Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 5,398,770
|
$ 5,294,224
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
1,066,325
|
1,213,581
|
| Amortization of deferred subsidy |
87,035
|
|
| Loss on disposal of property and equipment |
239
|
394
|
| Increase in allowance for doubtful accounts |
397,304
|
5,073
|
| Increase in provision for inventory |
55,037
|
(23,335)
|
| Deferred tax assets |
(71,923)
|
|
| Decrease (Increase) In: |
|
|
| Accounts receivable |
(8,007,656)
|
(3,152,033)
|
| Notes receivable |
(4,208,864)
|
2,790,046
|
| Inventories |
1,778,487
|
643,284
|
| Advance to suppliers |
(707,627)
|
(298,315)
|
| Other current and noncurrent assets |
3,096,994
|
(5,915,459)
|
| Increase (Decrease) In: |
|
|
| Accounts payable |
1,442,661
|
(1,863,919)
|
| Customer deposits |
1,411
|
(99,917)
|
| Other current liabilities |
(436,370)
|
332,437
|
| Income tax payable |
(191,614)
|
(105,978)
|
| Due to related parties |
82,145
|
147,167
|
| Long-term payables-Unamortized deferred financing costs |
|
(194,105)
|
| Other long-term liabilities |
(174,070)
|
(438,170)
|
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
(391,716)
|
(1,665,025)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchases of long term assets |
(277,696)
|
(133,941)
|
| Proceeds from government grants for construction |
|
312,068
|
| Investment in a joint venture |
(50,000)
|
|
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
(327,696)
|
178,127
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from short-term bank loans |
2,598,040
|
1,539,006
|
| Repayments of short-term bank loans |
(3,894,173)
|
(769,503)
|
| Notes payable |
1,286,200
|
(6,489,609)
|
| Proceeds from related parties |
214,245
|
|
| Repayment of loans from related parties |
|
(1,949,340)
|
| Repayment of loans from third parties |
(433,007)
|
|
| Proceeds from third parties |
1,876,362
|
|
| Dividend paid |
(703,595)
|
|
| Payment of principal on financing lease obligation |
|
(192,376)
|
| Proceeds from equity and debt financing |
|
77,069
|
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
944,072
|
(7,784,753)
|
| NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
224,660
|
(9,271,651)
|
| Effect of exchange rate changes on cash |
(905,766)
|
(491,537)
|
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR |
19,729,056
|
17,800,892
|
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
19,047,950
|
8,037,704
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Income taxes paid |
548,034
|
265,356
|
| Interest paid |
152,462
|
224,546
|
| Bank balances and cash |
15,232,289
|
3,217,925
|
| Bank balances and cash included in assets classified as restricted cash |
$ 3,815,661
|
$ 4,819,779
|