XML 42 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 42,925,892 $ 42,148,316
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 3,200,871 2,374,465
Share-based compensation 249,717 313,309
Gain on extinguishment of warrant liabilities (3,520) (73,291)
Change in fair value of warrants 65,000 23,000
Deferred income tax benefits (3,085) 175,444
(Increase) decrease in assets:    
Accounts receivable (2,659,054) (11,538,283)
Prepayments for raw material purchases (151,700) 4,866,964
Other receivables, deposits and prepayments (177,948) 823,965
Inventories (5,349,111) (6,784,994)
Increase (decrease) in liabilities:    
Accounts payable 8,171,198 1,162,203
Other payables and accruals (381,549) 224,537
Income taxes payable (1,204,446) 1,319,696
Net cash provided by operating activities 44,682,265 35,035,331
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant and equipment (3,913,886) (2,357,375)
Deposits for plant and equipment and construction in progress (428,765) (5,942,533)
Net cash used in investing activities (4,342,651) (8,299,908)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividend paid 0 (992,846)
Net cash used in financing activities 0 (992,846)
Foreign currency translation adjustment 3,626,446 (895,003)
INCREASE IN CASH AND CASH EQUIVALENTS 43,966,060 24,847,574
CASH AND CASH EQUIVALENTS, at the beginning of the period 144,300,290 105,637,627
CASH AND CASH EQUIVALENTS, at the end of the period 188,266,350 130,485,201
MAJOR NON-CASH TRANSACTION:    
Share-based compensation to employees and directors 249,717 313,309
Issuance of common stock to settle warrant liabilities 60,480 311,709
SUPPLEMENTAL DISCLOSURE INFORMATION    
Cash paid for income taxes $ 16,169,361 $ 13,490,647