XML 25 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows from Operating Activities:    
Net income $ 1,207,709 $ 7,696,019
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,952,954 5,092,217
Loss from impairment and disposal of property, plant and equipment 25,952
Allowance for bad debts 36,198 8,874
Share-based compensation expenses 1,417,395
Deferred tax (1,028,853) (494,559)
Changes in operating assets and liabilities:    
Accounts receivable (1,809,895) (443,727)
Prepayments and other current assets 1,645,357 2,138,350
Inventories 592,706 (1,228,963)
Accounts payable 320,844 876,829
Notes payable (12,786,981) (9,561,259)
Accrued payroll and employee benefits 38,631 64,441
Other payables and accrued liabilities 1,123,812 1,012,879
Income taxes payable 474,469 1,262,528
Net Cash (Used in)/Provided by Operating Activities (789,702) 6,423,629
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (2,146,216) (5,935,842)
Proceeds from sale of property, plant and equipment 39,615
Net Cash Used in Investing Activities (2,106,601) (5,935,842)
Cash Flows from Financing Activities:    
Proceeds from related party loans 14,000 300,000
Repayments of related party loans (6,132,173) (300,000)
Proceeds from short-term bank loans 1,223,635
Repayment of bank loans (3,263,228)
Payment of capital lease obligation (409,907) (4,551,517)
Release of restricted cash 9,727,895 5,596,436
Net Cash Provided by/(Used in) Financing Activities 4,423,450 (2,218,309)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (136,819) 2,406
Net Increase/(Decrease) in Cash and Cash Equivalents 1,390,328 (1,728,116)
Cash and Cash Equivalents - Beginning of Period 2,641,917 3,891,473
Cash and Cash Equivalents - End of Period 4,032,245 2,163,357
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 1,236,195 1,384,324
Cash paid for income taxes $ 1,598,351 $ 2,014,028