XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,707,282) $ (3,323,629)
Net gain from discontinued operation 28,238,122 17,861
Net loss from continuing operations (30,945,404) (3,341,490)
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 26,205 26,901
Amortization 14,259 14,259
Provision of doubtful debts 28,369,484 719,000
Share-based payments 1,085,000
Investment loss 12,058
Interest expenses related to convertible note 6,972 21,940
Changes in operating assets and liabilities    
Accounts receivable 430,016 1,712,520
Notes receivable (648,344)
Other receivable (27,278,081) 6,374,326
Advances to suppliers and other current assets (634,007) (11,737,059)
Operating lease assets and liabilities (368) (2,763)
Accounts payable 141,355 (1,056,428)
Accrued expenses (111,863) 766,900
Advances from customers 58,675 (250,217)
Net Cash Used in Operating Activities – Continued Operations (28,837,757) (7,388,397)
Net Cash Provided in Operating Activities – Discontinued Operations 28,426,539 2,757,954
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (145,709)
Debt investment 234,654
Disposal of property and equipment 1,369
Payment for short term investment 946,970
Disposal of a subsidiary, net of cash (77,113)
Net Cash Provided by Investing Activities from Continued Operations 157,541 802,630
Net Cash Used in Investing Activities from Discontinued Operations
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 32,041
Repayment of amounts due to related parties, net (38,134) (113,368)
Net cash provided by financing activities from continued operations (6,093) 2,467,275
Effect of change in exchange rate (68,444) 87,422
NET DECREASE IN CASH AND RESTRICTED CASH (328,214) (1,273,116)
Cash and cash equivalents, from the continuing operations beginning of year 4,765,865 16,159,657
Less: Cash and cash equivalents from the discontinued operations, end of year (2,751,045)
Cash and cash equivalents, from the continuing operations end of year 4,437,651 12,135,496
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Issuance of common stocks (Note 15) 2,580,644
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for income taxes $ 6,208