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Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 214 $ 6,482
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 6,824 6,523
Loss from sale of property and equipment 16 102
Provision of bad debt allowance 820
Provision for obsolete inventories 3,846 2,697
Deferred income tax (2,388) (1,706)
Stock-based compensation 12 7
Changes in operating assets and liabilities    
Accounts receivable 312 (15,012)
Inventories (4,979) (32,831)
Value added tax receivable (281) 430
Other receivables and prepaid expenses 3,738 (19,792)
Advances on inventory purchases (3,214) (8,199)
Amounts due from related parties 16 4
Accounts payable 6,253 29,547
Accounts payable and other payables- related parties (692) 153
Other payables and accrued liabilities (10,594) 14,054
Value added and other taxes payable (4,120) (3,892)
Income tax payable 746 311
Net cash used in operating activities (3,471) (21,122)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (6,555) (9,144)
Net cash used in investing activities (6,555) (9,144)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from bank loans 42,570 39,872
Repayment of bank loans (35,620) (40,225)
Repayment of loans from related party 10,692 3,232
Advances to related party (6,755) (8,183)
Net cash used in financing activities 10,887 (5,304)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (650) (2,827)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 211 (38,397)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 47,012 62,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 45,837 24,479
RESTRICTED CASH 1,386  
Cash paid during the period for:    
Interest 1,036 1,202
Income taxes $ 4,196 $ 4,427