XML 32 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities      
Net income (loss) $ (1,881,635) $ 864,722 $ 2,932,363
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Depreciation 804,395 871,445 644,668
Amortization of operating lease right-of-use assets 37,335 73,422 10,744
Amortization of intangible assets - land use rights 101,315 100,689
Allowance for current expected credit losses (4,935) 52,914 7,296
(Gain) loss on disposals of property and equipment 105,954 (339,117)
Share-based compensation 1,968,000
Change in inventory reserve (4,299) 10,877 27,538
Deferred tax provision (benefit) (31,223) (25,129) 15,602
Changes in operating assets and liabilities:      
Accounts receivable 45,396 1,155,718 (2,879,161)
Notes receivable (385,084) 57,678 534,838
Inventories (389,778) 179,264 104,149
Prepaid expense and other current assets (1,070,397) (134,308) 165,028
Other non-current assets 2,118 82,236
Due from related parties 117,210 1,482
Due to related parties (10,417) (138,951) 20,726
Accounts payable 39,274 (1,557,271) 523,898
Accrued expenses and other payables 261,255 (310,147) 255,432
Income tax payable 810 (96,217) 46,185
Net cash (used in) provided by operating activities (414,034) 884,917 2,493,024
Cash flows from investing activities      
Purchase of property and equipment (32,506) (302,393) (5,100,448)
Purchase of intangible assets   (561,395) (4,431,596)
Prepayments for purchase of Yingxuan Assets (277,944) (1,776,529) (3,624,454)
Security deposit received for sales of properties 1,485,906
Proceeds from sale of property and equipment 2,779 738,607
Deposit for Investment in Joint Venture (33,350,376)
Loans made of related parties (351,924)
Repayment of loan from related parties 346,238
Net cash used in investing activities (33,311,809) (2,253,634) (11,670,592)
Cash flows from financing activities      
Proceeds from financing liabilities 135,217
Payments for financing liabilities (44,763) (235,969) (278,320)
Payments for finance leases (45,235) (307,637) (581,549)
Advances from related parties 1,064,327 4,566,368 1,640,143
Repayments to related parties (1,041,097) (5,127,251) (1,153,063)
Payments of offering costs (229,723) (133,854)
Borrowings from short term loans 7,172,270 1,765,312 6,689,550
Repayments of short term loans (6,866,531) (1,883,941) (5,878,245)
Borrowings from long term loans 416,916 4,660,425 10,401,343
Repayments of long term loans (147,310) (11,199,141)
Proceeds from initial public offering, net of costs 7,228,964
Proceeds from exercised of option, net of costs 1,144,687
Proceeds from private placement 33,000,000
Net cash provided by financing activities 33,508,577 382,094 10,841,222
Effect of exchange rate changes on cash, cash equivalents and restricted cash 326,383 (311,747) (81,077)
Net change in cash, cash equivalents and restricted cash 109,117 (1,298,370) 1,582,577
Cash, cash equivalents and restricted cash, beginning of the year 815,669 2,114,039 531,462
Cash, cash equivalents and restricted cash, end of the year 924,786 815,669 2,114,039
Cash, cash equivalents 775,686 2,085,033 484,389
Restricted cash 39,983 29,006 47,073
Cash, cash equivalents and restricted cash, beginning of the year 815,669 2,114,039 531,462
Cash and cash equivalents 909,716 775,686 2,085,033
Restricted cash 15,070 39,983 29,006
Cash, cash equivalents and restricted cash, end of the year 924,786 815,669 2,114,039
Supplemental disclosure of cash flow information:      
Cash paid for interest expense 599,524 650,803 371,214
Cash paid for income taxes 38,805 374,487 72,524
Non-cash investing and financing activities      
Property, plant and equipment transferred from construction in progress 795,566
Property, plant and equipment acquired in exchange of notes receivable 87,477
Property, plant and equipment acquired and applied from prepaid expenses 80,654
Right-of-use assets obtained in exchange for lease obligations 151,048
Right-of-use assets transferred to property and equipment upon exercise of purchase option 626,414 508,617 107,998
Property and equipment acquired on credit as liabilities 189,010
Property and equipment acquired by prepayments for purchase of Yingxuan Assets 3,447,831
Security deposits applied to payments of long-term payable $ 86,788