XML 12 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities:    
Net income $ (2,272,525) $ (3,976,282)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,789,459 7,410,833
Loss from disposal and impairment of property, plant and equipment 10,263
Allowance for bad debts 6,224 19,075
Gain on acquisition of a subsidiary (31,397)
Deferred tax (1,259,134) (1,091,557)
Changes in operating assets and liabilities:    
Accounts receivable (311,265) (953,735)
Prepayments and other current assets 60,694 (2,319,121)
Inventories (2,920,950) 4,468,468
Accounts payable 502,310 (291,710)
Advance from customers 102,170
Notes payable (3,691,999) (2,348,520)
Related parties 161,857 78,284
Accrued payroll and employee benefits 39,237 (4,929)
Other payables and accrued liabilities 558,026 684,864
Income taxes payable 454,984 (537,772)
Net Cash (Used in) Provided by Operating Activities (812,309) 1,148,161
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (3,472,355) (1,233,667)
Acquisition of a subsidiary (1,549,384)
Net Cash Used in Investing Activities (5,021,739) (1,233,667)
Cash Flows from Financing Activities:    
Proceeds from related party loans 4,697,041
Repayments of related party loans (9,394,082)
Proceeds from short term bank loans 3,987,359 9,863,786
Proceeds from credit union loans 2,362,879  
Repayment of bank loans (11,637,180) (4,383,905)
Net Cash (Used in) Provided by Financing Activities (5,286,942) 782,840
Effect of Exchange Rate Changes on Cash and Cash Equivalents 137,936 (191,101)
Net (Decrease) Increase in Cash and Cash Equivalents (10,983,054) 506,233
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 12,117,425 9,017,427
Cash, Cash Equivalents and Restricted Cash - End of Period 1,134,371 9,523,660
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 445,860 1,110,879
Cash paid for income taxes 222,278 534,901
Cash and bank balances 1,134,371 5,745,284
Restricted cash 3,778,376
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 1,134,371 $ 9,523,660