the month-by-month asps ( excluding the asps of digital photo paper ) for the 24 month period ended december 31 , 2014 : 28 corrugating medium paper revenue from corrugating medium paper amounted to $ 96,496,414 ( 71.98 % of total offset printing paper and corrugating medium paper revenue ) for the year ended december 31 , 2014 , representing an increase of $ 15,600,388 , or 19.28 % , from $ 80,896,026 in 2013. we sold 265,132 tonnes of corrugating medium paper in the year ended december 31 , 2014 as compared to 217,136 tonnes for 2013 , representing a 22.10 % increase in the quantities sold . as explained above , the increase is mainly attributable the launch of the operation of our pm1 production line , which produced $ 10,420,384 of light-weight cmp sold in 2014. asp for regular cmp slightly decreased from $ 373/tonne in 2013 to $ 363/tonne in 2014 , representing a 2.68 % decrease . also , our pm6 production line produced an additional 19,770 tonnes , or 9.10 % , of regular cmp that were sold for $ 5,180,004 in 2014. the pm6 production line 's utilization rates for the year ended december 31 , 2014 and 2013 were 65.81 % and 60.32 % , respectively . our month-over-month asp for regular cmp was mostly stable at approximately $ 370/tonne in both 2014 and 2013. the asp for regular cmp for 2014 was $ 363/tonne , representing $ 10 , or 2.68 % , decrease compared to $ 373/tonne for 2013. we believe that the decrease was a result of the slowdown of china 's economic growth starting in the end of 2011 and an over-supply in the chinese paper industry . in the fourth quarter of 2014 , asp for regular cmp recovered to $ 370/tonne from $ 355/tonne , representing an increase of $ 15 , or 4.23 % . we consider this recovery in regular cmp asp as a sign for the lifting of the downward pressure in the chinese packaging paper industry . the asp for light-weight cmp was $ 369/tonne for the period from may through the end of 2014 , slightly higher than the asp of $ 363/tonne for the regular cmp . as described under the heading “ industry consolidation ” in “ business ” section , the government has been requiring outdated paper facilities to close since 2010 and is expected to continue to strictly reinforce the mandatory closure of outdated capacity in the next few years . as a result , we estimate that the average selling prices for corrugating medium paper and other packaging paper will remain relatively stable in 2015 as a result of elimination of outdated paper capacities and the paper industry will witness increased competition and higher standards for environmental protection measures . we launched the pm6 production line in december 2011 and have been improving its output capacity in the past few years . the pm6 production line has a designated capacity of 360,000 tonnes/year . the utilization rates for 2014 and 2013 were 65.81 % and 60.32 % , respectively , representing an increase of 5.49 % . we produced and sold an additional 19,770 tonnes of regular cmp with the pm6 production line in 2014 than in 2013. we expect to see an increased utilization rate in 2015. quantities of sold cmp that was produced by the pm6 production line from january 2013 to december 2014 are as follows : offset printing paper revenue from offset printing paper amounted to $ 37,563,949 ( 28.02 % of total offset printing paper and corrugating medium paper revenue ) for the year ended december 31 , 2014 , which represents a decrease of $ 2,287,658 , or 5.74 % , from $ 39,851,607 in 2013. we sold 54,774 tonnes of offset printing paper in the year ended december 31 , 2014 compared to 58,609 tonnes in 2013 , a decrease of 3,835 tonnes , or 6.54 % . the decline in quantities produced and sold in 2014 was mainly caused by the mandatory suspension of production during the apec summit from october 30 through november 12 , 2014. in the first nine months of 2014 , we sold 42,664 tonnes of offset printing paper compared to 43,140 tonnes for the same period in 2013 , a slight decrease of 476 tonnes , or 1.10 % ; in the last three months of 2014 , due to the discussed production suspension , we sold 12,110 tonnes of offset printing paper compared to 15,469 tonnes for the same period in 2013 , a decrease of 3,359 tonnes , or 21.71 % . the asp for offset printing paper saw a marginal increase of $ 6/tonne , or 0.88 % , from $ 680/tonne in 2013 to $ 686/tonne in 2014. we estimate that the regional market of offset printing paper will be relatively stable and the asp will not experience a significant change in 2015 . 