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Consolidated Statements of Cash Flows
¥ in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities      
Net loss $ (30,113,504) $ (7,446,001) $ (9,768,372)
Adjustments to reconcile net loss to cash used in operating activities      
Provision for (reversal from) credit losses 2,763,188 (301,002)
Provision for Doubtful Accounts 1,211,221
(Deletion) provision of obsolete inventory (773,119) 184,713 323,802
Depreciation and amortization expense 1,713,096 1,385,840 1,998,487
Impairment of Property, plant and equipment 10,350,589
Amortization of operating and finance right-of-use assets 1,582,452 1,607,292 1,944,270
Loss on disposals of property, plant and equipment 52,220 388,907
(Reversal from) provision from warranty liability (674,122) 42,176 256,433
Unrealized gain on short-term investment (28,594)
Transaction costs related to the issuance of consultant shares 9,000,000
Changes in operating assets and liabilities:      
Notes receivable 15,287 596,254 (1,680,520)
Accounts receivable (288,633) 531,003 112,596
Inventories 2,163,935 1,261,751 2,702,757
Amounts due from related parties (69,237) (14,646)
Prepaid expenses and other current assets (355,151) 234,542 1,133,867
Deferred closing costs (231,931)
Retention receivables 434,135 604,712 969,060
Accounts and notes payable (73,656) (1,896,383) (4,250,450)
Amounts due to related parties (42,016) 115,330 (1,557)
Contract liabilities 91,894 (1,582,264) 4,359,556
Accrued expenses and other current liabilities 1,600,448 626,965 (541,582)
Product warranty liability (172,852) (1,327,270) (3,564,562)
Operating lease liability (181,321)
Other non-current assets (98,855)
Net cash used in operating activities (2,823,640) (5,693,128) (4,602,054)
Cash flows from investing activities      
Purchase of property, plant and equipment (976) (548,931) (1,153,874)
Proceeds from sales of property, plant and equipment 83,254
Placement of short-term investments (7,000,000)    
Issuance of promissory note receivable (775,000)    
Net cash used in investing activities (7,775,976) (548,931) (1,070,620)
Cash flows from financing activities      
Proceeds from bank borrowings 742,969
Repayments of bank borrowings (706,108) (5,052,192)
Proceeds from factoring loan related to notes receivable 1,619,673
Proceeds from capital contribution 4,236,649 1,396,555
Capital injection from share capital shareholders 1,054
Proceeds from issuance of mezzanine equity 9,742,132
Proceeds from borrowings from related parties 13,897 564,887
Repayment of borrowings to related parties (28,233)
Proceeds from borrowings from third parties 4,350,790 2,010,327 237,230
Repayments of borrowings to third parties (526,703) (475,632) (4,442,437)
Proceeds from loan payable with pledged assets 985,929
Repayment of loan payable with pledged assets (243,200) (246,482)
Proceeds from PIPE financing 7,000,000    
Net cash provided by financing activities 10,595,838 6,369,570 4,215,697
Effect of changes of foreign exchange rates on cash 13,197 (984,483) 1,271,352
Net increase/(decrease) in cash 9,419 (856,972) (185,625)
Cash and cash equivalents and restricted cash, beginning of year 308,582 1,165,554 1,351,179
Cash and cash equivalents and restricted cash, end of year 318,001 308,582 1,165,554
Supplemental disclosures of cash flow information      
Cash paid for interest 22,876 60,492 453,211
Income taxes paid 2,155
Non-cash investing and financing activities      
Payable for purchase of property, plant and equipment 315,933 735,488
Lease liabilities arising from obtaining right-of-use assets 1,220,971
Other income due to debt forgiven by a third party 375,701
Reclassification of mezzanine equity to permanent equity 9,715,267
Unpaid deferred offering cost related with reverse recapitalization 69,190
Net liabilities acquired in the reverse recapitalization 3,433,249
Issuance of consultant shares 9,000,000
Cash and cash equivalents, beginning of the year 756 918,359  
Restricted cash, beginning of the year 307,826 247,195  
Total cash, cash equivalents and restricted cash at beginning of the year 308,582 1,165,554  
Cash and cash equivalents, end of the year 146,514 756 918,359
Restricted cash, end of the year 171,487 307,826 247,195
Total cash, cash equivalents and restricted cash at end of the year $ 318,001 $ 308,582 $ 1,165,554