Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash $ 2,005,540 $ 820,396
Restricted cash 1,821,187 2,911,922
Accounts receivable, net of allowance for doubtful accounts 13,012,671 11,322,726
Inventories, net of reserve for inventories 3,560,261 8,811,111
Advances to suppliers 3,969,351
Prepaid expenses 110,536 8,145
Prepaid expenses - related parties 522,337
Other receivables 273,151 31,835,456
Other receivables - related parties 639,917
Total Current Assets 20,783,346 60,841,361
OTHER ASSETS:    
Cost method investment 3,213,859 3,027,245
Equity method investment 30,521,466 28,493,273
Prepayment for long-term assets 11,577,057 11,913,912
Property, plant and equipment, net 135,042,467 122,196,594
Total Other Assets 180,354,849 165,631,024
Total Assets 201,138,195 226,472,385
CURRENT LIABILITIES:    
Accounts payable 4,301,146 916,737
Accounts payable - related parties 1,803,698 2,560,760
Short-term bank loans 14,600,978 21,554,636
Long-term bank loans - current portion 5,968,596 17,298,544
Accrued liabilities and other payables 5,354,616 4,399,536
Accrued liabilities and other payables - related party 38,208 18,147,152
Due to related parties 4,348,693 43,354
Total Current Liabilities 36,415,935 64,920,719
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 17,217,104 21,839,412
Total Liabilities 53,633,039 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 December 31, 2017 and 2016) 79,055 79,055
Additional paid-in capital 81,682,599 111,008,085
Retained earnings 40,349,189 17,438,215
Statutory reserve 12,978,343 9,391,827
Accumulated other comprehensive loss (5,731,889) (12,879,051)
Total equity attributable to owners of the company 129,357,297 125,038,131
Non-controlling interest 18,147,859 14,674,123
Total Shareholders' Equity 147,505,156 139,712,254
Total Liabilities and Shareholders' Equity $ 201,138,195 $ 226,472,385