Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 1,119,658 $ 2,212,895
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 347,906 239,700
Changes in exchange rate (206,399) 539,986
Stock-based compensation 320,082 659,774
Amortization of prepaid interest expense 161,604 1,663
Changes in operating assets and liabilities:    
Account receivables 549,140 (551,839)
Deposit 0 104,079
Prepayment (159,804) 349,671
Other non-current assets (196,199)
Restricted cash 2,722,935 (9,481,227)
Due from director 0 502
Customer deposits (2,722,935) 9,481,227
Advance from customer (343,688) 260,353
Deferred tax assets (22,743) (49,709)
Deferred tax liabilities (10,859) (45,037)
Tax payable 315,370 309,536
Accrued expenses and other payables 383,901 259,138
Net cash provided by operating activities 2,454,168 4,094,513
Cash flows from investing activities:    
Purchase of property and equipment (343,670) (884,555)
Purchase of held-to-maturity investments 0 (9,780,466)
Purchase of available-for-sales investment (35,991,917) 0
Maturity and redemption of available-for-sales investment 35,991,917 0
Loan to third parties (3,608,264) 0
Repayment from loan to third parties 3,456,109 0
Net cash used in investing activities (495,825) (10,665,021)
Effect of exchange rate change on cash and cash equivalents 193,924 (104,339)
Net increase in cash and cash equivalents 2,152,267 (6,674,847)
Cash and cash equivalents, beginning balance 13,395,337 10,769,456
Cash and cash equivalents, ending balance 15,547,604 4,094,609
Supplemental cash flows information:    
Cash paid for interest 284,560 0
Cash paid for income tax $ 0 $ 563,021