XML 41 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flows from Operating Activities:      
Net income $ 21,648,664 $ 15,551,536 $ 12,720,208
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 4,424,531 4,147,777 3,510,082
Loss from Disposition of property, plant and equipment 321,200 1,115,362  
Allowance for bad debts 37,087 (5,728) 41,954
Stock-based expense for service received 30,369 101,046 560,182
Changes in operating assets and liabilities:      
Accounts and notes receivable (1,597,193) (14,557) (676,861)
Prepayments and other current assets (4,803,656) 138,782 (318,765)
Inventories (2,246,090) (253,598) (4,111,602)
Accounts payable 2,299,240 (1,431,851) 1,818,470
Accrued payroll and employee benefits (39,473) 56,246 43,710
Other payables and accrued liabilities (1,402,290) 636,553 849,028
Income taxes payable (42,340) 318,170 602,264
Net Cash Provided by Operating Activities 18,630,049 20,359,738 15,038,670
Cash Flows from Investing Activities:      
Prepayment/deposit for purchase of property, plant and equipment (2,298,633) (6,785,912)  
Purchases of property, plant and equipment (25,424,280) (34,774,829) (13,604,113)
Proceeds from disposal of property, plant and equipment 271,508    
Net Cash Used in Investing Activities (27,451,405) (41,560,741) (13,604,113)
Cash Flows from Financing Activities:      
Proceeds from related party loans 200,000 200,000  
Repayment of related party loans (2,091,596) (200,000)  
Proceeds from bank loans 8,389,626 885,119  
Repayments of bank loans (5,001,239) (2,392,843) (2,562,891)
Proceeds from issuing of common stock   26,570,161 4,898,849
Reclassification of restricted cash to cash and cash equivalents   29,105 (29,105)
Net Cash Provided by Financing Activities 1,496,791 25,091,542 2,306,853
Effect of Exchange Rate Changes on Cash and Cash Equivalents 141,903 507,616 (25,876)
Net (Decrease)/ Increase in Cash and Cash Equivalents (7,182,662) 4,398,155 3,715,534
Cash and Cash Equivalents - Beginning of Period 11,348,108 6,949,953 3,234,419
Cash and Cash Equivalents - End of Period 4,165,446 11,348,108 6,949,953
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 689,869 390,458 728,428
Cash paid for income taxes 7,841,566 5,592,563 4,065,720
Supplemental Disclosure of significant non-cash transactions:      
Disposal of property, plant and equipment in lieu of payment for construction cost of a new plant   243,479  
Director
     
Supplemental Disclosure of significant non-cash transactions:      
Issuance of Common Stock     4,000,000
Consulting Services
     
Supplemental Disclosure of significant non-cash transactions:      
Issuance of warrants for consultancy services   79,521 115,093
Legal and Consulting Services
     
Supplemental Disclosure of significant non-cash transactions:      
Issuance of Common Stock     $ 362,211