CHINA CLEAN ENERGY INC

CIK:0001331444|SEC Filings

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2011
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 12 - EARNINGS PER SHARE For the nine months ended September 30, 2011 and 2010, all warrants and options were excluded from the calculation of diluted earnings per share because the exercise prices of $1.02, $2.00, $2.50, and $3.00 were higher than the average trading price of the Company’s stock during the respective periods.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 8,152,402	$ 4,144,269
Adjusted to reconcile net income to cash provided by operating activities:
Depreciation	1,545,165	1,577,712
Recovery of allowance for doubtful accounts	(30,148)	(40,108)
Amortization of intangible assets	148,897	145,445
Stock-based compensation expense	547,279	318,945
Loss of impairment on assets held for sale		257,391
Change in fair value of warrants libility	(1,752,034)	246,478
Deferred tax benefit		(33,442)
Loss on disposal of assets	73,470
Changes in operating assets and liabilities
Accounts receivable	1,205,135	(1,453,337)
Inventories	(67,065)	(4,124,833)
Other current assets	6,958	(1,833)
Advances for inventory purchases	(434,289)	(711,015)
Accounts payable	851,539	1,407,348
Accrued liabilities	(87,519)	(35,865)
Customer deposits	(390,573)	(16,346)
Taxes payables	(790,851)	919,358
Taxes receivable	64,904	(267,019)
Net cash provided by operating activities	9,043,270	2,333,148
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equipment	(74,776)	(246,210)
Proceeds from disposal of assets	36,752
Net cash used in investing activities	(38,024)	(246,210)
CASH FLOWS FROM FINANCING ACTIVITIES
Restricted cash	450,864	(474,729)
Proceeds from bank loans	7,090,462	4,339,354
Repayments on bank loans	(5,517,268)	(2,334,200)
Proceeds from (Repayments on) bankers acceptances	(1,502,879)	1,598,278
Purchase of treasury stock	(47,626)
Net cash provided by financing activities	473,553	3,128,703
EFFECT OF EXCHANGE RATE ON CASH	482,156	(256,173)
INCREASE IN CASH AND CASH EQUIVALENTS	9,960,955	4,959,468
CASH AND CASH EQUIVALENTS, beginning of period	13,648,437	4,154,814
CASH AND CASH EQUIVALENTS, end of period	23,609,392	9,114,282
Cash paid for:
Interest	367,517	224,620
Income taxes	$ 2,899,421	$ 787,834

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 23,609,392	$ 13,648,437
Resticted cash		443,647
Accounts receivable, net of allowance for doubtful accounts of $0 and $29,665	3,015,118	4,080,424
Other current assets	2,374	9,332
Tax Receivable		63,865
Inventories	2,260,497	2,126,375
Advances for inventory purchases	1,504,072	1,031,401
Machinery and equipment held for sale		108,458
Total current assets	30,391,453	21,511,939
Plant and Equipment, net	24,962,437	25,656,929
Intangible assets, net	4,811,188	4,812,693
Deferred tax assets	107,484	104,246
TOTAL ASSETS	60,272,562	52,085,807
CURRENT LIABILITIES
Accounts payable	2,307,315	1,400,188
Accrued liabilities	161,086	227,991
Customer deposits	273,951	650,017
Taxes payable	771,080	1,526,033
Banker acceptances		1,494,878
Bank loan payable - current portion	7,020,156	1,025,835
Total current liabilities	10,533,588	6,324,942
Warrant liabilities		2,192,352
Long-term bank loans - net of current portion	440,318	4,234,720
Total liabilities	10,973,906	12,752,014
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred stock, par value $0.001 per share, authorized 10,000,000 shares, none issued and outstanding
Common stock, par value $0.001 per share, authorized 90,000,000 shares, 31,512,269 shares issued and outstanding	31,512	31,512
Additional paid-in capital	13,255,339	12,708,060
Treasury stock, at cost, 64,100 and 0 shares, respectively	(47,626)
Statutory reserves	2,424,309	2,424,309
Retained earnings	28,135,096	19,982,696
Accumulated other comprehensive income	5,500,026	4,187,216
Total equity	49,298,656	39,333,793
Total liabilities and equity	$ 60,272,562	$ 52,085,807