XML 64 R6.htm IDEA: XBRL DOCUMENT v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,539,758) $ (4,904,138)
Adjustments to reconcile net loss to net cash provided (used by) operating activities:    
Interest on capital lease obligation 35,272 38,659
Depreciation and amortization 3,454,891 3,377,249
Unrealized exchange (gain) loss on inter-company balances (400,449) 503,228
Deferred tax asset (1,256,443) (1,395,137)
Common stock issued for services 0 21,600
Changes in assets and liabilities:    
Accounts receivable 4,245,576 (20,469)
Inventories 523 0
Prepayments and deposits 54,350 (35,157)
Other receivables 0 1,631
Accounts and other payable and accrued expenses (41,562) 2,509,573
Retention payable 0 (39,027)
Taxes payable (18,999) (377,581)
Prepaid land leases (369,066) 0
Operating leases 38,022 55,843
Net cash provided by (used in) operating activities 2,202,357 (263,726)
CASH FLOWS USED IN INVESTING ACTIVITIES    
Purchase of property, plant and equipment (7,416,211) (2,528,111)
Net cash used in investing activities (7,416,211) (2,528,111)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (1,455,442) 3,446,043
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (6,669,296) 654,206
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 100,301,986 178,998,935
CASH AND CASH EQUIVALENTS - END OF PERIOD 93,632,690 179,653,141
Cash paid during the period for:    
Income taxes 0 0
Operating right-of-use assets obtained in exchange for lease obligations 0 8,241,818
SUPPLEMENTAL DISCLOSURE OF CASH NON-CASH INVESTING AND FINANCING ACTIVITIES    
Par value of common stock issued upon cashless exercise of options $ 0 $ 48