XML 30 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities    
Net loss $ (8,539,327) $ (11,327,811)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,695,472 8,062,303
(Reversal) provision for credit losses 1,271,730 (2,428,449)
Write-down of inventories 3,554,962 1,658,432
Share-based compensation 1,225,747 64,193
Changes in fair value of warrants liability (136,000) (5,710,000)
Loss on disposal of property, plant and equipment 544,481 7,722,451
Impairment charge on long-lived assets 7,070,236 4,831,708
Impairment charge on goodwill 1,556,078
Impairment loss of equity investee 2,366,080
Share of loss of equity investees 27,428
Amortization of operating lease right-of-use assets 640,375 496,720
Changes in operating assets and liabilities:    
Trade and bills receivable (2,960,147) 21,021,110
Inventories 11,207,281 (23,977,795)
Prepayments and other receivables (2,050,039) 7,146,992
Investment in sales-type lease 1,539,120
Trade and bills payable 16,785,569 7,557,193
Accrued expenses and other payables and product warranty provisions (2,490,859) 581,074
Lease liabilities 347,511 1,188,476
Trade receivable from and payables to a former subsidiary 5,359,249 (3,529,467)
Income tax payables 157,434 (109,307)
Deferred tax assets 2,429,726 (1,228,207)
Net cash provided by operating activities 46,506,909 15,114,814
Cash flows from investing activities    
Deposit paid for acquisition of long-term investment (7,126,798)
Purchases of property, plant and equipment and construction in progress (31,140,550) (12,373,112)
Proceeds on disposal of property, plant and equipment 1,139 282,164
Investment in equity method investment (4,044,175) (297,336)
Cash receipt from disposal of equity interest of a subsidiary without losing control 4,460,038
Net cash used in investing activities (42,310,384) (7,928,246)
Cash flows from financing activities    
Proceeds from bank borrowings 36,125,794 21,594,593
Repayment of bank borrowings (17,986,680) (14,607,200)
Repayment of borrowings from unrelated parties (277,466)
Borrowings from related parties 1,486,679
Repayment of borrowings from related parties (1,486,679)
Borrowings from a shareholder 199,942
Repayment of borrowings from shareholders (258,316) (4,559)
Repayment of borrowings from Mr. Ye Junnan (3,716,698)
Capital injection from non-controlling interests 1,486,679
Proceeds from finance leases 1,696,857 1,486,679
Principal payments on finance leases (884,911) (628,122)
Net cash provided by financing activities 18,615,220 5,611,372
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1,345,005) (1,796,488)
Net increase in cash and cash equivalents and restricted cash 21,466,740 11,001,452
Cash and cash equivalents and restricted cash at the beginning of year 37,356,076 26,354,624
Cash and cash equivalents and restricted cash at the end of year 58,822,816 37,356,076
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 19,538,431 22,667,373
Lease liabilities arising from obtaining right-of-use assets 476,995 1,012,740
Cash paid during the year for:    
Income taxes 59,508
Interest, net of amounts capitalized $ 181,611 $ 571,118