CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (5,756,607)
|
$ (9,157,571)
|
| Depreciation and amortization |
2,583,066
|
2,769,761
|
| Bad debt expense |
1,005,949
|
6,045,352
|
| Deferred income taxes |
65,044
|
677,209
|
| Inventory obsolescence reserve |
(1,529,912)
|
460,537
|
| Impairment of long-term assets |
1,467,235
|
0
|
| Changes in assets and liabilities: |
|
|
| Trade accounts and other receivables |
(709,257)
|
(2,642,445)
|
| Advances to suppliers |
(150,606)
|
(1,746,117)
|
| Inventory |
3,157,553
|
3,314,458
|
| Trade accounts payable |
739,551
|
2,061,895
|
| Accrued taxes payable |
(74,080)
|
16,307
|
| Other payables and accrued expenses |
119,085
|
(18,951)
|
| Advances from customers |
432,904
|
(1,128,459)
|
| Prepaid expenses |
71,790
|
0
|
| Net Cash Provided by Operating Activities |
1,421,715
|
651,976
|
| Cash Flows from Investing Activities: |
|
|
| Purchases of property and equipment |
(86,350)
|
(310,247)
|
| Bankers acceptances redeemed for cash |
0
|
306,904
|
| Net Cash Used in Investing Activities |
(86,350)
|
(3,343)
|
| Cash Flows from Financing Activities: |
|
|
| Payments of construction term loan |
(1,519,932)
|
0
|
| Payments of short term debt |
(2,279,899)
|
0
|
| Net Cash Used by Financing Activity |
(3,799,831)
|
0
|
| Effect of Exchange Rate Changes on Cash |
(134,255)
|
(226,914)
|
| Net (Decrease) Increase in Cash and Cash Equivalents |
(2,598,721)
|
421,719
|
| Cash and Cash Equivalents at Beginning of Period |
6,248,760
|
5,319,990
|
| Cash and Cash Equivalents at End of Period |
3,650,039
|
5,741,709
|
| Supplemental Cash Flow Information: |
|
|
| Cash paid for interest |
689,773
|
905,151
|
| Supplemental Noncash Investing and Financing Activities: |
|
|
| Accounts payable for purchases of property and equipment |
0
|
137,854
|
| Accounts receivable collected with banker's acceptances |
803,655
|
1,968,818
|
| Inventory purchased with banker's acceptances |
781,814
|
1,400,447
|
| Restricted cash related to letter of credit |
1,490,154
|
0
|
| Advances for intangible assets purchased with banker's acceptances |
$ 0
|
$ 395,445
|