Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 11,415,456 $ 820,396
Restricted cash 3,262,282 2,911,922
Accounts receivable, net of allowance for doubtful accounts 12,639,452 11,322,726
Inventories, net of reserve for inventories 4,935,603 8,811,111
Advances to suppliers 2,458,272 3,969,351
Prepaid expenses 53 8,145
Prepaid expenses - related parties 1,126,753 522,337
Other receivables 2,180,441 31,835,456
Other receivables - related parties 639,917
Total Current Assets 38,018,312 60,841,361
OTHER ASSETS:    
Cost method investment 3,099,906 3,027,245
Equity method investment 29,451,951 28,493,273
Prepayment for long-term assets 11,166,569 11,913,912
Property, plant and equipment, net 131,944,322 122,196,594
Total Other Assets 175,662,748 165,631,024
Total Assets 213,681,060 226,472,385
CURRENT LIABILITIES:    
Accounts payable 2,452,694 916,737
Accounts payable - related parties 8,657,310 2,560,760
Short-term bank loans 22,658,436 21,554,636
Long-term bank loans - current portion 11,838,687 17,298,544
Accrued liabilities and other payables 5,884,727 4,399,536
Accrued liabilities and other payables - related party 8,281,687 18,147,152
Due to related parties 2,056,230 43,354
Total Current Liabilities 61,829,771 64,920,719
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 19,485,120 21,839,412
Total Liabilities 81,314,891 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 June 30, 2017 and December 31, 2016) 79,055 79,055
Additional paid-in capital 81,906,871 111,008,085
Retained earnings 34,734,679 17,438,215
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (10,407,957) (12,879,051)
Total equity attributable to owners of the company 115,704,475 125,038,131
Non-controlling interest 16,661,694 14,674,123
Total Shareholders' Equity 132,366,169 139,712,254
Total Liabilities and Shareholders' Equity $ 213,681,060 $ 226,472,385