Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash $ 11,797,659 $ 8,156,599
Accounts receivable, net of allowance for doubtful accounts 41,566,819 9,133,130
Inventories, net of reserve for obsolete inventories 6,033,328 9,095,736
Prepaid expense 288,292 4,309,574
Prepaid expense - related parties 3,107,842 0
Deferred expense - related parties 2,236,288 0
Advance to suppliers 258,085 0
Other receivable 168,222 11,665
Total Current Assets 65,456,535 30,706,704
OTHER ASSETS:    
Long-term investment 19,338,902 3,468,953
Prepayment for long-term assets 28,802,523 33,985,148
Property, plant and equipment, net 120,956,039 101,970,707
Total Other Assets 169,097,464 139,424,808
Total Assets 234,553,999 170,131,512
CURRENT LIABILITIES:    
Accounts payable 312,405 2,184,964
Accounts payable - related parties 4,343,814 13,807,605
Advance from customers 161,901 297,034
Short-term bank loans 36,071,023 9,085,353
Long-term bank loans - current portion 26,895,700 20,252,077
Accrued liabilities and other payable 4,812,723 4,643,272
Due to related parties 673,348 0
Dividend payable 790,551 0
Deferred grant income 0 520,045
Total Current Liabilities 74,061,465 50,790,350
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 44,706,991 54,499,727
Total Liabilities 118,768,456 105,290,077
SHAREHOLDERS' EQUITY:    
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at September 30, 2014 and December 31, 2013) 79,055 79,055
Additional paid-in capital 117,525,377 117,525,377
Accumulated deficit (12,019,389) (63,654,445)
Statutory reserve 6,412,892 6,412,892
Accumulated other comprehensive income - foreign currency translation adjustment 3,787,608 4,478,556
Total Shareholders' Equity 115,785,543 64,841,435
Total Liabilities and Shareholders' Equity $ 234,553,999 $ 170,131,512