XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (8,668,956) $ (11,694,964)
Net loss from discontinued operation (154) (2,647,316)
Net loss from continuing operations (8,668,802) (9,047,648)
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation 137,187 14,018
Amortization 45,699 3,750
Provision (Recovery) of doubtful debts 1,947 (15,255)
Share-based payments 2,172,990 6,381,180
Impairment of short term investment 926,086
Interest expenses related to convertible note (96,691)
Changes in operating assets and liabilities    
Accounts receivable 6,665,006 (8,290,510)
Other receivable (1,079,100) (1,690,100)
Advances to suppliers and other current assets (5,502,062) (5,642,045)
Notes payable 2,816,981
Accounts payable 34,679 1,211,045
Proceeds from amounts due from related parties, net 452,564 319,953
Repayment of amounts due to related parties, net (904,673) (1,535,238)
Accrued expenses 288,761 (1,398,587)
Taxes payable (41,093)
Advances from customers 3,239,233 (26,118)
Net cash provided by (used in) operating activities – continued operations 585,403 (19,812,246)
Net cash provided by operating activities – discontinued operations 2,222,678
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (59,298) (614,720)
Payment for loan receivable (19,810,956) (6,308,385)
Acquisition of a subsidiary - NTAM, net of cash 275,427
Disposal of a subsidiary - Guangchengji, net of cash (59,255)
Repayment of loan receivable 6,000,000
Purchase of intangible assets (570,351)
Net cash used in investing activities from continued operations (14,440,605) (6,706,933)
Net cash used in investing activities from discontinuing operations
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock, net of issuance costs 69,430,439
Repayment of convertible payable (1,163,146)
Payment of dividends to the non-controlling interest (63,477)
Proceeds from loan payable (188,215)
Net cash (used in) provided by financing activities (251,692) 68,267,293
Effect of change in exchange rate (3,201,964) (426,748)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (17,308,858) 43,544,044
Cash and cash equivalents, beginning of period 50,273,517 9,425,312
Cash and cash equivalents, end of period 32,964,659 52,969,356
Less: Cash and cash equivalents from the discontinued operations, end of period 516
Cash and cash equivalents, from the continuing operations, end of period 32,964,659 52,968,840
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Issuance of common stocks 11,220,779
Deferred liabilities 263,863 7,007,512
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid 56,610
Interest paid $ 9,370 $ 3,913