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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net loss $ (3,241,697) $ (4,450,994) $ (8,910,002)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation to employees   69,176 247,134
Stock-based compensation to non-employees   179,112 944,887
Depreciation and amortization 451,884 778,117 827,630
Loss from disposal of inventories   6,218 58,992
Change in fair value of warrants liability 129,036 (739,616) (599,865)
Loss on disposal of equipment and intangible assets 1,499 18,502 232,171
Provision for doubtful accounts:
– accounts receivable 30,572 10,148 5,826
– other receivables and prepayments 26,688 499 16,403
Change in warranty obligation (728) (7,911) (10,261)
Provision for inventory obsolescence 55,739 2,363  
Impairment loss for intangible assets     3,281,779
Unrealized (gain) loss on marketable securities (130,435) 1,356,565  
Loss on disposal of a subsidiary 245,326    
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable (48,635) 20,222 (88,270)
Decrease (increase) in advances to suppliers
– third parties (539) 145,024 233,490
– related party
Decrease(increase) in other receivables and prepayments (29,176) 69,773 23,352
Increase in interest receivable – related party   (2,523) (161,384)
Decrease(increase) in inventories 209,521 255,592 (137,464)
Decrease(increase) in other taxes receivable 17,526 36,858 (92,897)
Decrease(increase) in accounts payable (60,944) (8,234) 186,561
Increase in interest payable- related party   2,053 178,708
Decrease in due to related parties – Trade
Increase (decrease) in contract liabilities (117,476) 34,799 (80,602)
Increase in accrued expenses and other current liabilities 125,514 553,354 214,245
Net cash used in operating activities (2,336,325) (1,670,903) (3,629,567)
Cash flows from investing activities      
Proceeds from disposal of equipment   23,016 1,309
Capital expenditures and other additions     (776,328)
Loan to a related party     (6,000,000)
Repayment from a related party     549,192
Net cash payments from disposal of subsidiaries (2,354)    
Net cash (used in) provided by investing activities (2,354) 23,016 (6,225,827)
Cash flows from financing activities      
Loans from related parties 498,191 1,362,681 3,682,642
Net proceeds from option exercises     17,851
Repayment of the loan from related party (33,178)    
Net proceeds from issuance of common stock, net of issuance costs 7,192,537    
Net cash provided by financing activities 7,657,550 1,362,681 3,700,493
Effect of exchange rate fluctuations on cash and cash equivalents (25,528) (169,269) (177,275)
Net increase (decrease) in cash, cash equivalents and restricted cash 5,293,343 (454,475) (6,332,176)
Cash, cash equivalents and restricted cash at beginning of year 22,834 477,309 6,809,485
Cash, cash equivalents and restricted cash at end of year 5,316,177 22,834 477,309
Cash paid during the year for:      
Income tax
Interest     14,840
Reconciliation of cash, cash equivalents and restricted cash in consolidated statements of cash flows:      
Cash and cash equivalent 1,816,177 22,834 477,309
Restricted cash 3,500,000    
Cash, cash equivalent and restricted cash $ 5,316,177 $ 22,834 477,309
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