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Consolidated Satatements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:  
NET INCOME$ 4,970,109$ 7,943,784
Adjustments to reconcile net income from operations to net cash provided by operating activities:  
Depreciation3,651,1682,145,463
Amortization of debt discount to interest expense044,993
Amortization of land use rights68,14565,042
Increase in allowance for doubtful accounts389,120550,006
Stock-based compensation expense282,259478,390
Changes in assets and liabilities:  
Notes receivable(96,409)(16,598)
Accounts receivable(70,783)(2,966,377)
Inventories(1,935,112)(1,918,385)
Prepaid value-added taxes on purchases814,967(1,564,513)
Prepaid and other current assets(48,340)174,823
Advances to suppliers(495,317)(1,028,678)
Accounts payable(2,741,480)3,345,974
Accrued expenses58,098(212,262)
VAT and service taxes payable(82,941)62,311
Income taxes payable(712,490)148,220
Advances from customers1,839,88289,848
NET CASH PROVIDED BY OPERATING ACTIVITIES5,890,8767,342,041
CASH FLOWS FROM INVESTING ACTIVITIES:  
Payments for deposit on equipment(768,520)0
Purchase of property and equipment(6,413,874)(9,212,125)
NET CASH USED IN INVESTING ACTIVITIES(7,182,394)(9,212,125)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Principal payments on capital lease(143,545)0
Proceeds from loans payable2,612,9691,320,345
Repayment of loans payable(2,151,857)(2,090,460)
Increase in restricted cash(461,112)0
Proceeds from loans payable461,1120
Proceeds from sale of preferred stock, net125,0000
Proceeds from exercise of warrants400,0002,100,000
NET CASH PROVIDED BY FINANCING ACTIVITIES842,5671,329,885
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS20,04835,270
NET DECREASE IN CASH AND CASH EQUIVALENTS(428,903)(504,929)
CASH AND CASH EQUIVALENTS - beginning of year947,1772,278,638
CASH AND CASH EQUIVALENTS - end of period518,2741,773,709
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:  
Interest122,98074,486
Income taxes2,662,1152,903,462
NON-CASH INVESTING AND FINANCING ACTIVITIES:  
Security deposit and leased property in exchange for capital lease obligations795,0220
Series A preferred converted to common shares3,5362,911
Common stock issued for future service$ 63,576$ 3,900