v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 39,805,629 $ 30,349,037 $ 12,369,062
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,965,616 1,640,882 1,449,186
Provision for inventory losses 154,257    
Stock-based compensation 102,626 275,698 333,387
(Increase) decrease in current assets:      
Accounts receivable 35,182,509 (34,354,325) (8,512,633)
Advances to suppliers 1,072,711 887,765  
Other receivables, prepayments, and deposits (566,181) (491,041) (5,019)
Due from stockholder     331,064
Due from related party     1,715,320
Tax rebate receivable     283,706
Inventories (36,079,878) (4,329,707) (10,374,062)
Increase (decrease) in current liabilities:      
Accounts payable (19,131,367) 12,532,257 4,084,515
Advance from customers (773,834) (10,106) (1,585,231)
Taxes payable (8,220,308) 1,777,120 (670,218)
Notes payable (7,898,004) 1,924,203  
Due to related party     (274,636)
Other payables and accrued expenses (649,823) 858,495 1,221,679
Increase in noncurrent assets: 4,687 15,741 18,100
Net cash provided by operating activities 5,968,640 11,076,019 384,221
CASH FLOWS FROM INVESTING ACTIVITIES:      
Change in restricted cash 1,257,452 (1,282,217) 164,297
Acquisition of property & equipment (10,444,879) (10,095,861) (1,474,527)
Acquisition of intangible asset (4,325,011) (36,441,355)  
Refund of deposit on land use right 10,513,006    
Deposit for land use right (826,923) (4,601,917)  
Advance for equipment purchase (824,307)    
Sale of short-term investments     29,322
Construction in progress (17,587,593) (4,969,627) (2,829,702)
Net cash used in investing activities (22,238,255) (57,390,977) (4,110,610)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of notes payable     3,055,687
Proceeds from sale of common stock     93,578,000
Dividends paid (5,038,884)    
Offering costs paid   (320,000) (12,407,007)
Proceeds from exercise of warrants   6,964,510 290,890
Purchase of treasury stock   (6,945,950)  
Payment on short-term loans     (3,550,661)
Payment on long-term loans     (733,050)
Net cash provided by (used in) financing activities (5,038,884) (301,440) 80,233,859
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS 1,313,342 1,239,260 44,233
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS (19,995,157) (45,377,138) 76,551,703
CASH & EQUIVALENTS, BEGINNING OF YEAR 33,956,591 79,333,729 2,782,026
CASH & EQUIVALENTS, END OF YEAR 13,961,434 33,956,591 79,333,729
Supplemental Cash flow data:      
Income tax paid 10,846,615 3,620,873 567,226
Interest paid     119,996
Supplemental Disclosure of Non-Cash Financing Activities:      
Transfer from construction in progress to fixed assets $ 6,102,099