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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended
--- | ---
Jun. 30, 2023 | Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES: |  |
Net cash used in operating activities | $ (35,499,138) | $ (29,071,262)
CASH FLOWS FROM INVESTING ACTIVITIES: |  |
Purchase of equity investment | (680,932) | 0
Purchase of plant and equipment | (5,082,473) | (145,857)
Purchase of land use right and property | (2,200,559) | (9,260,497)
Acquisition of CAE's equity interests | (1,924,557) | (3,612,717)
Cash acquired from acquisition of CAE | 0 | 1,118,700
Payment of expense for Acquisition of CAE's equity interests | 0 | (348,987)
Proceeds from disposal of property, plant and equipment | 0 | 320
Loans provided to third parties | (100,000) | (5,149,884)
Repayment of loans from related parties | 0 | 286,920
Net cash used in investing activities | (9,988,521) | (17,112,002)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |
Repayment of loans to related parties | 0 | (1,741,868)
Repayment of loans to third parties | 0 | (1,155,829)
Purchase of CAE's loan | 0 | (13,228,101)
Reduction of capital | 0 | (13,930,000)
Redemption of convertible promissory notes | (45,583,321) | 0
Payment of expense for the reverse recapitalization | 0 | (904,843)
Net cash used in financing activities | (45,583,321) | (30,960,641)
Effect of exchange rate changes on cash | (2,543,188) | (981,467)
Net decrease in cash, cash equivalents and restricted cash | (93,614,168) | (78,125,372)
Cash, cash equivalents and restricted cash at beginning of period | 154,096,801 | 261,664,962
Cash, cash equivalents and restricted cash at end of period | 60,482,633 | 183,539,590
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |
Interest paid | 1,051,054 | 374,745
Income tax paid | 4,903 | 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |  |
Right of use assets obtained in exchange for operating lease obligations | 0 | 7,613,564
Cashless exercise of warrants | $ 2,168,185 | $ 0

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