|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 18,965 |
$ 790,956 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities |
|
|
| Depreciation and amortization |
382,036 |
289,976 |
| Interest expenses, non-cash |
|
70,271 |
| Change in operating assets and liabilities: |
|
|
| Accounts and retention receivable |
293,772 |
(653,791) |
| Inventories |
(292,381) |
(355,780) |
| Prepayments and other receivables |
264,078 |
595,195 |
| Accounts payable |
772,635 |
(1,213,686) |
| Income tax payable |
(81,837) |
(57,797) |
| Other payables and accrued liabilities |
119,066 |
(93,832) |
| Net cash provided by (used in) operating activities |
1,476,334 |
(628,488) |
| Cash flows from investing activities: |
|
|
| Purchase of plant and equipment |
(270) |
(21,663) |
| Payments on construction in progress |
(473,640) |
(2,544,583) |
| Net cash used in investing activities |
(473,910) |
(2,566,246) |
| Cash flows from financing activities: |
|
|
| Change in restricted cash |
525,492 |
|
| Advance from a related party |
|
66,489 |
| Payments on finance lease |
(34,432) |
(338,490) |
| Proceeds from notes payable, related party |
1,580,903 |
1,500,000 |
| Proceeds from short-term bank borrowings |
2,157,932 |
1,527,142 |
| Repayment on short-term bank borrowings |
(4,742,708) |
|
| Net cash (used in) provided by financing activities |
(512,813) |
2,755,141 |
| Effect on exchange rate change on cash and cash equivalents |
12,475 |
16,389 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
502,086 |
(423,204) |
| BEGINNING OF PERIOD |
2,317,456 |
823,717 |
| END OF PERIOD |
2,819,542 |
400,513 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
| Cash paid for income taxes |
127,603 |
213,586 |
| Cash paid for interest |
$ 297,020 |
$ 123,537 |