v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 6 Months Ended
Jun. 30, 2012
USD ($)
Jun. 30, 2011
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 13,552,161 $ 13,140,477
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 2,113,775 1,438,861
Stock-based compensation 0 51,314
(Increase) decrease in current assets:    
Accounts receivable (17,566,409) 1,631,055
Advances to suppliers (2,530,853) 1,458,712
Other receivables, prepayments, and deposits 757,358 (346,960)
VAT receivable 4,775,646  
Inventories 1,133,152 (10,200,635)
Other assets   4,628
Increase (decrease) in current liabilities:    
Accounts payable (4,983,962) (9,998,292)
Advance from customers 1,134,456 1,617,080
Taxes payable 389,985 (2,847,344)
Notes payable (692,107) (3,487,834)
Other payables and accrued expenses (487,834) (742,220)
Net cash used in operating activities (2,404,632) (8,281,158)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Certificate of deposit (475,632)  
Change in restricted cash 127,104 (5,169,534)
Acquisition of intangible assets (10,570) (4,270,594)
Acquisition of property & equipment (52,299) (889,945)
Refund of deposit on land use right   10,380,731
Construction in progress (26,620) (2,367,640)
Net cash used in investing activities (438,017) (2,316,982)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Dividends paid (1,679,628) (1,679,978)
Net cash used in financing activities (1,679,628) (1,679,978)
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS (37,341) 626,584
NET DECREASE IN CASH & EQUIVALENTS (4,559,618) (11,651,534)
CASH & EQUIVALENTS, BEGINNING OF PERIOD 13,961,434 33,956,591
CASH & EQUIVALENTS, END OF PERIOD 9,401,816 22,305,057
Supplemental Cash flow data:    
Income tax paid 4,387,432 3,213,565
Interest paid $ 0 $ 0