XML 41 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (18,670,871) $ (31,283,007)
Adjustments to reconcile net loss to net cash provided (used by) operating activities:    
Interest on finance lease obligation 111,020 123,352
Amortization of prepaid land leases 0 546,767
Depreciation and amortization 10,599,011 14,177,727
Write-off/Impairment loss on property, plant and equipment 0 1,397,313
Loss on demolition of factory 0 18,644,473
Unrealized exchange gain on inter-company balances (778,420) (1,374,315)
Deferred tax asset 4,968,318 (10,258,506)
Common stock issued for services 21,600 0
Issuance of stock options to employee 45,900 0
Changes in assets and liabilities:    
Accounts receivable (9,962,625) 29,847,286
Inventories (700,476) 1,148,833
Prepayments and deposits (28,577) 4,944
Other receivables 11,794 (11,289)
Payable and accrued expenses 2,708,456 (211,728)
Retention payable 0 (312,429)
Taxes payable (437,560) 541,241
Operating lease (208,210) 0
Net cash (used in) provided by operating activities (12,320,640) 22,980,662
CASH FLOWS USED IN INVESTING ACTIVITIES    
Additions of prepaid land leases 0 (684,627)
Purchase of property, plant and equipment (57,317,368) (11,412,848)
Net cash used in investing activities (57,317,368) (12,097,475)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repayment of capital lease obligation (275,506) (294,295)
Net cash used in financing activities (275,506) (294,295)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (3,866,852) (11,249,711)
NET DECREASE IN CASH AND CASH EQUIVALENTS (73,780,366) (660,819)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 178,998,935 208,906,759
CASH AND CASH EQUIVALENTS - END OF PERIOD 105,218,569 208,245,940
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    
Purchase of Property, plant and equipment included in Retention payable and taxes payable 7,116,066 0
Par value of common stock issued upon cashless exercise of options $ 379 $ 0