Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 571,305 $ 820,396
Restricted cash 3,362,660 2,911,922
Accounts receivable, net of allowance for doubtful accounts 11,215,424 11,322,726
Inventories, net of reserve for inventories 16,829,601 8,811,111
Advances to suppliers 2,508,289 3,969,351
Prepaid expenses 8,145
Prepaid expenses - related party 1,126,753 522,337
Other receivables 2,142,573 31,835,456
Other receivables - related party 705,296 639,917
Total Current Assets 38,461,901 60,841,361
OTHER ASSETS:    
Cost method investment 3,043,787 3,027,245
Equity method investment 28,932,614 28,493,273
Prepayment for long-term assets 10,964,418 11,913,912
Property, plant and equipment, net 132,050,274 122,196,594
Total Other Assets 174,991,093 165,631,024
Total Assets 213,452,994 226,472,385
CURRENT LIABILITIES:    
Accounts payable 949,344 916,737
Accounts payable - related parties 4,452,059 2,560,760
Short-term bank loans 23,578,267 21,554,636
Long-term bank loans - current portion 17,393,069 17,298,544
Accrued liabilities and other payables 5,757,308 4,399,536
Accrued liabilities and other payables - related party 16,856,783 18,147,152
Due to related parties 1,203,354 43,354
Total Current Liabilities 70,190,184 64,920,719
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 21,958,749 21,839,412
Total Liabilities 92,148,933 86,760,131
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 March 31, 2017 and December 31, 2016) 79,055 79,055
Additional paid-in capital 81,906,871 111,008,085
Retained earnings 26,567,818 17,438,215
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (12,288,659) (12,879,051)
Total equity attributable to owners of the company 105,656,912 125,038,131
Non-controlling interest 15,647,149 14,674,123
Total Shareholders' Equity 121,304,061 139,712,254
Total Liabilities and Shareholders' Equity $ 213,452,994 $ 226,472,385