XML 31 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash Flows from Operating Activities:    
Net Income $ 4,086,913 $ 695,196
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Provision for allowances, returns and doubtful accounts 1,124 14,194
Depreciation 634,226 248,871
Amortization of land use rights 2,376 812
Common stock issued for services   34,617
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 452,223 (322,245)
(Increase) decrease in inventories (63,951) 71,472
(Increase) decrease in prepaid expenses (128) 24,960
(Decrease) increase in accounts payable (111,539) 509,929
Increase in accrued expenses 5,072 21,671
(Decrease) in taxes payable (182,029) (165,436)
Net Cash Provided by Operating Activities 4,824,287 1,134,041
Cash Flows from Investing Activities:    
Capital expenditures (3,236,557) (1,416,000)
Net Cash Used in Investing Activities (3,236,557) (1,416,000)
Cash Flows from Financing Activities    
Proceeds from short term debt 1,339,875  
Repayment of short term debt (1,339,875)  
Cash advance from shareholder   19,327
Shareholder loans   (2,615,993)
Collection of shareholder loans   2,615,993
Proceeds from investor deposit payable 60,955  
Proceeds from private placement   3,038,903
Commission paid for private placement   (804,500)
Net Cash Provided by Financing Activities 60,955 2,253,730
Effect of Exchange Rate Changes on Cash 228,320 20,471
Net Increase in Cash and Equivalents 1,877,005 1,992,242
Cash and Equivalents - Beginning of Period 5,717,142 2,172,641
Cash and Equivalents - End of Period 7,594,147 4,164,883
Supplemental Cash Flow Information:    
Interest Paid 57,386 71,163
Income taxes 1,422,694 475,671
Non Cash Transaction:    
Common stock issued for services   $ 34,617