v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 7,052,162 $ 802,578
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 522,979 405,482
Deferred tax benefit (7,917) 0
Change in fair value of derivative liability (578,001) 664,373
Common stocks for service provided 0 856,250
Deferred income 0 (18,350)
Changes in operating assets and liabilities:    
Trade receivable-trade (2,295,735) (4,119,385)
Advance to suppliers (564,515) (33,242)
Inventories, net (8,131,623) (1,690,159)
Accounts payable - trade 2,614,869 2,129,399
Accrued liabilities and other payable 1,966,567 (195,174)
Customer deposit 1,596,290 87,575
Prepaid expenses and other receivable (5,534,003) (99,137)
Wage payable (151,870) (74,667)
Various taxes payable 442,236 (658,849)
Other assets 129 (47,895)
Due from/to Related Parties (68,835) 0
CASH USED IN OPERATING ACTIVITIES (3,137,267) (1,991,201)
CASH FLOWS FROM INVESTING ACTIVITIES    
Change in restricted cash (977,280) 349,560
Purchase and advances for property, plant, and equipment (2,171,616) (2,626,277)
Deposit for Hualian acquisition (870,390) (3,185,452)
Collection of advance/loans - related parties 2,291 15,204
Proceeds from maturity of certificate of deposit 1,512,832 0
Short-term investments (9,070,507) 0
CASH USED IN INVESTING ACTIVITIES (11,574,670) (5,446,965)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowing from bank loans 14,964,600 3,157,422
Repayment of bank loans (7,221,520) (4,624,782)
Net proceeds from issuance of common stock 0 9,699,203
Net proceeds from issuance of preferred stock 10,000,000 0
Net proceeds from subscription of preferred stock 6,000,000 0
Distribution to owners 0 (1,504,180)
Proceeds from related parties 0 1,421,235
Repayment to related parties 0 (17,691)
Refund related to cancellation of subscription agreement (506,040) 0
CASH PROVIDED BY FINANCING ACTIVITIES 23,237,040 8,131,207
Effect of exchange rate changes on cash and cash equivalents 18,072 48,155
NET INCREASE IN CASH 8,543,175 741,196
CASH AND CASH EQUIVALENTS AT BEGINNING OF 356,871 185,590
CASH AND CASH EQUIVALENTS AT END OF YEAR 8,900,046 926,786
Supplementary Disclosures for Cash Flow Information    
Interest expense paid 668,751 486,920
Income taxes paid $ 680,022 $ 784,297