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EXCEL - IDEA: XBRL DOCUMENT - NEW ENERGY SYSTEMS GROUPFinancial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - NEW ENERGY SYSTEMS GROUPex321.htm
EX-31.1 - EXHIBIT 31.1 - NEW ENERGY SYSTEMS GROUPex311.htm
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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