Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (1,657,740)
|
$ (1,956,788)
|
| Depreciation and amortization |
1,978,363
|
2,261,800
|
| Bad debt expense |
42,314
|
54,708
|
| Inventory write off |
|
87,542
|
| Changes in assets and liabilities: |
|
|
| Trade accounts and other receivables |
(366,385)
|
(407,733)
|
| Advances to suppliers |
(103,701)
|
(2,980)
|
| Inventory |
561,139
|
1,436,878
|
| Trade accounts payable |
(399,363)
|
130,642
|
| Accrued taxes payable |
123,921
|
23,321
|
| Other payables and accrued expenses |
(250,851)
|
(201,831)
|
| Change in bankers' acceptance notes payable |
(109,663)
|
(773,264)
|
| Advances from customers |
119,199
|
(12,670)
|
| Prepaid expenses |
(314,361)
|
(9,211)
|
| Net Cash (Used in) Provided by Operating Activities |
(377,128)
|
630,414
|
| Cash Flows from Investing Activities: |
|
|
| Purchases of property and equipment |
(1,099,878)
|
(85,739)
|
| Net Cash Used in Investing Activities |
(1,099,878)
|
(85,739)
|
| Cash Flows from Financing Activities: |
|
|
| Proceeds from lines of credit |
2,695,087
|
|
| Payments of construction term loan |
(2,145,389)
|
(2,188,463)
|
| Proceeds from related party loan |
162,090
|
674,405
|
| Payments of related party loan |
(77,530)
|
(209,726)
|
| Net Cash Provided by (Used in) Financing Activities |
634,258
|
(1,723,784)
|
| Effect of Exchange Rate Changes on Cash |
4,472
|
(30,604)
|
| Net Decrease in Cash, Cash Equivalents and Restricted Cash |
(838,276)
|
(1,209,713)
|
| 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 |
346,611
|
1,250,814
|
| Cash and Cash Equivalents |
346,611
|
761,606
|
| Restricted cash |
|
489,208
|
| Cash, Cash Equivalents and Restricted Cash at End of Period |
346,611
|
1,250,814
|
| Supplemental Cash Flow Information: |
|
|
| Cash paid for income taxes |
|
|
| Cash paid for interest |
176,055
|
241,465
|
| Supplemental Noncash Investing and Financing Activities: |
|
|
| Issuance of banker's acceptances |
|
2,641
|
| Accounts receivable collected with banker's acceptances |
394,393
|
532,537
|
| Inventory purchased with banker's acceptances |
402,582
|
553,183
|
| Right-of-use assets obtained in exchange for operating lease obligations |
|
$ 231,130
|