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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 9,073,954 $ 7,919,408 $ 5,124,973
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation of property, plant and equipment 100,474 101,183 14,702
Amortization of intangible assets 821,203 362,355 193,255
Provision for doubtful accounts 921,904 495,528 93,348
Deferred income taxes (48,710) (107,401) (14,431)
Loss on disposal of equipment 771
Changes in operating assets and liabilities:      
Accounts receivable (2,772,546) (6,588,070) (2,299,311)
Other receivables (642,904) (28,615) (73,345)
Other receivables - related party 12,008 (12,506)
Inventories 145,890 304,072 346,821
Prepayments 1,044,280 829,573 (385,782)
Prepaid expense (13,580) 50,233 (71,639)
Accounts payable (1,102,260) (4,151,400) 3,122,321
Other payables and accrued liabilities 3,215,946 161,038 (39,412)
Customer deposits (76,098) (29,714) 19,221
Taxes payable 1,629,685 278,941 958,959
Net cash (used in) generated from operating activities 12,309,246 (414,604) 6,989,680
CASH FLOWS FROM INVESTING ACTIVITIES:      
Deposits for business acquisitions (12,470,811)
Purchases of property and equipment (2,218,838) (44,905) (53,737)
Proceeds from disposal of equipment 76
Prepayments for intangible assets (1,018,127) (3,574,784)
Purchase of intangible assets (3,404,004) (859,841) (1,967,360)
Proceeds from short-term investments 19,485,793 3,574,969
Purchase of short-term investments (2,391,721) (17,361,393)
Payments on long-term investments (1,812,632) (7,399)
Net cash (used in) generated from investing activities (19,111,780) 10,801,986 (15,814,920)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Capital injection 8,772,355
Proceeds from initial public offering, net of issuance costs 7,417,077
Underwriter’s partial exercise of over-allotment option, net of issuance costs 524,944
Prepaid initial public offering costs (92,854)
Other payables - related party (40,634) 31,721 26,192
Repayments of short-term loans - banks (3,118,473) (3,549,737) (2,108,665)
Short-term loans - banks 5,888,837 3,247,632 3,477,448
Repayments of long-term loans - third party (75,170) (62,983)
Net cash generated from (used in) financing activities 10,596,581 (426,221) 10,167,330
Effect of exchange rates on cash (144,969) (501,935) 72,267
Net changes in cash and cash equivalents 3,649,078 9,459,226 1,414,357
Cash and cash equivalents, beginning of year 11,829,509 2,370,283 955,926
Cash and cash equivalents, end of year 15,478,587 11,829,509 2,370,283
Supplemental cash flow information:      
Cash and cash equivalents 10,478,587 11,829,509 2,370,283
Restricted cash 5,000,000
Cash and cash equivalents, end of year 15,478,587 11,829,509 2,370,283
Provision for doubtful trade receivables 842,179 474,087 75,398
Provision for doubtful other receivables 13,680 17,131 3,858
Provision for doubtful prepayments 66,045 4,310 14,092
Provision for doubtful accounts 921,904 495,528 93,348
Cash paid for income tax 119,243 1,713,763
Cash paid for interest 171,938 142,641 183,291
Supplemental non-cash investing information:      
Additional operating lease, right-of-use asset 679,850
Equipment acquired through long-term loans – third party 198,756
Supplemental non-cash FINANCING information:      
Operating lease liabilities $ 685,511