088 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 14 | 0 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 15 | 0 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 16 | (2,038,675) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 17 | 1,000,272 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 18 | 821,043 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 19 | 1,667,853 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 20 | (5,049,880) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 21 | (340,167) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 22 | (168,882) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 23 | (210,658) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 24 | (165,400) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 25 | 1,498,971 |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 26 | (5,260,538) |
Discontinued Operations Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures 27 | $ (505,567) |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities of Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 1 | $ 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 2 | 4,499,343 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 3 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 4 | 780,328 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 5 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 6 | 17,027,082 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 7 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 8 | 2,426,697 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 9 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 10 | 109,406 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 11 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 12 | 1,459,415 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 13 | 13,272,186 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 14 | 4,047,405 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 15 | 13,272,186 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 16 | 30,349,676 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 17 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 18 | 2,648,378 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 19 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 20 | 3,881,787 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 21 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 22 | 11,965,326 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 23 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 24 | 12,014,413 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 25 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 26 | 745,275 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 27 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 28 | 31,255,179 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 29 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 30 | 10,860,974 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 31 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 32 | 11,370,469 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 33 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 34 | 495,444 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 35 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 36 | 1,570,911 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 37 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 38 | 2,078,685 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 39 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 40 | 2,237,657 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 41 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 42 | 375,430 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 43 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 44 | 28,989,570 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 45 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 46 | 213,186 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 47 | 0 |
Discontinued Operations Schedule Of Assets And Liabilities Of Discontinued Operations 48 | $ 213,186 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other Current (non-current) Assets Schedule Of Other Current Assets 1 | $ 7,412,911 |
Other Current (non-current) Assets Schedule Of Other Current Assets 2 | 7,963,454 |
Other Current (non-current) Assets Schedule Of Other Current Assets 3 | 375,253 |
Other Current (non-current) Assets Schedule Of Other Current Assets 4 | 2,089,332 |
Other Current (non-current) Assets Schedule Of Other Current Assets 5 | 67,722 |
Other Current (non-current) Assets Schedule Of Other Current Assets 6 | 315,400 |
Other Current (non-current) Assets Schedule Of Other Current Assets 7 | 257,975 |
Other Current (non-current) Assets Schedule Of Other Current Assets 8 | 405,124 |
Other Current (non-current) Assets Schedule Of Other Current Assets 9 | 8,113,861 |
Other Current (non-current) Assets Schedule Of Other Current Assets 10 | $ 10,773,310 |
Schedule of Other Assets, Noncu
Schedule of Other Assets, Noncurrent (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other Current (non-current) Assets Schedule Of Other Assets, Noncurrent 1 | $ 2,065,000 |
Other Current (non-current) Assets Schedule Of Other Assets, Noncurrent 2 | $ 0 |
Schedule of Derivative Liabilit
Schedule of Derivative Liabilities at Fair Value (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 1 | $ 0 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 2 | 0 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 3 | 0 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 4 | 1,075,500 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 5 | 3,907,194 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 6 | 4,982,694 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 7 | 0 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 8 | (8,941,489) |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 9 | (8,941,489) |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 10 | 0 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 11 | (542,806) |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 12 | (542,806) |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 13 | (918,969) |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 14 | 6,576,956 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 15 | 5,657,987 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 16 | 156,531 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 17 | 999,855 |
Warrants Liability Schedule Of Derivative Liabilities At Fair Value 18 | $ 1,156,386 |
Schedule of Derivative Instrume
Schedule of Derivative Instruments (Details) | 12 Months Ended |
Dec. 31, 2015yr | |
Warrants Liability Schedule Of Derivative Instruments 1 | 89.55% |
Warrants Liability Schedule Of Derivative Instruments 2 | 150.85 |
Warrants Liability Schedule Of Derivative Instruments 3 | 1.268% |
Warrants Liability Schedule Of Derivative Instruments 4 | 0.56% |
Warrants Liability Schedule Of Derivative Instruments 5 | 0.00% |
Warrants Liability Schedule Of Derivative Instruments 6 | 0.00% |
Warrants Liability Schedule Of Derivative Instruments 7 | 2.4 |
Warrants Liability Schedule Of Derivative Instruments 8 | 0.2 |
Warrants Liability Schedule Of Derivative Instruments 9 | 1.68 |
Warrants Liability Schedule Of Derivative Instruments 10 | 1.68 |
Warrants Liability Schedule Of Derivative Instruments 11 | 7.73 |
Warrants Liability Schedule Of Derivative Instruments 12 | 7.09 |
Warrants Liability Schedule Of Derivative Instruments 13 | 88.00% |
Warrants Liability Schedule Of Derivative Instruments 14 | 92.00% |
Warrants Liability Schedule Of Derivative Instruments 15 | 1.00% |
Warrants Liability Schedule Of Derivative Instruments 16 | 0.09% |
Warrants Liability Schedule Of Derivative Instruments 17 | 0.00% |
Warrants Liability Schedule Of Derivative Instruments 18 | 0.00% |
Warrants Liability Schedule Of Derivative Instruments 19 | 3 |
Warrants Liability Schedule Of Derivative Instruments 20 | 3.85 |
Warrants Liability Schedule Of Derivative Instruments 21 | 3.85 |
Warrants Liability Schedule Of Derivative Instruments 22 | 7.73 |
Warrants Liability Schedule Of Derivative Instruments 23 | 7.09 |
Schedule of Other Payable and A
Schedule of Other Payable and Accrued Expenses (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 1 | $ 1,889,818 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 2 | 3,174,701 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 3 | 0 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 4 | 1,548,202 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 5 | 1,202,185 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 6 | 854,801 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 7 | 433,000 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 8 | 0 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 9 | 392,771 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 10 | 0 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 11 | 249,895 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 12 | 681,352 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 13 | 402,629 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 14 | 693,901 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 15 | 4,570,298 |
Other Payables And Accrued Expenses Schedule Of Other Payable And Accrued Expenses 16 | $ 6,952,957 |
Schedule of Total Revenues from
