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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) $ (38,033,588) $ (45,757,237) $ 2,767,821
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization expenses 3,519,859 10,711,543 6,258,055
Provision for (reversal of) credit losses 975,114 3,803,437 (310,012)
Share-based compensation (153,034) 3,903,970 707,000
Loss on disposal of property, plant and equipment 478,849 547,338 9,243
Loss on disposal of intangible assets 200,000
Inventory write-down 340,186 6,482,019 2,233,452
(Gain) Loss on short-term investment (356,996) 509,496 3,656,520
Impairment of goodwill 2,299,628
Deferred income taxes (1,031,461) (80,599) (2,845,588)
Impairment of property, plant and equipment 57,117 3,109,922
Impairment of intangible assets 3,708,247 20,738,130
Impairment of VAT recoverable 16,688,647 4,474,784
Loss from cybersecurity event 2,251,551
Noncash lease expenses 1,835,542 1,711,943 1,066,838
(Gain) Loss on foreign currency transactions (456,647) 2,161,264 (1,780,087)
Gain on disposal of cryptocurrencies (744,803)
Gain on disposal of subsidiaries (7,524) (5,941)
Changes in assets and liabilities:      
Accounts receivable, net 2,612,509 2,882,106 333,888
Notes receivable 775,206
Inventories, net (122,326) (185,504) (5,392,810)
Advances to suppliers 106,246 (178,639) (818,666)
VAT recoverable (133,790) (1,247,508) (3,799,426)
Prepayments and other current assets, net 956,970 10,410,167 (2,951,664)
Other assets (323,279) (850,791) (51,928)
Accounts payable (1,130,842) (1,787,125) 559,817
Notes payable (1,100,792)
Income taxes payable 705
Advances from customers (916,451) 163,883 51,792
Accrued liabilities and other payables (4,272,841) (14,109,951) (18,329,126)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (11,653,117) 4,296,785 (15,849,840)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (985,794) (3,803,943) (6,153,759)
Purchases of intangible assets (10,260,785) (2,365,495)
Cash paid for short-term investments (28,552,566) (472,357,646)
Collections from short-term investments 5,694,982 55,101,678 474,365,880
Purchase of cryptocurrencies (9,162,886)
Proceeds from disposal of cryptocurrencies 7,199,398
Payments for business combination, net of cash acquired (5,863,499)
Cash from disposal of subsidiaries, net of cash disposed of 7,524 (11,492)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES 2,753,224 6,609,393 (6,511,020)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of short-term loans (771,629)
Repayment to related parties (5,671,902)
Proceeds from issuance of ordinary shares 254,727,705
NET CASH PROVIDED BY FINANCING ACTIVITIES 248,284,174
EFFECT OF FOREIGN EXCHANGE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (407,061) 394,336 879,537
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,306,954) 11,300,514 226,802,851
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 252,227,116 240,926,602 14,123,751
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 242,920,162 252,227,116 240,926,602
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest 4,382
Income taxes 7,666 928
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Liabilities assumed in connection with purchase of property, plant and equipment 34,596 4,616,480 3,318,477
Liabilities assumed in connection with purchase of intangible assets 5,440 366,407
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,801,664 5,394,251 3,387,501
Remeasurement of the lease liabilities and right-of-use assets due to lease modification 320,911 1,485,436
Issuance of vested restricted share awards 98 232
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets      
Cash and cash equivalents 241,634,262 251,294,952 239,872,316
Restricted cash, current 88,614 29,039 171,156
Restricted cash, non-current 1,197,286 903,125 883,130
Total cash, cash equivalents and restricted cash $ 242,920,162 $ 252,227,116 $ 240,926,602