29 revenue of digital photo paper revenue generated from selling digital photo paper was $ 2,981,084 ( 2.18 % of total revenue ) for the year ended december 31 , 2014 , a decrease of $ 1,988,913 , or 40.02 % , from $ 4,969,997 ( 3.95 % of total revenue ) for the year ended december 31 , 2013. the quantity of digital photo paper sold was 763 tonnes for the year ended december 31 , 2014 , a decrease of 521 tonnes , or 40.58 % , from 1,284 tonnes for the year ended december 31 , 2013. when comparing to the year ended december 31 , 2013 , the asp of our digital photo paper in 2014 slightly increased from $ 3,871/tonne to $ 3,907/tonne , representing a year-over-year change of 0.93 % . story_separator_special_tag the sale was consummated on august 15 , 2014 with a gain on disposal of approximately $ 203,620 recognized for the year ended december 31 , 2014. accounts payable and notes payable accounts payable and notes payable was $ 16,113,744 as of december 31 , 2014 , an increase of $ 10,278,957 , or 176.17 % , from $ 5,834,787 as of december 31 , 2013. accounts payable was nil as of december 31 , 2014 , and was $ 926,571 as of december 31 , 2013. we have been relying on the bank and commercial acceptance notes issued under our credit facilities with bank of hebei , commercial bank of the city of zhangjiakou ( the “ cbcz bank ” ) and shanghai pudong development bank ( “ spd bank ” ) to make most of our raw materials payments to our vendors . our notes payable to bank of hebei , cbcz bank and spd bank were $ 16,113,744 and $ 4,908,216 as of december 31 , 2014 and december 31 , 2013 , respectively . 35 liquidity and capital resources overview as of december 31 , 2014 , we had a net working capital deficit of $ 17,915,286 , an increase of $ 15,495,891 from the net working capital deficit of $ 2,419,395 at december 31 , 2013 , primarily due to a substantial increase in short-term bank loans and notes payable to finance construction-in-progress of our capital expenditures projects . total current assets as of december 31 , 2014 amounted to $ 26,554,862. substantially all cash and cash equivalents are cash deposits in bank accounts . restricted cash of $ 8,873,999 was included in our current assets as of december 31 , 2014 and was deposited at bank of hebei , cbcz bank and spd bank for purpose of securing the bank and commercial acceptance notes issued by these banks that are due between january 7 , 2015 and april 23 , 2015. we have been reporting higher balances in current liabilities on our balance sheet since we entered into a three-year sale-leaseback financing on june 16 , 2013 ( see details below ) , which features a three-year fully amortization schedule with periodic principal payments every six months . essentially all proceeds of the sale-leaseback were used to finance the construction cost of the wei county tissue paper expansion project ( see below ) . current liabilities as of december 31 , 2014 totaled $ 44,470,148 , an increase of $ 16,097,425 over the december 31 , 2013 balance of $ 28,372,723 and included the current portion of the capital lease in the amount of $ 12,258,488. we have also been using bank and commercial acceptance notes , which are typical 6-to-12 month notes , to guarantee the payments to our vendors . the notes payable was stated at $ 16,113,744 as of december 31 , 2014 , representing an $ 11,205,528 , or 228.30 % , increase from the balance of $ 4,908,216 as of december 31 , 2013. most of our current short-term bank loans are either revolving or term loans . we expect to renew the loans with the banks on similar terms at or before maturity . all of our short-term loans ( with the exception of the notes payables , which carry no interest but require a certain portion of the credit facilities to be deposited at the issuing banks ) feature interest-only monthly payments with a balloon payment for the entire principal upon the maturity of the loan . in addition to the quarterly interest payments , the long term loans from credit union require semi-annual principal repayment with one large balloon payment upon maturity . the cnftfl lease financing requires quarterly payments of interest and every six months payments of principal , ranging from approximately $ 4.4 million to approximately $ 63,000 during the entire three-year term . efforts to mitigate the net working capital deficit amounts due to related parties were $ 3,376,120 as of december 31 , 2014 , including rent payable due to a related party of $ 227,900 ( see “ relocation of facilities and sale of headquarters compound real properties ” below ) , loan from our chairman and chief executive officer mr. zhenyong liu of $ 2,386,978 and