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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended
--- | ---
Jun. 30, 2021 | Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Net income (loss) | $ (1,200,787) | $ 116,052,879
Net income from discontinued operation | 156,493 | 123,568,454
Net loss from continuing operations | (1,357,280) | (7,515,575)
Adjustments to reconcile net income to net cash provided by operating activities |  |
Depreciation | 4,088 | 849
Amortization | 2,500 | 32,945
(Recovery) Provision of doubtful debts | (18,329) | 4,433,309
Share-based payments | 893,250 | 1,191,000
Interest expenses related to convertible note | (96,691) |
Changes in operating assets and liabilities |  |
Accounts receivable | (2,197,937) | 4,490
Inventory |  | 550
Other receivable | (247,002) | (207,994)
Advances to suppliers and other current assets | (25,779) | 1,523,010
Accounts payable | 813,853 | (2,564)
Due to related parties |  |
Accrued expenses | (758,172) | (901,096)
Advances from customers | 209 | (276,732)
Net Cash Used in Operating Activities – Discontinued Operations | (2,987,290) | (1,717,808)
Net Cash Used in Operating Activities – Continued Operations | 10,849 | (35,693)
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Additions to property, plant and equipment | (16,589) |
Payment for Loan receivable |  | (206,512)
Additions to property, plant and equipment |  | (1,836,288)
Net Cash Used in Investing Activities from Discontinued Operations | (16,589) | (2,042,800)
Net Cash Used in Investing Activities from Continuing Operations |  |
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Proceeds from the issuance of common stock, net of issuance costs | 67,877,338 | 500,000
Proceeds from amounts due from related parties, net | 178,392 | 397,937
Repayments of related party loan | (1,249,758) |
Proceeds from loan payable |  | 211,876
Proceeds from secured convertible promissory note |  | 1,203,527
Repayment of convertible payable | (1,163,146) |
Repayment of loans payable | (122,926) |
Net cash provided by financing activities | 65,519,900 | 2,313,340
Effect of change in exchange rate | (298,521) | 1,528,368
NET INCREASE IN CASH AND CASH EQUIVALENTS | 62,228,349 | 45,407
Cash and cash equivalents, beginning of period | 9,787,989 | 530,896
Cash and cash equivalents, end of period | 72,016,338 | 576,303
Less: Cash and cash equivalents from the discontinued operations, end of period |  | (29,765)
Cash and cash equivalents, from the continuing operations end of period | 72,016,338 | 546,538
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION |  |
Issuance of common stocks for conversion of debts |  | $ 700,236

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