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Condensed Consolidated Statements of Cash Flows (Unaudited) | 6 Months Ended
--- | ---
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Net loss | $ (5,122,635) | $ (3,785,298)
Net income (loss) from discontinued operation | 645,437 | (107,964)
Net loss from continuing operations | (5,768,072) | (3,677,334)
Adjustments to reconcile net income to net cash provided by operating activities |  |
Depreciation | 139,632 | 141,985
Amortization | 28,518 | 28,518
Provision of doubtful debts | 559,360 | 17,085
Investment loss | 9,337 |
Interest expenses related to convertible note | 43,880 |
Changes in operating assets and liabilities |  |
Accounts receivable | 769,772 | 5,097,202
Notes receivable | (645,451) |
Other receivable | 9,097,414 | (2,714,408)
Advances to suppliers and other current assets | (16,688,619) | (15,265,881)
Operating lease assets and liabilities | 3,452 |
Accounts payable | (431,582) | (3,206,643)
Accrued expenses and other payables | 1,017,504 | (858,732)
Advances from customers | (74,417) | 13,478,603
Net cash used in operating activities from continued operations | (11,939,272) | (6,959,605)
Net cash provided in operating activities from discontinued operations | 425,874 | 1,071,947
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Additions to property, plant and equipment | (354,837) | (128,098)
Disposal of property and equipment | 191,766 |
Repayment for loan receivable |  | 14,767,621
Debt investment | (701,577) |
Payment for short term investment | 946,669 |
Net cash provided by investing activities from continued operations | 82,021 | 14,639,523
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 |  | 97,523
Repayment of amounts due to related parties, net | (238,858) | (112,447)
Net cash provided by (used in) financing activities from continued operations | 2,341,785 | (14,924)
Effect of change in exchange rate | (101,944) | (1,598,206)
NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH | (9,191,536) | 7,138,735
Cash and cash equivalents, from the continuing operations beginning of year | 19,016,198 | 29,648,236
Less: Cash and cash equivalents from the discontinued operations, end of year |  | (50,585)
Cash and cash equivalents, from the continuing operations end of year | 9,824,662 | 36,736,386
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION |  |
Issuance of common stocks (Note 20) | 2,580,644 |
SUPPLEMENTAL CASH FLOW INFORMATION |  |
Cash paid for income taxes | $ 6,208 | $ 713,501

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