XML 37 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net (loss) income $ (581,864) $ 2,526,293
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 332,576 333,516
Deferred tax benefit 436,449 0
Stock compensation expense 451,724 1,004,470
Changes in bad debt allowance (214,610) 2,298,488
Changes in operating assets and liabilities:    
Accounts receivable 58,650,000 (2,010,715)
Advance to suppliers (25,998,571) (11,140,836)
Inventories (18,974,127) 587,101
Operating lease right-of-use assets, net 27,529 0
Other current assets (285,723) (14,694)
Accounts payable (3,686,944) 1,814,927
Advance from customers 26,756 79,576
Accrued liabilities and other payables (451,824) (252,867)
Taxes payable (2,017,099) (732,274)
Net Cash Provided by (Used in) Operating Activities 7,714,272 (5,507,015)
Cash Flows From Investing Activities    
Purchase of property and equipment (25,902) (12,960)
Net Cash Used in Investing Activities (25,902) (12,960)
Cash Flows From Financing Activities    
Proceeds from line of credit and bank loan 17,512,205 56,063,918
Repayment to line of credit and bank loan (23,760,366) (55,414,211)
Proceeds from the exercise of options for common stocks 0 31,500
Purchase of the treasury stock (515,455) 0
Net Cash (Used in) Provided by Financing Activities (6,763,616) 681,207
Net increase (decrease) in cash and cash equivalents 924,754 (4,838,768)
Cash and cash equivalents, beginning of period 890,408 5,722,716
Cash and cash equivalents, end of period 1,815,162 883,948
Cash paid during the periods for:    
Income tax payments 800,000 227,200
Interest expense $ 38,606 $ 87,110