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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities    
Net income $ 11,513,207 $ 13,314,519
Adjustments to reconcile net income to net cash provided by operating activities    
Issuance of common stock and stock options for compensation 2,378,736 3,206,945
Depreciation and amortization 21,445,891 23,881,680
Loss on disposal of property, plant and equipment 345 25,240
Changes in operating assets    
Accounts receivable (1,295,393) 17,868,983
Amount due from related parties (154,303) 0
Other current assets 88,817 (9,654)
Inventories (23,618,284) (71,309,766)
Advances to suppliers (9,078,019) 23,947,858
Other assets 40,385 (77,842)
Changes in operating liabilities    
Accounts payable 130,081 (680,569)
Customer deposits 16,653,368 24,018,709
Tax payables (2,646,182) 3,529,113
Accrued expenses and other payables 228,171 1,193,263
Amount due to related parties 0 0
Net cash provided by operating activities 15,686,820 38,908,479
Cash flows from investing activities    
Purchase of plant, property, and equipment (15,665) (383,373)
Proceeds from other receivables 0 1,967,460
Deferred assets 0 (9,222,371)
Net cash used in investing activities (15,665) (7,638,284)
Cash flows from financing activities    
Proceeds from the sale of common stock 0 1,245,746
Proceeds from loans 4,424,000 8,130,000
Repayment of loans (7,900,000) (8,536,500)
Advance from related party 200,000 300,400
Net cash used in financing activities (3,276,000) 1,139,646
Effect of exchange rate change on cash and cash equivalents (5,810,344) 64,284
Net increase in cash and cash equivalents 6,584,811 32,474,125
Cash and cash equivalents, beginning balance 92,982,564 26,890,321
Cash and cash equivalents, ending balance 99,567,375 59,364,446
Supplement disclosure of cash flow information    
Interest expense paid 731,679 815,659
Income taxes paid $ 2,763,253 $ 26,366