Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash $ 11,448,684 $ 12,752,272
Restricted cash 1,577,642
Accounts receivable, net of allowance for doubtful accounts 12,575,042 $ 49,999,712
Inventories, net of reserve for inventories 2,336,167 $ 12,123,405
Advances to suppliers 35,994,146
Prepaid expenses 1,818 $ 32,913
Prepaid expenses - related parties $ 4,640,166 7,319,975
Deferred expenses - related parties $ 1,029,114
Receivable from transferring equity method investment shares $ 15,406,659
Other receivables 78,051 $ 22,656,232
Other receivables - related parties 7,887,527
Total Current Assets 91,945,902 $ 105,913,623
OTHER ASSETS:    
Cost method investment 3,235,398 3,421,031
Equity method investment 30,486,314 15,964,812
Prepayment for long-term assets 11,654,645 13,750,102
Property, plant and equipment, net 94,555,114 109,980,617
Total Other Assets 139,931,471 143,116,562
Total Assets 231,877,373 249,030,185
CURRENT LIABILITIES:    
Accounts payable 978,353 1,181,977
Accounts payable - related party $ 408,631 2,601,314
Advances from customers 164,724
Short-term bank loans $ 21,971,438 30,353,890
Long-term bank loans - current portion 12,679,680 18,868,616
Accrued liabilities and other payables 5,044,049 5,602,307
Due to related parties 1,384,644 2,373,352
Total Current Liabilities 42,466,795 61,146,180
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 22,570,755 38,625,071
Total Liabilities $ 65,037,550 $ 99,771,251
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, 2015 and 2014) $ 79,055 $ 79,055
Additional paid-in capital 111,008,085 117,525,377
Retained earnings 34,318,040 21,315,710
Statutory reserve 9,391,827 6,412,892
Accumulated other comprehensive (loss) income (4,326,351) 3,925,900
Total equity attributable to owners of the company 150,470,656 $ 149,258,934
Non-controlling interest 16,369,167
Total Shareholders' Equity 166,839,823 $ 149,258,934
Total Liabilities and Shareholders' Equity $ 231,877,373 $ 249,030,185