XML 31 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flow from operating activities      
Net loss $ (33,814,719) $ (14,245,878) $ (14,472,494)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 10,044,644 9,096,939 5,473,037
Loss on disposal of assets 566,676 143,527 178,619
Stock-based compensation, net of forfeitures 1,991,884 1,662,883 868,756
Interest expense-income, net 5,910,128 799,543 262,904
Foreign exchange (gains)/loss (2,726,407) (2,337,815) 4,086,004
Provision for inventory 62,805
Other non-cash 1,542,985 665,725 666,109
Changes in operating assets and liabilities:      
Account receivable 186,796 (210,006) (191,623)
Inventory 657,574 (2,103,922) (1,749,477)
Other assets and prepayments 96,027 (1,151,363) (2,880,347)
Accounts payable (777,408) 1,659,783 2,372,830
Deferred revenue 221,803 662,425 1,032,912
Income tax payable (530,065) 887,648
Other liabilities 1,171,435 422,606 (571,879)
A. Net cash used in operating activities (14,865,777) (5,465,618) (4,037,001)
Cash flow from investing activities      
Purchases of vehicles (4,086,670) (7,185,802) (22,004,501)
Purchases of other property, plant and equipment (652,374) (803,661) (828,943)
Proceeds from disposal of property, plant and equipment 21,306 38,133
Purchases of intangible assets (102,150) (208,690) (58,352)
B. Net cash used in investing activities (4,819,888) (8,160,020) (22,891,796)
Cash flow from financing activities      
Net proceeds from reverse acquisition 29,629,196
Proceeds from issuance of convertible notes 7,500,000 10,000,000 100,000
Proceeds from issuance of series B preferred stock 29,710,000
Proceeds from term loans 5,467,987 14,825,000
Payments of term loans (7,201,820) (4,209,340) (1,541,314)
Payments on warrants (1,315,222)
C. Net cash from financing activities 28,612,154 11,258,647 43,093,686
D. Increase (decrease) in cash and cash equivalents, and restricted cash 8,926,489 (2,366,991) 16,164,889
E. Effect of exchange rate changes (351,168) (6,451,448)
F. Net increase in cash and cash equivalents 8,926,489 (2,718,159) 9,713,441
G. Cash and cash equivalents at beginning of the year 10,497,570 13,215,729 3,502,288
Cash and cash equivalents at ending of the year 19,424,059 10,497,570 13,215,729
Supplemental disclosures of cash flow information:      
Interest, net (447,730) (903,043) (183,226)
Income taxes $ (530,065)