XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (2,520,475) $ (2,099,895)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,204,609 1,168,773
Loss on inventory write - downs 42,826 0
Share-based compensation expense 220,832 43,443
Changes in operating assets and liabilities:    
Accounts receivable 90,263 0
Inventory 19,948 337,805
Other current assets 107,531 297,707
Accrued expenses and others current liabilities (338,003) 133,302
Net cash used in operating activities (1,427,427) (1,389,889)
Cash flows from investing activities:    
Payment to acquisition of property and equipment (72,184) (135,899)
Increase in refundable deposits and others 299 0
Net cash used in investing activities (72,483) (135,899)
Cash flows from financing activities:    
Payments of lease liabilities (4,802) (5,116)
Proceeds from convertible notes payable -non-current 1,000,000 850,000
Proceeds from notes payable 0 800,000
Repayments of notes payable (200,000) 0
Net cash provided by financing activities 795,198 1,644,884
Effect from foreign currency exchange (2,518) (754)
Net (decrease) increase in cash and cash equivalents (707,230) 119,850
Cash and cash equivalents at beginning of period 1,853,362 1,751,499
Cash and cash equivalents at end of period 1,146,132 1,871,349
Supplemental disclosures of noncash financing and investing activities:    
Issuance of convertible notes for payables - related party 0 26,000,000
Receivable of convertible notes issued 1,500,000 50,000
Net change in equipment payable $ 0 $ 202,002