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CONSOLIDATED STATEMENTS OF CASH FLOW (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities        
Net income $ 730,109 $ 4,486,631 $ 4,712,507 $ 9,677,757
Depreciation of fixed assets 1,093,167 1,038,882 2,926,095 3,155,850
Amortization of intangible assets 485,916 103,369 672,370 201,840
(Increase)/decrease in accounts & other receivables (17,077,118) (15,348,361) 2,262,344 (4,459,274)
(Increase)/decrease in inventories (15,298,226) (4,158,037) (35,514,753) (15,793,124)
Decrease/(increase) in prepayment (178,964) (175,611) (2,488,951) (3,010,288)
Decrease/(increase) in deferred tax asset (52) (1,073) 1,263 (4,703)
Increase/(decrease) in accounts and other payables 27,357,598 1,453,567 28,019,912 (1,552,997)
Net cash (used in)/provided by operating activities (2,887,570) (12,600,633) 590,787 (11,784,939)
Cash flows from investing activities        
(Purchase)/Sale of investment 2,100,000 0 0 270,019
Purchase of plant and equipment (5,152,779) (449,239) (6,167,956) (3,349,076)
Payment for the purchase of land use rights (2,064,247) (9,573,248) (1,935,326) (11,336,904)
(Increase)/decrease in restricted cash 198,008 1,410,693 (2,444,287) 2,544,842
(Increase)/decrease in deposit (8,427,528) 9,448,858 (8,403,929) 6,065,094
Net cash used in investing activities (13,346,546) 837,064 (18,951,498) (5,806,025)
Cash flows from financing activities        
Issuance of common stock 366,000 0 366,000 0
Repayment of bank borrowings (505,914) (1,884,630) (8,970,772) (3,536,275)
Proceeds from bank borrowings 7,563,144 11,889,802 21,867,129 23,748,796
Proceeds from long-term borrowings and notes payable 4,605,638 0 11,354,924 (3,775,819)
Net cash provided by/(used in) financing activities 12,028,868 10,005,172 24,617,281 16,436,702
Net Increase/(decrease) of Cash and Cash Equivalents (4,205,248) (1,758,397) 6,256,570 (1,154,262)
Effect of foreign currency translation on cash and cash equivalents 2,777,136 531,017 673,737 1,969,554
Cash and cash equivalents-beginning of period 42,215,612 34,388,275 33,857,193 32,345,603
Cash and cash equivalents-end of period 40,787,500 33,160,895 40,787,500 33,160,895
Supplementary cash flow information:        
Interest received 94,186 37,880 151,510 57,730
Interest paid 1,482,803 508,724 3,243,753 2,338,057
Income taxes paid $ 961,838 $ 3,184,293 $ 4,003,028 $ 7,364,364