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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net (loss) income $ 61,559,144 $ (7,846,768)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 3,578,695 2,700,888
Provision for (recovery of) doubtful accounts (780,389) 721,737
Write-down of inventories 867,731 1,450,182
Share-based compensation 1,047,777 803,931
Changes in fair value of warrants liability (61,802,000) (2,072,000)
Loss on disposal of property, plant and equipment 9,642 21,317
Impairment charge on property, plant and equipment 4,345,811
Impairment charge on non-marketable equity securities (692,639)
Amortization of operating lease 477,961
Changes in operating assets and liabilities:    
Trade and bills receivable 18,714,611 (20,767,355)
Inventories (11,805,692) 2,305,697
Prepayments and other receivables (4,324,751) (2,171,694)
Investment in sales-type lease (505,998) (1,026,739)
Trade and bills payable (1,807,896) 11,088,116
Accrued expenses and other payables and product warranty provisions (628,973) (975,687)
Operating lease liabilities (715,782)
Trade receivable from and payables to former subsidiaries (2,335,386) 3,428,010
Income tax payables (7,464,067)
Deferred tax assets (19,855)
Government grants 2,357,811 2,897,207
Net cash used in operating activities (4,270,056) (5,097,347)
Cash flows from investing activities    
Purchase of non-marketable equity securities (1,394,808)
Purchases of property, plant and equipment and construction in progress (19,211,554) (5,709,975)
Proceed from acquisition of a subsidiary, net of cash acquired (17,477,643)
Redemption of debt products 3,100
Net cash used in investing activities (38,080,905) (5,709,975)
Cash flows from financing activities    
Repayment of bank borrowings (13,901,589) (13,325,849)
Borrowings from unrelated parties 3,505,621
Repayment of borrowings from unrelated parties (400,904) (9,778,074)
Repayment of borrowings from related parties (2,789,616)
Borrowings from shareholders 358,358
Repayment of borrowings from shareholders (131,040) (281,676)
Proceeds from issuance of shares 65,495,011 45,348,582
Net cash provided by financing activities 48,271,862 25,826,962
Effect of exchange rate changes on cash and cash equivalents and restricted cash (237,775) (1,482,090)
Net increase in cash and cash equivalents and restricted cash 5,683,126 13,537,550
Cash and cash equivalents and restricted cash at the beginning of year 20,671,498 7,133,948
Cash and cash equivalents and restricted cash at the end of year 26,354,624 20,671,498
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 23,862,234 8,434,331
Non-cash payment for purchases of property, plant and equipment and construction in progress by new vehicles 61,527 644,917
Operating lease assets obtained in exchange for operating lease obligations 2,415,895
Issuance of common stock (Note 1):    
– offset repayment of promissory note 3,339,528
– offset payable to Shenzhen Bak (Sixth Debt) 4,285,532
– offset construction cost payable (Seventh Debt) 11,173,018
Cash paid during the year for:    
Income taxes 3,053
Interest, net of amounts capitalized $ 177,544 $ 989,529