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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 621,974 $ 638,427
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 15,185 11,367
Amortization of right of use assets 1,598
Loss on disposal of property, plant and equipment 1,444
Accrued interest income from loans, net (47,807) (23,163)
Net investment (gain) loss (88,846) 6,124
Provision for (reversal of) credit losses of receivables and advances to suppliers 71,984 (4,241)
Reversal of allowance for obsolete inventories (4,469) (2,853)
Deferred income tax 289,720 163,677
Changes in operating assets and liabilities:    
Short-term investments – trading securities 400,374 3,742,348
Accounts receivable (1,081,209) (1,015,176)
Accounts receivable – related party 398,622 216,190
Advances to suppliers 469,979 44,047
Deferred offering cost (130,134) 60,000
Inventories (44,044) (228,306)
Prepaid expenses and other current assets (189,358) 34,285
Accounts payable (109,021) 25,606
Advances from customers 73,900
Deferred revenue (447,227) 313,257
Taxes payable 122,326 176,134
Operating lease liabilities (1,598)
Due to related parties 571 (3,450)
Accrued expenses and other current liabilities (123,095) 68,040
Net cash provided by operating activities 200,869 4,222,313
Investing Activities    
Advance payment for software development (346,635) (122,207)
Loans to third parties (2,986,321) (6,176,843)
Repayment from third-party loans 600,000 207,247
Prepayment for office renovation (123,597)
Purchases of property, plant and equipment (140,536)
Purchases of held-to-maturity investments (8,000,000) (1,544,211)
Net cash used in investing activities (10,997,089) (7,636,014)
Financing activities:    
Borrowing from third parties 3,088,422
Proceeds from issuance of ordinary shares 15,142,902
Net cash provided by financing activities 15,142,902 3,088,422
Effect of exchange rate changes on cash (54,572) (75,210)
Net increase (decrease) in cash 4,292,110 (400,489)
Cash at beginning of period 1,203,160 2,091,308
Cash at end of period 5,495,270 1,690,819
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 21,104 34,202
Cash paid for interest 80,159 94,969
Non-cash transactions:    
Deferred offering cost $ 1,049,367