XML 27 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities:      
Net income $ 93,855,400 $ 43,923,997 $ 13,047,584
Adjustments to reconcile net income to net cash provided by operating activities:      
Long-lived assets impairment 2,987,668 198,689 1,622,588
Share-based compensation 4,200,273 2,702,089 3,687,951
Inventory write-down 62,422
Reversal of allowance for doubtful accounts (2,750) (1,053,041) (2,026,567)
Depreciation of property, plant and equipment 38,824,055 33,822,082 31,361,026
Loss on disposal of Property Plant and Equipment 154,575 181,028 166,283
Deferred tax assets (85,302) 445 (626,965)
Changes in operating assets and liabilities:      
Accounts receivable 2,112,239 14,890,598 (10,399,283)
Notes receivable (12,884,067) (2,634,860) 36,898,166
Prepaid expenses and other current assets 898,903 3,415,637 30,465
Advances to suppliers (786,273) (761,045) 264,361
Inventories (6,252,834) (2,258,281) (1,622,269)
Amount due from related parties (6,739,322) (1,318,195) 5,481,362
Prepaid land use rights 572,722 557,162 595,716
Other non-current assets 161,657
Accounts payable 2,304,987 2,386,015 1,452,811
Notes payable 786,372 (1,403,994) (14,733,475)
Accrued expenses and other current liabilities 6,983,599 260,879 59,045
Income tax payable 7,253,601 4,420,313 940,732
Advances from customers 8,342,112 (134,155) (2,051,000)
Amount due to related parties 849,447 1,815,307 2,178,445
Deferred government subsidies (671,011) (338,733) (124,842)
Net cash provided by operating activities 142,704,394 98,671,937 66,426,213
Investing activities:      
Purchases of property, plant and equipment (67,836,778) (67,477,008) (81,364,037)
Decrease in restricted cash 4,791,347 1,935,536 2,121,603
Proceeds from disposition of Nanjing Daqo 5,110,085
Purchase of cost method investment (63,793) (581,581)
Net cash used in investing activities (63,109,224) (66,123,053) (74,132,349)
Financing activities:      
Proceeds from related parties loans 63,172,079 126,400,842 245,957,818
Repayment of related parties loans (83,754,652) (148,463,137) (276,575,346)
Proceeds from bank borrowings 91,989,400 106,986,666 237,031,976
Repayment of bank borrowings (111,000,000) (116,255,480) (220,611,404)
Purchase and retirement of treasury shares (1,350,164)
Proceeds from options exercised 2,238,854 1,051,586 275,783
Proceeds from follow-on equity offering 30,030,000
Insurance costs for follow-on equity offering (2,033,041)
Capital injection from non-controlling shareholders 2,516,457
Net cash provided by (used in) financing activities (37,354,319) (30,279,523) 15,242,079
Effect of exchange rate changes on cash and cash equivalents 2,448,276 (771,894) (114,415)
Net increase in cash and cash equivalents 44,689,127 1,497,467 7,421,528
Cash and cash equivalents at the beginning of the year 15,987,478 14,490,011 7,068,483
Cash and cash equivalents at the end of the year 60,676,605 15,987,478 14,490,011
Supplemental disclosure of cash flow information:      
Interest paid, net of capitalized interest 18,031,088 14,215,745 13,284,899
Income taxes paid 9,526,485 2,998,658 2,726,825
Supplemental schedule of non-cash investing activities:      
Accrued purchases of property, plant and equipment $ 27,251,832 $ 65,625,603 $ 52,786,103