Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (647,844)
|
$ (1,255,834)
|
| Depreciation and amortization |
1,305,070
|
1,575,870
|
| Bad debt expense |
24,928
|
23,404
|
| Inventory write off |
|
111,533
|
| Changes in assets and liabilities: |
|
|
| Trade accounts and other receivables |
(305,183)
|
(284,126)
|
| Advances to suppliers |
(279,380)
|
(10,615)
|
| Inventory |
(14,136)
|
960,946
|
| Trade accounts payable |
(323,470)
|
223,562
|
| Accrued taxes payable |
279,748
|
(43,632)
|
| Other payables and accrued expenses |
(79,967)
|
(369,547)
|
| Change in bankers' acceptance notes payable |
115,468
|
(781,626)
|
| Advances from customers |
95,579
|
31,548
|
| Prepaid expenses |
(323,553)
|
(31,309)
|
| Net Cash (Used in) Provided by Operating Activities |
(152,740)
|
150,174
|
| Cash Flows from Investing Activities: |
|
|
| Purchases of property and equipment |
(840,449)
|
(73,538)
|
| Net Cash Used in Investing Activities |
(840,449)
|
(73,538)
|
| Cash Flows from Financing Activities: |
|
|
| Proceeds from lines of credit |
1,919,818
|
|
| Payments of construction term loan |
(142,209)
|
(147,475)
|
| Proceeds (payments) of related party payables |
90,551
|
(231,252)
|
| Net Cash Provided by (Used in) Financing Activities |
1,868,160
|
(378,727)
|
| Effect of Exchange Rate Changes on Cash |
(23,318)
|
768
|
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
851,653
|
(301,323)
|
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
1,184,887
|
2,460,527
|
| Cash, Cash Equivalents and Restricted Cash at End of Period |
2,036,540
|
2,159,204
|
| Cash and Cash Equivalents |
1,813,544
|
1,655,892
|
| Restricted cash |
222,996
|
503,312
|
| Cash, Cash Equivalents and Restricted Cash at End of Period |
2,036,540
|
2,159,204
|
| Supplemental Cash Flow Information: |
|
|
| Cash paid for income taxes |
|
|
| Cash paid for interest |
118,374
|
178,991
|
| Supplemental Noncash Investing and Financing Activities: |
|
|
| Issuance of banker's acceptances |
|
|
| Accounts receivable collected with banker's acceptances |
270,453
|
378,585
|
| Inventory purchased with banker's acceptances |
304,520
|
399,455
|
| Right-of-use assets obtained in exchange for operating lease obligations |
|
$ 233,629
|