v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 7,709,407 $ 12,227,637
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 4,494,518 3,792,178
(Reversal) allowance for doubtful accounts, net (787,034) 48,866
Loss on disposal of property, plant and equipment 223,040 57,277
Deferred tax (581,710) 153,625
Changes in fair value of foreign exchange derivative assets (liabilities) 741,786 166,387
Equity in earnings of investees (501,123) (106,412)
Gain on dilution in equity method investee 0 (496,396)
Gain on sales of long-term investment 0 (1,664,377)
Share based compensation 735,348 86,921
Changes in fair value of warrant liability 0 (259)
Changes in operating assets and liabilities:    
Accounts receivable (25,743,046) (8,517,071)
Other assets (8,097) 0
Notes receivable 2,305,455 (5,543,798)
Advances to suppliers 1,289,133 0
Prepayments and other receivables (4,568,639) (8,775,985)
Amount due from a related party 885,886 7,691,900
Amount due to related parties 0 (1,557,682)
Inventories (18,990,697) (11,753,127)
Accounts payable 9,857,431 7,049,819
Deferred government grants 256,932 11,637
Other payables and accrued liabilities 13,135,351 1,394,691
Income taxes payable (223,682) 156,744
Net cash flows used in operating activities (9,769,741) (5,577,425)
Cash flows from investing activities    
Acquisitions of property, plant and equipment (9,796,130) (7,297,901)
Proceeds from sale of long-term investment 0 10,453,475
Payment for long-term investment (321,067) 0
Net cash flows (used in) provided by investing activities (10,117,197) 3,155,574
Cash flows from financing activities    
Proceeds from short-term loans 21,427,063 8,797,727
Repayments of short-term loans (5,866,424) (17,594,229)
Proceeds from a related party 6,031,465 0
Proceeds from non-financial institution borrowings 0 10,306,243
Repayments of non-financial institution borrowings (1,528,888) (3,828,033)
Proceeds from notes payable 86,130,613 62,193,463
Repayments of notes payable (82,740,379) (48,408,417)
Proceeds from exercise of employee options 0 635,484
Net cash flows provided by financing activities 23,453,450 12,102,238
Effect of foreign currency translation on cash and restricted cash (4,418,275) 2,591,502
Net (decrease) increase in cash and restricted cash (851,763) 12,271,889
Cash and restricted cash - beginning of period 40,456,117 20,538,033
Cash and restricted cash - end of period 39,604,354 32,809,922
Cash paid for:    
Income taxes 2,114,573 1,464,592
Interest expenses 1,285,288 1,402,447
Non-cash transactions    
Shares issued for legal case settlement 212,500 0
Offset of deferred government grant and property, plant and equipment $ 66,398 $ 171,403

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