XML 71 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities    
Net income $ 8,099,082 $ 10,378,457
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Issuance of common stock and stock options for compensation 1,475,164 1,984,494
Depreciation and amortization 11,749,194 5,666,842
Changes in operating assets    
Accounts receivable 13,714,334 (9,882,111)
Other current assets (48,687) 8,843
Inventories (25,081,049) (15,498,332)
Advances to suppliers (5,175,552) 1,174,510
Other assets (22,310) 20,620
Changes in operating liabilities    
Accounts payable (565,539) 508,712
Customer deposits 11,163,038 2,680,539
Tax payables 2,011,259 (1,875,760)
Accrued expenses and other payables 111,790 549,836
Amount due to related parties 0 0
Net cash provided by (used in) operating activities 17,430,724 (4,283,350)
Cash flows from investing activities    
Purchase of plant, property, and equipment (231,115) (646,170)
Proceeds from other receivables 1,963,830 0
Deferred assets (4,291,918) (25,771,964)
Net cash used in investing activities (2,559,203) (26,418,134)
Cash flows from financing activities    
Proceeds from the sale of common stock 200,000 0
Proceeds from loans 0 162,800
Repayment of loans (1,054,950) 0
Advance from related party 200,400 100,000
Net cash provided by (used in) financing activities (654,550) 262,800
Effect of exchange rate change on cash and cash equivalents 8,724 297,697
Net increase (decrease) in cash and cash equivalents 14,225,695 (30,140,987)
Cash and cash equivalents, beginning balance 26,890,321 75,031,489
Cash and cash equivalents, ending balance 41,116,016 44,890,502
Supplement disclosure of cash flow information    
Interest expense paid 455,744 348,675
Income taxes paid 0 4,558,400
Supplemental Disclosure of Non-Cash Financing Activities:    
Issuance 118,778 shares of common stock for repayment of amount due to related party $ 0 $ 525,000