XML 86 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,622,891) $ 1,389,940
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 664,380 326,844
Loss from disposal of property and equipment 59,974
Provision for doubtful accounts 2,556,565 964,614
Provision for (Reversal of) inventory reserve 173,948 (38,002)
Deferred tax benefit (169,510) (23,903)
Income from equity method investments (140,582) (288,877)
Value of shares issued to IFG Fund for equity, we subsequently cancelled 434,000
Restricted shares issued for management 1,022,661
Changes in operating assets and liabilities:    
Accounts receivable (650,613) 3,486,213
Advances to suppliers 5,305,586 (2,469,378)
Inventories (604,780) (55,295)
Other receivables (740,709) 369,576
Prepaid expense and other assets 429,782 283,428
Due from related parties 62,427
Right of use assets (102,123)
Prepaid leases 229,594
Accounts payable (60,925) (1,305,922)
Advances from customers (366,510) (10,058)
Other payables 256,188 584,425
Taxes payable 40,610 239,007
NET CASH PROVIDED BY OPERATING ACTIVITIES 6,113,478 4,116,206
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of property and equipment (1,494) (87,750)
Proceeds from disposal of property and equipment 79,233
Payment for construction in progress (41,439)
Advances of loans to third parties (56,857) (396,388)
Loan advances to related party 249,362
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 20,882 (276,215)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from short-term loans 284,499 988,724
Repayment of short-term loans (924,621) (1,080,811)
Repayment of other short-term loans (7,112)
Proceeds from issuance of common stock 1,500,203 1,589,892
Proceeds from (repayments of) advances from related parties 262,132 (7,824)
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,115,101 1,489,981
EFFECT OF EXCHANGE RATE CHANGE ON CASH (492,344) (1,156,716)
NET INCREASE IN CASH 6,757,117 4,173,256
CASH - Beginning of the Period 35,330,676 31,487,053
CASH - End of the Period 42,087,793 35,660,309
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Cash paid for income taxes 139,906 339,607
Cash paid for interest 58,266 58,544
SUPPLEMENTAL NON-CASH OPERATING ACTIVITY:    
Right-of-use assets obtained in exchange for operating lease obligations $ 413,009