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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 495,115 $ 1,721,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 608,776 630,999
Stock-based compensation expenses 240,802 294,822
Amortization of operating lease right-of-use assets 205,112 238,758
Changes in operating assets:    
Accounts receivable (4,169,920) (30,644)
Bills receivable 87,573
Inventories 8,856,426 (717,470)
Prepaid expenses and other current assets 62,161 369,709
Advance to suppliers (1,679,610) (2,166,500)
Changes in operating liabilities:    
Accounts payable (2,211,568) (649,556)
Accrued expenses (485,721) 139,879
Other payables (203,553) (620,436)
Deferred revenue (303,261) 137,982
Operating lease liabilities (206,702) (207,923)
Income tax payable, net of recovery (1,270,858) 386,262
Net cash provided by (used in) operating activities 24,772 (472,736)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (61,258) (151,263)
Payments for construction of properties (1,434,965) (1,810,075)
Acquisition deposit (1,267,407)
Payments for long-term deposits (276,498) (151,967)
Net cash used in investing activities (1,772,721) (3,380,712)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividend payment (614,742) (616,716)
Repayment to a related party (300,166)
Proceeds from short-term loan 3,117,337
Net proceeds from issuance of common stock 1,130,046
Net cash provided by financing activities 2,502,595 213,164
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH (95,016) (117,852)
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH 659,630 (3,758,136)
CASH, AND RESTRICTED CASH, BEGINNING OF THE PERIOD 19,411,603 26,583,488
CASH, AND RESTRICTED CASH, END OF THE PERIOD 20,071,233 22,825,352
CASH, AND RESTRICTED CASH, END OF THE PERIOD 20,071,233 22,825,352
LESS: NON-CURRENT RESTRICTED CASH 1,611,294 1,328,033
CASH, END OF THE PERIOD 18,459,939 21,497,319
Supplemental disclosure information:    
Cash paid for interest 388,951 87,842
Income tax paid 1,585,961 531,493
Non-cash investing and financing activities    
Equipment obtained by utilizing long-term deposit 25,464 244,667
Investment of noncontrolling interest 31,365
Right of use assets obtained in exchange for operating lease obligations $ 177,068 $ 68,932