2014 Form 10-K Financial Statement

#000114420414055877 Filed on September 15, 2014

View on sec.gov

Income Statement

Concept 2014 2013 Q2 2013 Q1
Revenue $325.9K $69.78M $65.87M
YoY Change -2.11% 21.76% 9.76%
Cost Of Revenue $142.2M $45.30M $44.13M
YoY Change 3.41% 26.54% 17.67%
Gross Profit $91.20M $24.51M $21.75M
YoY Change 14.88% 14.0% -3.25%
Gross Profit Margin 27981.69% 35.13% 33.01%
Selling, General & Admin $23.33M $6.600M $5.221M
YoY Change 66.3% -4.35% -20.89%
% of Gross Profit 25.58% 26.93% 24.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.26M $4.740M $4.016M
YoY Change 125.29% 264.62% 139.06%
% of Gross Profit 36.47% 19.34% 18.47%
Operating Expenses $55.88M $6.500M $12.20M
YoY Change 132.85% -5.8% 82.16%
Operating Profit $35.32M $17.94M $16.52M
YoY Change -36.23% 22.97% 4.18%
Interest Expense $1.381M -$300.0K $298.5K
YoY Change 2.2% -25.0% -159.69%
% of Operating Profit 3.91% -1.67% 1.81%
Other Income/Expense, Net -$1.742M -$251.5K $17.77K
YoY Change 307.56% -25.97% -103.41%
Pretax Income $33.58M $17.70M $16.50M
YoY Change -38.91% 24.65% 7.84%
Income Tax $8.061M $3.400M $3.100M
% Of Pretax Income 24.01% 19.21% 18.79%
Net Earnings $25.51M $14.26M $13.41M
YoY Change -43.01% 28.38% 8.37%
Net Earnings / Revenue 7828.44% 20.44% 20.36%
Basic Earnings Per Share $0.81 $0.51 $0.48
Diluted Earnings Per Share $0.81 $0.51 $0.48
COMMON SHARES
Basic Shares Outstanding 31.40M shares
Diluted Shares Outstanding 31.40M shares

Balance Sheet

Concept 2014 2013 Q2 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.90M $75.00M $77.70M
YoY Change -64.13% 4.17% 14.6%
Cash & Equivalents $26.90M $75.03M $77.65M
Short-Term Investments
Other Short-Term Assets $33.10M $397.9K $9.900M
YoY Change 2.48% 32.84% 45.59%
Inventory $75.50M $34.51M $48.10M
Prepaid Expenses
Receivables $88.80M $85.32M $74.00M
Other Receivables $3.900M $0.00 $500.0K
Total Short-Term Assets $228.2M $227.2M $210.1M
YoY Change 0.44% 29.74% 22.44%
LONG-TERM ASSETS
Property, Plant & Equipment $48.10M $50.66M $86.80M
YoY Change -5.13% -36.75% 11.57%
Goodwill $5.185M
YoY Change 2.15%
Intangibles $26.61M
YoY Change -3.66%
Long-Term Investments
YoY Change
Other Assets $83.80M $165.8K $100.0K
YoY Change 114.32% -8.94% -50.0%
Total Long-Term Assets $164.9M $121.6M $118.6M
YoY Change 35.72% 7.63% 6.75%
TOTAL ASSETS
Total Short-Term Assets $228.2M $227.2M $210.1M
Total Long-Term Assets $164.9M $121.6M $118.6M
Total Assets $393.1M $348.7M $328.7M
YoY Change 12.73% 21.07% 16.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.100M $3.375M $6.500M
YoY Change 8.51% -50.95% 1.56%
Accrued Expenses $3.100M $2.700M $3.100M
YoY Change 6.9% -4.48% 6.9%
Deferred Revenue
YoY Change
Short-Term Debt $24.00M $16.10M $17.00M
YoY Change 49.07% 15.56% 22.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.10M $51.88M $51.20M
YoY Change 17.73% 13.33% -4.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $61.10M $51.88M $51.20M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $61.10M $51.90M $51.20M
YoY Change 17.73% 13.32% -4.83%
SHAREHOLDERS EQUITY
Retained Earnings $148.9M
YoY Change 36.45%
Common Stock $106.0M
YoY Change 3.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $332.0M $296.9M $277.5M
YoY Change
Total Liabilities & Shareholders Equity $393.1M $348.7M $328.7M
YoY Change 12.73% 21.07% 16.27%

Cashflow Statement

Concept 2014 2013 Q2 2013 Q1
OPERATING ACTIVITIES
Net Income $25.51M $14.26M $13.41M
YoY Change -43.01% 28.38% 8.37%
Depreciation, Depletion And Amortization $33.26M $4.740M $4.016M
YoY Change 125.29% 264.62% 139.06%
Cash From Operating Activities $16.61M $14.82M $6.260M
YoY Change -48.24% 114.16% 180.72%
INVESTING ACTIVITIES
Capital Expenditures $1.602M -$17.44M -$6.350M
YoY Change 202.63% 462.58% 86.76%
Acquisitions
YoY Change
Other Investing Activities -$72.06M $0.00
YoY Change
Cash From Investing Activities -$73.66M -$17.44M -$6.350M
YoY Change 127.0% 462.58% 86.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.510M -1.100M 2.380M
YoY Change 362.52% -443.75% 600.0%
NET CHANGE
Cash From Operating Activities 16.61M 14.82M 6.260M
Cash From Investing Activities -73.66M -17.44M -6.350M
Cash From Financing Activities 8.510M -1.100M 2.380M
Net Change In Cash -48.54M -3.720M 2.290M
YoY Change -3376.44% -189.86% -375.9%
FREE CASH FLOW
Cash From Operating Activities $16.61M $14.82M $6.260M
Capital Expenditures $1.602M -$17.44M -$6.350M
Free Cash Flow $15.01M $32.26M $12.61M
YoY Change -52.45% 221.96% 123.98%

