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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Net income$ 599,129$ 489,339
Depreciation299,265213,829
Share-based payments37,500 
Accounts receivable(132,228)193,676
Inventories143,751(449,534)
Advance payments(18,165)5,656,121
Dividends receivable265,07278,773
Other current assets(422,118)(2,154,503)
Other non-current assets1,637956
Accounts payable and accrued expenses(1,119,595)(832,908)
Trade notes payable5,240,760(588,400)
Customer advances(1,110,307)509,609
Other current liabilities310,562616,042
Total adjustments3,496,1343,243,661
Net cash provided by operating activities:4,095,2633,733,000
Acquisition of property and equipment(1,618,171)(192,496)
Advance payments for purchase of fixed assets (2,357,088)
Loans to third parties(626,768) 
Investment in non-consolidated entities 208,070
Net cash used in investing activities:(2,244,939)(2,341,514)
Restricted cash(3,237,569)293,947
Repayment of short-term bank loans (882,600)
Proceeds from (repayment of) loans from third parties(1,538,348)3,179,240
Capital lease obligations322,426 
Repayment of long-term bank loan (147,100)
Net cash provided by (used in) financing activities:(4,453,491)2,443,487
Effect of foreign currency translation on cash142,72239,999
Net increase (decrease) in cash and cash equivalents(2,460,445)3,874,972
Cash and cash equivalents – beginning3,806,939694,620
Cash and cash equivalents – ending1,346,4944,569,592
Advance payments for investment in non-consolidated entity $ 5,478,442