XML 55 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 22,909,166 $ 23,969,950 $ 11,530,369
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss from disposal of property and equipment 63,441    
Depreciation and amortization 1,814,528 1,001,862 390,327
Share-based compensation 3,998,548 2,156,710 2,220,167
Loss (gain) from equity in affiliates (617,361) 21,347 25,137
Gain on change in fair value of trading securities     (55,875)
Gain on change in fair value of derivative liabilities     (354,000)
Changes in operating assets and liabilities:      
Accounts receivable (3,758,665) (5,081,484) (1,037,266)
Amounts due from related parties (2,740,357) (667,489) (1,017,434)
Other current assets (1,090,320) 42,358 (1,692,942)
Other non-current assets (125,906) (213,094) (97,756)
Accrued payroll and welfare expenses 2,366,772 4,627,239 2,958,207
Income taxes payable 493,597 (4,631,970) 6,157,203
Other current liabilities 7,045,670 652,625 2,689,400
Other non-current liabilities 227,196 896,987 957,775
Uncertain tax position liabilities (156,289) 168,926 98,577
Deferred tax assets and liabilities (476,354) (1,657,344) (1,486,148)
Net cash provided by operating activities 29,953,666 21,286,623 21,431,109
Cash flows from investing activities:      
Purchases of property and equipment (1,888,748) (3,583,215) (1,159,247)
Internally developed intangible assets (78,097) (119,266) (88,535)
Increase in short-term loan investment (561,789)    
Proceeds from sale of held-to-maturity securities 49,613,971 4,847,604 2,616,464
Purchase of held-to-maturity securities (75,565,435) (20,409,140) (6,557,305)
Purchase of long-term investment (3,106,692)    
Increase in restricted cash     (75,758)
Investment in affiliates (2,978,360) (1,554,229) (885,119)
Net cash used in investing activities (34,565,150) (20,818,246) (6,149,500)
Cash flows from financing activities:      
Gross proceeds from issuance of ordinary shares in the initial public offering     115,920,000
(Issuance costs of) refunds from the initial public offering   31,022 (10,777,495)
Proceeds from issuance of ordinary shares upon exercise of stock options and vesting of restricted shares 407,569 649,672  
Contribution from noncontrolling interest of subsidiaries 2,178,103    
Dividend distribution (7,856,908)    
Payment for purchase of treasury stock (8,520,763)    
Net cash provided by (used in) financing activities (13,791,999) 680,694 105,142,505
Effect of exchange rate changes 1,105,299 2,440,571 729,809
Net increase (decrease) in cash and cash equivalents (17,298,184) 3,589,642 121,153,923
Cash and cash equivalents- beginning of year 136,859,336 133,269,694 12,115,771
Cash and cash equivalents- end of year 119,561,152 136,859,336 133,269,694
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 9,238,287 13,290,599 242,146
Supplemental disclosure of non-cash investing and financing activities:      
Reclassification of derivative liabilities to additional paid-in capital upon modification of Series A convertible redeemable preferred shares     2,153,500
Issuance of ordinary shares upon conversion of Series A convertible redeemable preferred shares     4,478,190
Purchase of property and equipment in accounts payable 216,251 352,689 124,916
Purchases
     
Changes in operating assets and liabilities:      
Trading securities     (15,875,634)
Proceeds
     
Changes in operating assets and liabilities:      
Trading securities     $ 16,021,002