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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income (loss) $ (5,143,709) $ 1,696,768
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 4,168,974 3,661,102
Provision for doubtful accounts and bad debts written off 264,899 211,617
Amortization of operating lease 267,069 318,272
Write-down of inventories 1,574,933 899,288
Share-based compensation 829,363 45,905
Changes in fair value of warrants liability (121,000) (3,763,000)
Loss on disposal of property, plant and equipment 86,690
Impairment of construction in progress 234,851
Changes in operating assets and liabilities:    
Trade and bills receivable (3,578,079) 21,808,771
Inventories 3,955,577 (28,543,131)
Prepayments and other receivable 690,511 4,934,333
Investment in sales-type lease 200,047
Trade and bills payable 11,823,466 19,133,437
Accrued expenses and other payables and product warranty provisions (2,940,282) 211,022
Operating lease liabilities (359,762) (224,172)
Trade receivable from and payables to former subsidiaries 5,162,971 (3,644,906)
Income tax payable 47,458
Deferred tax assets (768,011) 24,431
Net cash provided by operating activities 15,826,920 17,338,783
Cash flows from investing activities    
Purchases of property, plant and equipment and construction in progress (19,570,271) (6,337,689)
Net cash used in investing activities (19,570,271) (6,337,689)
Cash flows from financing activities    
Borrowings from banks 26,793,581 10,354,531
Repayment of bank borrowings (13,577,340) (1,544,211)
Repayment of borrowings from Mr. Ye Junnan (3,860,527)
Borrowings from a shareholder 199,942
Repayment of borrowings to a shareholder (263,861) (4,666)
Repayment of borrowings from a unrelated party (268,978)
Principal payments of finance leases (732,310)
Net cash provided by financing activities 12,151,034 4,945,127
Effect of exchange rate changes on cash and cash equivalents and restricted cash (2,125,146) (802,318)
Net increase in cash and cash equivalents and restricted cash 6,282,537 15,143,903
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 43,638,613 41,498,527
Supplemental non-cash investing and financing activities:    
Transfer of construction in progress to property, plant and equipment 7,362,292 8,577,646
Lease liabilities arising from obtaining right-of-use assets 90,426 109,633
Cash paid during the year for:    
Income taxes 29,645
Interest, net of amounts capitalized $ 163,734 $ 290,768