accrued interest payable included in other payables and accrued liabilities of $ 761,242 to mr. liu ( see “ moratorium on interest for related party loan collection ” below ) . excluding the related party payables , the net working capital deficit as of december 31 , 2014 was $ 14,539,166. moratorium of interest for related party loan collection on march 25 , 2014 , our chairman and chief executive officer , mr. zhenyong liu , agreed in writing to permit the company to continue to postpone the repayment of the accrued interest on his loan to orient paper hb until the company 's financial statements show a satisfactory working capital level . the accrued interest owned to mr. liu was approximately $ 761,242 , which was recorded in other payables and accrued liabilities as part of the currently liabilities in the condensed financial statement as of december 31 , 2014. registered direct offering on august 27 , 2014 , we entered into a definitive agreement with an institutional investor for a registered direct placement of $ 2,500,000 of shares of common stock at a price of $ 1.60 per share . in addition , we issued to the investor warrants to purchase up to 781,250 shares of common stock . the warrants have an exercise price of $ 1.70 per share and are exercisable for five years following issuance . we received net proceeds of $ 2,311,002 on september 3 , 2014 , when the offering closed . our loan-to-equity ratio was 37.05 % as of december 31 , 2014. our debt-asset ratio was 27.04 % as of december 31 , 2014. according to a search conducted by www.chinadiaoyan.com , the industry average

cash and cash equivalents our cash and cash equivalents as of december 31 , 2014 was $ 3,891,473 , an increase of $ 760,310 from $ 3,131,163 as of december 31 , 2013. the increase of cash and cash equivalents for the year ended december 31 , 2014 was attributable to a number of factors including : i. net cash provided by operating activities net cash provided by operating activities was $ 32,313,173 for the year ended december 31 , 2014 , an increase of $ 2,391,232 , or 7.99 % , from $ 29,921,941 for the year ended december 31 , 2013. the net income of the year ended december 31 , 2014 was $ 11,706,360 , representing a decrease of $ 1,308,288 , or 10.05 % , from $ 13,014,648 for the year ended december 31 , 2013. nevertheless , changes in various asset and liability account balances during the year ended december 31 , 2014 also contributed to the net change in cash generated from operating activities . chief among such changes is the additional notes payable ( in the forms of bank acceptance note or commercial acceptance note , unique ways for commercial banks in china to guarantee the accounts payable payment for an extended term , usually 6 to 12 months ) in the amount of $ 11,163,003 that we issued with the guarantee from bank of hebei , cbcz bank and spd bank during the year ended december 31 , 2014. there was also a decrease of $ 4,257,805 in the ending inventory balance as of december 31 , 2014 ( as an increase to net cash for cash flow purposes ) .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash and cash equivalents our cash and cash equivalents as of december 31 , 2014 was $ 3,891,473 , an increase of $ 760,310 from $ 3,131,163 as of december 31 , 2013. the increase of cash and cash equivalents for the year ended december 31 , 2014 was attributable to a number of factors including : i. net cash provided by operating activities net cash provided by operating activities was $ 32,313,173 for the year ended december 31 , 2014 , an increase of $ 2,391,232 , or 7.99 % , from $ 29,921,941 for the year ended december 31 , 2013. the net income of the year ended december 31 , 2014 was $ 11,706,360 , representing a decrease of $ 1,308,288 , or 10.05 % , from $ 13,014,648 for the year ended december 31 , 2013. nevertheless , changes in various asset and liability account balances during the year ended december 31 , 2014 also contributed to the net change in cash generated from operating activities . chief among such changes is the additional notes payable ( in the forms of bank acceptance note or commercial acceptance note , unique ways for commercial banks in china to guarantee the accounts payable payment for an extended term , usually 6 to 12 months ) in the amount of $ 11,163,003 that we issued with the guarantee from bank of hebei , cbcz bank and spd bank during the year ended december 31 , 2014. there was also a decrease of $ 4,257,805 in the ending inventory balance as of december 31 , 2014 ( as an increase to net cash for cash flow purposes ) .
