NEW ENERGY SYSTEMS GROUP - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 16, 2012

Attached files
FileFilename
EXCEL - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPFinancial_Report.xls
10-Q - NEW ENERGY SYSTEMS GROUP FORM 10-Q - NEW ENERGY SYSTEMS GROUPform10q.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR7.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR5.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR9.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR8.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR6.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR4.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR2.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR22.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR18.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR15.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR11.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR10.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR17.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR14.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR12.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR13.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR20.htm
EX-32.1 - EXHIBIT 32.1 - NEW ENERGY SYSTEMS GROUPex321.htm
EX-31.1 - EXHIBIT 31.1 - NEW ENERGY SYSTEMS GROUPex311.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR3.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR1.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR24.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR19.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR23.htm
XML - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPR16.htm
EX-31.2 - EXHIBIT 31.2 - NEW ENERGY SYSTEMS GROUPex312.htm
EX-32.2 - EXHIBIT 32.2 - NEW ENERGY SYSTEMS GROUPex322.htm
v2.4.0.6
DISPOSAL OF SUBSIDIARIES
 3 Months Ended
Mar. 31, 2012
Disposal Of Subsidiaries  
DISPOSAL OF SUBSIDIARIES
Note 17 – DISPOSAL OF SUBSIDIARIES
 
Disposal of Subsidiaries

On November 24, 2011, the Company entered into an Equity Transfer Agreement with Xuemei Fang (“Fang”) and Weirong Xu (“Xu”, and together with Fang, the “Buyers”) to transfer 100% of the equity interest of Billion to the Buyers for RMB 85,553,893 ($13.50 million). The selling price equals the appraisal value of Billion, including its wholly owned subsidiaries E’Jenie and NewPower, less RMB 153,033,107 ($24.16 million) of debt that the Company owes E’Jenie, which shall be cancelled upon completion of the Equity Transfer. Xu was the Director of Marketing of NewPower and Fang was the Vice President of E’Jenie at the time of the sale. 20% of the purchase price will be paid upon the registration of the Equity Transfer with the relevant PRC authority. Thereafter, the Buyers will pay an aggregate of approximately $920,000 (RMB 5,800,000) every two months until the purchase price is paid in full.  As of April 30, 2012, the Company received RMB 29,780,733 ($4,731,381) and had an outstanding receivable of RMB 55,773,160 ($8,860,900).
 
The following table summarizes the fair values of the assets and liabilities disposed assumed at the date of disposal. The fair values of the assets disposed and liabilities assumed at agreement date are used for the purpose of selling price allocation. The excess of the selling price over the FV of the net assets disposed of $292,067 was recorded as disposal gain.
 
Cash
  
$
4,033,446
  
Accounts receivable
    
2,626,389
  
Other receivable
    
24,156,003
  
Inventory
    
518,457
  
Taxes receivable
    
1,297,924
  
Property and equipment, net
    
912,775
  
Intangible assets, net
    
6,285,970
  
Accounts payable
    
(861,597
)
Other payable and accrued expenses
    
(241,125
)
Deferred tax liability
    
(1,362,935
)
Disposal gain
    
292,067
 
Selling price
  
$
37,657,374
  

User Contributions:

Comment about this document or add new information about this topic:

CAPTCHA


This web site and associated pages are not associated with, endorsed by, or sponsored by NEW ENERGY SYSTEMS GROUP and has no official or unofficial affiliation with NEW ENERGY SYSTEMS GROUP


Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk. This website is not associated with the SEC

Some parts © 2013 Advameg, Inc.