v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)        
Net sales $ 75,807,093 $ 64,923,960 $ 133,920,573 $ 114,707,413
Cost of sales (57,436,018) (53,614,034) (102,888,969) (95,831,160)
Gross profit 18,371,075 11,309,926 31,031,604 18,876,253
Research and development expenses (4,380,399) (3,592,760) (7,367,108) (6,154,597)
Selling and distribution expenses (3,279,570) (2,121,650) (6,072,432) (4,096,746)
General and administrative expenses (5,027,418) (3,910,188) (9,850,907) (8,024,998)
Foreign currency transaction gain (loss) 1,213,623 1,670,932 (37,272) 656,239
Total operating expenses (11,473,764) (7,953,666) (23,327,719) (17,620,102)
Income from operations 6,897,311 3,356,260 7,703,885 1,256,151
Changes in fair value of foreign exchange derivatives (996,012) (1,125,140) (608,912) (421,425)
Government grants 729,204 988,679 950,639 1,318,499
Other income 15,550 56,581 82,248 80,142
Equity in (loss) earnings of investees (1,177,639) 160,070 (1,595,843) 316,320
Interest expenses , net (38,675) (312,814) (509,098) (554,666)
Income before taxes 5,429,739 3,123,636 6,022,919 1,995,021
Income taxes expenses (741,516) (409,321) (1,026,975) (399,642)
Net income 4,688,223 2,714,315 4,995,944 1,595,379
Comprehensive income        
Net income 4,688,223 2,714,315 4,995,944 1,595,379
Foreign currency translation loss (2,160,506) (4,168,216) (454,744) (1,331,660)
Comprehensive income (loss) $ 2,527,717 $ (1,453,901) $ 4,541,200 $ 263,719
Earnings per share of common stock        
- Basic $ 0.30 $ 0.17 $ 0.32 $ 0.10
- Diluted $ 0.30 $ 0.17 $ 0.32 $ 0.10
Weighted average number of common stock outstanding        
- Basic 15,567,953 15,556,361 15,567,220 15,533,139
- Diluted 15,626,265 15,629,413 15,615,590 15,619,771

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