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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (4,344,006) $ (4,736,589)
Less: net (loss) income from discontinued operations 0 (2,662,260)
Net loss from continuing operations (4,344,006) (2,074,329)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Impairment of goodwill 2,250,553 0
Depreciation expenses 171,312 66,907
Amortization 16,305 4,891
Loss on disposal of XFC 0 2,569,975
Deferred income tax 22,744 (22,703)
Gain on fair value change of financial assets held for trading (8,697) 0
Consultancy services settled by equities 657,900 795,500
Share-based compensation 163,621 413,453
Changes in operating assets and liabilities:    
Accounts receivable, net 35,043 (95,262)
Inventories 1,342 5,382
Advance to suppliers 0 0
Prepaid expenses and other assets, net (4,026) (1,989,716)
Retention receivables 0 (130,434)
Other non-current assets (4,865) 0
Notes payable 0 0
Accounts payable (2,631) 2,631
Other payables and accrued liabilities 3,834 (54,526)
Income tax payable 22,600 (4,712)
Advance receipts (42,880) 42,880
Net cash (used in) provided by operating activities from continuing operations (1,061,851) (470,063)
Net cash used in operating activities from discontinued operations 0 (1,301,488)
Net cash provided by (used in) operating activities (1,061,851) (1,771,551)
Cash flows from investing activities    
Purchase of property and equipment (857,870) 0
Purchase of financial assets at FVTPL (200,000) 0
Proceeds from disposal of XFC 0 300,082
Cash acquired from merger 0 7,824
Cash disposed upon termination of VIE 0 (46,564)
Net cash outflow upon acquisition of a subsidiary 0 (4,292,176)
Net cash used in investing activities from continuing operations (1,057,870) (4,030,834)
Net cash used in investing activities from discontinued operations 0 0
Net cash used in investing activities (1,057,870) (4,030,834)
Cash flows from financing activities:    
Bank borrowing (163,454) 0
Proceeds from issuance of common stock 626,987 5,666,124
Proceeds from issuance of IPO warrant 0 2,820
Proceeds from secured other borrowings 0 619,447
Net cash used in financing activities from continuing operations 463,533 6,288,391
Net cash used in financing activities from discontinued operations 0 0
Net cash provided by financing activities 463,533 6,288,391
Effect of exchange rate changes on cash and cash equivalents from continuing operations (20,306) (985,097)
Effect of exchange rate changes on cash and cash equivalents from discontinued operations 0 961,156
Net effect of exchange rate changes on cash and cash equivalents (20,306) (23,941)
Net increase in cash and cash equivalents (1,676,494) 462,065
Cash and cash equivalents from continuing operations, beginning of year 2,906,074 2,103,677
Cash and cash equivalents from discontinued operations, beginning of year 0 340,332
Cash and cash equivalents at beginning of year 2,906,074 2,444,009
Cash and cash equivalents at end of year 1,229,580 2,906,074
Less: Cash and cash equivalents from discontinued operations, end of year 0 0
Cash and cash equivalents form continuing operations, end of year $ 1,229,580 $ 2,906,074