XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ 799 $ (500)
Adjustments to reconcile net (loss) income to cash provided by operating activities:    
Depreciation and amortization 2,241 1,758
Provision for obsolete inventories 4,105 2,098
Deferred income tax (1,180) (285)
Stock-based compensation 10
Changes in operating assets and liabilities    
Accounts receivable 23,487 30,037
Inventories 5,541 7,443
Value added tax receivable 1,236 799
Other receivables and prepaid expenses (543) (3,163)
Advances on inventory purchases (1,730) 2,196
Amounts due from related parties (495) 552
Accounts payable (11,762) (19,781)
Accounts payable and other payables- related parties (1,527) (517)
Other payables and accrued liabilities (1,794) (2,484)
Value added and other taxes payable (2,713) (1,653)
Income tax payable (755) (1,693)
Net cash provided by operating activities 14,920 14,807
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (1,209) (1,633)
Proceeds from sale of property and equipment 5
Net cash used in investing activities (1,204) (1,633)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from bank loans 15,671 23,593
Repayment of bank loans (12,913) (26,250)
Repayment of loans from related party 917
Advances to related party (1,742)
Net cash provided by (used in) financing activities 1,016 (1,740)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 80 503
NET INCREASE IN CASH AND CASH EQUIVALENTS 14,812 11,937
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 45,288 22,702
CASH AND CASH EQUIVALENTS AT END OF PERIOD 60,100 34,639
Cash paid during the period for:    
Interest 327 597
Income taxes $ 1,853 $ 2,851