XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 680,503 $ 29,608,168
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 1,925,584 704,496
(Recovery of) provision for doubtful accounts 271,443 (154,061)
Amortization of operating lease 187,697 10,052
Write-down of inventories 406,152 233,305
Share-based compensation 34,779 148,818
Changes in fair value of warrants liability (1,632,000) (28,426,000)
Gain on disposal of property, plant and equipment (53,022)
Changes in operating assets and liabilities:    
Trade and bills receivable (519,629) 6,314,111
Inventories (12,064,192) (1,512,723)
Prepayments and other receivables (1,743,638) (451,150)
Investment in sales-type lease 125,303 (1,639,959)
Trade and bills payable 13,733,854 (2,941,048)
Accrued expenses and other payables and product warranty provisions 2,613,310 (882,416)
Operating lease liabilities (7,600) (134,149)
Trade receivable from and payables to former subsidiaries 1,133,083 (60,563)
Deferred tax assets (93,546)
Net cash provided by operating activities 5,051,103 763,859
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (2,717,822) (5,681,131)
Net cash used in investing activities (2,717,822) (5,681,131)
Cash flows from financing activities    
Borrowings from banks 5,836,818
Repayment of borrowings from Mr. Ye Junnan (3,938,062)
Repayment of borrowings to shareholders (145,321)
Proceeds from issuance of shares 65,495,011
Net cash provided by financing activities 1,898,756 65,349,690
Effect of exchange rate changes on cash and cash equivalents and restricted cash 163,901 336,284
Net increase in cash and cash equivalents and restricted cash 4,395,938 60,768,702
Cash and cash equivalents and restricted cash at the beginning of period 26,354,624 20,671,498
Cash and cash equivalents and restricted cash at the end of period 30,750,562 81,440,200
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 430,973 176,628
Non-cash payment for purchases of property, plant and equipment and construction in progress by new vehicles   61,233
Lease liabilities arising from obtaining right-of-use assets 111,834 245,716
Cash paid during the year for:    
Income taxes  
Interest, net of amounts capitalized $ 180,279 $ 2,314