Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net sales $ 173,851,113 $ 146,181,011
Cost of sales (135,768,642) (118,234,935)
Gross profit 38,082,471 27,946,076
Research and development expenses (9,243,750) (7,631,181)
Selling and distribution expenses (6,888,052) (6,728,692)
General and administrative expenses (18,186,362) (12,895,649)
Foreign currency transaction gain 1,959,036 2,474,154
Total operating expenses (32,359,128) (24,781,368)
Income from operations 5,723,343 3,164,708
Gain on change of fair value of warrant liability 140,290 927,125
Other income 2,271,528 1,189,324
Equity in earnings of investee 351,755 0
Interest expenses (1,419,962) (1,002,151)
Income before taxes 7,066,954 4,279,006
Income taxes expenses (1,439,177) (818,736)
Net income 5,627,777 3,460,270
Less: net loss attributable to non-controlling interest (490,150) (393,812)
Net income attributable to the Company 6,117,927 3,854,082
Comprehensive income    
Net income 5,627,777 3,460,270
Foreign currency translation loss (3,540,334) (3,055,839)
Comprehensive income 2,087,443 404,431
Less: comprehensive loss attributable to non-controlling interest (524,140) (453,756)
Comprehensive income attributable to the Company $ 2,611,583 $ 858,187
Earnings per share of common stock attributable to the Company    
- Basic $ 0.41 $ 0.26
- Diluted $ 0.4 $ 0.25
Weighted average number of common stock outstanding    
- Basic 15,105,235 15,096,166
- Diluted 15,113,914 15,286,196