CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| REVENUES: | ||||
| Revenue | $ 3,125,596 | $ 4,479,113 | $ 10,308,320 | $ 15,848,218 |
| Cost of revenue | 2,695,900 | 3,720,447 | 8,635,392 | 12,667,104 |
| Inventory obsolescence | 79,728 | 436,666 | 200,044 | 1,855,814 |
| Gross (loss) profit | 349,968 | 322,000 | 1,472,884 | 1,325,300 |
| Operating expenses: | ||||
| Selling expenses | 927,187 | 1,155,137 | 2,753,388 | 3,156,553 |
| General and administrative expenses | 294,367 | 384,412 | 1,394,250 | 1,315,867 |
| Research and development expenses | 99,095 | 405,438 | 289,189 | 741,116 |
| Bad debt expense (benefit) | (69,899) | (3,160,862) | 1,005,949 | 6,045,352 |
| Impairment of long term assets | 644,696 | 0 | 1,467,235 | 0 |
| Total operating expenses | 1,895,446 | (1,215,875) | 6,910,011 | 11,258,888 |
| Subsidy income | (2,325) | 1,655,683 | 346,347 | 1,655,683 |
| Income (loss) from operations | (1,547,803) | 3,193,558 | (5,090,780) | (8,277,905) |
| Other income (expense): | ||||
| Interest income | 32,434 | 36,185 | 99,149 | 93,262 |
| Interest expense | (213,740) | (279,113) | (699,932) | (915,310) |
| Net other expense | (181,306) | (242,928) | (600,783) | (822,048) |
| Income (loss) before income taxes | (1,729,109) | 2,950,630 | (5,691,563) | (9,099,953) |
| Income tax expense | (20,800) | (18,906) | (65,044) | (57,618) |
| Net income (loss) | (1,749,909) | 2,931,724 | (5,756,607) | (9,157,571) |
| Other comprehensive income (loss) - foreign currency translation adjustment | (275,928) | (3,794,761) | (1,949,137) | (2,959,348) |
| Comprehensive income (loss) | $ (2,025,837) | $ (863,037) | $ (7,705,744) | $ (12,116,919) |
| Income (loss) per share: | ||||
| Basic | $ (0.04) | $ 0.07 | $ (0.13) | $ (0.21) |
| Diluted | $ (0.04) | $ 0.07 | $ (0.13) | $ (0.21) |