XML 14 R7.htm IDEA: XBRL DOCUMENT v3.23.4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (5,827,309) $ (7,366,487)
Adjusted to reconcile net loss to cash used in operating activities    
Share-based compensation 1,348,581
Interest expense 138,944
Depreciation and amortization 1,493,017 677,315
Deferred tax (benefits) expense (232) 837,871
Investment losses 53,486 1,349,773
Bad debt expense 125,369 1,760,973
Amortization of right-of-use assets 22,977 75,739
Changes in operating assets and liabilities:    
Accounts receivable (9,029,180) 2,924,743
Notes receivable (24,625)
Due from related parties (54,308) 27,187
Operating lease liabilities (31,521)
Inventories (3,404,217) (8,772,758)
Prepaid expenses and other current assets 5,758,178 (4,975,439)
Accounts payable 7,684,995 5,463,377
Note payable (3,175,372)
Income taxes payable (390,318)
Deferred revenue 283,258 1,471,736
Deferred government subsidy 187,636 3,084,754
Operating lease right-of-use asset 53,145
Accrued expenses and other current liabilities 131,723 205,274
Net cash used in operating activities (4,287,079) (3,604,636)
Cash flows from investing activities    
Purchase of plants, property and equipment (2,292,687) (25,247,005)
Loans to third parties (15,877) (1,078,330)
Payment for finance lease right of use assets (997,395)
Payment for lease deposit (670,437)
Net cash used in investing activities (3,976,396) (26,325,335)
Cash flows from financing activities    
Loans from related parties 2,025,129 817,492
Proceeds from short-term loan 3,608,378
Proceeds from long-term loan 4,330,053
Proceeds from long-term payable 2,817,421
Repayment on long-term payable (1,971,199)
Proceeds from capital contributions by non-controlling shareholders 148,078 36,991,979
Net cash provided by financing activities 10,957,860 37,809,471
Effect of foreign exchange rate on cash and cash equivalents (282,937) 255,263
Net increase in cash and cash equivalents 2,411,448 8,134,763
Cash, cash equivalents and restricted cash, beginning of period 4,294,017 14,616,215
Cash, cash equivalents and restricted cash, end of period 6,705,465 22,750,978
Cash, cash equivalents and restricted cash, end of period 6,705,465 22,750,978
Less: restricted cash 896,391 700,094
Cash and cash equivalents, end of period 5,809,074 22,050,884
Supplemental disclosure of cash flow information    
Interest paid on long term payable 406,405
Supplemental non cash transactions    
Finance lease right-of-use assets obtained in exchange of finance lease liabilities 5,577,715
Capital contribution through intangible assets from non-controlling shareholders $ 4,881,199