XML 33 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:    
Net income $ (10,545,684) $ 1,659,788
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,290,919 14,633,780
Loss from disposal and impairment of property, plant and equipment 4,524,581 3,968,289
(Recovery from) Allowance for bad debts 23,676 (45,309)
Share-based compensation expenses 470,361
Deferred tax (2,089,439) (3,010,577)
Changes in operating assets and liabilities:    
Accounts receivable (1,183,782) 2,265,428
Prepayments and other current assets (5,726,546) (79,264)
Inventories 5,322,320 (2,417,942)
Accounts payable 234,448 (166,464)
Advance from customers (29,663)
Notes payable (2,261,147) 3,707,933
Due to related parties 150,743
Accrued payroll and employee benefits (6,855) 8,111
Other payables and accrued liabilities 6,878,137 (1,503,275)
Income taxes payable (291,119) (839,047)
Net Cash Provided by Operating Activities 9,790,613 18,151,788
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (2,198,852) (9,380,702)
Proceeds from sale of property, plant and equipment 59,066
Net Cash Used in Investing Activities (2,198,852) (9,321,636)
Cash Flows from Financing Activities:    
Proceeds from related party loans 4,522,295
Repayments of related party loans (12,813,169)
Proceeds from short term bank loans 12,210,196 12,903,609
Repayment of bank loans (12,149,899) (11,153,463)
Proceeds from credit union loans 5,064,970 2,373,077
Payment of capital lease obligation (9,040,260)
Net Cash Used in Financing Activities (3,165,607) (4,917,037)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (1,326,156) 609,348
Net Increase (Decrease) in Cash and Cash Equivalents 3,099,998 4,522,463
Cash, Cash Equivalents and Restricted Cash - Beginning of Year 9,017,427 4,494,964
Cash, Cash Equivalents and Restricted Cash - End of Year 12,117,425 9,017,427
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 1,866,093 1,359,343
Cash paid for income taxes 515,001 3,247,406
Cash and bank balances 8,474,809 2,895,790
Restricted cash 3,642,616 6,121,637
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,117,425 $ 9,017,427