XML 22 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net income $ (3,416,318) $ (2,272,525)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,496,314 7,789,459
Loss on derivative liability 27,865
(Recovery from) Allowance for bad debts (1,525) 6,224
Share-based compensation and expenses 1,242,000
Gain on acquisition of a subsidiary (31,397)
Deferred tax (1,021,699) (1,259,134)
Changes in operating assets and liabilities:    
Accounts receivable (89,311) (311,265)
Prepayments and other current assets 5,739,395 60,694
Inventories (4,291,622) (2,920,950)
Accounts payable 604,823 502,310
Advance from customers 87,729 102,170
Notes payable (3,691,999)
Related parties 1,878,231 161,857
Accrued payroll and employee benefits (35,990) 39,237
Other payables and accrued liabilities (1,394,793) 558,026
Income taxes payable (968,474) 454,984
Net Cash Provided by (Used in) Operating Activities 5,856,625 (812,309)
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (981,150) (3,472,355)
Acquisition of a subsidiary (1,549,384)
Net Cash Used in Investing Activities (981,150) (5,021,739)
Cash Flows from Financing Activities:    
Proceeds from issuance of shares and warrants, net 2,273,360
Proceeds from short term bank loans 3,987,359
Proceeds from credit union loans 2,362,879
Repayment of bank loans (11,637,180)
Net Cash Provided by (Used in) Financing Activities 2,273,360 (5,286,942)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (158,550) 137,936
Net Increase (Decrease) in Cash and Cash Equivalents 6,990,285 (10,983,054)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 5,837,745 12,117,425
Cash, Cash Equivalents and Restricted Cash - End of Period 12,828,030 1,134,371
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 288,463 445,860
Cash paid for income taxes 1,369,690 222,278
Cash and bank balances 12,828,030 1,134,371
Restricted cash
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,828,030 $ 1,134,371