Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 2,604,108 $ 11,448,684
Restricted cash 3,046,633 1,577,642
Accounts receivable, net of allowance for doubtful accounts 3,238,645 12,575,042
Inventories, net of reserve for inventories 7,098,524 2,336,167
Advances to suppliers 34,871,877 35,994,146
Prepaid expenses 1,818
Prepaid expenses - related parties 2,777,748 4,640,166
Receivable from transferring equity method investment shares 15,406,659
Other receivables 77,574 78,051
Other receivables - related parties 3,578,693 7,887,527
Total Current Assets 57,293,802 91,945,902
OTHER ASSETS:    
Cost method investment 3,161,032 3,235,398
Equity method investment 29,767,747 30,486,314
Prepayment for long-term assets 18,536,714 11,654,645
Property, plant and equipment, net 120,708,598 94,555,114
Total Other Assets 172,174,091 139,931,471
Total Assets 229,467,893 231,877,373
CURRENT LIABILITIES:    
Accounts payable 941,883 978,353
Accounts payable - related parties 1,726,973 408,631
Short-term bank loans 22,365,200 21,971,438
Long-term bank loans - current portion 15,157,901 12,679,680
Accrued liabilities and other payables 5,429,213 5,044,049
Due to related parties 23,354 1,384,644
Total Current Liabilities 45,644,524 42,466,795
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 31,941,476 22,570,755
Total Liabilities 77,586,000 65,037,550
COMMITMENTS AND CONTINGENCIES
Equity attributable to owners of the company:    
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at June 30, 2016 and December 31, 2015) 79,055 79,055
Additional paid-in capital 111,008,085 111,008,085
Retained earnings 23,411,673 34,318,040
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (7,434,972) (4,326,351)
Total equity attributable to owners of the company 136,455,668 150,470,656
Non-controlling interest 15,426,225 16,369,167
Total Shareholders' Equity 151,881,893 166,839,823
Total Liabilities and Shareholders' Equity $ 229,467,893 $ 231,877,373