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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss)/income $ (20,279,224) $ 12,750,031
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,017,125 1,047,427
Amortization of operating lease right-of-use assets 236,154
Provision for doubtful accounts 442,335 80,875
Deferred tax benefits (130,848) (132,130)
Provision for inventory reserve 13,818
Interest income (98,249)
Impairment loss for unconsolidated entities 237,777
Loss on disposal fixed assets 488 57,381
Change in fair value of warrant liabilities (656,164)
Change in operating assets and liabilities:    
Accounts receivable (2,239,932) 1,801,544
Prepayment and other current assets (823,976) 678,662
Inventories 24,901 448,062
Prepayments and deposits 4,858 27,832
Accounts payable 2,109,052 (943,581)
Operating lease liabilities (220,287)
Advance from customers 378,262 (109,613)
Other payables and accrued liabilities 281,149 324,305
Taxes payable (393,376) 217,038
Net cash (used in)/provided by operating activities (20,011,706) 16,163,402
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for business acquisition payable - related parties (7,846,707)
Loan to third parties (1,536,561) (14,166,273)
Loan repayment from third parties 3,517,456 9,087,520
Purchases of property and equipment (270,756) (21,292)
Cash received on fixed assets disposal 94
Investments in unconsolidated entities (251,095)
Net cash provided by/(used in) investing activities 1,710,139 (13,197,753)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Amounts advanced from related parties 283,436
Amounts advanced to related parties (5,986)
Repayments from related parties 1,365,811
Repayments to related parties (55) (1,670,263)
Repayments of third-party loan (13,375) (183,221)
Cash received from recapitalization 33,216,420
Proceeds of third-party loan 74,305
Net cash provided by/(used in) financing activities 33,271,309 (204,237)
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (593,338) (42,590)
CHANGE IN CASH AND CASH EQUIVALENTS 14,376,404 2,718,822
CASH AND CASH EQUIVALENTS, beginning of period 7,533,934 4,815,112
CASH AND CASH EQUIVALENTS, end of period 21,910,338 7,533,934
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax 609 11,306
Cash paid for interest expense 5,522 3,166
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Initial recognition of right-of-use assets and lease liabilities $ 840,185