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 Suspicious Activity Report : the month-by-month asps ( excluding the asps of digital photo paper ) for the 24 month period ended december 31 , 2014 : 28 corrugating medium paper revenue from corrugating medium paper amounted to $ 96,496,414 ( 71.98 % of total offset printing paper and corrugating medium paper revenue ) for the year ended december 31 , 2014 , representing an increase of $ 15,600,388 , or 19.28 % , from $ 80,896,026 in 2013. we sold 265,132 tonnes of corrugating medium paper in the year ended december 31 , 2014 as compared to 217,136 tonnes for 2013 , representing a 22.10 % increase in the quantities sold . as explained above , the increase is mainly attributable the launch of the operation of our pm1 production line , which produced $ 10,420,384 of light-weight cmp sold in 2014. asp for regular cmp slightly decreased from $ 373/tonne in 2013 to $ 363/tonne in 2014 , representing a 2.68 % decrease . also , our pm6 production line produced an additional 19,770 tonnes , or 9.10 % , of regular cmp that were sold for $ 5,180,004 in 2014. the pm6 production line 's utilization rates for the year ended december 31 , 2014 and 2013 were 65.81 % and 60.32 % , respectively . our month-over-month asp for regular cmp was mostly stable at approximately $ 370/tonne in both 2014 and 2013. the asp for regular cmp for 2014 was $ 363/tonne , representing $ 10 , or 2.68 % , decrease compared to $ 373/tonne for 2013. we believe that the decrease was a result of the slowdown of china 's economic growth starting in the end of 2011 and an over-supply in the chinese paper industry . in the fourth quarter of 2014 , asp for regular cmp recovered to $ 370/tonne from $ 355/tonne , representing an increase of $ 15 , or 4.23 % . we consider this recovery in regular cmp asp as a sign for the lifting of the downward pressure in the chinese packaging paper industry . the asp for light-weight cmp was $ 369/tonne for the period from may through the end of 2014 , slightly higher than the asp of $ 363/tonne for the regular cmp . as described under the heading “ industry consolidation ” in “ business ” section , the government has been requiring outdated paper facilities to close since 2010 and is expected to continue to strictly reinforce the mandatory closure of outdated capacity in the next few years . as a result , we estimate that the average selling prices for corrugating medium paper and other packaging paper will remain relatively stable in 2015 as a result of elimination of outdated paper capacities and the paper industry will witness increased competition and higher standards for environmental protection measures . we launched the pm6 production line in december 2011 and have been improving its output capacity in the past few years . the pm6 production line has a designated capacity of 360,000 tonnes/year . the utilization rates for 2014 and 2013 were 65.81 % and 60.32 % , respectively , representing an increase of 5.49 % . we produced and sold an additional 19,770 tonnes of regular cmp with the pm6 production line in 2014 than in 2013. we expect to see an increased utilization rate in 2015. quantities of sold cmp that was produced by the pm6 production line from january 2013 to december 2014 are as follows : offset printing paper revenue from offset printing paper amounted to $ 37,563,949 ( 28.02 % of total offset printing paper and corrugating medium paper revenue ) for the year ended december 31 , 2014 , which represents a decrease of $ 2,287,658 , or 5.74 % , from $ 39,851,607 in 2013. we sold 54,774 tonnes of offset printing paper in the year ended december 31 , 2014 compared to 58,609 tonnes in 2013 , a decrease of 3,835 tonnes , or 6.54 % . the decline in quantities produced and sold in 2014 was mainly caused by the mandatory suspension of production during the apec summit from october 30 through november 12 , 2014. in the first nine months of 2014 , we sold 42,664 tonnes of offset printing paper compared to 43,140 tonnes for the same period in 2013 , a slight decrease of 476 tonnes , or 1.10 % ; in the last three months of 2014 , due to the discussed production suspension , we sold 12,110 tonnes of offset printing paper compared to 15,469 tonnes for the same period in 2013 , a decrease of 3,359 tonnes , or 21.71 % . the asp for offset printing paper saw a marginal increase of $ 6/tonne , or 0.88 % , from $ 680/tonne in 2013 to $ 686/tonne in 2014. we estimate that the regional market of offset printing paper will be relatively stable and the asp will not experience a significant change in 2015 . 29 revenue of digital photo paper revenue generated from selling digital photo paper was $ 2,981,084 ( 2.18 % of total revenue ) for the year ended december 31 , 2014 , a decrease of $ 1,988,913 , or 40.02 % , from $ 4,969,997 ( 3.95 % of total revenue ) for the year ended december 31 , 2013. the quantity of digital photo paper sold was 763 tonnes for the year ended december 31 , 2014 , a decrease of 521 tonnes , or 40.58 % , from 1,284 tonnes for the year ended december 31 , 2013. when comparing to the year ended december 31 , 2013 , the asp of our digital photo paper in 2014 slightly increased from $ 3,871/tonne to $ 3,907/tonne , representing a year-over-year change of 0.93 % . story_separator_special_tag the sale was consummated on august 15 , 2014 with a gain on disposal of approximately $ 203,620 recognized for the year ended december 31 , 2014. accounts payable and notes payable accounts payable and notes payable was $ 16,113,744 as of december 31 , 2014 , an increase of $ 10,278,957 , or 176.17 % , from $ 5,834,787 as of december 31 , 2013. accounts payable was nil as of december 31 , 2014 , and was $ 926,571 as of december 31 , 2013. we have been relying on the bank and commercial acceptance notes issued under our credit facilities with bank of hebei , commercial bank of the city of zhangjiakou ( the “ cbcz bank ” ) and shanghai pudong development bank ( “ spd bank ” ) to make most of our raw materials payments to our vendors . our notes payable to bank of hebei , cbcz bank and spd bank were $ 16,113,744 and $ 4,908,216 as of december 31 , 2014 and december 31 , 2013 , respectively . 