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Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 1,696,768 $ 32,328,391
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 3,661,102 1,401,505
(Recovery of) provision for doubtful accounts 211,617 (258,578)
Amortization of operating lease 318,272 114,119
Write-down of inventories 899,288 338,057
Share-based compensation 45,905 242,572
Changes in fair value of warrants liability (3,763,000) (34,176,000)
Impairment of non-marketable equity securities 690,542
Loss on disposal of property, plant and equipment 86,690 9,613
Impairment of construction in progress 234,851
Changes in operating assets and liabilities:    
Trade and bills receivable 21,808,771 7,886,902
Inventories (28,543,131) (4,716,578)
Prepayments and other receivable 4,934,333 (898,925)
Investment in sales-type lease 200,047 (781,041)
Trade and bills payable 19,133,437 (4,399,818)
Accrued expenses and other payables and product warranty provisions 211,022 170,246
Operating lease liabilities (224,172) (299,573)
Trade receivable from and payables to former subsidiaries (3,644,906) (75,713)
Income tax payable 47,458  
Deferred tax assets 24,431
Net cash (used in) provided by operating activities 17,338,783 (2,424,279)
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (6,337,689) (13,200,827)
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 (6,337,689) (17,681,598)
Cash flows from financing activities    
Borrowings from banks 10,354,531
Repayment of bank borrowings (1,544,211) (13,859,489)
Repayment of borrowings from Mr. Ye Junnan (3,860,527)
Repayment of borrowings to shareholders (4,666)
Repayment of borrowings from related parties (435,228)
Proceeds from issuance of shares 65,495,011
Net cash provided by financing activities 4,945,127 51,200,294
Effect of exchange rate changes on cash and cash equivalents and restricted cash (802,318) 603,991
Net increase in cash and cash equivalents and restricted cash 15,143,903 31,698,408
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 41,498,527 52,369,906
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 8,577,646 314,238
Non-cash payment for purchases of property, plant and equipment and construction in progress by new vehicles   61,340
Lease liabilities arising from obtaining right-of-use assets 109,633 1,946,819
Cash paid during the year for:    
Income taxes 29,645
Interest, net of amounts capitalized $ 290,768 $ 4,661