XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.2
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