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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income (loss) $ 338,564 $ 69,682
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 429,274 437,816
Stock-based compensation 15,918
Non-cash other revenue (259,299)
Non-cash miscellaneous loss 24,618
(Gain) loss on sale of property, plant and equipment (434,549)
Foreign currency transaction (gain) loss 12,548 18,942
(Increase) decrease in trade, accounts & notes receivable, and deposits from related parties 33,249 (812,477)
(Increase) decrease in inventories (140,366) 1,090,895
(Increase) decrease in refundable income taxes (2,837) (2,251)
(Increase) decrease in prepaid expenses and other current assets (159,437) (45,501)
(Increase) decrease in other assets (76,128)
Increase (decrease) in income taxes payable (78,136) 11,323
Increase (decrease) in accounts payable & accrued expenses, deferred revenue, and other noncurrent liabilities 338,665 (12,350)
Net cash provided by operating activities 771,524 26,639
Investing activities:    
Purchase of property, plant and equipment (26,995) (84,457)
Payments received on notes receivables - related parties 97,235 131,003
Net cash provided by investing activities 70,240 46,546
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 5,132 (22,380)
Increase (decrease) in cash and cash equivalents 1,708,896 550,805
Cash and cash equivalents at beginning of period 1,630,779 1,989,974
Cash and cash equivalents at end of period $ 3,339,675 $ 2,540,779