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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net income (loss) $ 463,279 $ 235,539
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 288,273 292,842
Stock-based compensation 10,612
Non-cash other revenue (172,866)
Non-cash miscellaneous loss 24,618
(Gain) loss on sale of property, plant and equipment (434,549)
Foreign currency transaction (gain) loss 21,694 1,149
(Increase) decrease in trade, accounts & notes receivable, and deposits from related parties 30,349 (715,018)
(Increase) decrease in inventories (380,827) 758,798
(Increase) decrease in refundable income taxes (227,553) (3,295)
(Increase) decrease in prepaid expenses and other current assets (304,407) (295,925)
(Increase) decrease in other assets (68,807)
Increase (decrease) in income taxes payable (71,132) 16,148
Increase (decrease) in accounts payable & accrued expenses, deferred revenue, and other noncurrent liabilities 402,018 (293,111)
Net cash provided by (used in) operating activities 221,694 (643,865)
Investing activities:    
Purchase of property, plant and equipment (17,363) (50,180)
Payments received on notes receivables - related parties 64,337 109,984
Net cash provided by investing activities 46,974 59,804
Financing activities:    
Proceeds from line of credit borrowings 500,000
Proceeds from long-term borrowings 862,000
Net cash provided by financing activities 862,000 500,000
Effect of exchange rate changes on cash and cash equivalents (30,775) 12,808
Increase (decrease) in cash and cash equivalents 1,099,893 (71,253)
Cash and cash equivalents at beginning of period 1,630,779 1,989,974
Cash and cash equivalents at end of period $ 2,730,672 $ 1,918,721