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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net (loss) from continuing operations $ (29,623,520) $ (18,603,626) [1],[2] $ (5,531,354) [1],[2]
Net profit (loss) from discontinued operations 34,138 (62,432) [1],[2] 39,700 [1],[2]
Net (loss) (29,589,382) (18,666,058) [1],[2] (5,491,654) [1],[2]
Adjustments for:      
Depreciation 4,249,646 5,365,312 [1] 4,981,259 [1]
Amortization of intangible assets 993,594 616,095 [1] 51,383 [1]
Provision for obsolete inventories 3,797,552 942,882 [1],[2] [1],[2]
Impairment loss on fixed assets 3,682,789 4,408,037 [1] [1]
Stock-based compensation expense 1,101,800 252,095 [1] [1]
Impairment loss on intangible assets 3,713,551 [1] [1]
Impairment loss on goodwill 2,267,583 [1] [1]
Allowance for doubtful debts on a related party receivable 5,637,527 [1] [1]
Finance costs 653,460 1,083,276 [1] 909,093 [1]
Deferred income taxes 434,315 121,169 [1] (732,868) [1]
Provision for (Recovery of) expected credit loss on trade receivables and other receivables, net 899,433 (7,394) [1] [1]
Increase in provision for and write off of withholding tax receivables 683,344 448,243 [1] 190,038 [1]
Loss from fixed assets disposal 208,093 24,250 [1] 4,438 [1]
Changes in operating assets and liabilities:      
(Increase) Decrease in trade and other receivables (312,348) 428,772 [1] (26,740) [1]
Decrease (Increase) in other current assets (64,759) (332,188) [1] 236,234 [1]
Decrease (Increase) in inventories 757,518 (2,876,443) [1] (967,994) [1]
Decrease (Increase) in amount due from related parties 424,979 (15,725,707) [1] 352,432 [1]
Decrease (Increase) in other non-current assets 33,924 (151,170) [1] (58,431) [1]
Increase (Decrease) in trade and other payables 622,816 (18,773) [1] (437,086) [1]
(Decrease) Increase in other current liabilities (258,983) 947,020 [1] 1,944,617 [1]
(Decrease) Increase in amount due to related parties (970,185) 3,884,995 [1] (361,815) [1]
(Increase) Decrease in withholding taxes receivable (192,502) 258,989 [1] 88,353 [1]
Increase (Decrease) in provision for employee benefits 34,534 (193,639) [1] 297,905 [1]
Net cash (used in) generated from operating activities (1,191,701) (19,190,237) [1] 979,164 [1]
Cash flows from investing activities      
Acquisition of property, plant and equipment (2,107,069) (4,402,394) [1] (5,235,480) [1]
Proceeds from disposal of property, plant and equipment 5,235 [1] [1]
Acquisition of intangible assets (18,476) (3,242,537) [1] (13,235) [1]
Acquisition of subsidiaries, net of cash acquired (1,765,933) [1] 24,276 [1]
Net cash used in investing activities (2,125,545) (9,405,629) [1] (5,224,439) [1]
Cash flows from financing activities      
Proceeds from issue of shares 20,867,386 20,346,353 [1] 13,244,329 [1]
Proceeds from exercise of warrants 506,692 3,014,710 [1] [1]
Proceeds from a convertible note 1,500,000 [1] [1]
Cash repayment of a convertible note (554,238) [1] [1]
Cash paid for the cancellation of fractional shares (49,664) [1] [1]
Proceeds from borrowings 1,895,151 3,426,096 [1] 1,563,444 [1]
Repayment of borrowings (2,890,252) (4,499,358) [1] (1,334,930) [1]
Payment of lease liabilities (2,652,150) (2,849,816) [1] (2,819,531) [1]
Net cash generated from financing activities 17,122,925 20,937,985 [1] 10,653,312 [1]
Net increase (decrease) in cash and cash equivalents, and restricted cash 13,805,679 (7,657,881) [1] 6,408,037 [1]
Effect of movements in exchange rates on cash held (62,928) 34,714 [1] (684,136) [1]
Cash and cash equivalents, and restricted cash at beginning of year [1] 8,230,644 15,853,811 10,129,910
Cash and cash equivalents, and restricted cash at end of year (Note 4) 21,973,395 8,230,644 [1] 15,853,811 [1]
Non-cash investing and financing activities      
Equity portion of purchase consideration paid for acquisition of subsidiaries 4,579,880 [1] 327,763 [1]
Equity portion of the settlement of a borrowing from a third party 15,914,615 [1] [1]
Equity portion of purchase consideration paid for acquisition of fixed and intangible assets $ 1,848,000 [1] [1]
[1] Certain amounts have been restated to reflect the reclassification adjustments made between continuing operations and discontinued operations related to the divestiture of Handshake (Note 27).
[2] Certain amounts have been restated to reflect the reclassification adjustments made between continuing operations and discontinued operations related to the divestiture of Handshake (Note 27).