v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 7,981,782 $ 14,502,171
Restricted cash 31,622,572 25,953,946
Accounts receivable, net 81,610,241 58,252,999
Amount due from a related party 259,995 1,165,838
Notes receivable 273,164 2,606,517
Advances to suppliers 4,487,495 6,050,531
Prepayments and other receivables 8,804,905 4,268,527
Foreign exchange derivative assets 0 236,436
Inventories 58,567,663 42,946,644
Total Current Assets 193,607,817 155,983,609
Property, plant and equipment, net 51,452,906 46,520,776
Long-term prepayments 3,778,665 3,715,445
Land use rights, net 2,444,474 2,639,631
Other assets 719,028 748,431
Deferred tax assets, net 1,260,108 750,267
Long-term investments 10,535,177 9,906,379
TOTAL ASSETS 263,798,175 220,264,538
Current Liabilities:    
Accounts payable 69,311,491 60,368,012
Deferred government grants 472,949 309,638
Short-term loans 24,318,587 10,128,646
Non-financial institution borrowings 8,701,075 10,756,158
Notes payable 54,989,994 54,859,478
Foreign exchange derivative liabilities 480,459 0
Amount due to related parties 6,127,007 0
Other payables and accrued liabilities 24,279,551 12,243,345
Income taxes payable 3,972,006 3,609,391
Total Current Liabilities 192,653,119 152,274,668
Income taxes payable, noncurrent 0 777,685
TOTAL LIABILITIES 192,653,119 153,052,353
COMMITMENTS AND CONTINGENCIES
Stockholders' equity    
Preferred stock (Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) 0 0
Common stock (Par value: $0.0001, Authorized: 100,000,000 shares, 15,559,658 shares issued and outstanding at September 30, 2018 and 15,509,658 at December 31, 2017, respectively) 1,556 1,551
Additional paid-in capital 13,657,599 12,709,756
Statutory and other reserves 6,549,815 6,549,815
Retained earnings 52,190,975 44,481,568
Accumulated other comprehensive (loss) income (1,254,889) 3,469,495
TOTAL EQUITY 71,145,056 67,212,185
TOTAL LIABILITIES AND EQUITY $ 263,798,175 $ 220,264,538

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net sales $ 90,557,479 $ 71,405,560 $ 205,264,892 $ 164,972,338
Cost of sales (73,047,063) (57,845,224) (168,878,223) (129,405,402)
Gross profit 17,510,416 13,560,336 36,386,669 35,566,936
Research and development expenses (3,535,882) (2,433,928) (9,690,479) (6,385,144)
Selling and distribution expenses (2,625,016) (1,859,762) (6,721,762) (5,220,985)
General and administrative expenses (5,796,496) (3,959,731) (13,821,494) (10,034,694)
Foreign currency transaction gain (loss) 1,925,179 (816,593) 2,581,418 (1,645,095)
Total operating expenses (10,032,215) (9,070,014) (27,652,317) (23,285,918)
Income from operations 7,478,201 4,490,322 8,734,352 12,281,018
Changes in fair value of warrant liability 0 0 0 259
Changes in fair value of foreign exchange derivative assets (liabilities) (410,061) (146,481) (831,486) (146,481)
Government grants 261,538 345,941 1,580,037 904,753
Other income (expense) 27,998 (251,166) 108,140 44,480
Equity in earnings of investees 184,803 1,087 501,123 106,412
Gain on dilution in equity method investee 0 5,071 0 496,396
Gain on sales of long-term investment 0 1,664,377 0 1,664,377
Interest (expense) income (518,912) 57,663 (1,073,578) (926,185)
Income before taxes 7,023,567 6,166,814 9,018,588 14,425,029
Income taxes expenses (909,539) (1,013,919) (1,309,181) (2,197,392)
Net income 6,114,028 5,152,895 7,709,407 12,227,637
Less: net income attributable to non-controlling interest 0 128,702 0 296,558
Net income attributable to the Company 6,114,028 5,024,193 7,709,407 11,931,079
Comprehensive income        
Net income 6,114,028 5,152,895 7,709,407 12,227,637
Foreign currency translation (loss) gain (3,392,724) 1,258,937 (4,724,384) 2,743,650
Comprehensive income 2,721,304 6,411,832 2,985,023 14,971,287
Less: comprehensive income attributable to non-controlling interest 0 139,461 0 317,807
Comprehensive income attributable to the Company $ 2,721,304 $ 6,272,371 $ 2,985,023 $ 14,653,480
Earnings per share of common stock attributable to the Company        
- Basic $ 0.39 $ 0.33 $ 0.50 $ 0.78
- Diluted $ 0.39 $ 0.32 $ 0.49 $ 0.77
Weighted average number of common stock outstanding        
- Basic 15,559,658 15,369,674 15,542,076 15,270,898
- Diluted 15,597,257 15,518,764 15,600,546 15,563,012

Source

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

Source