XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net loss $ (8,910,002) $ (5,136,434) $ (9,860,888)
Net loss from discontinued operations (251,153)
Net loss from continuing operations (8,910,002) (5,136,434) (9,609,735)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 1,192,021 479,233 947,481
Depreciation and amortization 827,630 1,328,403 1,232,263
Loss from disposal of inventories 58,992 202,297
Loss from warrant redemption 1,091,719
Change in fair value of warrants liability (599,865) 229,749 (527,617)
Loss on disposal of equipment and intangible assets 232,171 18,241
(Recovery from) provision for doubtful accounts: accounts receivable 5,826 (46,831) (139,716)
(Recovery from) provision for doubtful accounts: other receivables and prepayments 16,403 32,213 (41,790)
(Recovery from) provision for doubtful accounts: advances to suppliers - third parties (1,095)
Change in warranty obligation (10,261) (130,885) 141,449
(Recovery from) provision for inventory obsolescence (73,860) 2,450,213
Impairment loss for intangible assets 3,281,779
Changes in assets and liabilities:      
(Increase) decrease in accounts receivable (88,270) 115,239 115,854
Decrease (increase) in advances to suppliers - third parties 233,490 (341,776) 547,267
Decrease (increase) in advances to suppliers - related party 194,311 680,733
Decrease in other receivables and prepayments 23,352 (71,117) 13,272
Increase in interest receivable - related party (161,384)
(Increase) decrease in inventories (137,464) (2,007,026) 1,185,688
Increase in other taxes receivable (92,897) (281,373)
Decrease in long-term prepaid expenses 290,036
Increase (decrease) in accounts payable 186,561 (24,563) 51,579
Increase in interest payable- related party 178,708
(Decrease) increase in due to related parties - Trade (475) 107,715
(Decrease) increase in advances from customers (80,602) 206,646 63,541
Increase (decrease) in accrued expenses and other current liabilities 214,245 119,549 (1,315,779)
Decrease in other taxes payable (113,429)
Net cash used in operating activities from continuing operations (3,629,567) (5,408,997) (2,609,813)
Net cash used in operating activities from discontinued operations (165,345)
Net cash used in operating activities (3,629,567) (5,408,997) (2,775,158)
Cash flows from investing activities      
Proceeds from disposal of equipment 1,309
Capital expenditures and other additions (776,328) (40,780) (636,130)
Loan to a related party (6,000,000) (3,000,000) (2,000,000)
Repayment from a related party 549,192 3,000,000 2,000,000
Consideration paid to BTL (146,032)
Non-marketable equity investments (1,500,043)
Net cash used in investing activities from continuing operations (6,225,827) (1,686,855) (636,130)
Net cash used in investing activities from discontinued operations
Net cash used in investing activities (6,225,827) (1,686,855) (636,130)
Cash flows from financing activities      
Loans from related parties 3,682,642 1,480,320 733,688
Repayments of related party loans (2,858,748)
Repayments of bank loans (1,505,000)
Net proceeds from option exercises 17,851 10,150
Payment of warrant redemption (1,116,744)
Net proceeds from issuance of common stock, net of issuance costs 1,492,538 18,412,462
Net cash provided by financing activities from continuing operations 3,700,493 2,972,858 13,675,808
Net cash provided by financing activities from discontinued operations
Net cash provided by financing activities 3,700,493 2,972,858 13,675,808
Effect of exchange rate fluctuations on cash and cash equivalents (177,275) 139,656 (96,421)
Net (decrease) increase in cash and cash equivalents (6,332,176) (3,983,338) 10,168,099
Cash and cash equivalents at beginning of year 6,809,485 10,792,823 624,724
Cash and cash equivalents at end of year 477,309 6,809,485 10,792,823
-less cash and cash equivalents at end of year from discontinued operations
Cash and cash equivalents at end of year from continuing operations 477,309 6,809,485 10,792,823
Cash paid during the year for:      
Income tax
Interest 14,840 3,812 128,537
Non-cash investing and financing activities:      
Acquisition of property and equipment and construction in progress by decreasing inventories 947,172
Offset short-term borrowings - related party against loans to a related party (including accrued interests) $ 5,381,589