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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (9,579,760) $ 1,896,188 $ (938,413)
Net loss/(income) from discontinued operations, net of tax 9,944,851 (1,954,515)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:      
Loss (Gain) on disposals of equipment (89,943) 679,635 (25,070)
Allowance for credit losses (521,454) 814,882 140,204
Written-off of allowance for credit losses 136,602
Amortization of deferred financing fees 106 223,904 55,640
Depreciation for property and equipment 878,565 2,193,898 1,438,310
Deferred income tax (benefit) expenses (115,593) (187,201) (2,832)
Changes in operating assets and liabilities:      
Accounts receivable (15,080,021) (370,912) 1,633,476
Prepayments (8,861,530) 4,446,773 (3,838,690)
Other receivables (89,881) 7,335,742 3,444,875
Loans receivable (3,040,646) (16,621,319) (11,070,827)
Deposits 77,456 (99,445) (9,470,731)
Accounts payable 11,118,176 1,686,462 (874,843)
Other payables and accrued liabilities 3,117,965 (6,833,769) (2,989,501)
Tax payables (109,648) 126,848 (1,422,362)
Net cash provided/(used in) by continuing operating activities (12,351,357) (6,662,829) (23,784,162)
Net cash provided/(used in) by discontinued operating activities 2,271,892 2,708,874
Net cash provided/(used in) operating activities (10,079,465) (3,953,955) (23,784,162)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of equipment (12,243) (199,481)
Proceeds from disposal of equipment 89,950 24,906
Cash from acquisition of subsidiary 2,714,240 1,477,065
Net cash provided/(used in) by continuing investing activities 89,950 2,726,903 1,277,584
Net cash provided/(used in) by discontinued investing activities
Net cash provided/(used in) investing activities 89,950 2,726,903 1,277,584
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from short-term bank borrowings 2,896,570 20,528,594 6,665,840
Repayment of short-term bank borrowings (5,178,651) (17,070,793) (7,433,187)
Proceeds from long-term bank borrowings 242,864 444,345 465,059
Repayment of long-term bank borrowings (547,485) (92,594) (22,146)
Proceeds from other financial institutions 14,290,807
Repayments of loans from other financial institutions (1,250,461) (300,279)
Repayments of obligations under finance leases (40,151) (417,165) (98,972)
Amounts advanced from related parties 3,672,219 949,020 6,787,477
Repayments to related parties (2,047,951) (1,455,845) (7,864,254)
Proceeds from private placement 18,465,009
Net cash provided/(used in) by continuing financing activities 12,037,761 2,885,562 16,664,547
Net cash provided/(used in) by discontinued financing activities (3,484,697) (2,092,305)
Net cash provided/(used in) financing activities 8,553,064 793,257 16,664,547
Effect of exchange rate change on cash and restricted cash (8,585) 368,989 (11,477)
Net (decrease) increase in cash and restricted cash (1,682,571) (64,806) (5,853,508)
Cash, restricted cash at beginning of the year 5,687,311 5,752,117 11,605,625
Cash, restricted cash at end of the year 4,004,740 5,687,311 5,752,117
Less: Cash and restricted cash of discontinued operations at end of the year 328,358 1,834,006
Cash and restricted cash of continuing operations at end of the year 3,676,382 3,853,305 5,752,117
Supplemental disclosure of cash flow information:      
Interest paid 611,713 290,107 396,187
Income tax paid 195,237 77,177 1,435,366
Supplemental non-cash investing and financing information:      
Non-cash capital leases to acquire revenue equipment 52,977 102,054
Uncollected receivable from disposal of revenue equipment $ 175,215