XML 31 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (34,015,899) $ (14,316,364) [1]
Net loss from discontinued operation 386,482 (307,195)
Net loss from continuing operations (34,402,381) (14,009,169) [1]
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 273,106 185,151
Amortization 57,035 63,552
(Recovery) Provision of doubtful debts (716,914) 26,440
Impairment of goodwill 14,148,298 2,214,825
Impairment of intangible 124,317
Impairment of short term investment 12,633 909,663
Share-based payments 3,468,000 2,172,990
Changes in operating assets and liabilities    
Accounts receivable 5,440,382 285,648
Other receivables (8,356,443) (1,402,815)
Advances to suppliers and other current assets 840,589 (1,742,565)
Operating lease assets and liabilities 13,969
Accounts payable (4,407,407) 3,603,498
Accrued expenses 7,333,163 855,186
Advances from customers (929,926) 1,233,348
Notes payable 3,589,582
Proceeds from amounts due from related parties, net 517,076
Repayment of amounts due to related parties, net (966,603)
Taxes payable (41,111)
Net cash used in operating activities – continued operations (17,225,896) (2,380,987)
Net cash provided by operating activities – discontinued operations 574,573 (288,286)
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (811,093) (587,104)
Disposal of property and equipment 32,490
Additions to loan receivables (9,966,830) (20,078,917)
Repayment of loan receivable 14,107,063 6,880,000
Payment for available-for-sale securities  
Acquisition of a subsidiary, net of cash 4,679,434 166,676
Disposal of a subsidiary, net of cash (5,993)
Purchase of intangible assets (570,351)
Net cash used in investing activities from continued operations 8,035,071 (14,189,696)
Net cash used in investing activities from discontinued operations 0 (218,667)
CASH FLOWS FROM FINANCING ACTIVITIES    
Notes payable (3,589,582)
Proceeds from amounts due from related parties, net 944,035
Repayment of amounts due to related parties, net (639,800)
Proceeds from secured convertible promissory note 1,100,723
Contribution by Non - controlling interests 360,876
Repayment of loans   (188,215)
Payment of dividends to the non-controlling interest (63,477)
Net cash (used in) provided by financing activities (1,823,748) (251,692)
Effect of change in exchange rate (188,642) (3,207,303)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10,628,642) (20,536,631)
Cash and cash equivalents, from the continuing operations beginning of year 29,660,920 50,271,801
Cash and restricted cash at end of year 19,032,278 29,735,170
Less: Cash and cash equivalents from the discontinued operations, end of year (74,250)
Cash and cash equivalents, from the continuing operations end of year 19,032,278 29,660,920
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Issuance of common stocks (Note 23) 7,387,697  
Deferred liabilities (Note 19)  
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid 510,838 714,126
Interest paid $ 11,696
[1] Reclassification- certain reclassifications have been made to the financial statements for the period ended December 31, 2022 to conform to the presentation for the period ended December 31, 2023, with no effect on previously reported net income (loss).