XML 33 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 15,348,593 $ 13,088,997
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest on capital lease obligation 156,644 158,673
Amortization of prepaid land leases 419,180 298,910
Depreciation and amortization 20,568,172 16,995,684
Write-off/Impairment loss on property, plant and equipment 214 1,042,138
Currency translation adjustment on inter-company balances 556,325 (154,998)
Gain on relocation of factory (1,877,779) 0
Demolition expenditure net off against gain on relocation of factory (733,379) 0
Stock-based compensation expense 536,400 503,300
Deferred tax asset 0 271,261
Changes in assets and liabilities:    
Accounts receivable (4,801,147) (20,255,706)
Inventories 309,538 (376,048)
Prepayments and deposits (9,375) (13,430)
Accounts payable and accrued expenses (310,091) (953,261)
Retention payable (1,287,006) 865,769
Taxes payable 2,512,686 (728,775)
Net cash provided by operating activities 31,388,975 10,742,514
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions of prepaid land leases 638,076 477,678
Proceeds from sales of property, plant and equipment 143 0
Purchase of property, plant and equipment (6,072) (29,447,905)
Construction in progress (307,635) 0
Net cash used in investing activities (951,640) (29,925,583)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repayment of capital lease obligation (302,497) (297,598)
Net cash used in financing activities (302,497) (297,598)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 1,828,730 (451,033)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 31,963,568 (19,931,700)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 65,241,035 78,576,060
CASH AND CASH EQUIVALENTS - END OF PERIOD 97,204,603 58,644,360
Cash paid during the period for:    
Income taxes $ 3,348,327 $ 4,829,992