Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net sales $ 51,699,930 $ 36,732,310 $ 93,566,778 $ 65,829,365
Cost of sales (39,628,164) (29,088,639) (71,560,178) (52,308,655)
Gross profit 12,071,766 7,643,671 22,006,600 13,520,710
Research and development expenses (2,137,286) (2,035,886) (3,951,216) (3,658,769)
Selling and distribution expenses (1,722,910) (1,539,395) (3,361,223) (3,074,431)
General and administrative expenses (3,016,401) (3,248,899) (6,074,963) (6,318,613)
Foreign currency transaction (loss) gain (514,624) 600,313 (828,502) 509,877
Total operating expenses (7,391,221) (6,223,867) (14,215,904) (12,541,936)
Income from operations 4,680,545 1,419,804 7,790,696 978,774
Changes in fair value of warrant liability 31,811 7,077 259 126,546
Other income 276,365 1,055,947 854,458 1,211,875
Equity in (loss) earnings of investee (41,607) 0 105,325 0
Gain on dilution in equity method investee 491,325 0 491,325 0
Interest expenses (380,531) (435,402) (983,848) (710,394)
Income before taxes 5,057,908 2,047,426 8,258,215 1,606,801
Income taxes expenses (595,708) (174,313) (1,183,473) (209,817)
Net income 4,462,200 1,873,113 7,074,742 1,396,984
Less: net income (loss) attributable to non-controlling interest 90,963 (178,669) 167,856 (312,190)
Net income attributable to the Company 4,371,237 2,051,782 6,906,886 1,709,174
Comprehensive income (loss)        
Net income 4,462,200 1,873,113 7,074,742 1,396,984
Foreign currency translation gain (loss) 1,508,714 (1,964,424) 1,484,713 (1,714,278)
Comprehensive income (loss) 5,970,914 (91,311) 8,559,455 (317,294)
Less: comprehensive income (loss) attributable to non-controlling interest 98,795 (197,060) 178,346 (325,882)
Comprehensive income attributable to the Company $ 5,872,119 $ 105,749 $ 8,381,109 $ 8,588
Earnings per share of common stock attributable to the Company        
- Basic $ 0.29 $ 0.14 $ 0.45 $ 0.11
- Diluted $ 0.28 $ 0.14 $ 0.45 $ 0.11
Weighted average number of common stock outstanding        
- Basic 15,317,101 15,101,679 15,218,820 15,101,679
- Diluted 15,479,357 15,102,877 15,304,773 15,103,886