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Consolidated statements of cash flows
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash flows from operating activities    
Net income (loss) $ (11,327,811) $ 61,559,144
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 8,062,303 3,578,695
(Recovery of) provision for doubtful accounts and bad debts written off (2,428,449) (780,389)
Write-down of inventories 1,658,432 867,731
Share-based compensation 64,193 1,047,777
Changes in fair value of warrants liability (5,710,000) (61,802,000)
Loss on disposal of property, plant and equipment 7,722,451 9,642
Impairment charge on long-lived assets 4,831,708
Impairment charge on goodwill 1,556,078
Impairment charge on non-marketable equity securities (692,639)
Amortization of operating lease right-of-use assets 496,720 477,961
Changes in operating assets and liabilities:    
Trade and bills receivable 21,021,110 18,714,611
Inventories (23,977,795) (11,805,692)
Prepayments and other receivables 7,146,992 (4,324,751)
Investment in sales-type lease 1,539,120 (505,998)
Trade and bills payable 7,557,193 (1,807,896)
Accrued expenses and other payables and product warranty provisions 581,074 (628,973)
Lease liabilities 1,188,476 (715,782)
Trade receivable from and payables to a former subsidiary (3,529,467) (2,335,386)
Income tax payables (109,307) (7,464,067)
Deferred tax assets (1,228,207) (19,855)
Government grants 2,357,811
Net cash (used in) provided by operating activities 15,114,814 (4,270,056)
Cash flows from investing activities    
Purchase of non-marketable equity securities (1,394,808)
Purchases of property, plant and equipment and construction in progress (12,373,112) (19,211,554)
Proceed from acquisition of a subsidiary, net of cash acquired (17,477,643)
Redemption of debt products 3,100
Proceeds on disposal of property, plant and equipment 282,164
Investment in equity method investment (297,336)
Cash receipt from disposal of equity interest of a subsidiary without losing control 4,460,038
Net cash used in investing activities (7,928,246) (38,080,905)
Proceeds from bank borrowings 21,594,593
Repayment of bank borrowings (14,607,200) (13,901,589)
Repayment of borrowings from unrelated parties (400,904)
Borrowings from related parties 1,486,679
Repayment of borrowings from related parties (1,486,679) (2,789,616)
Repayment of borrowings from shareholders (4,559) (131,040)
Proceeds from issuance of shares 65,495,011
Repayment of borrowings from Mr. Ye Junnan (3,716,698)
Capital injection from non-controlling interests 1,486,679
Proceeds from finance leases 1,486,679
Principal payments on finance leases (628,122)
Net cash provided by financing activities 5,611,372 48,271,862
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1,796,488) (237,775)
Net increase in cash and cash equivalents and restricted cash 11,001,452 5,683,126
Cash and cash equivalents and restricted cash at the beginning of year 26,354,624 20,671,498
Cash and cash equivalents and restricted cash at the end of year 37,356,076 26,354,624
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 22,667,373 23,862,234
Non-cash payment for purchases of property, plant and equipment and construction in progress by new vehicles 61,527
Lease liabilities arising from obtaining right-of-use assets 1,012,740 2,415,895
Cash paid during the year for:    
Income taxes 59,508 3,053
Interest, net of amounts capitalized $ 571,118 $ 177,544