CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (9,182,624)
|
$ (15,405,518)
|
| Depreciation and amortization |
3,078,074
|
3,598,527
|
| Bad debt expense |
1,086,449
|
10,147,293
|
| Deferred income taxes |
308,175
|
60,439
|
| Provision for obsolete inventory |
0
|
1,941,007
|
| Impairment of intangible assets |
3,962,141
|
104,544
|
| Changes in assets and liabilities: |
|
|
| Trade accounts and other receivables |
(1,097,556)
|
(2,511,888)
|
| Advances to suppliers |
380,779
|
843,639
|
| Inventory |
2,734,612
|
5,157,861
|
| Trade accounts payable |
815,198
|
216,304
|
| Accrued taxes payable |
72,107
|
34,802
|
| Other payables and accrued expenses |
377,663
|
548,455
|
| Advances from customers |
265,928
|
(1,430,595)
|
| Prepaid expenses |
94,762
|
45,190
|
| Net Cash Provided by Operating Activities |
2,895,708
|
3,350,060
|
| Cash Flows from Investing Activities: |
|
|
| Advances for purchases of intangible assets |
0
|
(1,634,097)
|
| Bankers acceptances redeemed for cash |
0
|
423,693
|
| Purchases of property and equipment |
(193,404)
|
(685,302)
|
| Net Cash Used in Investing Activities |
(193,404)
|
(1,895,706)
|
| Cash Flows from Financing Activities: |
|
|
| Payments of construction term loan |
(1,505,346)
|
0
|
| Payments of short term notes payable |
(4,516,039)
|
0
|
| Net Cash used in Financing Activity |
(6,021,385)
|
0
|
| Effect of Exchange Rate Changes on Cash |
(263,877)
|
(501,384)
|
| Net (Decrease) Increase in Cash and Cash Equivalents |
(3,582,958)
|
952,970
|
| Cash and Cash Equivalents at Beginning of Period |
6,248,760
|
5,295,790
|
| Cash and Cash Equivalents at End of Period |
2,665,802
|
6,248,760
|
| Supplemental Cash Flow Information: |
|
|
| Cash paid for interest |
836,011
|
1,151,613
|
| Supplemental Noncash Investing and Financing Activities: |
|
|
| Accounts payable for purchases of property and equipment |
0
|
171,245
|
| Issuance of banker's acceptances |
1,088,879
|
0
|
| Accounts receivable collected with banker's acceptances |
935,265
|
2,422,137
|
| Inventory purchased with banker's acceptances |
935,265
|
2,059,028
|
| Advances for purchases of intangibles paid with banker's acceptances |
$ 0
|
$ 391,826
|