v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 4,995,944 $ 1,595,379
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,616,314 3,003,872
Bad debt expense 93,576 (472,799)
Loss on disposal of property, plant and equipment 94,147 159,458
Impairment of plant and equipment 75,783 0
Deferred taxes (73,794) (498,878)
Changes in fair value of foreign exchange derivatives 608,912 955,790
Equity in loss (earnings) of investees 1,595,843 (316,320)
Share based compensation 394,188 488,117
Changes in operating assets and liabilities:    
Accounts receivable 8,198,062 (3,877,577)
Notes receivable (3,459,522) 986,591
Advances to suppliers 1,848,529 (2,154,883)
Prepayments and other receivables 4,064,320 (4,921,059)
Amount due from a related party 334,879 740,408
Amount due to related parties (138,767) 0
Inventories 2,668,278 (27,915,901)
Accounts payable (7,588,132) 21,683,401
Deferred government grants 221,572 469,895
Other payables and accrued liabilities (3,379,969) 3,578,815
Income taxes payable (727,876) (1,140,753)
Net cash flows provided by (used in) operating activities 13,442,287 (7,636,444)
Cash flows from investing activities    
Acquisitions of plant and equipment (6,700,225) (5,681,723)
Payment for long-term investment (310,201) (328,927)
Net cash flows used in investing activities (7,010,426) (6,010,650)
Cash flows from financing activities    
Proceeds from short-term bank loans 14,771,485 15,664,587
Repayments of short-term bank loans (14,882,292) 0
Proceeds from a related party 2,954,297 0
Repayment of loan from a related party (8,589,619) 0
Repayments of non-financial institution borrowing (8,862,891) (1,566,318)
Proceeds from notes payable 58,314,662 53,584,205
Repayments of notes payable (71,701,335) (55,920,682)
Payment of derivative instruments (190,062) 0
Net cash flows (used in) provided by financing activities (28,185,755) 11,761,792
Effect of foreign currency translation on cash (411,677) (1,130,850)
Net decrease in cash and restricted cash (22,165,571) (3,016,152)
Cash and restricted cash- beginning of year 69,412,117 40,456,117
Cash and restricted cash- end of year 47,246,546 37,439,965
Cash paid for:    
Income taxes 1,960,545 2,039,273
Interest expenses 1,394,561 1,002,653
Non-cash investing and financing activities:    
Shares issued for legal case settlement   212,500
Purchase of plant and equipment financed by accounts payable 5,715,931 0
Reconciliation of cash and restricted cash:    
Cash 18,092,242 7,280,576
Restricted cash 29,154,304 30,159,389
Total cash and restricted cash shown in the condensed consolidated statements of cash flows $ 69,412,117 $ 40,456,117

Source