XML 65 R45.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (14,245,878) $ (14,472,494) [1] $ (4,630,168) [1]
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 9,096,939 5,473,037 2,721,636
Loss on disposal of assets 143,527 178,619 12,045
Stock-based compensation 1,662,883 868,756 181,191
Non-cash interest expense/income, net 799,543 262,904 180,258
Foreign exchange (gains) / losses (2,337,815) 4,086,004 414,099
Other non-cash 665,725 666,109 66,607
Changes in operating assets and liabilities:      
Account receivable (210,006) (191,623) (8,119)
Inventories (2,103,922) (1,749,477) (253,507)
Other current assets (1,151,363) (2,880,347) (885,203)
Accounts payable 1,659,783 2,372,830 857,264
Deferred revenue 662,425 1,032,912 44,246
Income taxes payable (530,065) 887,648  
Other liabilities 422,606 (571,879) 229,661
A. Net cash from operating activities (5,465,618) (4,037,001) (1,069,990)
Cash flows from investing activities      
Purchases of vehicles (7,185,802) (22,004,501) (8,481,610)
Purchases of other property, plant and equipment (803,661) (828,943) (731,236)
Proceeds from sale of equipment 38,133    
Purchases of intangible assets (208,690) (58,352) (20,934)
B. Net cash used in investing activities (8,160,020) (22,891,796) (9,233,780)
Cash flows from financing activities      
Proceeds from issuance of convertible notes 10,000,000 100,000 8,425,018
Proceeds from term loans 5,467,987 14,825,000  
Payments of term loans (4,209,340) (1,541,314)  
C. Net cash from financing activities 11,258,647 43,093,686 10,425,018
D. Decrease in cash and cash equivalents and restricted cash (2,366,991) 16,164,889 121,248
E. Effect of exchange rate changes (351,168) (6,451,448) (188,589)
F. Net decrease in cash and cash equivalents (2,718,159) 9,713,441 (67,341)
G. Cash and cash equivalents at beginning of the period 13,215,729 3,502,288 3,569,629
Cash and cash equivalents at the end of the period 10,497,570 13,215,729 3,502,288
Cash paid, received for:      
- Interest, net (903,043) (183,226) 16,802
- Income taxes $ (530,065)    
Series B Preferred stock      
Cash flows from financing activities      
Proceeds from issuance or sale of preferred stock   $ 29,710,000  
Series A Preferred stock      
Cash flows from financing activities      
Proceeds from issuance or sale of preferred stock     $ 2,000,000
[1] See restatement of financial statements in note 2.4 for further details.