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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net (loss) income $ 52,351,612 $ (3,510,563)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 2,013,729 1,856,246
Provision for doubtful debts (437,475) 63,534
Write-down of inventories 663,041 724,156
Share-based compensation 333,365 615,871
Loss on disposal of property, plant and equipment 9,613 21,035
Change in fair value of warrant liability (57,174,000)
Impairment charge - Investment 690,585
Amortization of operating lease right-of-use assets 290,051
Changes in operating assets and liabilities:    
Trade accounts and bills receivable 8,062,046 (10,424,301)
Inventories (4,578,372) 4,388,522
Prepayments and other receivables (2,191,300) 587,158
Trade accounts and bills payable (7,632,763) 3,582,377
Accrued expenses and other payables 323,174 (317,352)
Investment in sales-type lease (717,138)
Operating lease liabilities (715,150)
Trade receivable from and payables to former subsidiaries (75,718) 4,454,118
Government grants 1,545,189 2,858,858
Net cash provided by (used in) operating activities (7,239,511) 4,899,659
Cash flows from investing activities    
Deposit paid for acquisition of a subsidiary (8,316,787)
Purchase of non-marketable equity securities (1,390,670)
Hitrans Loan (20,248,061)
Purchases of property, plant and equipment and construction in progress (17,548,901) (2,033,349)
Net cash used in investing activities (47,504,419) (2,033,349)
Cash flows from financing activities    
Repayment of bank borrowings (13,860,346) (155,951)
Borrowings from unrelated parties 3,459,218
Repayment of borrowings from unrelated parties (399,715) (5,660,539)
Repayment of borrowings from related parties (185,985)
Borrowings from shareholders 268,733
Repayment of borrowings from shareholders   (240,687)
Proceeds from issuance of shares 65,495,011
Net cash (used in) provided by financing activities 51,048,965 (2,329,226)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 569,994 231,403
Net (decrease) increase in cash and cash equivalents and restricted cash (3,124,971) 768,487
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 17,546,527 7,902,435
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 3,556,965 8,224,147
Non-cash payment for purchase of property, plant and equipment and construction in progress by new vehicles 61,344
Issuance of common stock (note 1):    
- offset repayment of promissory note 1,415,000
- offset payable to Shenzhen BAK (Sixth Debt) 4,285,532
Cash paid during the period for:    
Income taxes  
Interest, net of amounts capitalized $ 7,031 $ 783,159