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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (5,624,450) $ (2,817,454)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 30,329 43,893
Stock based compensation for nonemployees 999,820 356,809
Gain/Loss on investment in equity securities 1,067,298 182,113
Other non-cash income and expenses (15,360) (4,022)
Investment loss 990,982
Deferred tax (136,797) (52,638)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 14,051 (102,527)
Decrease (increase) in prepaid expenses and deposits 47,310 23,965
Decrease (increase) in due from related parties 381,918 (283,831)
Decrease (increase) in inventory 1,298
Increase (decrease) in accounts payable (921) 2,838
Increase (decrease) in notes payable 22,806 (14,490)
Increase (decrease) in accrued expenses and other current liabilities 429,051 572,969
Increase (decrease) in advanced from others 332 376,639
Increase (decrease) in due to related parties (582,242) 75,729
Net cash used in operating activities (2,375,873) (1,638,709)
Cash flows from investing activities    
Net proceeds from sale of investment 137,088
Loan to related parties (469,627) (17,388)
Long-term equity investment (17,691)
Net cash used in investing activities (332,539) (35,079)
Cash flows from financing activities    
Issuance of common stock for private placement 2,153,231
Proceeds from issuance of common stock for acquisition 531,147
Proceeds from convertible notes 957,500
Proceeds from short-term loan 100,000 1,000,000
Proceeds from long-term loan 124,400
Net proceeds from short term borrowings from third parties 512,212 846,300
Net proceeds from short term borrowings from related parties 72,433  
Repayment of borrowings from related parties (820,000)
Repayment of long-term bank loans (263,483) (31,703)
Net cash provided by financing activities 2,698,793 2,483,244
Effect of exchange rate changes on cash and cash equivalents 1,029 (437)
Net increase (decrease) in cash and cash equivalents (8,590) 809,019
Cash and cash equivalents    
Beginning 160,443 242,781
Ending 151,853 1,051,800
Cash paid during the year for:    
Interest expense paid 130,309 103,099
Income taxes paid 2,050
Non-cash financing and investing activities    
Common shares issued for debt conversion $ 1,446,780