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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (3,510,563) $ (6,928,575)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,856,246 2,083,489
Provision for doubtful debts 63,534 443,020
Write-down of inventories 724,156 557,668
Share-based compensation 615,871 432,785
Loss on disposal of property, plant and equipment 21,035 236,360
Changes in operating assets and liabilities:    
Trade accounts and bills receivable (10,424,301) 4,008,929
Inventories 4,388,522 (2,254,761)
Prepayments and other receivables 587,158 1,735,548
Trade accounts and bills payable 3,582,377 (12,128,474)
Accrued expenses and other payables (317,352) 1,357,021
Trade receivable from and payables to former subsidiaries 4,454,118 (3,449,078)
Government grants 2,858,858
Net cash (used in) provided by operating activities 4,899,659 (13,906,068)
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (2,033,349) (1,998,476)
Net cash used in investing activities (2,033,349) (1,998,476)
Cash flows from financing activities    
Capital injection from non-controlling interests 118,850
Repayment of bank borrowings (155,951) (3,545,966)
Proceeds from issue of promissory note 1,250,000
Borrowings from unrelated parties 3,459,218 6,397,925
Repayment of borrowings from unrelated parties (5,660,539) (145,739)
Borrowings from related parties 431,630
Repayment of borrowings from related parties (535,967)
Borrowings from shareholders 268,733 4,080,681
Repayment of borrowings from shareholders (240,687)
Repayment of earnest money to shareholders (760,721)
Net cash provided by (used in) financing activities (2,329,226) 7,290,693
Effect of exchange rate changes on cash and cash equivalents and restricted cash 231,403 (494,264)
Net (decrease) increase in cash and cash equivalents and restricted cash 768,487 (9,108,115)
Cash and cash equivalents and restricted cash at the beginning of period 7,133,948 17,689,493
Cash and cash equivalents and restricted cash at the end of period 7,902,435 8,581,378
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 8,224,147 777,324
- offset short-term borrowings (First Debt, Second Debt and Third Debt) 15,056,304
- offset construction cost payable (Fourth Debt) 3,317,021
- offset repayment of promissory notes 1,415,000
- offset payable to Shenzhen BAK (Sixth Debt) 4,285,532
Income taxes
Interest, net of amounts capitalized $ 783,159 $ 1,087,390