XML 123 R9.htm IDEA: XBRL DOCUMENT v3.24.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (14,346,748) $ (30,821,955)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation of equipment 1,679 718
Amortization of intangible assets 345,155
Lease expenses of right-of-use assets 106,159
Impairment of prepaid and other current assets 20,082,123
(Gain)/loss from the disposal of discontinued operations or subsidiaries (99,638) 4,060,609
Impairment of goodwill 2,070,753 6,590,339
Change in operating assets and liabilities    
Accounts receivable 97,804 (158,392)
Other receivables (14,283) 1,540
Other receivable - related party 189,320
Inventories (2,946)
Prepaid and other current assets (1,291,192) (66,823)
Other assets (250,740)
Accounts payable (127,297) 291,234
Other payables and accrued liabilities 10,457 227,636
Customer deposits 68,531 (2,116,847)
Lease liabilities 9,459
Taxes payable (8,478) (484)
Other payable - related parties (139,927) 837,717
Deferred tax liability 327,822
Net cash used in operating activities (13,240,484) (886,211)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net increase in cash from acquisition of Highlight Media 215,880
Net increase (decrease) in cash from disposal of discontinued operations or subsidiaries 199,980 (12,702,666)
Purchase of intangible assets (2,903,104)
Purchase of equipment (14,190) (6,566)
Purchase of convertible notes (2,500,000)
Net cash used in investing activities (5,217,314) (12,493,352)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 12,515,452
Proceeds from issuance of pre-funded warrants 5,089,043
Contribution by noncontrolling interest shareholder 5,483,930
Net cash provided by financing activities 23,088,425
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS 155,783 (819,659)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,786,410 (14,199,222)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 389,108 14,588,330
CASH AND CASH EQUIVALENTS, END OF YEAR 5,175,518 389,108
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income tax
Cash paid for interest 1,022
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES    
Issuance of common stock for acquisition right, title, and interest in and to the certain software 750,000
Issuance of common stock for acquisition of Yuan Ma 7,680,000
Issuance of common stock for acquisition of Highlight Media 2,250,000
The cancellation of the common stock 948,000 32,844,710
Exercise of pre-funded warrants 96
Fair value changes of convertible notes receivable $ 102,027