XML 61 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,219 $ 11,440
Adjustments to reconcile net income to cash provided by operating activities:    
Intangible asset impairment loss 1,086
Depreciation and amortization 8,239 6,664
Loss from sale of property and equipment 9 108
Provision of bad debt allowance 1,062 660
Provision for obsolete inventories 2,804 3,324
Deferred income tax (1,472) (1,370)
Stock-based compensation 12 7
Changes in operating assets and liabilities    
Accounts receivable 6,652 (9,893)
Inventories (5,145) (16,462)
Value added tax receivable 1,077 1,016
Other receivables and prepaid expenses 2,394 (5,659)
Advances on inventory purchases (3,395) (3,698)
Amounts due from related parties 67 (2,761)
Accounts payable (2,305) 8,485
Accounts payable and other payables- related parties 176 6,275
Other payables and accrued liabilities (4,052) 5,604
Value added and other taxes payable (2,948) (2,210)
Income tax payable (409) (54)
Net cash provided by operating activities 3,985 2,562
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (8,675) (12,182)
Net cash used in investing activities (8,675) (12,182)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from bank loans 59,528 64,006
Repayment of bank loans (58,665) (70,513)
Repayment of loans from related party 13,163 6,657
Advances to related party (8,381) (8,428)
Interest income received from related party 472 2,997
Net cash provided by (used in) financing activities 6,117 (5,281)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 2,316 (963)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 3,743 (15,864)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 47,012 62,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 48,551 47,012
Reconciliation of cash, cash equivalents and restricted cash reported within their consolidated balance sheets:    
Cash and Cash Equivalents 48,551 47,012
Restricted cash (booked in other receivables and prepaid expenses) 2,204
Restricted cash and cash equivalents 50,755 47,012
Cash paid during the period for:    
Interest 1,222 1,755
Income taxes $ 6,327 $ 6,350