v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 7,280,576 $ 14,502,171
Restricted cash 30,159,389 25,953,946
Accounts receivable, net 61,440,575 58,252,999
Amount due from a related party 432,320 1,165,838
Notes receivable 1,611,947 2,606,517
Advances to suppliers 8,031,483 6,050,531
Prepayments and other receivables 9,401,564 4,268,527
Foreign exchange derivative assets 0 236,436
Inventories 69,200,672 42,946,644
Total Current Assets 187,558,526 155,983,609
Property, plant and equipment, net 48,135,151 46,520,776
Long-term prepayments 3,992,080 3,715,445
Land use rights, net 2,564,161 2,639,631
Other assets 747,186 748,431
Deferred tax assets, net 1,219,521 750,267
Long-term investments 10,790,882 9,906,379
TOTAL ASSETS 255,007,507 220,264,538
Current Liabilities:    
Accounts payable 80,534,723 60,368,012
Deferred government grant 758,059 309,638
Short-term loans 25,080,521 10,128,646
Non-financial institution borrowings 9,069,335 10,756,158
Notes payable 51,710,779 54,859,478
Foreign exchange derivative liabilities 689,790 0
Amount due to a related party 423,236 0
Other payables and accrued liabilities 15,338,570 12,243,345
Income taxes payable 3,225,973 3,609,391
Total Current Liabilities 186,830,986 152,274,668
Income taxes payable, noncurrent 0 777,685
TOTAL LIABILITIES 186,830,986 153,052,353
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 June 30, 2018 and 15,509,658 at December 31, 2017, respectively) 1,556 1,551
Additional paid-in capital 13,410,368 12,709,756
Statutory and other reserves 6,549,815 6,549,815
Retained earnings 46,076,947 44,481,568
Accumulated other comprehensive income 2,137,835 3,469,495
TOTAL EQUITY 68,176,521 67,212,185
TOTAL LIABILITIES AND EQUITY $ 255,007,507 $ 220,264,538

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net sales $ 64,923,960 $ 51,699,930 $ 114,707,413 $ 93,566,778
Cost of sales (53,614,034) (39,628,164) (95,831,160) (71,560,178)
Gross profit 11,309,926 12,071,766 18,876,253 22,006,600
Research and development expenses (3,592,760) (2,137,286) (6,154,597) (3,951,216)
Selling and distribution expenses (2,121,650) (1,722,910) (4,096,746) (3,361,223)
General and administrative expenses (3,910,188) (3,016,401) (8,024,998) (6,074,963)
Foreign currency transaction gain (loss) 1,670,932 (514,624) 656,239 (828,502)
Total operating expenses (7,953,666) (7,391,221) (17,620,102) (14,215,904)
Income from operations 3,356,260 4,680,545 1,256,151 7,790,696
Changes in fair value of warrant liability 0 31,811 0 259
Changes in fair value of foreign exchange derivative assets (liabilities) (1,125,140) 0 (421,425) 0
Government grants 988,679 209,297 1,318,499 558,812
Other income 56,581 67,068 80,142 295,646
Equity in earnings (loss) of investees 160,070 (41,607) 316,320 105,325
Gain on dilution in equity method investee 0 491,325 0 491,325
Interest expenses (312,814) (380,531) (554,666) (983,848)
Income before taxes 3,123,636 5,057,908 1,995,021 8,258,215
Income taxes expenses (409,321) (595,708) (399,642) (1,183,473)
Net income 2,714,315 4,462,200 1,595,379 7,074,742
Less: net income attributable to non-controlling interest 0 90,963 0 167,856
Net income attributable to the Company 2,714,315 4,371,237 1,595,379 6,906,886
Comprehensive income        
Net income 2,714,315 4,462,200 1,595,379 7,074,742
Foreign currency translation (loss) gain (4,168,216) 1,508,714 (1,331,660) 1,484,713
Comprehensive (loss) income (1,453,901) 5,970,914 263,719 8,559,455
Less: comprehensive income attributable to non-controlling interest 0 98,795 0 178,346
Comprehensive (loss) income attributable to the Company $ (1,453,901) $ 5,872,119 $ 263,719 $ 8,381,109
Earnings per share of common stock attributable to the Company        
- Basic $ 0.17 $ 0.29 $ 0.10 $ 0.45
- Diluted $ 0.17 $ 0.28 $ 0.10 $ 0.45
Weighted average number of common stock outstanding        
- Basic 15,556,361 15,317,101 15,533,139 15,218,820
- Diluted 15,629,413 15,479,357 15,619,771 15,304,773

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 1,595,379 $ 7,074,742
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,003,872 2,429,982
(Reversal) allowance for doubtful accounts (472,799) 17,994
Loss on disposal of property, plant and equipment 159,458 25,218
Deferred tax (498,878) 263,673
Changes in fair value of foreign exchange derivative assets (liabilities) 955,790 0
Equity in earnings of investees (316,320) (105,325)
Gain on dilution in equity method investee 0 (491,325)
Share based compensation 488,117 44,815
Changes in fair value of warrant liability 0 (259)
Changes in operating assets and liabilities:    
Accounts receivable (3,877,577) 4,390,991
Notes receivable 986,591 (1,057,366)
Advances to suppliers (2,154,883) 0
Prepayments and other receivables (4,921,059) (3,799,960)
Amount due from a related party 740,408 5,178,499
Amount due to a related party 0 (1,480,335)
Inventories (27,915,901) (9,595,161)
Accounts payable 21,683,401 (494,812)
Deferred government grant 469,895 109,892
Other payables and accrued liabilities 3,578,815 (2,145,295)
Income taxes payable (1,140,753) (227,668)
Net cash flows (used in) provided by operating activities (7,636,444) 138,300
Cash flows from investing activities    
Acquisitions of property, plant and equipment (5,681,723) (5,199,130)
Payment for long-term investment (328,927) 0
Net cash flows used in investing activities (6,010,650) (5,199,130)
Cash flows from financing activities    
Proceeds from short-term loans 15,664,587 2,916,017
Repayments of short-term loans 0 (2,841,696)
Proceeds from non-financial institution borrowings 0 10,200,959
Repayments of non-financial institution borrowings (1,566,318) (2,331,648)
Proceeds from notes payable 53,584,205 40,861,835
Repayments of notes payable (55,920,682) (31,049,819)
Proceeds from exercise of employee options 0 623,806
Net cash flows provided by financing activities 11,761,792 18,379,454
Effect of foreign currency translation on cash and restricted cash (1,130,850) 1,387,318
Net (decrease) increase in cash and restricted cash (3,016,152) 14,705,942
Cash and restricted cash - beginning of period 40,456,117 20,538,033
Cash and restricted cash - end of period 37,439,965 35,243,975
Cash paid for:    
Income taxes 2,039,273 1,147,467
Interest expenses 1,002,653 948,831
Non-cash transactions    
Shares issued for legal case settlement 212,500 0
Offset of deferred income related to government grant and property, plant and equipment $ 0 $ 85,571

Source