Oriental Dragon Corp

CIK:0001368196|SEC Filings

Organization and Business Operations (Details) In Millions, except Share data, unless otherwise specified	Sep. 30, 2013 USD ($)	Oct. 22, 2009	Jun. 10, 2009 Shareholder Owner	Jun. 09, 2009 USD ($)	Nov. 22, 2004 USD ($)	Nov. 22, 2004 CNY
Organization and Business Operations (Textual)
Common stock issued in reverse stock transaction		21,333,332
Percentage of outstanding capital stock owns		100.00%
Registered capital	$ 13.9			$ 15.0	$ 1.2	10.0
Number of shareholders in contractual agreement			5
Number of owners of Longkang vested collective voting control under agreement			5

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 22,959,580	$ 27,415,834
Adjustments to reconcile net income from operations to net cash provided by operating activities:
Depreciation	1,726,775	1,552,347
Amortization of land use rights	3,177,500	1,514,794
Inventory reserve		(49,858)
Stock-based compensation	18,000
Deferred income taxes	49,227	48,442
Changes in assets and liabilities:
Accounts receivable	18,115	(55,146)
Inventories	526,493	10,043,009
Prepaid and other current assets	9,362	(1,551)
Accounts payable	(465,373)	(3,259,267)
Accrued expenses	(741,785)	(750,816)
VAT and other taxes payable	(1,936,924)	309,921
Advance from customers	1,880,278
Income taxes payable	(2,721,855)	(2,202,919)
NET CASH PROVIDED BY OPERATING ACTIVITIES	24,499,393	34,564,790
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of land use rights	(21,894,552)	(21,723,647)
Purchase of property and equipment	(564,515)	(42,038)
NET CASH USED IN INVESTING ACTIVITIES	(22,459,067)	(21,765,685)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in cash - restricted	940	224,184
NET CASH PROVIDED BY FINANCING ACTIVITIES	940	224,184
EFFECT OF EXCHANGE RATE ON CASH	1,421,054	256,610
NET INCREASE IN CASH AND CASH EQUIVALENTS	3,462,320	13,279,899
CASH AND CASH EQUIVALENTS - beginning of period	52,160,008	54,287,373
CASH AND CASH EQUIVALENTS - end of period	55,622,328	67,567,272
Cash paid for:
Interest
Income taxes	10,338,443	11,358,092
Non-cash investing and financing activities:
Issuance of common stock for accounts payable	$ 24,000

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
CURRENT ASSETS:
Cash and cash equivalents	$ 55,622,328	$ 52,160,008
Cash - restricted		940
Accounts receivable, net of allowance for uncollectible accounts		17,854
Inventories, net of reserve for obsolete inventory	3,504,601	3,931,980
Prepaid expenses and other	30,077	38,572
Total Current Assets	59,157,006	56,149,354
PROPERTY AND EQUIPMENT, net	17,017,888	17,719,038
OTHER ASSETS:
Land use rights, net	131,748,844	109,863,074
Deferred tax assets	747,222	776,229
Total Assets	208,670,960	184,507,695
CURRENT LIABILITIES:
Accounts payable	27,670	510,153
Accrued expenses	1,000,059	1,710,810
Advances from customers	1,902,741
Income taxes payable	3,405,438	5,998,995
VAT and other taxes payable	2,091,830	3,946,110
Total Current Liabilities	8,427,738	12,166,068
COMMITMENT AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preference shares ($0.001 par value; 1,000,000 shares authorized, none issued and outstanding at September 30, 2013 and December 31, 2012)
Ordinary shares ($0.001 par value; 50,000,000 shares authorized, 29,023,171 and 27,509,171 shares issued and 27,523,171 and 27,509,171 share outstanding at September 30, 2013 and December 31, 2012, respectively)	27,523	27,509
Additional paid-in capital	16,427,283	16,385,297
Retained earnings	158,434,467	136,935,716
Statutory and non-statutory reserves	10,480,591	9,019,762
Accumulated other comprehensive income	14,873,358	9,973,343
Total Shareholders' Equity	200,243,222	172,341,627
Total Liabilities and Shareholders' Equity	$ 208,670,960	$ 184,507,695