Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.4.0.3
Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash $ 2,583,497 $ 11,448,684
Restricted cash 2,208,471 1,577,642
Accounts receivable, net of allowance for doubtful accounts 8,921,998 12,575,042
Inventories, net of reserve for inventories 3,789,465 2,336,167
Advances to suppliers 36,059,841 35,994,146
Prepaid expenses 546 1,818
Prepaid expenses - related parties $ 2,783,783 4,640,166
Receivable from transferring equity method investment shares 15,406,659
Other receivables $ 78,088 78,051
Other receivables - related parties 6,412,506 7,887,527
Total Current Assets 62,838,195 91,945,902
OTHER ASSETS:    
Cost method investment 3,256,874 3,235,398
Equity method investment 30,678,214 30,486,314
Prepayment for long-term assets 21,425,085 11,654,645
Property, plant and equipment, net 104,139,615 94,555,114
Total Other Assets 159,499,788 139,931,471
Total Assets 222,337,983 231,877,373
CURRENT LIABILITIES:    
Accounts payable 946,414 978,353
Accounts payable - related parties 1,076,728 408,631
Short-term bank loans 18,002,118 21,971,438
Long-term bank loans - current portion 12,763,846 12,679,680
Accrued liabilities and other payables 4,563,261 $ 5,044,049
Dividend payable 790,551
Due to related parties 24,644 $ 1,384,644
Total Current Liabilities 38,167,562 42,466,795
OTHER LIABILITIES:    
Long-term bank loans - non-current portion 22,720,576 22,570,755
Total Liabilities $ 60,888,138 $ 65,037,550
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, 2016 and December 31, 2015) $ 79,055 $ 79,055
Additional paid-in capital 111,008,085 111,008,085
Retained earnings 28,427,110 34,318,040
Statutory reserve 9,391,827 9,391,827
Accumulated other comprehensive loss (3,515,951) (4,326,351)
Total equity attributable to owners of the company 145,390,126 150,470,656
Non-controlling interest 16,059,719 16,369,167
Total Shareholders' Equity 161,449,845 166,839,823
Total Liabilities and Shareholders' Equity $ 222,337,983 $ 231,877,373