|
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 2,819,542 |
$ 2,317,456 |
| Restricted cash |
1,056,379 |
1,574,233 |
| Accounts receivable, net |
10,211,778 |
10,617,416 |
| Retention receivable, current |
904,367 |
734,214 |
| Inventories |
876,824 |
581,176 |
| Prepayments and other receivables |
1,275,708 |
1,532,283 |
| Total current assets |
17,144,598 |
17,356,778 |
| Construction in progress |
12,707,723 |
12,106,316 |
| Land use rights, net |
3,101,917 |
3,118,482 |
| Plant and equipment, net |
10,944,845 |
11,236,347 |
| TOTAL ASSETS |
43,899,083 |
43,817,923 |
| Current liabilities: |
|
|
| Accounts payable, trade |
2,410,053 |
2,679,267 |
| Short-term bank borrowings |
5,803,440 |
7,296,570 |
| Notes payable, related party |
3,082,354 |
1,500,000 |
| Amount due to a related party |
431,682 |
431,682 |
| Income tax payable |
11,976 |
93,407 |
| Convertible promissory notes, net |
960,000 |
|
| Current portion of obligation under finance lease |
|
34,287 |
| Other payables and accrued liabilities |
1,493,772 |
1,304,887 |
| Total current liabilities |
14,193,277 |
13,340,100 |
| Long-term liabilities: |
|
|
| Convertible promissory notes, net |
|
960,000 |
| TOTAL LIABILITIES |
14,193,277 |
14,300,100 |
| Commitments and contingencies |
|
|
| Stockholders' equity: |
|
|
| Common stock, $0.001 par value; 50,000,000 shares authorized; 5,326,501 shares issued and outstanding as of June 30, 2012 and December 31, 2011 |
5,326 |
5,326 |
| Additional paid-in capital |
8,443,563 |
8,443,563 |
| Statutory reserve |
2,203,798 |
2,203,798 |
| Accumulated other comprehensive income |
3,600,372 |
3,431,354 |
| Retained earnings |
15,452,747 |
15,433,782 |
| Total stockholders' equity |
29,705,806 |
29,517,823 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 43,899,083 |
$ 43,817,923 |