Facts In Submission

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CY2014 us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u>Use of estimates</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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the short-term loan payables consist of eleven loans which mature on dates ranging from August 16, 2013 through April 24, 2015
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CY2014 us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>NOTE 1 &#150; ORGANIZATION AND DESCRIPTION OF BUSINESS</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">China Green Agriculture, Inc. (the &#8220;Company&#8221;, &#8220;Parent Company&#8221; or &#8220;Green Nevada&#8221;), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production and distribution of agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Unless the context indicates otherwise, as used in the notes to the financial statements of the Company, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (&#8220;Green New Jersey&#8221;), a wholly-owned subsidiary of Green Nevada incorporated in the State of New Jersey; (ii) Shaanxi TechTeamJinongHumic Acid Product Co., Ltd. (&#8220;Jinong&#8221;), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi&#8217;an Jintai Agriculture Technology Development Company (&#8220;Jintai&#8221;), wholly-owned subsidiary of Jinong in the PRC, (iv) Xi&#8217;an Hu County Yuxing Agriculture Technology Development Co., Ltd. (&#8220;Yuxing&#8221;), a Variable Interest Entity (&#8220;VIE&#8221;) in the PRC controlled by Jinong through contractual agreements; (v) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (&#8220;Gufeng&#8221;), and (vi) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng&#8217;s wholly-owned subsidiary in the PRC (&#8220;Tianjuyuan&#8221;).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> The Company&#8217;s corporate structure as of June 30, 2014 is set forth in the diagram below:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" align="center"><font style="FONT-FAMILY: Times New Roman; font-size:10pt;; FONT-SIZE: 10pt"> <img src="tlogo.jpg"/></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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2014
CY2014 dei Document Fiscal Period Focus
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China Green Agriculture, Inc.
CY2014 dei Entity Central Index Key
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0000857949
CY2014 dei Current Fiscal Year End Date
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--06-30
CY2014 dei Entity Well Known Seasoned Issuer
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No
CY2014 dei Entity Voluntary Filers
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CY2014 dei Entity Current Reporting Status
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CY2014 dei Entity Filer Category
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Accelerated Filer
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CY2014 dei Trading Symbol
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CY2014 us-gaap Goodwill Translation Adjustments
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41957825 USD
CY2013 us-gaap Net Income Loss Attributable To Parent Diluted
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CY2014 us-gaap Intermediate Life Plants Useful Life
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P8Y
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300001 USD
CY2014 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2012 cga Transfer Of Property Plant And Equipment To Assets Held For Sale
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0 USD
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0 USD
CY2011Q2 us-gaap Stockholders Equity
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CY2012 us-gaap Stock Issued During Period Value Issued For Cash
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CY2012 us-gaap Stock Issued During Period Value Issued For Services
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CY2013 us-gaap Stock Issued During Period Value Issued For Services
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CY2014 us-gaap Stock Issued During Period Value Issued For Services
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CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2012 cga Transfer To Statutory Reserve
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0 USD
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0 USD
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0 USD
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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4876751 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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6032903 USD
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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1027081 USD
CY2012Q2 us-gaap Stockholders Equity
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242256654 USD
CY2013 cga Stock Issued During Period Value For Payment Of Due To Related Party
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300000 USD
CY2014 cga Stock Issued During Period Value For Payment Of Due To Related Party
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525000 USD
CY2012 us-gaap Current Foreign Tax Expense Benefit
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10801313 USD
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CY2014 us-gaap Current Foreign Tax Expense Benefit
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CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
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0 USD
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
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0 USD
CY2014 us-gaap Deferred Foreign Income Tax Expense Benefit
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0 USD
CY2013Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2014Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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9616214 USD
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CY2014Q2 us-gaap Deferred Tax Assets Gross
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CY2013Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2014Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2013Q2 us-gaap Deferred Tax Assets Net
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0 USD
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CY2012 us-gaap Revenues
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CY2013 us-gaap Revenues
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CY2012Q4 us-gaap Nonoperating Income Expense
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CY2013Q1 us-gaap Net Income Loss
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CY2013Q4 us-gaap Earnings Per Share Basic
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CY2013Q1 us-gaap Earnings Per Share Diluted
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CY2014Q1 us-gaap Earnings Per Share Diluted
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CY2014Q1 us-gaap Gross Profit
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CY2013Q2 us-gaap Operating Income Loss
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CY2014 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
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14.02
CY2014 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
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14.70
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P6M
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <u>Revenue recognition</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> Sales revenue is recognized on the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured.&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> The Company's revenue consists of invoiced value of goods, net of a value-added tax (VAT). No product return or sales discount allowance are made as products delivered and accepted by customers are not returnable and sales discounts are not granted after products are delivered.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q2 us-gaap Restricted Investments Percent Of Net Assets
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0.25 pure
CY2014Q2 us-gaap Restricted Investments Percent Of Net Assets
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0.25 pure
CY2014 us-gaap Prior Period Reclassification Adjustment Description
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