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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net (loss) income $ 32,328,391 $ (3,552,278)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,401,505 1,154,563
Provision for (recovery of) doubtful debts (258,578) 427,702
Amortization of operating lease right-of-use assets 114,119
Write-down of inventories 338,057 457,039
Share-based compensation 242,572 454,096
Change in fair value of warrant liability (34,176,000)
Impairment of non-marketable equity securities 690,542
(Gain) loss on disposal of property, plant and equipment 9,613 (13,360)
Changes in operating assets and liabilities:    
Trade accounts and bills receivable 7,886,902 (4,154,650)
Inventories (4,716,578) 2,738,941
Prepayments and other receivables (898,925) 309,378
Trade accounts and bills payable (4,399,818) (351,898)
Accrued expenses and other payables 170,246 190,330
Operating lease liabilities (299,573)
Investment in sales-type lease (781,041)
Trade receivable from and payables to former subsidiaries (75,713) 4,321,809
Net cash provided by (used in) operating activities (2,424,279) 1,981,672
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (13,200,827) (779,064)
Deposit paid for acquisition of a subsidiary (3,090,187)
Investment in non-marketable equity securities (1,390,584)
Net cash used in investing activities (17,681,598) (779,064)
Cash flows from financing activities    
Repayment of bank borrowings (13,859,489) (155,128)
Borrowings from unrelated parties 3,440,970
Borrowings from shareholders 267,315
Repayment of borrowings from related parties (435,228)
Repayment of borrowings from unrelated parties (5,630,679)
Proceeds from issuance of shares 65,495,011
Net cash (used in) provided by financing activities 51,200,294 (2,077,522)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash 603,991 (88,048)
Net (decrease) increase in cash and cash equivalents, and restricted cash 31,698,408 (962,962)
Cash and cash equivalents, and restricted cash at the beginning of period 20,671,498 7,133,948
Cash and cash equivalents, and restricted cash at the end of period 52,369,906 6,170,986
Supplemental non-cash investing and financing transactions:    
Transfer of construction in progress to property, plant and equipment 314,238 42,958
Non-cash payment for purchase of property, plant and equipment and construction in progress by new vehicles 61,340
Issuance of common stock (note 1):    
- offset repayment of promissory notes 550,000
- offset payable to Shenzhen BAK (Sixth Debt) 4,285,532
Cash paid during the period for:    
Interest, net of amounts capitalized $ 4,661 $ 524,860