XML 15 R5.htm IDEA: XBRL DOCUMENT v3.4.0.3
Unaudited Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (844,093) $ 1,242,434
Adjustments to reconcile net (loss) income from operations to net cash provided by operating activities:    
Depreciation 1,674,728 2,074,507
Amortization of land use rights 22,599 24,086
Stock-based compensation and fees 428,250 274,400
Changes in operating assets and liabilities:    
Notes receivable 14,145 2,054
Accounts receivable (259,741) 2,330,169
Inventories (225,787) (939,030)
Prepaid and other current assets (26,969) (4,835)
Advances to suppliers (34,725) (31,318)
Accounts payable (131,047) 873,118
Accrued expenses (516,730) (515,767)
VAT and service taxes payable (174,300) (242,190)
Income taxes payable (54,883) (360,739)
Advances from customers 258,198 322,533
NET CASH PROVIDED BY OPERATING ACTIVITIES 129,645 5,049,422
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (9,332) (4,755)
NET CASH USED IN INVESTING ACTIVITIES (9,332) (4,755)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from bank loans 1,529,176 2,200,202
Repayments of bank loans (1,605,635) (2,281,691)
Decrease in restricted cash 389,940 81,489
Decrease in bank acceptance notes payable (400,644) (81,489)
NET CASH USED IN FINANCING ACTIVITIES (87,163) (81,489)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 125,461 56,931
NET INCREASE IN CASH AND CASH EQUIVALENTS 158,611 5,020,109
CASH AND CASH EQUIVALENTS - beginning of period 18,790,370 7,835,791
CASH AND CASH EQUIVALENTS - end of period 18,948,981 12,855,900
Cash paid for:    
Interest 55,714 57,343
Income taxes 177,701 $ 890,876
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Stock issued for future services 110,350
Stock issued for accrued liabilities $ 64,000