XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,707,567) $ (23,474,249)
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of plant and equipment 751 33,192
Amortization of intangible assets 162,500 98
Lease expenses of right-of-use assets 60,224
Impairment of prepayments 12,949,329
Disposal of the company 230 4,027,930
Goodwill impairments 2,070,753 6,590,339
Change in operating assets and liabilities    
Accounts receivables (52,196)
Other receivables (51,399) 757
Prepaid expense - related party (100,000) 192,863
Inventories (3,001)
Prepayments (4,610,398) (68,962)
Accounts payable (91,273) 196,417
Other payables and accrued liabilities (16,410) (99,892)
Customer deposits 68,531 (2,156,462)
Lease liabilities (31,342)  
Taxes payable (6,994) (493)
Other payables - related parties (160,760) 845,389
Net cash used in operating activities (6,465,350) (966,745)
CASH FLOWS FROM INVESTING ACTIVITY:    
Net increase in cash from acquisition of Highlight Media 47,498
Net decrease in cash from disposal of discontinued operations (12,316,416)
Purchase of intangible assets (2,500,000)
Purchase of equipment (9,617) (6,689)
Purchase of convertible notes (2,500,000)
Net cash used in investing activity (5,009,617) (12,275,607)
CASH FLOWS FROM FINANCING ACTIVITY:    
Proceeds from issuance of common stock 8,618,240
Contribution by noncontrolling shareholder 4,115,519
Net cash provided by financing activity 12,733,759
EFFECT OF EXCHANGE RATE ON CASH (752) (1,095,699)
NET INCREASE/(DECREASE) IN CASH 1,258,040 (14,338,051)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 389,108 14,588,330
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,647,148 250,279
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 935
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES    
Issuance of common stock for acquisition Yuanma 7,680,000
Issuance of common stock for acquisition Highlight Media 2,250,000
Issuance of common stock for acquisition right, title, and interest in and to the certain software 750,000
The cancellation of the common stock 948,000 32,844,710
Initial recognition of right-of-use assets and lease liabilities $ 1,731,824