XML 43 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 9,951,150 $ 7,238,864
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest on capital lease obligation 104,767 106,206
Amortization of prepaid land leases 201,411 189,918
Depreciation and amortization 13,808,998 13,685,539
Loss from disposal of property, plant and equipment 9,866 0
Exchange (gain)/loss on inter-company balances (238,647) 431,147
Stock-based compensation expense 30,000 532,300
Changes in assets and liabilities:    
Accounts receivable (804,584) (2,621,905)
Inventories (323,463) 715,714
Prepayments and deposits (16,250) (18,750)
Accounts payable and accrued expenses 1,229,869 (296,268)
Retention payable (207,047) (1,055,003)
Taxes payable (643,039) 1,797,837
Net cash provided by operating activities 23,103,031 20,705,599
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions of prepaid land leases (614,773) (588,830)
Proceeds from sales of property, plant and equipment 21,514 0
Purchase of property, plant and equipment (39,586) 0
Net cash used in investing activities (632,845) (588,830)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repayment of capital lease obligation (304,806) (302,498)
Net cash used in financing activities (304,806) (302,498)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (1,041,878) 1,367,206
NET INCREASE IN CASH AND CASH EQUIVALENTS 21,123,502 21,181,477
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 107,828,800 65,241,035
CASH AND CASH EQUIVALENTS - END OF PERIOD 128,952,302 86,422,512
Cash paid during the period for:    
Income taxes 3,931,589 1,287,273
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Issuance of common stock upon cashless exercise of options $ 73 $ 0