|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 5,061,766 |
$ 4,050,854 |
| Banker's acceptances |
365,248 |
83,512 |
| Trade accounts receivable, less allowance for doubtful accounts of $4,268,356 and $3,536,405, respectively |
69,819,575 |
69,695,556 |
| Other receivables, less allowance for doubtful accounts of $52,860 and $38,921, respectively |
128,841 |
55,039 |
| Advances to suppliers |
4,833,859 |
5,778,841 |
| Inventory |
37,814,472 |
30,378,658 |
| Deferred tax assets |
678,297 |
566,226 |
| Total Current Assets |
118,702,058 |
110,608,686 |
| Advances for purchases of property and equipment |
1,190,423 |
170,323 |
| Advances for purchases of intangible assets |
37,691,586 |
36,194,494 |
| Property and equipment, net of accumulated depreciation of $4,049,480 and $3,391,124, respectively |
5,818,475 |
6,334,817 |
| Intangible assets, net of accumulated amortization of $3,518,478 and $3,041,804, respectively |
2,644,281 |
3,082,671 |
| TOTAL ASSETS |
166,046,823 |
156,390,991 |
| Current Liabilities: |
|
|
| Trade accounts payable |
4,790,189 |
3,112,385 |
| Accrued expenses |
193,088 |
184,017 |
| Accrued taxes payable |
3,018,972 |
3,082,353 |
| Other payables |
966,432 |
822,448 |
| Advances from customers |
2,361,660 |
1,784,474 |
| Other payables - related parties |
1,254,567 |
861,563 |
| Short-term notes payable |
3,956,322 |
3,931,745 |
| Total Current Liabilities |
16,541,230 |
13,778,985 |
| Long-term deferred tax liability |
170,756 |
128,909 |
| Total Liabilities |
16,711,986 |
13,907,894 |
| Stockholders' Equity: |
|
|
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding |
0 |
0 |
| Common stock, $0.001 par value; 95,000,000 shares authorized; 43,579,557 shares and 43,529,557 shares outstanding, respectively |
43,580 |
43,530 |
| Additional paid-in capital |
23,590,204 |
23,448,534 |
| Retained earnings |
110,148,426 |
104,286,666 |
| Accumulated other comprehensive income |
15,552,627 |
14,704,367 |
| Total Stockholders' Equity |
149,334,837 |
142,483,097 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 166,046,823 |
$ 156,390,991 |