XML 20 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 34,068,037 $ 17,871,795
Adjustments to reconcile net income to net cash provided by operating activities:    
Interest on capital lease obligation 193,162 202,656
Amortization of prepaid land leases 774,512 680,551
Depreciation and amortization 29,095,648 27,642,222
Allowance for obsolete and slow-moving inventories 9,236 (3,174)
Write-off / Impairment loss on property, plant and equipment $ 969,638 673,705
Loss from disposal of property, plant and equipment 9,866
Currency translation adjustment on inter-company balances $ (1,575,397) (92,412)
Deferred tax asset (83,856) (121,436)
Stock-based compensation expense 374,600 346,100
Changes in assets and liabilities, net of effects of acquisition:    
Accounts receivable 7,387,941 2,751,676
Inventories (592,841) (84,777)
Prepayment and deposits 92,400 (80,673)
Accounts payable and accrued expenses (1,847,462) (1,616,195)
Retention payable 841,225 117,905
Other receivables 37,713 (38,272)
Taxes payable 656,654 (1,685,760)
Net cash provided by operating activities 70,401,210 46,573,777
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions of prepaid land leases $ (683,129) (664,106)
Proceeds from sales of property, plant and equipment 21,514
Purchase of property, plant and equipment $ (22,858,625) $ (6,538,611)
Consideration paid for business acquisition (66,305,606)
Cash acquired from acquisition 14,074,720
Net cash used in investing activities (75,772,640) $ (7,181,203)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of common stock (37,713) (61,728)
Repayment of capital lease obligation (306,683) (304,806)
Net cash used in financing activities (344,396) (366,534)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (7,263,383) (269,239)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (12,979,209) 38,756,801
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 146,585,601 107,828,800
CASH AND CASH EQUIVALENTS - END OF YEAR 133,606,392 146,585,601
Cash paid during the year for:    
Income taxes 10,747,472 7,604,071
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Issuance of common stock upon cashless exercise of options 49 $ 73
Issuance of common stock for acquisition of business $ 13,373,140