v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
|
|
Cash Flows from Operating Activities |
|
|
Net income (loss) |
$ 2,838,116
|
$ 2,668,886
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
772,434
|
494,654
|
Stock-based compensation |
57,257
|
0
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(732,704)
|
(3,397,076)
|
Due from related party |
0
|
1,560,522
|
Inventory |
(99,189)
|
(6,110,979)
|
Prepaid expenses and other assets |
(362,530)
|
(99,131)
|
Others |
16,798
|
(48,203)
|
Accounts payable |
1,664,873
|
2,150,220
|
Accrued expenses |
(131,306)
|
376,811
|
Income taxes payable |
11,714
|
62,032
|
Net cash provided by (used by) operating activities |
4,035,463
|
(2,342,264)
|
Cash Flows from Investing Activities |
|
|
Purchase of property and equipment |
(1,515,861)
|
(2,698,895)
|
Purchase of short-term investment |
0
|
(559,815)
|
Redemption of short-term investments |
559,815
|
0
|
Investment in subsidiary |
0
|
(6,030,532)
|
Net cash used by investing activities |
(956,046)
|
(9,289,242)
|
Cash Flows from Financing Activities |
|
|
Proceeds from affiliated Loan |
0
|
605,748
|
Payments on affiliated loan |
(1,750,736)
|
0
|
Proceeds from bank loans |
0
|
11,104,890
|
Payments on bank loans |
(2,026,055)
|
0
|
Proceeds from convertible notes |
2,038,016
|
0
|
Net cash provided by (used by) financing activities |
(1,738,775)
|
11,710,638
|
Net increase (decrease) in cash |
1,340,642
|
79,132
|
Cash beginning of period |
146,095
|
66,963
|
Cash end of period |
1,486,737
|
146,095
|
Supplemental Disclosure of Cash Flow Information: |
|
|
Cash paid during the period for interest |
312,286
|
333,316
|
Cash paid during the period for income taxes |
$ 5,032
|
$ 27,873
|
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