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Unaudited Condensed Interim Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Profit (loss) before tax $ 1,749,479 $ (7,267,586)
Adjustments to reconcile profit (loss)    
Net currency exchange losses 3,993,733
Expected credit losses 364,640
Depreciation expenses 275,746 321,902
Amortization expenses 442,242 406,573
(Gain) loss on disposal of property, plant and equipment (73) 257
Share-based payment expenses 722,176 500,000
Share option expenses 38,053
Interest expense 416,605 376,546
Interest income (392,455) (400,516)
Gains on reversal of accounts and other payables (68,165)
Losses (gains) on financial assets and liabilities at fair value through profit or loss 2,729,466 (616,686)
Changes in operating assets    
Contract assets (20,027,585) (3,826,381)
Accounts receivable 3,051,025 1,534,225
Inventories 1,316 12,085
Prepayments (685,966) 1,163,915
Other receivables (433,302) (15,757)
Other current assets 105,401 (30,319)
Other non-current assets 423,248 (15,315)
Changes in operating liabilities    
Contract liabilities (59,403) 54,746
Notes payable 34 (9)
Accounts payable (2,160,932) (2,846,303)
Other payables (1,500,939) (1,288,629)
Provisions (79,505) (30,203)
Other current liabilities 21,982 (8,464)
Other non-current liabilities 26,687
Cash flows used in operations (11,016,380) (12,006,031)
Interest received 448,299 386,537
Interest paid (672,592) (388,045)
Tax paid (18,106) (12,491)
Net cash flows used in operating activities (11,258,779) (12,020,030)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of property, plant and equipment (363,096) (216,672)
Proceeds from disposal of property, plant and equipment 143
Acquisition of intangible assets (57,982) (3,257,771)
Investment in financial assets at amortized cost (1,988,270)
Guarantee Deposits Received (41,291) (265,127)
Net cash flows used in investing activities (462,226) (5,727,840)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from short-term borrowings 7,050,890 11,037,443
Repayments of short-term borrowings (6,622,572) (9,238,450)
Repayments of long-term borrowings (750,819) (872,431)
Principal repayment of lease liabilities (68,252) (8,665)
Repayments of loan from shareholders (3,000,000)
Exercise of public warrants 4,372,875
Proceeds from Series B preferred shares and private warrants 9,650,000
Proceeds from issuance ordinary share 11,290,004
Exercise of restricted share units (39,056)
Net cash flows from financing activities 17,510,195 5,290,772
Effect of foreign exchange rate changes 122,449 (270,698)
Net increase (decrease) in cash and cash equivalents 5,911,639 (12,727,796)
Cash and cash equivalents at beginning of period 5,306,857 22,996,377
Cash and cash equivalents at end of period $ 11,218,496 $ 10,268,581