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

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