Schedule of Total Revenues from Segments (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Consolidated Segment Data Schedule Of Total Revenues From Segments 1 | $ 2,970,952 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 2 | 13,024,506 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 3 | 7,699,309 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 4 | 7,313,916 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 5 | 25,610,241 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 6 | 47,720,522 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 7 | 10,284,868 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 8 | 38,634,747 |
Consolidated Segment Data Schedule Of Total Revenues From Segments 9 | $ 55,419,831 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, Revenues by Segment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 1 | $ (2,593,743) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 2 | (7,675,174) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 3 | (72,465,226) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 4 | (22,238,917) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 5 | (14,876,016) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 6 | (45,416,341) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 7 | (2,130,697) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 8 | (1,358,023) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 9 | (333,801) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 10 | (26,963,357) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 11 | (23,909,213) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 12 | (118,215,368) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 13 | 31,271,674 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 14 | 268,543 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 15 | 2,732,946 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 16 | 76,716 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 17 | 408,121 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 18 | 447,586 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 19 | (3,116,777) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 20 | (5,858,770) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 21 | (4,934,479) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 22 | (5,657,988) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 23 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 24 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 25 | (4,389,732) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 26 | (29,091,319) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 27 | (119,969,315) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 28 | (4,305,028) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 29 | 4,599,559 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 30 | (1,731,145) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 31 | (8,694,760) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 32 | (24,491,760) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 33 | (121,700,460) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 34 | 1,498,971 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 35 | (5,260,538) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 36 | (505,567) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 37 | (7,195,789) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 38 | (29,752,298) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 39 | (122,206,027) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 40 | (308,473) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 41 | 520,951 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 42 | 2,969,204 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 43 | (7,504,262) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 44 | (29,231,347) |
Consolidated Segment Data Schedule Of Segment Reporting Information, Revenues By Segment 45 | $ (119,236,823) |
Schedule of Non-Cash Employee C
Schedule of Non-Cash Employee Compensation (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 1 | $ 0 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 2 | 81,615 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 3 | 575,000 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 4 | 0 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 5 | 0 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 6 | 6,325,000 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 7 | 102,282 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 8 | 0 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 9 | 0 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 10 | 102,282 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 11 | 81,615 |
Consolidated Segment Data Schedule Of Non-cash Employee Compensation 12 | $ 6,900,000 |
Schedule of Segment Reportin107
Schedule of Segment Reporting Information, (Loss) Income From Operations by Segment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 1 | $ 90,379 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 2 | 420,556 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 3 | 3,492,732 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 4 | 2,332,037 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 5 | 2,513,790 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 6 | 5,470,520 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 7 | 119,078 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 8 | 119,078 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 9 | 104,165 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 10 | 2,541,494 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 11 | 3,053,424 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 12 | 9,067,417 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 13 | 910,824 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 14 | 3,102,627 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 15 | 36,383,487 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 16 | 1,748,675 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 17 | 3,287,604 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 18 | 30,655,158 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 19 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 20 | 8,232 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 21 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 21 | 2,659,499 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 22 | 6,398,463 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 23 | 67,038,645 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 24 | 226,943 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 25 | 308,683 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 26 | (51,509) |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 27 | 47,720 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 28 | 3,499,624 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 29 | 933,425 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 30 | 274,663 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 31 | 3,808,307 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 32 | 881,916 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 33 | 7,851,987 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 34 | 4,685,843 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 35 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 36 | 1,066,440 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 37 | 2,329,884 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 38 | 2,008,249 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 39 | 8,918,427 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 40 | 7,015,727 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 41 | 2,008,249 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 42 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 43 | 0 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 44 | 14,024,289 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 45 | 4,616,679 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 46 | 827,319 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 47 | 15,952,701 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 48 | 4,616,679 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 49 | 827,319 |
Consolidated Segment Data Schedule Of Segment Reporting Information, (loss) Income From Operations By Segment 50 | $ 29,976,990 |
Schedule of Segment Reportin108
Schedule of Segment Reporting Information, Total Assets by Segment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 1 | $ 19,803,442 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 2 | 30,120,023 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 4 | 32,651,184 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 5 | 86,444,794 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 7 | 364,892 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 8 | 1,236,137 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 10 | 13,272,186 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 11 | 60,152,454 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 13 | 66,091,704 |
Consolidated Segment Data Schedule Of Segment Reporting Information, Total Assets By Segment 14 | $ 179,405,809 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $ 108,720 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 71,150 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 3 | $ 179,870 |