Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 820,396 $ 11,448,684
Restricted cash 2,911,922 1,577,642
Accounts receivable, net of allowance for doubtful accounts 11,322,726 12,575,042
Inventories, net of reserve for inventories 8,811,111 2,336,167
Advances to suppliers 3,969,351 35,994,146
Prepaid expenses 8,145 1,818
Prepaid expenses - related parties 522,337 4,640,166
Receivable from transferring equity method investment shares 15,406,659
Other receivables 31,835,456 78,051
Other receivables - related parties 639,917 7,887,527
Total Current Assets 60,841,361 91,945,902
OTHER ASSETS:    
Cost method investment 3,027,245 3,235,398
Equity method investment 28,493,273 30,486,314
Prepayment for long-term assets 11,913,912 11,654,645
Property, plant and equipment, net 122,196,594 94,555,114
Total Other Assets 165,631,024 139,931,471
Total Assets 226,472,385 231,877,373
CURRENT LIABILITIES:    
Accounts payable 916,737 978,353
Accounts payable - related parties 2,560,760 408,631
Short-term bank loans 21,554,636 21,971,438
Long-term bank loans - current portion 17,298,544 12,679,680
Accrued liabilities and other payables 4,399,536 5,044,049
Accrued liabilities and other payables - related party 18,147,152
Due to related parties 43,354 1,384,644
Total Current Liabilities 64,920,719 42,466,795
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 21,839,412 22,570,755
Total Liabilities 86,760,131 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 December 31, 2016 and 2015) 79,055 79,055
Additional paid-in capital 111,008,085 111,008,085
Retained earnings 17,438,215 34,318,040
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (12,879,051) (4,326,351)
Total equity attributable to owners of the company 125,038,131 150,470,656
Non-controlling interest 14,674,123 16,369,167
Total Shareholders' Equity 139,712,254 166,839,823
Total Liabilities and Shareholders' Equity $ 226,472,385 $ 231,877,373