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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ (2,204,482) $ 680,503
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,185,763 1,925,584
Provision for doubtful accounts and bad debts written off 116,014 271,443
Amortization of operating lease 131,474 187,697
Write-down of inventories 979,633 406,152
Share-based compensation 4,897 34,779
Changes in fair value of warrants liability (85,000) (1,632,000)
Changes in operating assets and liabilities:    
Trade and bills receivable (601,557) (519,629)
Inventories (2,025,827) (12,064,192)
Prepayments and other receivables (312,927) (1,743,638)
Investment in sales-type lease 125,303
Trade and bills payable 9,917,436 13,733,854
Accrued expenses and other payables and product warranty provisions (1,753,004) 2,613,310
Operating lease liabilities (158,824) (7,600)
Trade receivable from and payables to a former subsidiary 3,729,807 1,133,083
Deferred tax assets (402,883) (93,546)
Net cash provided by operating activities 9,520,520 5,051,103
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (7,216,890) (2,717,822)
Net cash used in investing activities (7,216,890) (2,717,822)
Cash flows from financing activities    
Borrowings from banks 13,153,472 5,836,818
Repayment of bank borrowings (9,499,730)
Repayment of borrowings from Mr. Ye Junnan (3,938,062)
Borrowings from a shareholder 199,942
Repayment of borrowings to a shareholder (72,052)
Repayment of borrowings from a unrelated party (219,225)
Principal payments of finance leases (370,489)
Net cash provided by financing activities 3,191,918 1,898,756
Effect of exchange rate changes on cash and cash equivalents and restricted cash 285,423 163,901
Net increase in cash and cash equivalents and restricted cash 5,780,971 4,395,938
Cash and cash equivalents and restricted cash at the beginning of period 37,356,076 26,354,624
Cash and cash equivalents and restricted cash at the end of period 43,137,047 30,750,562
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 414,210 430,973
Lease liabilities arising from obtaining right-of-use assets 111,834
Cash paid during the year for:    
Income taxes
Interest, net of amounts capitalized $ 66,446 $ 125,336