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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (4,736,589) $ (9,619,079)
Less: net (loss) income from discontinued operations (2,662,260) 522,044
Net loss from continuing operations (2,074,329) (10,141,123)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation expenses 66,907 6,127
Amortization 4,891 0
Loss on disposal of XFC 2,569,975 0
Deferred income tax (22,703) 2,258
Changes in fair value of warranty liabilities 0 24,800
Consultancy services settled by equities 795,500 3,045,150
Share-based compensation 413,453 6,638,371
Changes in operating assets and liabilities:    
Accounts receivable, net (95,262) (693)
Inventories 5,382 18,210
Advance to suppliers
Prepaid expenses and other assets, net (1,989,716) 1,549,585
Retention receivables (130,434) 0
Notes payable
Accounts payable 2,631 (18,801)
Other payables and accrued liabilities (54,526) 49,463
Income tax payable (4,712) 6,632
Advance receipts 42,880 0
Net cash (used in) provided by operating activities from continuing operations (470,063) 1,179,979
Net cash used in operating activities from discontinued operations (1,301,488) (976,876)
Net cash (used in) provided by operating activities (1,771,551) 203,103
Cash flows from investing activities    
Purchase of property and equipment 0 25,067
Proceeds from disposal of XFC 300,082 0
Cash acquired from merger 7,824 0
Cash disposed upon termination of VIE (46,564) 0
Net cash outflow upon acquisition of a subsidiary (4,292,176) 0
Net cash used in investing activities from continuing operations (4,030,834) 25,067
Net cash used in investing activities from discontinued operations 0 0
Net cash (used in) provided by investing activities (4,030,834) 25,067
Cash flows from financing activities:    
Proceeds from related parties 0 (1,596,150)
Proceeds from common stock and warrant issuance 0 120,000
Proceeds from preferred stock and warrant issuance 0 200,000
Proceeds from issuance of common stock 5,666,124 2,090,000
Proceeds from issuance of IPO warrant 2,820 0
Proceeds from secured other borrowings 619,447 0
Repayment of short-term bank loan 0 (487,826)
Net cash provided by financing activities from continuing operations 6,288,391 326,024
Net cash provided by financing activities from discontinued operations 0 877,809
Net cash provided by financing activities 6,288,391 1,203,833
Effect of exchange rate changes on cash and cash equivalents (23,941) (11,525)
Increase in cash and cash equivalents from continuing operations 802,397 1,937,700
Decrease in cash and cash equivalents from discontinued operations (340,332) (517,222)
Net increase in cash and cash equivalents 462,065 1,420,478
Cash and cash equivalents from continuing operations, beginning of year 2,103,677 165,977
Cash and cash equivalents from discontinued operations, beginning of year 340,332 857,554
Cash and cash equivalents at beginning of year 2,444,009 1,023,531
Cash and cash equivalents at end of year 2,906,074 2,444,009
Less: Cash and cash equivalents from discontinued operations, end of year 0 (340,332)
Cash and cash equivalents form continuing operations, end of year $ 2,906,074 $ 2,103,677