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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 40,142,008 $ 24,330,964
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,867,781 9,688,640
Non-cash lease expense 2,908,990 2,424,220
Provision for (reversal of) credit losses (127,196) 282,934
Stock-based compensation 12,807,455
Impairment loss on property and equipment 204,026
Realized gain on short-term investments (223,164)
Fair value change of long-term investments 1,682,282
Gain on disposal of subsidiary (3,813,609)
Loss (gain) on disposal of property and equipment and intangible assets 185,284 (249,532)
Deferred income taxes (2,154,837) (1,379,922)
Changes in operating assets and liabilities:    
Inventories 763,075 (4,038,874)
Finance lease receivables – related parties (3,430,267) 17,241,740
Customer loans receivable 12,860,220
Prepaid expenses and other current assets 902,230 8,173,153
Long-term prepayments 432,380 (1,991,626)
Other assets (348,178) (1,884,352)
Accounts payable (10,511,619) 6,712,977
Notes payable – related parties (14,030,092)
Income tax payable (549,446) 16,518,062
Operating lease liabilities (2,971,946) (2,335,113)
Accrued liabilities and other current liabilities (9,010,270) 298,743
Accrued retirement compensation expense – related party (22,082,643)
Other liabilities 81,290 79,215
NET CASH PROVIDED BY OPERATING ACTIVITIES 27,886,231 22,753,983
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (1,974,285) (2,299,045)
Purchase of intangible assets (1,683,030)
Purchase of convertible note (1,700,000) (1,000,000)
Prepayments for property and equipment (843,740) (417,353)
Advances to related parties (617,804) (1,017,292)
Payments made on behalf of a related party (5,245,990)
Purchase of short-term investments (2,106,720)
Purchase of long-term investments (331,496)
Long-term investments in MCs - related parties (26,780)
Cash received for acquisition of subsidiary, net of cash received 722,551
Long-term loans to others (80,793) (421,429)
Repayments from related parties 5,990,990 734,358
Repayments from others 62,927 47,356
Proceeds from sales of short-term investments 4,125,813
Proceeds from surrender of life insurance policies 3,954,760
Disposal of subsidiary, net of cash disposed of (815,819)
Proceeds from disposal of property and equipment 1,971 8,046,007
NET CASH PROVIDED BY (USD IN) INVESTING ACTIVITIES (5,554,039) 8,659,196
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from related parties 12,310,106
Proceeds from reverse recapitalization, net of transaction costs 11,707,417
Proceeds from issuance of common stock 10
Proceeds from exercise of stock warrants 31,374
Repayments of long-term loans (89,448) (8,691,462)
Repayments to related parties (65,305) (7,619,266)
Deemed contribution in connection with disposal of property and equipment 9,620,453
Deemed contribution in connection with reorganization 642,748
NET CASH PROVIDED BY FINANCING ACTIVITIES 11,584,038 6,262,589
Effect of changes in foreign currency exchange rate 453,908 (11,982,793)
NET INCREASE IN CASH AND CASH EQUIVALENTS 34,370,138 25,692,975
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD 103,022,932 51,737,994
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD 137,393,070 77,430,969
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 15,898 37,380
Cash paid for income taxes 31,332,123 12,608,072
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment transferred from long-term prepayments 164,781 7,681,830
An intangible asset transferred from long-term prepayments 17,666,115
Settlement of loan payable to a related party in connection with disposal of property and equipment 4,163,604
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,029,518
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications 2,408,752 2,110,079
Issuance of promissory notes to related parties in connection with loan services provided 20,398,301
Issuance of common stock to a related party to settle convertible note 2,700,000
Settlement of loan payable to a related party in connection with issuance of common stock 795
Non-cash purchase consideration for an asset acquisition 705,528
Nonrelated Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable – related parties (804,000) (924,061)
Advances from customers (1,401,437) (681,973)
Related Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable – related parties 4,971,911 (19,979,099)
Advances from customers $ (3,565,778) $ (7,430,332)