XML 68 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,469,004 $ 4,614,262
Adjustments to reconcile net income from operations to net cash provided by operating activities:    
Depreciation 4,144,514 4,084,790
Amortization of land use rights 48,352 48,141
Stock-based compensation 274,400 $ 181,108
Decrease in allowance for doubtful accounts (6,216)  
Changes in operating assets and liabilities:    
Notes receivable 29,446 $ 599,395
Accounts receivable 1,991,705 1,464,659
Inventories $ (286,891) (3,224,025)
Prepaid value-added taxes on purchases   374,452
Prepaid and other current assets $ 10,366 (5,553)
Advances to suppliers 2,838 14,859
Accounts payable 894,079 (283,743)
Accrued expenses (568,800) (381,669)
VAT and service taxes payable (266,229) 38,824
Income taxes payable (476,587) (1,154,225)
Advances from customers 458,219 (1,060,826)
NET CASH PROVIDED BY OPERATING ACTIVITIES 8,718,200 5,310,449
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (5,616) (6,280,015)
NET CASH USED IN INVESTING ACTIVITIES (5,616) (6,280,015)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from bank loans 2,944,641 2,280,242
Repayments of bank loans (2,781,050) (2,280,242)
Decrease in restricted cash 327,182 325,749
Decrease in bank acceptance notes payable $ (327,182) (325,749)
Net proceeds from sale of common stock   1,623,691
NET CASH PROVIDED BY FINANCING ACTIVITIES $ 163,591 1,623,691
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 94,996 (2,343)
NET INCREASE IN CASH AND CASH EQUIVALENTS 8,971,171 651,782
CASH AND CASH EQUIVALENTS - beginning of period 7,835,791 1,114,873
CASH AND CASH EQUIVALENTS - end of period 16,806,962 1,766,655
Cash paid for:    
Interest 113,971 117,826
Income taxes $ 1,439,402 2,804,773
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired on credit as payable   390,060
Common stock issued for future service   $ 181,107