v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net sales $ 64,923,960 $ 51,699,930 $ 114,707,413 $ 93,566,778
Cost of sales (53,614,034) (39,628,164) (95,831,160) (71,560,178)
Gross profit 11,309,926 12,071,766 18,876,253 22,006,600
Research and development expenses (3,592,760) (2,137,286) (6,154,597) (3,951,216)
Selling and distribution expenses (2,121,650) (1,722,910) (4,096,746) (3,361,223)
General and administrative expenses (3,910,188) (3,016,401) (8,024,998) (6,074,963)
Foreign currency transaction gain (loss) 1,670,932 (514,624) 656,239 (828,502)
Total operating expenses (7,953,666) (7,391,221) (17,620,102) (14,215,904)
Income from operations 3,356,260 4,680,545 1,256,151 7,790,696
Changes in fair value of warrant liability 0 31,811 0 259
Changes in fair value of foreign exchange derivative assets (liabilities) (1,125,140) 0 (421,425) 0
Government grants 988,679 209,297 1,318,499 558,812
Other income 56,581 67,068 80,142 295,646
Equity in earnings (loss) of investees 160,070 (41,607) 316,320 105,325
Gain on dilution in equity method investee 0 491,325 0 491,325
Interest expenses (312,814) (380,531) (554,666) (983,848)
Income before taxes 3,123,636 5,057,908 1,995,021 8,258,215
Income taxes expenses (409,321) (595,708) (399,642) (1,183,473)
Net income 2,714,315 4,462,200 1,595,379 7,074,742
Less: net income attributable to non-controlling interest 0 90,963 0 167,856
Net income attributable to the Company 2,714,315 4,371,237 1,595,379 6,906,886
Comprehensive income        
Net income 2,714,315 4,462,200 1,595,379 7,074,742
Foreign currency translation (loss) gain (4,168,216) 1,508,714 (1,331,660) 1,484,713
Comprehensive (loss) income (1,453,901) 5,970,914 263,719 8,559,455
Less: comprehensive income attributable to non-controlling interest 0 98,795 0 178,346
Comprehensive (loss) income attributable to the Company $ (1,453,901) $ 5,872,119 $ 263,719 $ 8,381,109
Earnings per share of common stock attributable to the Company        
- Basic $ 0.17 $ 0.29 $ 0.10 $ 0.45
- Diluted $ 0.17 $ 0.28 $ 0.10 $ 0.45
Weighted average number of common stock outstanding        
- Basic 15,556,361 15,317,101 15,533,139 15,218,820
- Diluted 15,629,413 15,479,357 15,619,771 15,304,773

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