v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Net sales $ 58,113,480 $ 49,783,453
Cost of sales (45,452,951) (42,217,126)
Gross profit 12,660,529 7,566,327
Research and development expenses (2,986,709) (2,561,837)
Selling and distribution expenses (2,792,862) (1,975,096)
General and administrative expenses (4,823,489) (4,114,810)
Foreign currency transaction loss (1,250,895) (1,014,693)
Total operating expenses (11,853,955) (9,666,436)
Income (loss) from operations 806,574 (2,100,109)
Changes in fair value of foreign exchange derivatives 387,100 703,715
Government grants 221,435 329,820
Other income 66,698 23,561
Equity in (loss) earnings of investee (418,204) 156,250
Interest expenses (470,423) (241,852)
Income (loss) before income taxes 593,180 (1,128,615)
Income taxes (expense) benefit (285,459) 9,679
Net income (loss) 307,721 (1,118,936)
Comprehensive income    
Net income (loss) 307,721 (1,118,936)
Foreign currency translation gain 1,705,762 2,836,556
Comprehensive income $ 2,013,483 $ 1,717,620
Earnings (loss) per share of common stock attributable to the Company    
- Basic $ 0.02 $ (0.07)
- Diluted $ 0.02 $ (0.07)
Weighted average number of common stock outstanding    
- Basic 15,566,478 15,509,658
- Diluted 15,604,907 15,509,658

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