XML 26 R6.htm IDEA: XBRL DOCUMENT v3.23.4
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities        
Net loss $ (7,580,535) $ (11,811,472) $ (16,312,374) $ (12,035,851)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 20,949 17,364 23,799 11,993
Stock-based compensation for non-employees 1,409,969 5,143,483 7,036,778 5,306,755
Loss on investment in equity securities     269,844
Inventory allowance for valuation losses     25,975
Provision for doubtful accounts 38,500 521,955 184,589
Government grant income     (360,898)
Other non-cash expenses 1,422,362 30,564 32,350
Impairment of prepaid expenses     110,125
Deferred tax expense (35,719) (31,247) 864,802 824,199
Increase (decrease) in accounts payable     (23,044)
Decrease (increase) in accounts receivable 191,265 (31,909) (614,166) (120,980)
Increase (decrease) in advanced from customers     (1,085)
Decrease (increase) in prepaid expenses and security deposits 27,924 243,065 238,092 (357,276)
Decrease (increase) in tenant security deposit (2,300) (2,600)
Decrease (increase) in due from related parties 189,755 (983,707) (837,014) (595,037)
Decrease in inventory 5,486 (25,830)
Increase (decrease) in accrued expenses and other current liabilities 648,626 (99,306) 1,608,784 (173,151)
Increase (decrease) in contract liabilities 68,516    
Increase (decrease) in due to related parties (155,697) 58,402 242,469 (317,358)
Net cash used in operating activities (3,756,385) (6,937,322) (7,398,391) (7,597,719)
Cash flows from investing activities        
Purchase of investments     (107,547)
Purchase of equipment (21,201) (119,603) (119,692) (17,503)
Increase in prepayment for long-term investments (493,158) (1,518,793) (1,601,992) (680,916)
Net cash used in investing activities (514,359) (1,638,396) (1,721,684) (805,966)
Cash flows from financing activities        
Issuance of common stock 1,050,000 3,917,425 3,663,925 11,119,452
Payment for offering costs     (850,429)
Repayment of convertible notes     (306,836)
Proceeds from issuance of warrant 2,429,028    
Proceeds from convertible notes payable – third parties 1,352,512    
Proceeds from short-term loan 350,000 350,000
Proceeds from short term borrowings from third parties     4,265
Repayment of short-term bank loans (1,000,000) (100,000)
Repayment of notes payable     (107,400)
Proceeds from long-term loan     236,498
Net cash provided by financing activities 3,831,540 4,267,425 4,013,925 9,995,550
Effect of exchange rate changes on cash and cash equivalents and restricted cash 168,413 (286,775) (67,337) (28,021)
Net decrease in cash and cash equivalents and restricted cash (270,791) (4,595,068) (5,173,487) 1,563,844
Cash and cash equivalents and restricted cash        
Beginning 1,391,728 6,565,215 6,565,215 5,001,371
Ending 1,120,937 1,970,147 1,391,728 6,565,215
Non-cash financing and investing activities        
Common shares issued for debt conversion     2,693,548
Interest expense paid 27,525 161,741 285,465 333,873
Income taxes paid $ 1,600 $ 1,600