|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash Flows from Operating Activities: |
|
|
| Net income. |
$ 5,861,760 |
$ 15,147,575 |
| Depreciation and amortization |
1,096,641 |
1,081,890 |
| Stock based compensation |
141,721 |
139,074 |
| Bad debt expense (benefit). |
724,745 |
(185,463) |
| Deferred income taxes |
(67,603) |
67,789 |
| Derivative gain. |
0 |
(934,260) |
| Changes in assets and liabilities: |
|
|
| Trade accounts receivable |
(2,443,587) |
(9,507,941) |
| Other receivables |
(73,579) |
3,204 |
| Advances to suppliers. |
1,385,889 |
228,319 |
| Inventory. |
(5,911,799) |
(274,331) |
| Trade accounts payable. |
1,661,109 |
(1,933,820) |
| Accrued expenses. |
80,653 |
309,977 |
| Accrued taxes payable. |
(83,191) |
812,897 |
| Other payables. |
30,203 |
45,162 |
| Advances from customers. |
566,972 |
410,195 |
| Net Cash Provided by Operating Activities |
2,969,934 |
5,410,267 |
| Cash Flows from Investing Activities: |
|
|
| Net investment in banker's acceptances |
0 |
(130,135) |
| Advances for purchases of property and equipment. |
(1,020,731) |
0 |
| Advances for purchases of intangible assets. |
(1,272,956) |
(4,334,490) |
| Purchase of property and equipment |
(81,352) |
(280,645) |
| Net Cash Used in Investing Activities |
(2,375,039) |
(4,745,270) |
| Cash Flows from Financing Activity: |
|
|
| Proceeds from related party loan |
393,004 |
347,919 |
| Net Cash Provided by Financing Activity |
393,004 |
347,919 |
| Effect of Exchange Rate Changes on Cash |
23,013 |
147,738 |
| Net Increase in Cash and Cash Equivalents |
1,010,912 |
1,160,654 |
| Cash and Cash Equivalents at Beginning of Period |
4,050,854 |
3,692,086 |
| Cash and Cash Equivalents at End of Period |
5,061,766 |
4,852,740 |
| Supplemental Cash Flow Information: |
|
|
| Cash paid for interest |
228,874 |
179,467 |
| Cash paid for income taxes |
1,343,957 |
1,554,339 |
| Supplemental Noncash Investing and Financing Activities: |
|
|
| Accounts payable for purchases of property and equipment |
144,153 |
145,777 |
| Accounts receivable collected with banker's acceptances |
2,026,928 |
5,161,084 |
| Advances to suppliers paid with banker's acceptances |
402,338 |
0 |
| Inventory purchased with banker's acceptances |
$ 1,248,820 |
$ 5,161,084 |