For the Years Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income (loss) | $ | (5,144,715) | $ | 7,136,387 | $ | 5,934,885 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 1,195,161 | 939,995 | 517,402 | |||||||||
Loss on disposition of property and equipment | 283,487 | 12,179 | 228,245 | |||||||||
Deferred tax expense (benefit) | (1,471,938) | 11,526 | 56,968 | |||||||||
Bad debt expense (recovery) | 7,913,442 | 187,715 | (227,873) | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Contracts receivable | (9,019,036) | (2,992,867) | (5,893,527) | |||||||||
Accounts receivable | (1,383,452) | (950,850) | 922,611 | |||||||||
Notes receivable | 593,674 | (378,205) | (85,107) | |||||||||
Retainage receivables | (748,903) | (80,360) | (548,357) | |||||||||
Prepayment and advances to suppliers | 93,149 | (7,127,018) | (2,861,600) | |||||||||
Inventories | 1,177,956 | 788,000 | 427,878 | |||||||||
Other receivables | (598,764) | (156,074) | (1,535) | |||||||||
Accounts payable | 146,546 | 26,450 | (290,717) | |||||||||
Notes Payable | 2,148,292 | 53,272 | - | |||||||||
Advances from customers | 429,217 | (370,964) | 528,193 | |||||||||
Deferred revenue | - | (1,071,355) | 3,161 | |||||||||
Taxes payable | 2,770,253 | (2,365,120) | 2,484,264 | |||||||||
Accrued expenses and other current liabilities | 890,551 | 240,505 | 382,410 | |||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (725,080) | (6,096,784) | 1,577,301 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisitions of property and equipment | (74,210) | (3,126,777) | (7,667) | |||||||||
Payments for intangible assets | (41,000) | - | - | |||||||||
Payments for construction in progress | - | - | (973,254) | |||||||||
NET CASH (USED IN) INVESTING ACTIVITIES | (115,210) | (3,126,777) | (980,921) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from short-term bank loans | 1,995,763 | 295,954 | 301,019 | |||||||||
Repayment of short-term bank loans | (1,088,667) | - | (795,443) | |||||||||
Proceeds from long-term loans | - | 173,873 | 556,885 | |||||||||
Repayment of long-term loans | - | (47,353) | - | |||||||||
Repayment/Proceeds from other loan | (176,427) | 582,205 | - | |||||||||
Repayment of other loan | - | (21,457) | - | |||||||||
Repayment of (proceeds from) related parties | - | (66,582) | 72,009 | |||||||||
Proceeds from issuance of shares in IPO | - | - | 10,131,690 | |||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 730,669 | 916,640 | 10,266,160 | |||||||||
EFFECT OF EXCHANGE RATE CHANGE ON CASH | (94,239) | (292,869) | (104,290) | |||||||||
NET (DECREASE) INCREASE IN CASH | (203,860) | (8,599,790) | 10,758,250 | |||||||||
CASH AND RESTRICTED CASH-beginning of year | 3,276,103 | 11,875,893 | 1,117,643 | |||||||||
CASH AND RESTRICTED CASH-end of year | $ | 3,072,243 | $ | 3,276,103 | $ | 11,875,893 | ||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||||||||||||
Cash paid for income taxes | $ | 42,250 | $ | - | $ | - | ||||||
Cash paid for interest | $ | 91,917 | $ | 75,704 | $ | 50,705 | ||||||
Non-cash financing activities | ||||||||||||
Warrants issued to placement agent in connection with the Company's IPO | $ | - | $ | - | $ | 488,730 | ||||||
Issuance of shares for consulting services | $ | 239,500 | $ | - | $ | - | ||||||
Issuance of shares for equity investment | $ | 2,885,556 | $ | - | $ | - | ||||||
