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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (6,498) $ 1,318
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 3,597 4,491
Loss from sale of property and equipment 189 53
Provision of bad debt allowance 969 682
Provision for obsolete inventories 3,681 1,824
Deferred income tax 71 (1,461)
Stock-based compensation 3 8
Changes in operating assets and liabilities    
Accounts receivable 30,444 21,793
Inventories 11,659 1,145
Value added tax receivable 1,076 504
Other receivables and prepaid expenses 737 3,502
Advances on inventory purchases 3,845 (2,353)
Amounts due from related parties (214) (129)
Accounts payable (22,522) (25,954)
Accounts payable and other payables- related parties (466) 58
Other payables and accrued liabilities (7,027) (10,789)
Value added and other taxes payable (1,593) (4,684)
Income tax payable (910) 207
Net cash provided (used in) operating activities 17,041 (9,785)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (1,018) (4,082)
Purchases of trading securities (825)
Net cash used in investing activities (1,843) (4,082)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from bank loans 31,995 16,320
Repayment of bank loans (21,173) (19,904)
Repayment of loans from related party 4,027 8,149
Advances to related party (3,129) (5,454)
Net cash provided (used in) financing activities 11,720 (889)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (721) 2,270
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 26,197 (12,486)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 48,551 47,012
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 59,238 34,526
Reconciliation of cash, cash equivalents and restricted cash reported within their consolidated balance sheets:    
Cash and Cash Equivalents 59,236 47,012
Restricted cash 17,716
Total 76,954 47,012
Cash paid during the period for:    
Interest 907 771
Income taxes $ 493 $ 2,436