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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net loss $ (10,593,584) $ (3,933,240)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 37,142 55,086
Stock based compensation 4,146,979 22,314
Gain/Loss on investment in equity securities 1,168,733 210,086
Other non-cash income and expenses (15,360) (5,747)
Investment loss 1,001,806
Deferred tax (223,201) (80,692)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 3,696 (120,739)
Decrease (increase) in prepaid expenses and deposits (15,778) (27,617)
Decrease (increase) in due from related parties (1,190,755) (282,092)
Decrease (increase) in inventory 1,306
Increase (decrease) in accounts payable (951) 50,244
Increase (decrease) in notes payable (4,861)
Increase (decrease) in accrued expenses and other current liabilities (359,822) 801,434
Increase (decrease) in advanced from others (1,015) 1,909
Increase (decrease) in due to related parties 501,457 178,083
Net cash used in operating activities (5,540,653) (3,134,526)
Cash flows from investing activities    
Net proceeds from sale of investment 147,804
Loan to related parties 603,499 (17,496)
Long-term equity investment (17,801)
Net cash used in investing activities 751,303 (35,297)
Cash flows from financing activities    
Issuance of common stock for cash 7,615,331
Issuance of common shares for stock-based compensation 552,962
Proceeds from issuance of common stock for acquisition 531,147
Proceeds from convertible notes 2,500,000 1,207,500
Proceeds from short-term bank loan and third parties 650,000
Proceeds from short-term loan 100,000 1,000,000
Proceeds from long-term loan 124,400
Net (repayments of) proceeds from short term borrowings from third parties (408,285) 657,466
Repayment of borrowings from related parties (820,000)
Repayment of long-term bank loans (1,013,603) (41,586)
Net cash provided by financing activities 9,567,843 3,087,489
Effect of exchange rate changes on cash and cash equivalents and restricted cash 62,435 (4)
Net increase (decrease) in cash and cash equivalents and restricted cash 4,840,928 (82,338)
Cash and cash equivalents and restricted cash    
Beginning 160,443 242,781
Ending 5,001,371 160,443
Cash paid during the year for:    
Interest expense paid 208,556 167,126
Income taxes paid 2,050
Non-cash financing and investing activities    
Common shares issued for employees and consultants 325,740
Capital contribution from related parties under common control $ 7,872,340