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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Millions
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities    
Net income $ 13,154,581 $ 17,213,896
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,938,295 5,290,980
(Recovery of bad debt) bad debt expense (784,431) 58,728
Loss on disposal of property, plant and equipment 272,633 48,976
Impairment of property, plant and equipment 569,120 0
Deferred taxes (156,441) 374,626
Changes in fair value of foreign exchange derivatives 1,145,387 (228,314)
Gain on deconsolidation of a subsidiary 0 (6,004,008)
Equity in loss (earnings) of investee 140,132 (107,243)
Gain on dilution in equity method investee 0 (500,270)
Gain on sale of long-term investment 0 (1,677,367)
Share based compensation 941,031 326,171
Changes in fair value of warrant liability 0 (259)
Changes in operating assets and liabilities:    
Accounts receivable (21,085,450) (11,926,311)
Other assets 76,027 (288,180)
Notes receivable 2,291,487 (1,389,107)
Advances to suppliers 3,567,895 (5,070,174)
Prepayments and other receivables (5,039,974) (673,006)
Amount due from a related party 650,454 7,140,963
Amount due to related parties 141,577 (1,569,839)
Inventories (14,407,492) (24,705,574)
Accounts payable 5,509,066 15,183,933
Deferred government grants 250,989 154,151
Other payables and accrued liabilities 14,422,792 2,023,991
Income taxes payable (86,809) 2,240,550
Net cash flows provided by (used in) operating activities 7,510,869 (4,082,687)
Cash flows from investing activities    
Acquisitions of plant and equipment (15,598,608) (13,730,328)
Loan to a related party 0 (514,821)
Proceeds from sale of long-term investment 0 10,535,062
Impact to cash resulting from deconsolidation of a subsidiary 0 (632,754)
Payment for long-term investment (316,484) 0
Net cash flows used in investing activities (15,915,092) (4,342,841)
Cash flows from financing activities    
Proceeds from short-term bank loans 28,824,056 12,725,676
Repayments of short-term bank loans (12,983,353) (22,331,365)
Proceeds from a related party 5,945,384 0
Repayment of loan from a related party (195,919) 0
Proceeds from non-financial institution borrowings 0 10,386,681
Repayments of non-financial institution borrowings (1,507,068) (3,857,910)
Proceeds from notes payable 130,784,037 90,871,294
Repayments of notes payable (108,233,565) (69,511,376)
Payment of derivative instruments (375,260) 0
Proceeds from exercise of employee options 0 802,691
Repayment from GZ Highpower 0 6,035,600
Net cash flows provided by financing activities 42,258,312 25,121,291
Effect of foreign currency translation on cash (4,898,089) 3,222,321
Net increase in cash and restricted cash 28,956,000 19,918,084
Cash and restricted cash- beginning of year 40,456,117 20,538,033
Cash and restricted cash- end of year 69,412,117 40,456,117
Cash paid for:    
Income taxes 2,625,182 1,700,149
Interest expenses 1,950,076 1,550,878
Non-cash investing and financing activities:    
Shares issued for legal case settlement 212,500 0
Offset of deferred income related to government grant and property, plant and equipment 75,584 263,948
Purchase of property and equipment financed by accounts payables 3,895,765 (1,150,460)
Reconciliation of cash and restricted cash    
Cash 24,916,484 14,502,171
Restricted cash 44,495,633 25,953,946
Total cash and restricted cash shown in the consolidated statements of cash flows $ 69,412,117 $ 40,456,117