Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash $ 1,467,453 $ 2,005,540
Restricted cash 1,821,187
Accounts receivable, net of allowance for doubtful accounts 10,442,252 13,012,671
Inventories, net of reserve for inventories 6,051,576 3,560,261
Prepaid expenses 844,367 110,536
Other receivables 110,909 273,151
Total Current Assets 18,916,557 20,783,346
OTHER ASSETS:    
Cost method investment 3,173,836 3,213,859
Equity method investment 30,082,519 30,521,466
Prepayment for long-term assets 11,577,057
Property, plant and equipment, net 154,561,662 135,042,467
Total Other Assets 187,818,017 180,354,849
Total Assets 206,734,574 201,138,195
CURRENT LIABILITIES:    
Accounts payable 15,521,921 4,301,146
Accounts payable - related parties 1,248,419 1,803,698
Short-term bank loans 6,043,801 14,600,978
Long-term bank loans - current portion 5,894,266 5,968,596
Accrued liabilities and other payables 4,312,122 5,354,616
Due to related parties 11,465,468 4,386,901
Total Current Liabilities 44,485,997 36,415,935
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 14,055,557 17,217,104
Total Liabilities 58,541,554 53,633,039
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, 2018 and December 31, 2017) 79,055 79,055
Additional paid-in capital 81,682,599 81,682,599
Retained earnings 42,585,865 40,349,189
Statutory reserve 12,978,343 12,978,343
Accumulated other comprehensive loss (7,618,772) (5,731,889)
Total equity attributable to owners of the company 129,707,090 129,357,297
Non-controlling interest 18,485,930 18,147,859
Total Shareholders' Equity 148,193,020 147,505,156
Total Liabilities and Shareholders' Equity $ 206,734,574 $ 201,138,195