XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,904,138) $ (6,977,100)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Interest on capital lease obligation 38,659 41,797
Amortization of prepaid land leases 0 144,097
Depreciation and amortization 3,377,249 4,757,530
Unrealized exchange loss on translation of inter-company balances 503,228 1,058,852
Deferred tax asset (1,395,137) (1,193,746)
Common stock issued for services 21,600 0
Changes in assets and liabilities:    
Accounts receivable (20,469) 20,442,483
Inventories 0 1,039,959
Prepayments and deposits (35,157) (81,635)
Other receivables 1,631 0
Accounts payable and accrued expenses 2,509,573 (68,833)
Retention payable (39,027) 0
Taxes payable (377,581) 735,426
Operating lease 55,843 0
Net cash (used in) provided by operating activities (263,726) 19,898,830
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions of prepaid land leases 0 (367,143)
Purchase of property, plant and equipment (2,528,111) (121,710)
Net cash used in investing activities (2,528,111) (488,853)
CASH FLOWS USED IN FINANCING ACTIVITIES    
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 3,446,043 8,404,233
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 654,206 27,814,210
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 178,998,935 208,906,759
CASH AND CASH EQUIVALENTS - END OF PERIOD 179,653,141 236,720,969
Cash paid during the period for:    
Income taxes 0 0
Operating right-of-use assets obtained in exchange for lease obligations 8,241,818 0
SUPPLEMENTAL DISCLOSURE OF CASH NON-CASH INVESTING AND FINANCING ACTIVITIES    
Par value of common stock issued upon cashless exercise of options $ 48 $ 0