XML 22 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities:    
Net income $ 3,296,121 $ 4,242,251
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,928,502 11,668,976
Loss from disposal of property, plant and equipment 1,665,140 25,774
(Recovery from) Allowance for bad debts (78,562) 20,833
Share-based compensation expenses 1,417,395
Deferred tax (2,034,373) (1,515,689)
Changes in operating assets and liabilities:    
Accounts receivable 3,928,087 (1,041,625)
Prepayments and other current assets 472,847 1,708,601
Inventories (3,631,641) 1,482,013
Accounts payable (561,121) 1,064,764
Advance from customers (29,446)
Notes payable 3,680,693 (11,392,982)
Due to a related party (36,807) (341,790)
Accrued payroll and employee benefits 120,250 (252,632)
Other payables and accrued liabilities (771,027) 911,234
Income taxes payable (107,105) 632,911
Net Cash Provided by Operating Activities 16,841,558 8,630,034
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (7,628,798) (7,713,993)
Proceeds from sale of property, plant and equipment 58,632 39,344
Net Cash Used in Investing Activities (7,570,166) (7,674,649)
Cash Flows from Financing Activities:    
Proceeds from related party loans 14,000
Repayments of related party loans (6,090,257)
Proceeds from short term bank loans 10,011,484 3,493,848
Proceeds from Rural Credit Union loans 2,355,643
Repayment of bank loans (5,152,970) (3,038,129)
Payment of capital lease obligation (8,973,845) (542,678)
(Increase in) Release of restricted cash (3,680,693) 8,354,853
Net Cash (Used in) Provided by Financing Activities (5,440,381) 2,191,637
Effect of Exchange Rate Changes on Cash and Cash Equivalents 341,627 (197,154)
Net Increase in Cash and Cash Equivalents 4,172,638 2,949,868
Cash and Cash Equivalents - Beginning of Period 2,332,646 2,641,917
Cash and Cash Equivalents - End of Period 6,505,284 5,591,785
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 1,359,343 1,746,568
Cash paid for income taxes $ 3,247,406 $ 2,960,604