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 $ 16,619,057 $ 19,931,589 $ 7,159,073
Adjustments to reconcile net income to cash provided by (used in) operating activities:      
Depreciation and amortization 1,460,162 1,611,372 618,237
Bad debt provision 190,840 1,947,371  
Change in fair value of warrant derivative liability (925,445) 286,877  
Gain from disposal of subsidiaries (126,860)    
Change in operating assets      
Accounts receivables, trade (19,428,249) (37,509,713) (14,767,985)
Accounts receivables - related parties 49,559 (48,318) 3,562,779
Other receivables and prepayments (7,988,301) (261,746) 6,967
Inventories 1,160,326 (12,813,671) 4,227,785
Other current assets (12,117) 258,319 29,895
Change in operating liabilities      
Accounts payables, trade 31,772,095 27,638,400 1,407,351
Accrued liabilities 390,318 (130,264) 26,239
Taxes payable 5,007,684 1,603,892 927,234
Net cash (used in) provided by operating activities (58,228,100) 1,480,309 (6,005,159)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from disposal of subsidiaries, net of cash disposed of $3,439,038 (2,226,038)    
Purchase of equipment and construction-in-progress (1,021,169) (3,563,545) (13,553,487)
Purchase of intangible assets (1,545) (6,419) (5,972,103)
Proceeds from the disposal of plant and equipment and intangible assets 2,354    
Cash received from legal acquirer   5,913  
Net cash used in investing activities (3,246,398) (3,564,051) (19,525,590)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Increase in restricted cash (19,412,627) (730,855) (5,414,494)
Notes payable 40,898,856 6,824,463 13,695,975
Proceeds from government   1,163,426 3,372,030
Proceeds from short-term loan 102,257,686 30,511,770 50,174,196
Payments on short-term loan (81,516,378) (32,055,846) (34,620,488)
Shareholder contribution   366,780 3,080,000
Proceeds from shareholder loan   2,545,439  
Payments on shareholder loan (2,336,481)    
Proceeds from recapitalization   5,388,083  
Payments of recapitalization cost   (666,468)  
Repayments on shareholder promissory notes   (100,000)  
Proceeds from shares issuance   5,594,543  
Payments of financing costs   (300,148)  
Payments on repurchase of shares pursuant to Put Option (2,000,000)    
Payments on repurchase of warrants (512,158)    
Shares issued for exercise of over allotment related to secondary offering 373,242    
Net cash provided by financing activities 37,517,902 19,272,602 31,004,341
EFFECT OF EXCHANGE RATE ON CASH 997,292 496,932 (18,148)
(DECREASE) INCREASE IN CASH (22,959,304) 17,685,792 5,455,444
CASH, beginning of year 23,493,805 5,808,013 352,569
CASH, end of year 534,501 23,493,805 5,808,013
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 2,074,034 1,021,066 841,613
Cash paid for income taxes 4,051,393 1,986,106 106,977
Settlement of consideration receivable offset against      
- Purchase deposits to Honesty Group (1,771,815)    
- Payable to Honesty Group 10,156,024    
All Other
      
Change in operating assets      
Advances to suppliers (101,730,517) (10,680,527) (7,588,177)
Change in operating liabilities      
Other payables 9,789,100 (1,542,236) 3,067,883
Customer deposits 5,544,248 2,734,645 457,480
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Settlement of consideration receivable 8,925,001    
Related Party Transactions
      
Change in operating assets      
Advances to suppliers   9,027,294 1,853,952
Change in operating liabilities      
Other payables   (235,178) (7,299,039)
Customer deposits   (337,797) 305,167
Bank Overdrafts
      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from bank overdrafts 7,304,321 10,349,643 5,061,259
Payments on bank overdrafts (7,538,559) (9,618,228) (4,344,137)
Honesty Group
      
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Settlement of consideration receivable $ 57,477,790