XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited)
 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,323,629) $ (2,247,477)
Net gain (loss) from discontinued operation 645,437 (108,328)
Net loss from continuing operations (3,969,066) (2,139,149)
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 66,859 71,397
Amortization 14,259 14,259
Provision of doubtful debts 794,355 16,826
Investment loss 12,058
Interest expenses related to convertible note 21,940
Changes in operating assets and liabilities    
Accounts receivable 1,127,255 3,461,950
Notes receivable (648,344)
Other receivable 9,112,605 (2,874,474)
Advances to suppliers and other current assets (14,553,667) (10,555,514)
Operating lease assets and liabilities 2,935
Accounts payable (1,074,774) (1,970,579)
Accrued expenses 1,191,903 (668,773)
Advances from customers (252,821) 4,370,386
Net Cash Used in Operating Activities – Continued Operations (8,154,503) (10,273,671)
Net Cash Provided in Operating Activities – Discontinued Operations 645,437 31,916
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (145,709) (17,010)
Disposal of property and equipment 1,369
Repayment for loan receivable 224,970
Payment for short term investment 946,970
Disposal of a subsidiary, net of cash (10,720)
Net Cash Provided by Investing Activities from Continued Operations 802,630 197,240
Net Cash Used in Investing Activities from Discontinued Operations 0 (51,960)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock, net of issuance costs 2,580,643
Proceeds from amounts due from related parties, net 243,725 46,860
Repayment of amounts due to related parties, net (275,792) (104,156)
Net cash provided by financing activities from continued operations 2,548,576 (57,297)
Effect of change in exchange rate 12,123 305,321
NET DECREASE IN CASH AND RESTRICTED CASH (4,145,737) (9,848,450)
Cash and cash equivalents, from the continuing operations beginning of year 19,032,278 29,648,236
Less: Cash and cash equivalents from the discontinued operations, end of year (10,720)
Cash and cash equivalents, from the continuing operations end of year 14,886,541 19,789,066
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Issuance of common stocks 2,580,644
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for income taxes $ 6,208 $ 63,162