XML 17 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (12,770,222) $ 4,266,417
Adjustments to reconcile net (loss) income from operations to net cash provided by operating activities:    
Depreciation 8,128,805 8,469,771
Amortization of land use rights 95,076 96,226
Increase in allowance for doubtful accounts 2,061,591 $ 521,928
Increase in reserve for obsolete inventories $ 962,029
Increase in allowance for deferred tax assets $ 2,165,677
Loss from impairment of equipment held for sale $ 417,171 $ 3,799,947
Loss from impairment of property and equipment 6,599,487
Loss from sales contract dispute 5,806,778
Stock-based compensation 285,560 $ 375,989
Changes in operating assets and liabilities:    
Notes receivable (25,734) 586,014
Accounts receivable 1,477,142 (5,668,901)
Inventories 1,317,739 470,509
Prepaid value-added taxes on purchases (93,280) 486,689
Prepaid and other current assets (790,832) (94,718)
Advances to suppliers (526,138) 126,394
Deferred tax assets 140,368 (1,080,469)
Accounts payable (624,196) (872,178)
Accrued expenses (226,923) 164,465
VAT and service taxes payable (213,092) 374,512
Income taxes payable (252,960) (1,077,373)
Advances from customers (37,087) (952,885)
NET CASH PROVIDED BY OPERATING ACTIVITIES 11,731,282 12,158,014
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment $ (12,458) (11,058,530)
Refund of previously purchased property and equipment 3,991,405
NET CASH USED IN INVESTING ACTIVITIES $ (12,458) (7,067,125)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from bank loans 4,503,418 3,906,759
Repayments of bank loans (4,342,581) (3,906,759)
(Increase) decrease in restricted cash (193,004) 195,338
Increase (decrease) in bank acceptance notes payable $ 193,004 (195,338)
Net proceeds from sale of common stock - related parties 1,623,691
NET CASH PROVIDED BY FINANCING ACTIVITIES $ 160,837 1,623,691
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (925,082) 6,338
NET INCREASE IN CASH AND CASH EQUIVALENTS 10,954,579 6,720,918
CASH AND CASH EQUIVALENTS - beginning of year 7,835,791 1,114,873
CASH AND CASH EQUIVALENTS - end of year 18,790,370 7,835,791
Cash paid for:    
Interest 235,366 238,226
Income taxes $ 2,277,297 4,553,195
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Property and equipment acquired on credit as payable $ 256,082