XML 18 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated statements of cash flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net loss $ (2,567,833) $ (2,068,216)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 538,204 297,406
Provision for doubtful debts (86,653) 9,105
Write-down of inventories 1,199 150,156
Share-based compensation 83,573 252,488
Exchange (gain) loss 6,805 (142,343)
Changes in operating assets and liabilities:    
Trade accounts and bills receivable 15,205,781 (3,510,465)
Inventories (1,394,118) (227,766)
Prepayments and other receivables 246,784 (412,770)
Trade accounts and bills payable (7,814,190) (987,292)
Accrued expenses and other payables (60,011) 123,459
Income taxes payable 0 (607,755)
Trade receivable from and payables to former subsidiaries (1,750,618) 2,805,278
Net cash (used in) provided by operating activities 2,408,923 (4,318,715)
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (4,463,598) (1,213,300)
Net cash used in investing activities (4,463,598) (1,213,300)
Cash flows from financing activities    
Advances from investors 0 2,032,373
Borrowings from related parties 2,641,957 1,869,782
Borrowings from unrelated parties 0 1,524,280
Net cash provided by financing activities 2,641,957 5,426,435
Effect of exchange rate changes on cash and cash equivalents, and restricted cash 395,153 38,102
Net (decrease) increase in cash and cash equivalents, and restricted cash 982,435 (67,478)
Cash and cash equivalents, and restricted cash at the beginning of period 10,748,713 4,686,857
Cash and cash equivalents, and restricted cash at the end of period 11,731,148 4,619,379
Non-cash transactions:    
Transfer of construction in progress to property, plant and equipment 126,886 1,560,897
Cash paid during the period for:    
Income taxes 0 607,755
Interest, net of amounts capitalized $ 176,443 $ 0