XML 54 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 5,913,301 $ 7,919,872
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 4,678,225 $ 3,462,128
Recovering for doubtful accounts (142,757)  
Deferred income tax 2,861 $ (2,409,053)
Changes in operating assets and liabilities    
Accounts receivable 34,100,343 19,441,054
Inventories (7,265,652) (1,927,458)
Value added tax receivable (1,332,500) (1,286,005)
Other receivables and prepaid expenses 864,521 (529,644)
Advances on inventory purchases 1,055,259 (404,581)
Amounts due from related parties 185,880 1,334,894
Accounts payable (13,416,258) (22,393,350)
Accounts payable and other payables- related parties (1,073,581) (2,527,146)
Other payables and accrued liabilities (1,987,362) (1,076,252)
Value added and other taxes payable (779,412) (631,814)
Income tax payable (1,099,332) 3,830,846
Net cash provided by operating activities 19,703,536 2,803,491
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (5,438,113) $ (4,185,207)
Proceeds from sale of property and equipment 3,526  
Purchase of intangible assets (1,731,627)  
Acquisition of Yiduo net of cash acquired (456,776)  
Net cash used in investing activities (7,622,990) $ (4,185,207)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from bank loans 52,715,587 73,693,038
Repayment of bank loans (72,217,424) (71,260,909)
Advances to related party (814,500) $ (5,046,800)
Repayment of advances from related party $ 2,443,500  
Interest income received from related party   $ 1,302,400
Net cash (used in) provided by financing activities $ (17,872,837) (1,312,271)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (91,022) (66,731)
NET DECREASE IN CASH AND CASH EQUIVALENTS (5,883,313) (2,760,718)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 34,134,239 27,772,878
CASH AND CASH EQUIVALENTS AT END OF PERIOD 28,250,926 25,012,160
Cash paid during the period for:    
Interest 1,492,287 1,481,808
Income taxes 3,300,525 $ 1,354,679
SUPPLEMENTAL INFORMATION OF NONCASH INVESTING ACTIVITIES    
Increase in intangible assets and non-controlling interests $ 232,947