35 liquidity and capital resources overview as of december 31 , 2014 , we had a net working capital deficit of $ 17,915,286 , an increase of $ 15,495,891 from the net working capital deficit of $ 2,419,395 at december 31 , 2013 , primarily due to a substantial increase in short-term bank loans and notes payable to finance construction-in-progress of our capital expenditures projects . total current assets as of december 31 , 2014 amounted to $ 26,554,862. substantially all cash and cash equivalents are cash deposits in bank accounts . restricted cash of $ 8,873,999 was included in our current assets as of december 31 , 2014 and was deposited at bank of hebei , cbcz bank and spd bank for purpose of securing the bank and commercial acceptance notes issued by these banks that are due between january 7 , 2015 and april 23 , 2015. we have been reporting higher balances in current liabilities on our balance sheet since we entered into a three-year sale-leaseback financing on june 16 , 2013 ( see details below ) , which features a three-year fully amortization schedule with periodic principal payments every six months . essentially all proceeds of the sale-leaseback were used to finance the construction cost of the wei county tissue paper expansion project ( see below ) . current liabilities as of december 31 , 2014 totaled $ 44,470,148 , an increase of $ 16,097,425 over the december 31 , 2013 balance of $ 28,372,723 and included the current portion of the capital lease in the amount of $ 12,258,488. we have also been using bank and commercial acceptance notes , which are typical 6-to-12 month notes , to guarantee the payments to our vendors . the notes payable was stated at $ 16,113,744 as of december 31 , 2014 , representing an $ 11,205,528 , or 228.30 % , increase from the balance of $ 4,908,216 as of december 31 , 2013. most of our current short-term bank loans are either revolving or term loans . we expect to renew the loans with the banks on similar terms at or before maturity . all of our short-term loans ( with the exception of the notes payables , which carry no interest but require a certain portion of the credit facilities to be deposited at the issuing banks ) feature interest-only monthly payments with a balloon payment for the entire principal upon the maturity of the loan . in addition to the quarterly interest payments , the long term loans from credit union require semi-annual principal repayment with one large balloon payment upon maturity . the cnftfl lease financing requires quarterly payments of interest and every six months payments of principal , ranging from approximately $ 4.4 million to approximately $ 63,000 during the entire three-year term . efforts to mitigate the net working capital deficit amounts due to related parties were $ 3,376,120 as of december 31 , 2014 , including rent payable due to a related party of $ 227,900 ( see “ relocation of facilities and sale of headquarters compound real properties ” below ) , loan from our chairman and chief executive officer mr. zhenyong liu of $ 2,386,978 and accrued interest payable included in other payables and accrued liabilities of $ 761,242 to mr. liu ( see “ moratorium on interest for related party loan collection ” below ) . excluding the related party payables , the net working capital deficit as of december 31 , 2014 was $ 14,539,166. moratorium of interest for related party loan collection on march 25 , 2014 , our chairman and chief executive officer , mr. zhenyong liu , agreed in writing to permit the company to continue to postpone the repayment of the accrued interest on his loan to orient paper hb until the company 's financial statements show a satisfactory working capital level . the accrued interest owned to mr. liu was approximately $ 761,242 , which was recorded in other payables and accrued liabilities as part of the currently liabilities in the condensed financial statement as of december 31 , 2014. registered direct offering on august 27 , 2014 , we entered into a definitive agreement with an institutional investor for a registered direct placement of $ 2,500,000 of shares of common stock at a price of $ 1.60 per share . in addition , we issued to the investor warrants to purchase up to 781,250 shares of common stock . the warrants have an exercise price of $ 1.70 per share and are exercisable for five years following issuance . we received net proceeds of $ 2,311,002 on september 3 , 2014 , when the offering closed . our loan-to-equity ratio was 37.05 % as of december 31 , 2014. our debt-asset ratio was 27.04 % as of december 31 , 2014. according to a search conducted by www.chinadiaoyan.com , the industry average

