v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net (loss) income $ (1,118,936) $ 2,612,542
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,475,228 1,274,334
Allowance for doubtful accounts 18,524 5,015
Loss on disposal of property, plant and equipment 21,805 3,262
Deferred tax (356,616) 124,548
Changes in fair value of foreign exchange derivatives (414,042) 0
Equity in earnings of investee (156,250) (146,932)
Share based compensation 241,421 24,401
Changes in fair value of warrant liability 0 31,552
Changes in operating assets and liabilities:    
Accounts receivable 3,713,692 7,314,824
Notes receivable 2,622,925 235,222
Advances to suppliers (236,789) 0
Prepayments and other receivables (601,315) (485,520)
Amount due from related parties 285,657 161,693
Amount due to a related party 0 193,240
Inventories (10,779,233) (3,623,242)
Accounts payable (1,377,447) (5,111,874)
Deferred income 475,783 116,359
Other payables and accrued liabilities 665,379 (1,977,117)
Income taxes payable 19,371 330,735
Net cash flows (used in) provided by operating activities (5,500,843) 1,083,042
Cash flows from investing activities    
Acquisitions of property, plant and equipment (1,553,979) (2,873,489)
Prepayment for long-term investment (317,188) 0
Net cash flows used in investing activities (1,871,167) (2,873,489)
Cash flows from financing activities    
Proceeds from short-term loans 14,427,164 2,910,418
Repayments of short-term loans 0 (1,381,758)
Proceeds from non-financial institution borrowings 0 8,726,892
Repayments of non-financial institution borrowings 0 (2,327,171)
Proceeds from notes payable 28,429,600 20,467,907
Repayments of notes payable (26,488,407) (13,081,781)
Proceeds from exercise of employee options 0 68,519
Net cash flows provided by financing activities 16,368,357 15,383,026
Effect of foreign currency translation on cash and restricted cash 2,046,039 (72,952)
Net increase in cash and restricted cash 11,042,386 13,519,627
Cash and restricted cash - beginning of period 40,456,117 20,538,033
Cash and restricted cash - end of period 51,498,503 34,057,660
Cash paid for:    
Income taxes 327,565 132,481
Interest expenses $ 114,588 $ 583,720

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