XML 25 R6.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (60,054,620) $ 8,281,017 $ 9,073,954
Net income from discontinued operation 1,493,945 233,153
Net (loss) from continuing operation (61,548,565) 8,047,864 9,073,954
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation of property, plant and equipment 411,020 268,233 100,474
Amortization of intangible assets 3,451,000 740,641 821,203
Impairment of goodwill 3,806,593
Impairment of intangible assets 14,632,931
Provision for doubtful accounts 29,048,252 972,671 921,904
Deferred income taxes 255,673 63,107 (48,710)
Changes in operating assets and liabilities:      
Accounts receivable 42,080 (3,151,363) (2,772,546)
Accounts receivables   related party 1,906,101 (1,906,101)
Other receivables 2,058,397 (1,159,776) (642,904)
Other receivables - related party 12,008
Inventories 41,460 34,495 145,890
Prepayments 5,682,689 58,441 1,044,280
Operating lease assets (15,185)
Prepaid expense (13,580)
Accounts payable 746,840 (82,419) (1,102,260)
Other payables and accrued liabilities (2,584,323) (1,882,550) 3,215,946
Customer deposits 901,749 (76,098)
Taxes payable (5,472,210) 3,049,172 1,629,685
Net cash (used in) generated from operating activities - continued operation (22,284,750) 5,052,415 12,309,246
Net cash (used in) generated from operating activities - discontinued operation 2,477,398 (8,692)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Deposits for business acquisitions (12,470,811)
Purchases of property and equipment (142,914) (2,207,894) (2,218,838)
Proceeds from disposal of equipment 52,799 11,285
Prepayments for intangible assets 240,157 (1,018,127)
Purchase of intangible assets (16,385,451) (9,657,844) (3,404,004)
Proceeds from disposal of intangible assets 12,985,106 852,406
Disposal of a subsidiary (866,075)
Acquisition of subsidiaries, net of cash received (141,820)
Payments on long-term investments
Net cash from investing activities (4,498,355) (10,761,890) (19,111,780)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from initial public offering, net of issuance costs 7,417,077
Proceeds from issuance of new shares 12,830,780 2,698,046 524,944
Proceeds from issue of convertible bonds 739,189
Repayment of convertible bonds (739,189)
Proceeds (Repayment) from other payables - related party 160,666 (40,634)
Repayments of related party loan (14,117)
Repayments of short-term loans - banks (4,663,292) (4,349,339) (3,118,473)
Short-term loans - banks 3,477,422 5,888,837
Repayments of long-term loans - third party (72,208) (75,170)
Net cash generated from financing activities 7,574,848 2,493,110 10,596,581
EFFECT OF EXCHANGE RATES ON CASH 1,113,717 3,547,033 (144,969)
NET CHANGES IN CASH AND CASH EQUIVALENTS (15,617,142) 321,976 3,649,078
CASH AND CASH EQUIVALENTS, beginning of year 15,752,704 15,478,587 11,829,509
CASH AND CASH EQUIVALENTS, end of year 135,562 15,800,563 15,478,587
Less: cash and cash equivalents from the discontinued operations, end of year 47,859
CASH AND CASH EQUIVALENTS, FROM THE CONTINUING OPERATIONS, end of year 135,562 15,752,704 15,478,587
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash and cash equivalents 135,562 15,752,704 10,478,587
Restricted cash 5,000,000
CASH AND CASH EQUIVALENTS, end of year 135,562 15,752,704 15,478,587
Provision for doubtful trade receivables 5,747,069 909,223 842,179
Provision for doubtful other receivables 13,471,554 12,691 13,680
Provision for doubtful prepayments 9,803,067 50,757 66,045
Allowance for inventory 26,561
Provision for doubtful accounts 29,048,251 972,671 921,904
Cash paid for income tax 1,529,850 779,459 119,243
Cash paid for interest 398,963 439,607 171,938
SUPPLEMENTAL NON-CASH INVESTING INFORMATION:      
Additional of operating lease, right-of-use asset 155,223 231,988 679,850
SUPPLEMENTAL NON-CASH FINANCING INFORMATION:      
Operating lease liabilities $ 97,054 $ 242,046 $ 685,511