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v3.7.0.1

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended
--- | ---
Mar. 31, 2017 | Mar. 31, 2016
Cash flows from operating activities: |  |
Net loss | $ (111,796) | $ (233,184)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Depreciation and amortization | 41,677 | 39,506
Increase in cash surrender value on life insurance | (815) | (16,381)
Changes in operating assets and liabilities: |  |
Accounts receivable | (53,235) | 19,108
Prepayment & Other receivables | (114,329) | 139,598
Inventory – finished property |  | (755)
Accounts payable | 3,361 | 20,892
Other payable and accrued liabilities | (35,866) | (278,363)
Income tax payable | 7,914 | 5,546
Net cash used in operating activities | (263,089) | (304,033)
Cash flows from investing activities: |  |
Purchase of property, plant and equipment | (4,503) | (3,812)
Refund (Payment) for life insurance premium |  | 15,502
Long-term investment | (201,500) |
Net cash (used in) provided by investing activities | (206,003) | 11,690
Cash flows from financing activities: |  |
Proceeds from share issuance | 916,183 |
Repayments to related parties |  | (107,311)
Repayments to shareholders | (4,676) |
Repayments to directors | (3,157) | (19,018)
Repayment of bank borrowings | (3,317) | (3,665)
Net cash (used in) provided by financing activities | 905,033 | (129,994)
Effect of exchange rate changes in cash and cash equivalents | 2,316 | 17,704
NET CHANGE IN CASH AND CASH EQUIVALENTS | 438,257 | (404,633)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,021,351 | 1,587,861
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,459,608 | 1,183,228
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |
Cash paid for income tax |  |
Cash paid for interest | $ 6,962 | $ 26,385

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