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

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