v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income (loss) $ 307,721 $ (1,118,936)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,729,440 1,475,228
Bad debt expense 89,427 18,524
Loss on disposal of property, plant and equipment 0 21,805
Deferred taxes (102,366) (356,616)
Changes in fair value of foreign exchange derivatives (387,100) (414,042)
Equity in loss (earnings) of investee 418,204 (156,250)
Share based compensation 204,602 241,421
Changes in operating assets and liabilities:    
Accounts receivable 18,954,393 3,713,692
Notes receivable (4,120,877) 2,622,925
Advances to suppliers 1,412,642 (236,789)
Prepayments and other receivables 2,379,960 (601,315)
Amount due from a related party 426,432 285,657
Amount due to related parties 113,794 0
Inventories (2,626,489) (10,779,233)
Accounts payable (6,016,313) (1,377,447)
Deferred government grants 0 475,783
Other payables and accrued liabilities (2,287,547) 665,379
Income taxes payable 57,542 19,371
Net cash flows provided by (used in) operating activities 10,553,465 (5,500,843)
Cash flows from investing activities    
Acquisitions of plant and equipment (4,336,823) (1,553,979)
Payment for long-term investment (313,073) (317,188)
Net cash flows used in investing activities (4,649,896) (1,871,167)
Cash flows from financing activities    
Proceeds from short-term bank loans 5,963,296 14,427,164
Repayments of short-term bank loans (13,560,014) 0
Proceeds from a related party 2,981,648 0
Repayments of non-financial institution borrowing (8,944,944) 0
Proceeds from notes payable 30,205,286 28,429,600
Repayments of notes payable (30,171,519) (26,488,407)
Payment of derivative instruments (143,089) 0
Net cash flows (used in) provided by financing activities (13,669,336) 16,368,357
Effect of foreign currency translation on cash 2,083,773 2,046,039
Net (decrease) increase in cash and restricted cash (5,681,994) 11,042,386
Cash and restricted cash- beginning of year 69,412,117 40,456,117
Cash and restricted cash- end of year 63,730,123 51,498,503
Cash paid for:    
Income taxes 330,283 327,565
Interest expenses 863,923 114,588
Non-cash investing and financing activities:    
Purchase of plant and equipment financed by accounts payable 7,203,680 0
Reconciliation of cash and restricted cash:    
Cash 24,167,300 18,859,355
Restricted cash 39,562,823 32,639,148
Total cash and restricted cash shown in the condensed consolidated statements of cash flows $ 63,730,123 $ 51,498,503

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