XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities    
Net income $ 15,451,977 $ 27,026,912
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for doubtful accounts 1,159,061 1,474,872
Depreciation and amortization 11,838,692 9,259,516
Deferred income tax (37,588) (807,058)
Loss (gain) on disposal of property and equipment (40,779) 9,515
Amortization of debt issuance costs 1,168,449
Changes in assets and liabilities:    
Account receivable (23,258,262) (26,640,753)
Bank acceptance notes from customers 120,433,497 (3,197,464)
Other currents assets (10,884,355) (4,371,425)
Inventories, net (97,808,381) (43,139,593)
Prepayments 942,352 1,877,272
Other assets (577,381)  
Accounts payable and bank acceptance notes to vendors 121,285,932 46,444,126
Income tax payable 9,534,690 2,126,238
Deposits received from customers 10,765,839 18,302,544
Deferred income 493,752 989,766
Other current liabilities and accrued expenses 692,584 4,466,181
Net Cash Flows Provided By Operating Activities 161,160,079 33,820,649
Cash Flows From Investing Activities    
Deposits on loan agreements (5,196,271)
Acquisition of property, plant, and equipment and land use rights (55,376,169) (52,259,319)
Deposits for acquisition of land use rights (2,982,537)
Refund of deposits for acquisition of land use rights 2,982,537
Acquisition of intangible asset (225,640)  
Advances to related parties (211,733,387) (186,885,309)
Repayment of advances to related parties 129,577,381 118,436,661
Net Cash Flows Used In Investing Activities (137,757,815) (125,904,238)
Cash Flows From Financing Activities    
Proceeds from short term bank loans 527,380,963 206,836,188
Repayment of short term bank loans (426,390,447) (113,440,430)
Proceeds from related parties 9,669,326 103,775,545
Repayments to related parties (139,482,122)
Proceeds from long term loans 29,692,975
Repayment of long term loans (24,859,848) (3,008,756)
Payment of debt issuance costs (1,767,572)
Net Cash Flows Provided By Financing Activities 85,799,994 82,605,828
Effects on changes in foreign exchange rate (2,837,828) 542,161
Net change in cash, cash equivalents and restricted cash 106,364,430 (8,935,600)
Cash, cash equivalents, and restricted cash - beginning of the year 4,598,176 13,533,776
Cash, cash equivalents, and restricted cash - end of the year 110,962,606 4,598,176
Supplemental Cash Flow Disclosures:    
Interest paid 11,653,031 2,860,931
Income taxes paid 6,343,206 3,398,629
Non-cash Investing and Financing Transactions    
Liabilities assumed in connection with acquisition of property, plant, and equipment and land use rights 703,698
Land use rights transferred from prepayments 7,733,989
Borrowings from long term loans in the form of bank acceptance notes 29,692,975
Repayments from related party in the form of bank acceptance notes 70,818,463 35,706,576
Repayments to related party in the form of bank acceptance notes 5,097,556
Transfer of debt among related parties 3,711,622
Deposits on loan agreements deducted from proceeds of long term loans $ 5,196,271