v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 18,859,355 $ 14,502,171
Restricted cash 32,639,148 25,953,946
Accounts receivable, net 56,240,961 58,252,999
Amount due from a related party 921,862 1,165,838
Notes receivable 67,612 2,606,517
Advances to suppliers 6,511,584 6,050,531
Prepayments and other receivables 5,029,550 4,268,527
Foreign exchange derivatives 661,111 236,436
Inventories 55,347,466 42,946,644
Total Current Assets 176,278,649 155,983,609
Property, plant and equipment, net 48,189,218 46,520,776
Long-term prepayments 4,243,891 3,715,445
Land use rights, net 2,719,885 2,639,631
Other assets 746,938 748,431
Deferred tax assets, net 1,135,550 750,267
Long-term investments 11,209,442 9,906,379
TOTAL ASSETS 244,523,573 220,264,538
Current Liabilities:    
Accounts payable 61,149,301 60,368,012
Deferred government grant 799,040 309,638
Short-term loans 24,760,223 10,128,646
Non-financial institution borrowings 11,152,890 10,756,158
Notes payable 58,833,089 54,859,478
Amount due to a related party 780,702 0
Other payables and accrued liabilities 13,339,920 12,243,345
Income taxes payable 4,537,182 3,609,391
Total Current Liabilities 175,352,347 152,274,668
Income taxes payable, noncurrent 0 777,685
TOTAL LIABILITIES 175,352,347 153,052,353
COMMITMENTS AND CONTINGENCIES
Stockholders' equity    
Preferred stock (Par value: $0.0001, Authorized: 10,000,000 shares, Issued and outstanding: none) 0 0
Common stock (Par value: $0.0001, Authorized: 100,000,000 shares, 15,509,658 shares issued and outstanding at March 31, 2018 and at December 31, 2017, respectively) 1,551 1,551
Additional paid-in capital 12,951,177 12,709,756
Statutory and other reserves 6,549,815 6,549,815
Retained earnings 43,362,632 44,481,568
Accumulated other comprehensive income 6,306,051 3,469,495
TOTAL EQUITY 69,171,226 67,212,185
TOTAL LIABILITIES AND EQUITY $ 244,523,573 $ 220,264,538

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Net sales $ 49,783,453 $ 41,866,848
Cost of sales (42,217,126) (31,932,014)
Gross profit 7,566,327 9,934,834
Research and development expenses (2,561,837) (1,813,930)
Selling and distribution expenses (1,975,096) (1,638,313)
General and administrative expenses (4,114,810) (3,058,562)
Foreign currency transaction loss (1,014,693) (313,878)
Total operating expenses (9,666,436) (6,824,683)
(Loss) income from operations (2,100,109) 3,110,151
Changes in fair value of warrant liability 0 (31,552)
Changes in fair value of foreign exchange derivatives 703,715 0
Government grants 329,820 349,515
Other income 23,561 228,578
Equity in earnings of investee 156,250 146,932
Interest expenses (241,852) (603,317)
(Loss) income before taxes (1,128,615) 3,200,307
Income taxes benefit (expense) 9,679 (587,765)
Net (loss) income (1,118,936) 2,612,542
Less: net income attributable to non-controlling interest 0 76,893
Net (loss) income attributable to the Company (1,118,936) 2,535,649
Comprehensive income    
Net (loss) income (1,118,936) 2,612,542
Foreign currency translation gain (loss) 2,836,556 (24,001)
Comprehensive income 1,717,620 2,588,541
Less: comprehensive income attributable to non-controlling interest 0 79,551
Comprehensive income attributable to the Company $ 1,717,620 $ 2,508,990
(Loss) earnings per share of common stock attributable to the Company    
- Basic $ (0.07) $ 0.17
- Diluted $ (0.07) $ 0.17
Weighted average number of common stock outstanding    
- Basic 15,509,658 15,119,693
- Diluted 15,509,658 15,299,029

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net (loss) income $ (1,118,936) $ 2,612,542
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,475,228 1,274,334
Allowance for doubtful accounts 18,524 5,015
Loss on disposal of property, plant and equipment 21,805 3,262
Deferred tax (356,616) 124,548
Changes in fair value of foreign exchange derivatives (414,042) 0
Equity in earnings of investee (156,250) (146,932)
Share based compensation 241,421 24,401
Changes in fair value of warrant liability 0 31,552
Changes in operating assets and liabilities:    
Accounts receivable 3,713,692 7,314,824
Notes receivable 2,622,925 235,222
Advances to suppliers (236,789) 0
Prepayments and other receivables (601,315) (485,520)
Amount due from related parties 285,657 161,693
Amount due to a related party 0 193,240
Inventories (10,779,233) (3,623,242)
Accounts payable (1,377,447) (5,111,874)
Deferred income 475,783 116,359
Other payables and accrued liabilities 665,379 (1,977,117)
Income taxes payable 19,371 330,735
Net cash flows (used in) provided by operating activities (5,500,843) 1,083,042
Cash flows from investing activities    
Acquisitions of property, plant and equipment (1,553,979) (2,873,489)
Prepayment for long-term investment (317,188) 0
Net cash flows used in investing activities (1,871,167) (2,873,489)
Cash flows from financing activities    
Proceeds from short-term loans 14,427,164 2,910,418
Repayments of short-term loans 0 (1,381,758)
Proceeds from non-financial institution borrowings 0 8,726,892
Repayments of non-financial institution borrowings 0 (2,327,171)
Proceeds from notes payable 28,429,600 20,467,907
Repayments of notes payable (26,488,407) (13,081,781)
Proceeds from exercise of employee options 0 68,519
Net cash flows provided by financing activities 16,368,357 15,383,026
Effect of foreign currency translation on cash and restricted cash 2,046,039 (72,952)
Net increase in cash and restricted cash 11,042,386 13,519,627
Cash and restricted cash - beginning of period 40,456,117 20,538,033
Cash and restricted cash - end of period 51,498,503 34,057,660
Cash paid for:    
Income taxes 327,565 132,481
Interest expenses $ 114,588 $ 583,720

Source